Hello,
I’ve been recently asking myself what should my trading system look like and I found the following answers:
Available time: 2 hours daily, this implies a short timeframe 1M - 5M. Time zone GMT+1 so there should be no problem to trade when the liquidity is the best for trading, during the London and NY sessions.
Daily net profit: 50-60 pips. Once reached, I quit and do all the other things I need to do in my life.
Risk on each trade: 2% (it will be a mini account so it’s a maximum reasonable risk, I think).
Currency pairs: EURUSD (for smaller takeprofits) and GBPUSD (a bit larger takeprofits).
I would like to ask you if you know any system that meets these conditions? Or maybe you think some requirements should be readjusted? Please post your thoughts below.
Go up the stairs and take a left at the gates of heaven. Look behind the water fountain. There you shall discover your dream system; minimal time and effort, 50-60 pips daily.
Take a right at the gate if you are looking for the automated system…
Hi keyem,
I believe every individual has their own trading system that suit them. No one trading system is identical to another trader. Take your time read through the threads in babypips. Maybe you take a look at the following few threads and hope it is helpful.
I am thinking that perhaps you could look at longer charts… eg 4 hr and up… fund the patterns you like and apply them to the long charts…
Limited time at the screen would, I think, put you under pressure to make trades… so looking at longer time frames with more detailed analysis could be more to your time constraints…
It would be better for you to make entries that are winners rather than having to recoup losses… so better preparation is required…
Those are just my thoughts… and be sure to look at the threads recommended by Ray_1…
I also believe that even if a trader decides to use someone else’s system, he will adjust it to his own trading habits.
Thank you for the links. The first one is very interesting, I will try it. Speaking of reading from the candles w/o indicators (thread 2), this art would also help me a lot.
I am also considering trading the news, I even wrote a nice EA helping me with this bc otherwise I would not be fast enough to place the pending orders on time and I need to optimize my entry technique to grab the profits. Today (and 2 times before) I was too late and could not place the order properly and missed a nice 50 pips this time (the movement was about 100 pips on GBPUSD, first up and then down even more, but my tp on this pair is 50 pips). Next opportunity 14:30 GMT+1, news from US, 2 pairs to trade (EURUSD + GBPUSD). Hope this one works.
my system is less than 2 hours a day, mine is 5 min a day. maby you would like to relax and take a deep breath because you will know everyhting is under control for the other hour and 55 min;)
Keyem, wrong way around. Rather than come to the market with a series of requests, study the market and work out what it’ll give you. You could end up scalping, swing-trading, or long-term investing, but study the basics first and take it from there.
I know that’s not what you want to hear! Alternative technical templates is a great place to kick off.
Thank you for your advice.
I will certainly not do the swing or long-term trading. I don’t feel comfortable with that. I also will not go for only 5 pips profits. 15-20 pips is a good target. I also like to catch bigger moves from time to time like today on GU and EU.
As I said, I have some ideas of how my trading will look like. But I keep looking for new ideas. I will certainly consider yours.
