I trade forex from 4 years ago. Before I traded commodities and indices.
I started 2 weeks ago registering my strategies with, and actually my performance is +403 pips.
My strategy is about looking for the best entry point to achieve the daily and weekly pips target trading the available forex pairs. My trading is mainly short term, based on fibonacci, elliot and indicators.
I’m a conservative trader, I always setup a stop loss in all my trade, wich could be a maximum of 100 pips.
The maximun quantity of simultaneous trades is 5. The trades are opened and closed manually, and not by a robot or EA.
MONEY MANAGEMENT: I reccomend to setup 0.1 standard lots per each $1000. EXAMPLE: if you follow me with $10.000, you can stablish 1 lot ($10/pip).
You can visit my system at Zulutrade.com searching for “Laika Forex”
Although collectively called day trading, the practice contains many styles with specific qualities and risks. Scalping is an intra-day speculation technique that usually has the trader holding a position for a few minutes or even seconds. Shaving is a method which allows the scalping speculator to jump inside the bid or the ask by a small amount, and a full round trip (a buy and a sell execution) is often completed in under one second. Suppose the bid is $102.00 and the ask is $102.03. The scalper will place an order inside the bid at $102.01, thus becoming the best bid and therefore the first in line to be able to purchase the stock. And since the best offer is $102.03, the shaver will again place an order inside the current market to be first in line and sell one cent cheaper at $102.02. Completing a buy and a sell at these prices make for a profit of $0.01 per share traded. Since the profit per share in a shaving strategy is typically very small, traders are required to execute many shares in this fashion in order to make a reasonable profit. It is possible to make a little more on the trade by getting rebates for providing liquidity. Another strategy a day trader might use is to actively search for potential trading setups. When a day trader thinks prices are ready to accelerate in either direction, the stock is said to be in a “tension state”. By correctly identifying the direction of the price movement, there is a potential for substantial profit. The number of trades one can make per day is almost unlimited, as are the profits and losses. Source: Day trading - Wikipedia, the free encyclopedia
You applied very successful strategy to keep survives on forex. Short term investment and trading both are the key factors of success in trading.
Those people who are ignore this technique and trading on long term for earning high rate of interest they usually face fail and loss.