So I have been trading live but a “cent” account.
I have been trading bounces from support and resistance.
A lot of people have told me about indicators and how to read charts and things that seem complicated.
I haven’t done anything other than plot S&R look for a few strong candles heading towards either support or resistance and if a doji forms I then take a reversal trade at the low of that doji for around 150 to 350pips depending on how close the opposing support or resistance is.
Since I am trading a cent account the most I have ever risked on a trade was $.09 (No where near 1% of my account) but that trade won $.20.
I have lost probaly 55% of my trades but winners have been plenty to cover loses and provide profit.
Does this seem sound to you guys? Can simpler be better?
I don’t think I have the holy grail or that I know it all. I may just be having some luck…
I only trade the Daily chart and any and all major pairs and their cross pairs if they meet my criteria at a support or resistance level.