My trading rules

Trading Discussion Trade Journals
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  1. Trade DAILY timeframe only

  2. Risk 1% of my account per trade.

  3. Using 200EMA to determine trend bias for buy or sell signals.

  4. Enter only if there is sufficient area of confluence. Example: 200ema signalling downtrend (sell only) + candlestick bounce off resistance level.

  5. Be patient. Let the prices tell the story.

3 Likes
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Trading well can be as simple as this.

Where do you set stops and when do you take profits?

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Hi tommor,

For stoploss, I will place it at previous candle high/low+ 1 ATR.

For take profit I am not very sure how I should do it. Maybe take profit when 20ema and 50ema cross over?

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Sounds like you’re off to a good start.

Good luck to you!

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many people have rules such as these.
And yet they still lose, in fact the majority DO NOT make money.
These rules above will not turn someone into a winning traader.

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What will?

2 Likes
7

Excellent that you have it written down. Seems so simple, but I don’t think maybe newbies do this. How long have you been trading with it and have you found any success?

Thanks for sharing!

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Interesting. Looking forward to your journal entries!

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Hi

This is very similar to what I am doing and was wondering if you wanted to discuss them together?

I also use a 200ema to determine long term trend

A 50ema and stochastic once price crosses the 50 EMA in line with the 200ema and is also in an overbought or oversold on the stoch depending on what one I need then I will buy/sell.

Need to be patient and I think it works better on the 1 hour ideally 4 but can be long to wait on them!

It’s very very new but so far have won 3/4 trades

1 Like
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1% risk is more appropriate to avoid unfortunate losses , but honestly speaking its really difficult to keep same percentage when trading in practical , risk is much volatile and no way to control it completely.

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Thank you @MattyMoney.

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Hi @dudebro, not at the moment. I have been following trading website like trading with Rayner and tradeciety and find their strategies are easy to understand. Thus, I am want to implement into my trading strategy.

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@chimmyfx looking forward to your trades too

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@Shaungliddon sure I don’t mind discussing it together. We can learn together too.

1 Like
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Lovely will send you a message

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Cool. I’ll be following along to see how it goes.

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You are on the right track buddy.patience is the most important thing.Plus babypips is a great forum to learn. Wishing you all the luck.