+55 pips on GBPJPY. Getting back in!
1 Like
King strategy ?
Price returned to 9 ema. On a King trade, this would be a win.
I put the three arrows to show that you should be excited by that large red candle and would have made several entries at the bottom.
The trade toward the top of the chart is based on a longer timeframe trade.
In profit now
AT, thanks for bringing King of Forex to this thread. It’s been working well for me. I started demoing it this week and every day has been green. The wins aren’t quite as big because the cost averaging means I don’t have as much of my account at work when I flatten my positions, but the consistency and lack of losses (so far) seems to make up for it. I find it easier psychologically too. I also like how it can be adapted to range or trend markets. The cost averaging gives me wiggle room if it doesn’t move in my favor right away.
This morning, I counter-traded after the news on EUR/USD. Once the huge green bars started getting smaller, I faded in sell orders in anticipation that it would cool off when others started taking profits. I closed my positions when it touched the 50 EMA for a nice win.
1 Like
I’m enjoying using it again too. I used to demo this for months and somehow got distracted chasing other shiny objects (strategies) over the years.
I am having a hard time not using it every time.
I can’t remember my last loss using it, Moose.
It puts YOU in control of the trade. Plus, your trading day can be an hour.
One thing in life that is a certainty - There is no guarantee a trend will continue, but there WILL be a pullback.
It’s so different than what most trades are doing, and most traders don’t do that well. Trading without a stop loss takes some getting used to, but when you look at how the system works and how much money you would actually lose in a worst case scenario, the risk isn’t anymore than other strategies.
Right now I’m figuring out the sweet spot of how many orders to put in. If I put too little, my gains will be smaller. But if I put too many, I won’t have enough left in the tank to place recovery trades if it moves against me.
@SurprisedMoose
Yup.
It takes practice. I’m using very small lot sizes for now.
I do add a SL that gives me a ton of room in case of catastrophe, but to this day, I have never needed it.
I also found that I need to be able to make up to 20 entries if I get stuck in a difficult trade that lasts for an hour and a half. It can happen.
But 995 times out of a thousand, if I am prepared to make 10 entries or less, that is more than enough.
In demo I used 0.4 lot sizes and traded after lunch for an hour, closed everything waaaaaaay too soon, and still found I could make $125-$150 in that hour. I closed trades almost immediately after I went into profit.
By following the rules and not closing until at least the ema 9 I would have averaged $300-$500/day (an hour?).
I risk 2% of my account. I watch my current P/L when things are moving against me. If the amount I’m in the red reaches 2% of my account I’ll flatten my positions. But it hasn’t happened yet. I’m closing most trades with over half of my buying power still available.
@SurprisedMoose
Sounds very good, Moose.
I set up a business plan of using small entries for the remainder of this year as I don’t rely on trading income for bills. I expect to add no more than a few thousand to what I keep in my account. I’m not what I would consider a big player yet and I will be taking some withdrawals (vacation).
Beginning 2024, its ON!
Which, for me, means probably 0.2L per entry.
Trade for 2 hours a day. Bank several hundred.
If all goes according to plan, 2025 will finally be my $500-$1,000 for every 2hr trading day. That means sayonara to my day job.
Once I can get to the place where I am using full lots, I’ll be trading a few hours a week.
I’ll look at every opportunity to accelerate the plan. If the plan doesn’t work, It’ll still be a great ride. Truth is, we can live with what I’m already doing. $300/day would pay all the bills. But there are days I don’t have time to trade.
7% gain on the demo account with 3 hours of trading. No losses yet with King of Forex. It feels good to have something finally click. I feel like I already had a decent grasp of price action. I think switching from hard stops and take-profits to cost-averaging is what’s making the difference.
1 Like
I’m so happy to hear you are enjoying trading and getting good at the strategy. You are on your way to the 1% Club.
Its not just counter-trend, its counter-intuitive.
1 Like
