My Cad/Nok added 60 pips again.
That makes 50 Monday, 80 yesterday, and 60 today.
I’m going to close out everything on that pair for now.
Looks like EMA strategy scalping only for tomorrow.
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Looks like we had a retracement today on cad/nok so I’m getting back in Long on that pair and chf/nok.
Cad/Nok and Chf/Nok
Both big winners.
400+ pips.
Closed all positions (Almost 500 pips). Re-entered on Chf/Nok.
Thanks @AmericanTrader for sharing your strategy and your journey over the past 6 months! I’ve now read through the entire 2,500 post thread and I’m excited to try out your EMA channel strategy on the 1-minute and 5-minute charts. After finishing the BabyPips course I have been working on figuring out a strategy that suits me and I really connected with various points you made about this EMA strategy and also your goals for trading.
I love the idea of trading a couple hours before work and before my 2-year-old wakes up, and having a profitable start to the day. I live on the west coast in Canada (PST) and my goal would be to trade from around 5am - 7am PST (8-10am EST) to catch the New York and London overlap. Getting up early is definitely my nemesis though so next week I’m hoping to schedule this period as a time to trade and make it happen. I have a small window for trading and I would like to make it count.
Do you have a leverage ratio that works well for you on the 1-minute and 5-minute charts? For example, on a $10K account, would a 0.5 lot work well?
I’m with CMC Markets and the pairs with the best spread (0.7 pip) are USD/CAD, USD/JPY, AUD/USD and EUR/USD. I like how USD/JPY moves best so far, so I am looking to focus on this part to start with.
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Hello.
Welcome to the forum and best wishes on your trading career!
It is a lot of fun, and a better second job than anything else I know of. Maybe it will be your only job someday. Just remember that it only becomes fun because you experience losses in the beginning and you hove reached the point where you have overcome your emotion and overcome your mistakes you made in the beginning of your trading life.
As for trade size - maybe another forum member will offer advice. Mine is that for the Channel Strategy, 0.5 is much too big for everyone but VERY experienced traders. If you have been trading for less than a year, I recommend between 0.05 and 0.1.
Having a two year old, you are young and have a tremendous advantage that I did not have. You have time to learn Forex trading and to master it in the next few years. When you do master it, you could have life-changing profits. I wish the opportunity was available to me many years ago.
All you need to do between now and then, is to not lose most of your account. Losing in the beginning is practically inevitable. Its normal. Its unavoidable. Its going to happen.
But in 2 or 3 short years, the work you put in could bring you financial freedom, and its a freedom you can pass on to your child, who will have an advantage very few people in the world will have. The skill to wake up in the morning and make $500 in an hour.
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If you’re going with the cost averaging method of entering when price moves against you, you’re going to need enough margin to open up 20 trades. My record is 15 and I only had enough margin for one more trade but fortunately it turned just in time.
So I’d say maybe allowing for 30 trades is a good rule of thumb, but if you’ve got an entry bad enough to need it, you might be screwed and better off cutting your loss early.
Yep. I went on one of those rides too where the margin was getting a little thin. It ended up being one of my greatest victories by the time it was over. But it could also have, like you said, gone the other way.
It taught me to check those daily charts before getting started even with my m1 and M5 EMA trades. Then, that transitioned into me deciding that I enjoy having a couple of daily or weekly chart trades open.
I am trying to look at it as a learning experience that took my trading up to the next level.
Cad/Nok and Chf/Nok profits another 150 pips.
Now its down to pending order on Cfh/Nok and 1 remaining open order on Cad/Nok.
I’ll be looking for another 150 combined pips if Chf/Nok pending gets triggered.
Can you please your strategy on daily and 5m chart? From what i saw its watching big trend and enter in counter trend on lower time frame>?
Hi Nichzo.
I have discussed a few different strategies on this thread.
The ones I am using predominantly are the King of Forex EMA strategy (many YouTube videos), and for daily charts, entering long after pullbacks that stay above the 200 and 500 EMAs.
Heavy use of profit/cost averaging (also learned from King of Forex videos).
any particular interest in NOK or do you scan a lot of currency pairs to find good set ups in accordance with your strategy?
Daily chart trade management:
It may be time to add another long position soon to enhance profits on my CAD/NOK
CHF/NOK looks too uncertain as there is a lot of room over 200 EMA yet. Holding off on adding another position for now. If price retreats closer to 200 EMA and bounces upward, then will place another entry.
It looks like we are a week or two away from any other setups that look good to me.
I’m not sure if I would add any long position to CAD/NOK as price reached the 3 year high as it can be seen on weekly chart. There might be a trend reversal, don’t you think @AmericanTrader?
I did add one yesterday. The opportunity was too good to pass up. Now if price gets back to 8.20000 I make about 800 pips.
I agree with you that this could be the last long opportunity on this pair unless there is another big pullback. Thank you for your analysis. Spot on, as usual.
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