Hello everyone,
I have a developed a strategy a while ago and have been tweaking and optimizing it for sometime. I wanted to create a journal and share my progress. My strategy is based on range filters.
The strategy starts at 9.30am EST and closes out daily at 4.59pm EST (3.59pm on Fridays). I had a great January and will start posting my progress.
The strategy has a 30 pip profit and 25 pip stop loss. I have seen many strategies where they try to capture a small profit and have a large stop loss. I believe you need a profit target larger than your stop loss, in that case even if you only have a 50% winning ratio you will still be ahead of the game. Traders who have developed a strategy or are looking at one should also consider reviewing the strategy's Sharpe Ratio or Return Retracement Ratio. They usually give an insight to the strategies additional return you are receiving from the additional risk incurred.
Please don't trade off of the inputs I will enter here (as they will be old news by the time i post it). At some point I will setup a desktop sharing program for those interested in following it live.
Let's do this! Best of luck to everyone
"Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts."
"Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particularly trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk. Variables such as the ability to adhere to a particular trading program in spite of trading losses as well as maintaining adequate liquidity are material points which can adversely affect actual real trading results."