My Trading strategy

Trading Systems Free Forex Trading Systems
1

Ok all I am still learning how to trade so I am just in the Demo phase.

However I have been working on a strategy that seems to be working well for me in the test phase I just am interested in the opinions of live traders.

Ok here’s what I do
I use RSI and BollingerBands to determine an entry point

I trade off the 15 min chart

to determine my stop loss, I use the 1 day chart on Oanda.
This works well for a buy only not a sell transaction. And sometimes it takes aobut 4 hours for the market to hit my high. A few times I have left the tradde active over night. If I am watching the computer I might jump out once I have a 50 pip gain. but when I have left it to “let it ride” I have had a 100- 150 pip gain.

I place my stop loss just under what the low was for like a month ago.
Then I use the 1 hour or 3 hour chart to determine my limit.

It’s easy to be this accessive with fake money, but I have notice that just setting a 30 - 50 - or 100 pip stop loss does not work for me.

I do follow the babypips plan to only use 2% of my capital at time.

So would this plan work if I was live trading?

thanks to all who respond.

2

Sounds like a good plan. I’m gonna try that out with dealbook and metatrader at the same time. and i’ll get back on you with results. I’m working on a Technique that secures gains instantly. I’ll put it all together when I have it perfected. Gotta always be learning for yourself and never stop. Good luck on your endeavors and your progress. I’ll be back after a while. have a good one.

-ForeX Capitalist