Set & Forget

This is a discussion on Set & Forget within the Indices forums, part of the Markets category; Hi guys, One of the biggest mistakes in trading is that many traders still try to analyse the chart even ...

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Old Apr 5, 2016, 6:41pm   #1
 
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Set & Forget

Hi guys,

One of the biggest mistakes in trading is that many traders still try to analyse the chart even when they have an open position based on previous analysis.

Having a trading plan will help traders but there is a simple way to avoid this very popular mistake.

In this topic I am going to show a new trading system and I name it Set & Forget. I am not going to talk about how to analyse and it's just showing a very simple way to control your emotions in the market.

Behzad
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Old Apr 5, 2016, 6:44pm   #2
 
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Look forward to your insight...
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Thanks! The following members like this post: Behzadi
Old Apr 5, 2016, 6:51pm   #3
 
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Behzadi started this thread OK then. Let's start...

For this topic I choose trading on a very popular index like Dow Jones. I also use a demo account of 100K US dollar in FXPRO for this reason.

We have usually 5 trading days in a week. I'm not going to trade every day but if there are enough news on the market then why not trading! So I have a maximum of 5 trades in each week.

I use my personal method of analyzing based on technical and fundamental points but not going to talk about them as I'm sure every one has its own method and strategy.

During each day there is a point that I feel the market may have enough energy to move from this zone. I set a target of 100 pips and put a stop of 100 pips as well. That means the R/R is 1. Don't forget to consider the spread in this formula.

When I open a trade that's it for me. Now it is set and let's forget about the result and the chart! the position have a target and a stop both the same size ( 1 percent for me).

If I win I take 1 percent and if I lose it is again 1 percent. If you have a analyzing system with 60 percent winning ratio with R/R=1 then you can expect to win 4 percent in each four weeks (a month).

I think its enough for now and I prefer to show the performance of this very simple plan in real time practice.

Behzad

Last edited by Behzadi; Apr 5, 2016 at 7:02pm.
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Old Apr 5, 2016, 6:57pm   #4
 
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Day No. 001

Behzadi started this thread Entry Point: 17632
Target: 17732
Stop Loss: 17532

(Consider this long position start when the price was 17630 on the chart and the spread was 2)

I will put the result when the first position hit to one of the borders.

The position size is 10 unit. so there is 1000 USD profit or loss for this trade. I will put the second position on tomorrow without paying attention to today's position. It is already set so let's forget it!

Click the image to open in full size.

Last edited by Behzadi; Apr 5, 2016 at 7:09pm.
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Old Apr 8, 2016, 6:54pm   #5
 
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Behzadi started this thread OK...

Here is the 1st week performance...

9 trades total... 4 with profit, 4 stayed out at entry point without P/L (break even positions after 40 pips profit) and 1 loss trade...

Some Key elements:

Profit Factor 3.53
Relative DD under 1 percent
Total Profit of the week 2.5 percent


Click the image to open in full size.
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