Dear all,
While taking first steps in the Forex trading - Would something like below be considered a system to get me started or does it need more ingredients
?
Please note that this will be a part-time business for me and will mainly be performed via spreadbetting firms in the UK during evenings and weekends of London time.
Simple Pin Bar trading:
TF: Daily and Above
Trading instrument: currently doing demo on FXCM (reputation, longer existance), smartlivemarkets(fixed spreads, MT4 integration!)
Markets to be traded: Weekly scan of all pairs and indices offered and Daily scan of all the major pairs and indices.
TRADING STRATERGY:
Entry: Buy/Sell STOP orders (i.e. No Market orders) on break of pin bar occurring at swing high, lows and at s/r levels. Only the pin bars following the general trend direction will be taken. Counter trend pin will only be taken if they are bouncing of big round number, which are s/r levels as well. Draw possible problem areas in advance to see how price reacts to those.
Stop loss: 1 pip below pin bar on daily TF and 2-5 pips below 61.5% fib retracements on longer TFs.
Exit: Set TP at major BRN s/r which is far enough to give nice profit (e.g. 3-4 times the pips risked) in case of a sudden huge move in the trade direction. When in trend trail stop it with 2 days behind close and/or few pips under nearest s/r level. If counter-trading – manage stop on daily basis and look to move it to B/E asap.
Manage the trade in TF it was taken.
Risk no more than 2-3% of capital.
Only take the obvious trades
Future learning plan:
Technical:
Learn and trade other MAJOR candlestick formations
Correlations
Break outs
UNDERSTAND Indicators
Strategic:
Analyse and improve exits and entries
Adding position to winners
Market structure and key fundamentals
Thanks in advance for your time and opinions!
Kind Regards,
Pippip :cheers:
While taking first steps in the Forex trading - Would something like below be considered a system to get me started or does it need more ingredients
?Please note that this will be a part-time business for me and will mainly be performed via spreadbetting firms in the UK during evenings and weekends of London time.
Simple Pin Bar trading:
TF: Daily and Above
Trading instrument: currently doing demo on FXCM (reputation, longer existance), smartlivemarkets(fixed spreads, MT4 integration!)
Markets to be traded: Weekly scan of all pairs and indices offered and Daily scan of all the major pairs and indices.
TRADING STRATERGY:
Entry: Buy/Sell STOP orders (i.e. No Market orders) on break of pin bar occurring at swing high, lows and at s/r levels. Only the pin bars following the general trend direction will be taken. Counter trend pin will only be taken if they are bouncing of big round number, which are s/r levels as well. Draw possible problem areas in advance to see how price reacts to those.
Stop loss: 1 pip below pin bar on daily TF and 2-5 pips below 61.5% fib retracements on longer TFs.
Exit: Set TP at major BRN s/r which is far enough to give nice profit (e.g. 3-4 times the pips risked) in case of a sudden huge move in the trade direction. When in trend trail stop it with 2 days behind close and/or few pips under nearest s/r level. If counter-trading – manage stop on daily basis and look to move it to B/E asap.
Manage the trade in TF it was taken.
Risk no more than 2-3% of capital.
Only take the obvious trades
Future learning plan:
Technical:
Learn and trade other MAJOR candlestick formations
Correlations
Break outs
UNDERSTAND Indicators
Strategic:
Analyse and improve exits and entries
Adding position to winners
Market structure and key fundamentals
Thanks in advance for your time and opinions!
Kind Regards,
Pippip :cheers:
