Got a bet-the-farm trade idea that you think the rest of the FX hood ought to know? Why don't you put your pips where your mouth is? Join the latest competition that will rock the world of currency trading! Ladies and gentlemen, I proudly present to you Forex Ninja's Trade of the Week Contest!
What the heck is it?
This is a popularity-based contest wherein participants submit their trade ideas that will be voted on by the BabyPips.com community. So yeah, winners will be determined by the number of votes that their trade ideas generate.
Oooh! Can I join?
Whether you're fresh out of the School of Pipsology, a long-time veteran trader, or a monster, as long as you have a trade idea that you're willing to share, you are eligible!
But of course, we all hate spammers, so here are a couple of things that you should take note of.
First, you have to have a BabyPips.com forum account. Duh-uh? Second, you have to have had at least five (5) posts. If you still haven't met the quota, there's still time to make small talk and meet new friends! Lastly, you have to be awesome. I'm sure none of y'all will have any problem with that.
How will I know if I win?
Winning trade ideas will be featured in my weekly blog for everyone to see and possibly follow! Now ain't that sweet? Heck, if you're lucky, you may even get an all-expense paid date with Huck... or Cyclopip. Ha!
WAIT, I'm not yet done! Here are some rules and guidelines that you MUST adhere to:
1. Trade Details
To fill in readers on your brilliant trade idea, you'll need to have the following details in your post:
A. Chart of the pair you are trading: Indicate the currency pair and timeframe
B. Long or Short: Will you be buying or selling?
C. Entry Point: At what price will you enter the market?
D. Stop Loss: At what price will you cut losses?
E. Profit Target/s: At what price will you take profit?
F. Reward-to-risk Ratio: What is the potential return on risk?
G. Risk percentage: Yes, yes, we know you all want to earn the largest amount of money in the shortest time possible, but here in BabyPips.com risk management is the number one priority. This means that your trade ideas can only risk a maximum of 5% of the account. You can risk as little as 0.01% or as much as 4%, but never over 5%!
H. Indicators used: You must specify the indicators you used and their respective parameters. If you used a custom indicator for MT4, then you must also provide a short description of what it does, upload it, and give instructions on how to install it.
I. Trade Rationale: Explain WHY your trade idea is the bomb-diggity-bomb! Whether it's based on fundamentals, technicals, statistics, the alignment of the stars, or the fact that your fortune-telling dog Spark farted twice this morning, we'd love to hear the rationale behind your brilliant trade idea!
J. Trade Adjustments: Detail how you plan to manage and exit your trade. This includes changes in the trade positions and closing early.
2. Chart Design
You'll need to provide a clear screenshot of your trade idea. MT4 charts are preferred, but you can use any charting platform really. You may draw all the lines, circles, and arrows you need, just as long as it's easy on the eyes. And please, no watermarks! Capiche?
Here's an example of a nice, clear chart.
And here's an example of a chart we don't want to see!
3. Title of Trade Idea
The thread title should be in this format: [TW] MM-DD-YYYY - XXX/XXX (Position) by [username]
Here's an example of a thread title: [TW] 4-26-2011 - EUR/USD (Long) by PipDiddy
Step two: Post your correctly-labeled trade idea as a subthread.
Eg. [TW] 4-26-2011 - EUR/USD (Long) by PipDiddy
Step three: Cross your fingers that people will like your trade idea.
Basically, you submit your entries by creating a thread under the Trade of the Week forum. That way, people will be able to discuss your awesome trade ideas! Just remember to label them according to the format I specified above by filling out the details on the template I made.
At the end of every submission period, I will collect all the ideas and post them under one sticky so people can vote on them.
The first Trade of the Week submission period begins on Friday, at 4:00 am EST to 4:00 pm EST.
5. Voting Period
We’ll put up the poll right after the market's close every Friday so you can cast your votes over the weekend. Polls will be open from 4:00 pm EST on Friday to 4:00 pm EST on Sunday.
Since the contest will officially start next week, feel free to cast your votes anytime between 4:00 pm EST on Friday (May 13, 2011) and 4:00 pm EST on Sunday (May 15, 2011).
6. One Submission and one vote per person per week.
To be fair to all, each person will only be allowed to submit one trade idea per week. Also, voting will be limited to one vote per person. Those caught violating the voting limit (Boo, cheaters!) will be banned... FOREVER! And we're gonna tell their mamas that they cheated, too!
Just so you guys have a clear understanding of what to do, I'mma put up a sample trade idea of my own!
LOL I trade a priceaction system that I make a plan and stick to my stoploss and profit targets but I can also adapt my profittarget with the market flow meaning if the price actions dictates moving my profit targets while trading the price action system which I do off the 1 HR and 4 HR time Frames I only trade it during range bound markets becuase I use it on Supply and Demand zones . I also have a trend system which I could never win this contest on becuase I enter on my EMA 20 weather long triggered with price being above the EMA and RSI above 50 zone or short while price below the EMA and RSI below the 50 line. I also plot stoch at 20-5-5 so I get a true signal with overbought over sold when in a down trend I will exit trade on first grren candle when pair is in oversold condition and I reenter the trade when the pair is back near the 21EMA and I got over bought condition and I get a nice red trigger candle to the downside to tell me the down trend will continue I place my stop 20-30 pips above the 21EMA just incase market noise or intervention or some unforseen movement goes against the trade for a candle or so and for up trends of course I do the oppiste of the downtrend the enter is the price above 21 EMA stop is 20-30 points below the EMA and I exit when I get A nice red candle on over bought contions on my Stoch or I get a hugh green candle way above the 21 in overbough condition becuase that generally is the exhaustion move and the next candle usually retraces that exhuasted candle in the other direction. I rather get out while the exhuastion candle is forming and be wrong on the right side of the trade then lose out on my hard earned pips becuase the pair retraced the exhuastion candle. I also have a nice Bollinger Bands System as well I use the 21-2 settings I open the trade in direction of the trend if the mid band is pointing in a up or downtrend position meaning if the EMA or middle band is pointing down the its a downtrend I open my trade below the center band targetting the lower BB Band If the mid BB is heading or slopping up I open position above the centerline and close it at the upper BB Band if it is trending I will continue to trade in the direction of the EMA or mid BB Band slope but only on the direction of the trend I don't play the retraces I only tarde in direction of trend. Now if the makert is in a range or consolidation mode I will play either direction opening the trade when the price action touches or breaches the Upper BB Band and exiting the position at the Middle BB I do not tempt fate by going for the extreame BB becuase most of the time price stops before hitting the extreame opposing BB yes that is conservative but that works for me and my profit targets are met most of the time and I see that steady balance increase in my Account.
Hi ForexNinja. I have been trading for a couple of years. I keep reading about how the brokerage firms are all ripoffs. Forex.com, FXCM, GFT. Can you tell me if you have a favorite and how can these brokerage scam you? If you put a stop-loss and think that the broker made you reach that stop is crazy. That mean that BOJ will let their currency go up/down because some brokers want to hit their clients stop loss orders? please advice and thanks.