I have had people asking me about the way I trade and after considerable deliberation I have decided that it may just help some of my fellow traders on their forex journey if I were to share a few things. Perhaps it could help you to devise or tweak your own strategies. Below are two screenshots of my last two trading days.
If enough of you guys here (more than 10) really want to hear about some of how I do what I do just reply in the affirmative here in this thread and I will see what I can do.
On days i don’t trade my strategy (NFP, interest rate decisions etc.) i actually try to make a scalping strategy work, with your results in mind. But the best i can do is trade breakeven. So i shall be the first to announce my interest in wanting to hear more from you.
Listen, I appreciate the interest. I am sure what I have to say will interest you even more because I will also include how I deal with trading on NFP days.
Stay tuned.
you beat me to it - but in that case i’ll happily be the second, please
Of course we want to hear about a profitable system. There’s never a bad time to learn
I’ll be the fifth!
Just do it!
Build it and they will come!
Ok, just turned things up a notch tweaking a few things here and there. In the meantime these are today’s trades for you guys to examine, critique, and compare.
Am busy sorting some things out besides forex trading but give me a day or two to get around to the insights I promised.
It is rare that I ask anyone for favours because if there is something I cant do myself I tend to leave it alone. The times when I do ask for a favour I find that I get disappointed most times. At the start of the year I had promised myself not to try to fix anybody besides myself but because in the past I have gotten help from a few people I broke that promise. In that vein of helping others I had actually planned to do a detailed thing on my strategy but because of the way something was handled here the other day I have decided it is probably best to leave that alone. Because I did promise, however, I will share a couple of things regarding my strategy.
Key to my strategy is consistency, one time frame, one stop loss size (zero), one instrument/pair, one lot size, one profit target etc. As the account grows though things will have to be tweaked here and there or else you will end up with what I call forex stretch marks. Based on the definition of dictionaries online I describe what I do as scalping. I have seen where people claim you need millions to scalp but I guess that is their experience. For me personally I dont need thousands or even US$100.00 to trade. For every 0.01 lot size all I require is US$75.00. So if the account gets to US$150.00 I will now start using a 0.02 lot size. If you multiply the lot sizes on my trades by 7500 that should give you a rough estimate of where my account balance is I think. What I have found is that this trading thing is linear, so if my account has US$750.00 I will be using a 0.10 lot size and for a balance of US$7500.00 I would use a 1.00 lot size. One tweak here though is that as the account size increases I may use 2 or 3 lot sizes less than I am supposed to. The reason for this is that instead of putting in one single trade I put 2 or 3 simultaneously.
My take profit (TP) is always roughly 0.2 percent minimum of the account balance per trade. Sometimes I may take less to round up the balance on the account or if I just want to exit a trade and at other times I may have to do things which when the dust settles the profit is way more than that 0.2 percent. I started a thread recently to deal with that in particular where I asked what people thought were involved in managing a trade. I intended to give my take on that but I dont think I will bother now.
Just to touch on the business of Non-Farm Payroll (NFP) days. I posted a video of a strategy I use to do that already. Here is another method I employ. Down here in Jamaica whenever there is a fire and the fire engine is speeding to a location there are some motorists who tailgate the fire engine to get to where they are going faster as people make way for the fire unit. This practice is illegal. On NFP days I do something similar. When the announcements are made after 3 or 4 seconds one has a general idea of the direction price is racing towards. I simply place a big lot size on that trade and ride it for another 6-10 seconds and then hop off.
So there you have some insights as to some of what an obviously mad person does to produce the results as per the above screenshots. But please keep in mind what I have said a few times in the past… dont try this at home, lol.
Yes i already saw that you usualy build up your position and target one specific level. I think i understood how you choose your level, too. But i would have loved to hear about what you want to see right before you hit the button, how you choose your entry points.
Its a shame man, but its your strategy we can’t force you to share.