Every morning i go through the pairs on the Day
Next for each i head to the 1H and 30min to see if the trend corresponds
For the ones that do, i jump into the 15m to check for best entries on those matching D and 30min trend.
Then go enter on 1 min based on where the current minor trend is within the 15min
I pick between 4 and 6 pairs to enter (quick process…10mins)
Some have small reversals which i dont want eating into gains, so at some point (usually -10pips ?) i cut temp loosers
Fatliners (not much momement i watch a little longer
Keep all winners winners in the basket
I do keep an eye on cut loosers to see when / if they come back.
Here is where i need [B]suggestions for rules[/B] pls.
Usually 3/4 out of six in my basket goes positive quickly within minutes, with some flatlining and others going against me. Ive set one rule to 10pips against me and i cut the trade UNLESS im convinced i just entered a little too early. Id like to refine this strategy as i get high pip winners than low pip loosers.
How do i work out what is the best way to set rules for this strategy ? Ie
I don’t think that someone else can help you, unless you find someone who is using the same strategy as you. The best way is you to continue using and adjusting your strategy till you’ve got some better results.
In addition to what Rambo said, I found the best way is to keep practicing, and practicing with your current rules and trading method. It’s really the only and best answer. Again I found the more experience you get, the better you’re able to refine your trading method and rules to trade by, and just important your money management plan. Do as many trades (in a demo) account as you can, then review each and every trade according to your trading method, your money management and rules for each.
Example. When I first started using the Fibonacci tool in my trading. My strategy was trade using 30 minute time frame, confirm on 15 minute enter and manage on the 5 minute. Fib strategy was the same for trending and ranging market. Only enter of the 50 to 62% level Set my stop on 65% level and take 1st profit on the 0 level. I traded any pair that fit that criteria. Only traded Monday to Thursday. Avoded any pair that had pending economic announcements for 30 minutes before or after. Also tons of indicators telling me trend, cycle, momentum, support and resistance. Never add to winning or losing position. Any pair I had a negative return, I didn’t trade for 24 hours. Position size no more than 10% of my account on any one trade.
I asked a trader friend of mine what do you think about plan? He smiled and said it’s fine for starters, practice, practice and practice. Review every trade and see what you need to add or change in your trading method, rules and money management. I said why’s that to wit he said, well for one thing as you get more experience you won’t use most of what you’re using now to give you the information you need to make a decision. I also asked anything else, he said think long term and pick profit over tops and bottoms.
I took his advice and as I practiced and reviewed each trade, over the course of a few months, my whole approach to trading changed. Method and money management and the rules I use. I only use 3 or 4 indicators, mostly to help me get a quick picture, still mostly 30 minute and under time frames but medium time frames as well. I don’t trade days or times, I trade opportunity based on my trading method rules and money management. I have separate strategies for trending or ranging markets and I method that allows me to see which very quickly. Money management has changed from not very effective to very effective. However I still record and analyse any trades I take both positive and negative. I keep a daily diary with all my notes. Use a written trading method and money management plans and review them regularly. Back to you and Rambo, you do have to do it yourself. Hope that helps
Gp
As others have pointed out, each trader has his own strategy - that said, the process you outlined though not for the same timeframe or orders is what every trader does, with a few modifications for entries and exits.
The one way you can tweak your strategy further is to test it out for a certain period on demo or a small live acc…
Much appreciated guys, and tnx for taking the time to give me a peek there gp00053 (very useful insight). I have only last week decided to go micro rather than demo which i find helps me take the learning process a little more seriously, so i will be sure to start analyzing my criteria for making and manging trades a bit more in depth from now on.