This PA strategy is very much in its infancy, I am learning as I go. I can see I made some mistakes this week, removing these and I would be in the black. Easy to say I know!
Nevertheless, I am enthusiastic about live trading this strategy because prior forward testing has shown it is worthy of further investigation. Plus, the part I really like, this strategy is so mindlessly simple.
It’s an ambition of mine to obtain a Prop Trader position by 2013 end. I’ve spoken to some firms and have been informed that as a Prop Trader I would need to double my account every year. Allowing for holidays, slow periods etc, the standard I am targeting in order to obtain and hold a Prop Trader account is: 100% in 12mths; @46 trading weeks = 2.2% week.
This blog will detail the trials, tribulations and hopefully triumphs, of my Prop Trader endeavour.
I’ll be trading only Forex, using a price action strategy: S/R and PA on mostly the 240M TF, on 30 or so different pairs.
The PA strategy is in development. Plus I’m learning as I go, so there will be errors. But hopefully at the end I’ll have developed a strategy with an edge, and just as importantly, an edge that I am capable of wielding.
I’ll post trades I’m in as close to real time as humanely possible. And tally results each week or perhaps month.
So this is The Prop Trader Challenge, wish me luck.