I'm trading Forex since 2006. I'm still a learner of technical and fundamental analysis. I like candlestick patterns and price actions. My trading style is a combination of fundamentals and technical with straddle methods. I would like to make $50,000 from my $1000 dollar investment by end of June 2014. It is a testing for my 8 years of experience in forex before I make a big leap probably a million dollar trades.
I have attached my project plan and also strategy as well. I need your supports and advise time to time. After all these years I have realized that forex trading cannot be done alone. It requires regular supports and follow ups with advises. I'll be online every day SGT8:00pm to SGT10:30pm (China, Singapore, Malaysia, HK) time.
Trading Rules: (Attached Project Plan in xls. You can only edit the green column)
1. Protect my investment no matter how good or bad will be the outcome
2. Only 2 or 3 trades must be opened at any point of time else close them.
3. Make small trades daily ($50 to $100 profits) or loss maximum $100
4. Strictly follow the trading plan and trade accordingly.
5. Always must remind myself that I need the money to pay my bills
6. Concentrate, Concentrate and Concentrate
7. Once again stick to the plan and don’t be too greedy.
Simple Strategy: (I'm not intent to change it because I have tested this strategy for more than 4 years)
Indicators: (Attached Screen shot)
1. EMA (14, 62, 150)
2. RSI (24), Stock (14, 5, 5) Same window
3. Fractals (Define the stop-loss) or counter trades (straddle)
Using the strategy:
1. Only trade in H4 or D1
2. At least 3 Candles should close below 14 EMA
3. RSI should cut the Stoch lines to change the direction else continue with the same direction.
4. BONUS: If the 62 EMA or 150EMA cut the 14EMA then continue with the same direction for more pips.
5. Stop-Loss: Usually place at recent highest (for sell)/lowest(for buy) Fractals' levels (I'm using straddle method as such I place counter trades in 50-100 pips away from the entry. Slightly less than fractals.)
5. The least profit is 10 pips once achieved then adjust the stop-loss to secure the profits and modify a new profit margin around 50-100 pips (I hope in H4, D1 easier to make these amount of pips)
Currency Pairs:
1. EURUSD (H4, D1)
2. GBPUSD (H4, D1)
3. GBPJPY (30M, H4, D1)
4. NZDUSD (H1, H4, D1)
5. AUDUSD (H4, D1)