Wednesday next week is price spike day. Stop Losses on scalping will get hit.
I suggest waiting to enter until after the spike happens and then enter a trade in the opposite direction as it retraces a bit.
Am very very new here, but this strategy seems simple enough. Will definitely try it out as my first real strategy in trading. Thanks.
Hello Mr Hillz.
I think all of us try many different strategies as we chase the golden goose. I know I did. I will bet we all lost most or even all of our accounts before winning became a regular thing. I started trading in April 2021 and went live toward the end of May 2021. Turns out trading in demo is not the same as trading live. So, from a $10,000 initial deposit, I was down to just over $4,000 in a few months. Then, some big wins. Thought I had it all figured out. Then just a couple of big losses and back to square one.
So a couple of years ago, I realized that by trading, I was being taught lessons by the market that went against most things I was being told by YouTube. The result of that learning is a system where I literally expect to win every time. I know losses will happen from tine to time, but when I have a system where there is over a 90% chance my next trade will be a winner, the rare losses donāt bother me a bit.
So anyway, Iāve tried to make a strategy that provides the most trading opportunities with the highest win rate. These are āhigh probabilityā trades. Confirmed and proven by looking at the history of any chart in any timeframe.
I wish you success beyond your expectations. With practice, you WILL make money.
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Thanks for all your recent posts - they are very insightful and helpful! Using what lot size do you think would make $500 - $1,000 per day on average? What leverage are you comfortable using?
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Yes I love M1! This is my preferred time frame Iām working on learning how to trade after all my learning from KOF.
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Hi Birwi,
I still find KoF inspired trading as the most fun. Iām still not sure how he never loses. I donāt know what he is looking at to give him that confidence.
So using the Cap Channel is my way of getting that same confidence. I donāt know why it took me so long to figure that out 
My leverage is 50:1, which is the only leverage Iāve ever had. So I donāt have any experience with anything else. I would not have been comfortable with more leverage until recently. But Iām never going to seek more leverage or need it.
Lot sizes:
0.1 lots on the EMA Channel Cross could easily give a profit of $50/day by trading for a couple of hours during London or NY (as you know, trade NY after its been open for an hour).
0.3 lots could average $100
0.5 lots gets me $100-$200. Trade again in Asian session for another $100.
That is where Iām at now. I have to wake up early for London and do some trading before going to work. Sometimes its $100. Sometimes closer to $200. Then, one or two evenings a week, do the Asian session trading. I am very content with this for the rest of the year.
When I add the Countertrend to my daily routine, I expect the profits will go up a bit but I have to figure out the appropriate lot sizes for that. It could take me a couple of months to work that out. Initially, Iām thinking I will assume between 5 and 10 entries. I want them to equal the 0.5 lot single entry trades Iāve been doing.
Next year, I hope to have the entries equal a full lot on average.
That was a big drop! Good thing you recovered. Thanks, let me try as well. But am sticking to demo for nowā¦ Donāt wanna die of heart attack lol
For anyone who has not done the math.
Letās say there are at least 200 trading days each year. 261 total weekdays minus holidays, vacations, sick days, unmotivated days. But you could add Sunday nights back in.
If you average $20/day profit, you make $4,000. If you increase lot size per trade after adding the first $2,000, you are probably averaging at least $30/day. So you really end up with $5,000 for the year.
If you average $40/day profit, you are on pace to make $8,000 + $2,000 for increasing lot size half way through the year.
If you average $100/day profit, you are on pace to make $20,000 + $4,000 for lot size increase half way through the year.
But the way it really works is:
If you have a $20,000 account , you should be easily able to earn $1,000 a week even if you throw in a few losses during the week. So a $20,000 account gets you $40,000 to $50,000/yr.
The $500/day average gets the magical $100,000 yearly profit.
A $100,000 account allows you to make multiple thousands per day!
Where can you earn this much in just a few hours a day without having to sell anything, have any bosses or employees or inventory. Barely any noticeable overhead.
For me, once I can maintain the $2,000/wk average, I will be earning about what the day job used to. That could be time to get the laptop that connects to satellite for access from the open sea or the tropical hut.
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Demo is good.
Get to the real trading with 0.01 lots as soon as you can. Thatās when real learning really begins.
If you countertrend trade 0.03 lots and get good at it, you can earn the equivalent of $10/hr because you will often have 3, 4, 5 or more entries for each trade.
Hello @AmericanTrader. I have tried the shared CAP channel indicator but unfortunately it is not working on my end.
If you are on mt4, it should work. After you open your data folder and click on the MQL4 folder - you see a file titled āindicatorsā and paste the Cap Channel indicator there.
Close mt4, reopen, and the Cap Channel indicator should appear in you indicator drop down menu.
If you have already done this and it still didnāt work. Try going to the MQL4 market and download it there.
Hi. Sry, am back again.
Your strategy looks good, am trying to make sure I understand it perfectly. I sent a screenshot showing how I could have attempted to use your strategy, I indicated where I could have sold, placed my stop loss and then exited the trade. Did I do it right? If I did, does it not open me to having winning trades which donāt pay much but have losing trades where I lose much more?
I see what must have been a very good sell win coming from off the lefthand side of the chart. Followed by a very good buy win just before your circled sell signal. Then a likely small loss on a buy, followed by a sell win.
Your circled entry looks to be at a time of very low volume which continues lower for the rest of the chart. You are unlikely to get big wins or losses with low volume.
There is no Cap Channel or similar channel to show ATR or a 200 ema for exit point guidance (unless they are just off the visible portion of the chart).
I would say you have correctly identified a sell signal but on weak volume. SL is your preference, but you used a place I suggest for newer traders in order to prevent any big losses. You donāt have to ever have any big losses if you keep the SL there.
Your TP seems to be just on a support zone which leads me to believe you are not using a Cap Channel or similar atr based channel. Support and resistance does often work, but win rate will go down to what common traders have (40-55%).
So, anyway- I see 2 big wins. 2 little wins. 1 loss smaller than the smallest win.
consider on the one that could have been a small loss that if volume was taken into consideration, it would have been a 1 candle win.
You are on the right track to start. You would have had a nice trading day while 80% of the other traders were frustrated and had one big loss over the same time.
If this is the strategy you decide to use and eventually master it (if I can do it, anyone can) - you will have far more winning days than losing ones. That takes care of the psychology and stresses thereof in trading.
It makes so much business sense! I love the idea of not having to convince someone to hire you, buy things from you to make money.
Have you thought about doing a $100K or $200K prop challenge with a firm like FTMO to get on a large account with only the risk of losing the fee to do the challenge? Iām doing a $100K challenge right now with FundedNext, using MT4. Iām going to start practicing your channel cross strategy on M1 timeframe to see if I can pass the challenge.
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I have considered FTMO and decided I donāt need it. Nor do I wish to have to conform to what they want every month. I would then have a boss.
Iām more than content with the way things are going now.
If I had no money to fund an account with, I would seriously consider FTMO though.
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Birwi
Btw: We are all rooting for you!
Thanks! Iām really working on trading on a daily basis now! Itās surprising how difficult it was to fit trading into my daily routine, and make it a habit, but Iām up at 5am PST most days of the week now to trade for a couple hours before my 3-year-old wakes up and then I get her ready for daycare and start my day job at home at 9:30am.
I spent April practicing the KOF 1% strategy, but itās very dependent on being in the market consistently for hours in the Ny/London overlap to catch the big trend (if any) of the morning, and itās too easy to miss it if it happens after 7am or it happens on a morning Iām not trading. Iām finding the GBP/USD has been ranging a lot lately. I like how with your channel cross strategy itās clearly possible to make money each day, and grab the many 10-20+ pip movements that frequently happen on the M1.
I was wondering - what do you like about EUR/JPY - do you find it moves well for the channel cross strategy with the CAP Channel?
There is no spread for EUR/USD on the FundedNext prop challenge during the high volume NY/London overlap, just a $3 commission per 1 lot, so I will try to focus on this pair.
Oh I know how difficult it is to work trading into the day, and I donāt have a 3 year old running around. So you impress me very very much!
As for the Eur/Jpy, Iāve been spending a lot of time on that pair while the daily chart continues to show a clear upward bias. That way, if I trade long, and the trade has not concluded by the time I leave to do some work, I can at least know that I should be ok with letting the trade continue to run for hours while Iām away.
How do you determine when to close a position if it doesnāt reach one of the specified targets? And have you encountered any challenges or unexpected outcomes while working with different currency pairs?
Wow man itās impressive to see your dedication in trading and how youāve integrated it into your daily routine!