Hi, Long time lurker here.
I'd like my advice on my system.
I have demo traded for 4 months, then went live with £4,000 (spread betting). And i have made a consistent profit every week.
The system is basically as follows.
I watch the m1 chart on the DAX and look for pin bars that swing out out the current range or trend. I then trade them in the standard pin bar fashion. Trade the break. Stop loss 1 point just below/above the tail.
And that's it, I don't look at other time frames, no indicators, no support and resistance, no trend lines, no MA's fibs or key levels. literally nothing else. With the exception of not trading around news.
My risk management is a follows.
Risk 1% (£40) per trade
4 losing trades in a row and thats it for the day
If the pin requires more then a 10 point stop, no trade.
Exit at around 6/7 pips. (trades rarely last longer then 2 minutes)
Thats it.
-------------------------------------
I've made £6,287 i'm 4 months, which is roughly £80 a day.
Is this luck? Am i trading favourable market conditions.?
Don't get me wrong, i'm not new to trading, I've been chewed up and spat out by the markets a number of times. Mostly due to losing my cool and staring gambling rather then trading.
Eventually I changed the way i think about trading. I stopped thinking about the money and thought only about my plan.
Win or lose, i want to be able to look at myself in the mirror at the end of each day and say "Today i did not make a mistake. Today i did not break my rules"
But I still lack confidence in my system. It very basic, is this going to come tumbling down? I go onto Forex factory and read other peoples systems and i just get lost in the terminology and complexity of it all.
Do I quit while i'm ahead? I read often that traders will make money at first and then lose it all.
I'd like my advice on my system.
I have demo traded for 4 months, then went live with £4,000 (spread betting). And i have made a consistent profit every week.
The system is basically as follows.
I watch the m1 chart on the DAX and look for pin bars that swing out out the current range or trend. I then trade them in the standard pin bar fashion. Trade the break. Stop loss 1 point just below/above the tail.
And that's it, I don't look at other time frames, no indicators, no support and resistance, no trend lines, no MA's fibs or key levels. literally nothing else. With the exception of not trading around news.
My risk management is a follows.
Risk 1% (£40) per trade
4 losing trades in a row and thats it for the day
If the pin requires more then a 10 point stop, no trade.
Exit at around 6/7 pips. (trades rarely last longer then 2 minutes)
Thats it.
-------------------------------------
I've made £6,287 i'm 4 months, which is roughly £80 a day.
Is this luck? Am i trading favourable market conditions.?
Don't get me wrong, i'm not new to trading, I've been chewed up and spat out by the markets a number of times. Mostly due to losing my cool and staring gambling rather then trading.
Eventually I changed the way i think about trading. I stopped thinking about the money and thought only about my plan.
Win or lose, i want to be able to look at myself in the mirror at the end of each day and say "Today i did not make a mistake. Today i did not break my rules"
But I still lack confidence in my system. It very basic, is this going to come tumbling down? I go onto Forex factory and read other peoples systems and i just get lost in the terminology and complexity of it all.
Do I quit while i'm ahead? I read often that traders will make money at first and then lose it all.
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