Here we go with my new strategy, new plan and new journal.
Long term goal:
Finish the year being profitable during these last 4 months. I will aim to reach an average of 5% per month however I will just follow my plan and I won’t force trades if I am under my overall goal.
Strategy:
I will be trading all the main 28 pairs plus any pair with USD in it.
I will trade following both technical (naked chart with maybe few moving averages) and fundamental analysis.
I will trade on the higher time frame only. D1 (general analysis at NY close), H4 and H1 (to find the best entry during the day if not satisfied from NY close price action)
Plan:
Equity: 128£
Position of 1000 units
SL 50-100 pips
50 pips = 2.4% of my equity, 3£
100 pips = 4.8% of my equity, 6£
TP I won’t set TP in advance. I will decide at the end of each day if to keep the trade open or to close it or to move the stop loss.
Listen if you can place a trade, place a profitable trade. You know what, be profitable a week, a month, a yeah. Be profitable forever. You like trading. Trade against the best. Trade again the Fed. Trade Forex. Make money. Be a professional trader. Be a full time Professional Forex Trader.
Other than your daily mantra, what’s your edge? Rather than aiming for profit I try to do what needs to be done. Is so, then my edge takes care of itself. Diligently executing and accepting whatever outcome the market has in store is all part of it. But without an edge dead in the water…what’s your edge? :30:
My edge is a mix of fundamental and price action. I decide if we are in a range or in a trend and their direction with the use of fundamentals. After that I will find the best entry with the use of price action and candle stick. Add to that a good MM system and a solid psychology and you should have a winning system.
Am I able to trade my plan?
So far I have not being able to do it. Let’s see if I can do better in the long timeframe with a set and forget approach.
What’s your preferred TF to enter & exit into your swing trades? 4hr? 8hr? daily? I too watch the dynamic candle/price activity especially as it forms…rather than just the snapshot after it forms. There are clues in realtime that may not be apparent in the candle afterward, i think. Maybe not so much with swing trading i don’t know, i’m not nearly skilled enough at either swing or scalp yet…i’m a work in progress as you.
Think i’ll start an FXbook account too, and place snapshot of trades weekly. A good record of my trades such as I have been doing here will be helpful for reviewing past trades and mistakes. I go back weeks later pullup those trades see what i’ve done well and where i need more improvement.
Also, I’m studying a book that I’ve found very interesting…“Forex Price Action Scalping” by Bob Volman…have you seen it? Can’t recommend the trade setups or advice given in the book because I just started to read it. However, a fascinating read so far…
I have been working on M1 as you and I do agree that there are clues in realtime that may not be apparent in the candle afterward but it is too stressing and it is too time and life consuming.
