Wasnt too sure where I needed to post this so i thought id just post it in general section.
I just wanted to double check my trading with you all - see what you think and any suggestions would be appreciated.
So some fundamentals I like to follow :
1. Stick to currency pairs with the USD involed. (1/3 of worlds trading done through eurusd)
2. Risk Management - Only set trades with 1 % risk e.g 5k account = volume 1 (50 percent of the battle in FX is the risk management so you arnt loosing the money you make in profits.
3. Aim to make 20-40 pips daily (5k account) --> Aim for capital growth as balance of account increases eventually aim to increase number of daily pips wanted.
Trading Method :
This is a screenshot of my trading screen :
I trade on pivot levels and thus would tend to trade on days where the news isnt volatile such as if there is an intrest rate announcement for example.
Example of a trade :
The price level is below the pivot and therefore the bias is to SHORT. Look to stay in trade till S1 where we would close the trade. This could generate some good pips. We exit the trade at S1 to see whether a pull back may occur back up to the pivot. If the price breaks through S1 with no pullback seen, then we would set another SHORT trade to S2/S3. I never open trades at S2/S3 always exit trades here.
It is the same if the price is above the pivot, bias is to LONG. Stay in trade till R1. Evaluate position. If no pullback set another possible trade to LONG to R2/R3.
Do not open trades at R2/R3 - S2/R3.
Sticking to this strategy generates a good solid 25-70 pips daily.
We do not trade news, as im from UK i tend to stick to 9am UK Session.
What do you all think?
I just wanted to double check my trading with you all - see what you think and any suggestions would be appreciated.
So some fundamentals I like to follow :
1. Stick to currency pairs with the USD involed. (1/3 of worlds trading done through eurusd)
2. Risk Management - Only set trades with 1 % risk e.g 5k account = volume 1 (50 percent of the battle in FX is the risk management so you arnt loosing the money you make in profits.
3. Aim to make 20-40 pips daily (5k account) --> Aim for capital growth as balance of account increases eventually aim to increase number of daily pips wanted.
Trading Method :
This is a screenshot of my trading screen :
I trade on pivot levels and thus would tend to trade on days where the news isnt volatile such as if there is an intrest rate announcement for example.
Example of a trade :
The price level is below the pivot and therefore the bias is to SHORT. Look to stay in trade till S1 where we would close the trade. This could generate some good pips. We exit the trade at S1 to see whether a pull back may occur back up to the pivot. If the price breaks through S1 with no pullback seen, then we would set another SHORT trade to S2/S3. I never open trades at S2/S3 always exit trades here.
It is the same if the price is above the pivot, bias is to LONG. Stay in trade till R1. Evaluate position. If no pullback set another possible trade to LONG to R2/R3.
Do not open trades at R2/R3 - S2/R3.
Sticking to this strategy generates a good solid 25-70 pips daily.
We do not trade news, as im from UK i tend to stick to 9am UK Session.
What do you all think?
