Well I’ve been away since October who cares not sure, unfortunately had a bad case of Covid in November and boy wouldn’t wish it on my worst enemy, not hospitalised but lost a stone and six pounds in 6 days so waistline a lot slimmer.
Back to the post I was posting weekly have decided to post monthly from here on in, my aim to show new traders that it is possible to trade and survive with careful money management and execution of those trades.
Have also changed my trading style was trading 4 hour charts and end of day, I am 99% now trading end of day charts and very little on 4 hour unless like Friday something is too good too pass up which was the UK100 which to be honest I scalped the trade just to bring my account up to a nice round figure, so literally in and out within 45 minutes,
Successful trades 80%
Pip Count 576.4
Best Trade UK Oil (Brent Crude) 121 pips
Worst Trade Silver (Spot) 90 pips, reason held trade too long should have ended trade around 50 pips.
ROI 2.92%
Hope this helps anyone who is new to trading to show that with time, persistence and learning the craft you can keep yourself in the game.
Always good to see someone returning after a break.
Interesting. Was this due to a change in trading strategy that is designed for EOD or was it because the 4-hour chart wasn’t working optimally?
I would like to ask you, when you say you trade EOD does this mean you are looking for the direction for a trade on the following day or trading longer term trends? In other words, are you more interested in the story embedded in the single daily candle or just how the current day’s close is affecting an underlying, ongoing trend measured by other means?
Me too.
I mean, me too, I had covid and lost a bit of weight. No permanent side-effects but I have been exercising so much through the pandemic I never put the weight back on. Not a bad result.
And, me too, I also trade almost only via D1 charts via EOD orders and had a great February -but this thanks to pyramiding positions on the GBP and NZD moves.
I came to the conclusion that they didn’t suit my style of trading, plus management of the trades didn’t suit me although I do have the time.
To answer your question on EOD, I’m looking for a direction on the following days trade, and then quick hits anything between 20 to 80 pips depending on the pair being traded, I do use trend lines and support and resistance in my analysis.
I may run a trade outside the above parameters if they do not hit target, but probably no more than 2/3 days and and my trading plan is to get out if the trade moves more than 50 pips against me.
I think that is an interesting way to trade off day charts and I like the way you place importance on money management. If losses are restricted and the win/loss ratio is >50% then there is a good positive expectancy.
it is an approach than could/should suit many of the newcomers that pass through here.