GO TO POST #89 PAGE 6 FOR THE NEW STRATEGY
Hi everybody, this thread will talk about my new trading system, I already have a medium long term working greatly where money management is king and it helps me to stay consistent.
But as every medium term swing/trend follower in some period it takes time to see profit. So I decided to develop a new one where the win % will be high while my RR will be 0.5, in this way I will take profit early and I’ll avoid the usual trend followers problems. I can’t demoing my system because without real money I don’t feel the same emotions than live trading! so with this journal I’ll have to show my trades and my emotions will be similar to the live account
About my system:
I will open my trades (only on Eur/Usd) using all my timeframes, starting from daily looking for resistance area, trend lines ecc… going to lower timeframes, I’ll try to take the profit I need, opening and closing will be a little discretionary (tape reading) but I will try to give best explanation of my analysis so everybody will be able to learn something, and hopefully I’ll be able to learn something from you too. I’ll try to write all my trade live, but sometimes I’ll don’t have time so I’ll write after the session.
Money Management
I use a super strict money management I really hate big drawdowns so I try to don’t lose more then 10% (never reached that level, my Max DD so far has been 7%), a 10% DD would probably worry me a lot leading to errors… so I place a 0.5% of my account on every trade and I try to earn a 0.25%.
Hi everybody, this thread will talk about my new trading system, I already have a medium long term working greatly where money management is king and it helps me to stay consistent.
But as every medium term swing/trend follower in some period it takes time to see profit. So I decided to develop a new one where the win % will be high while my RR will be 0.5, in this way I will take profit early and I’ll avoid the usual trend followers problems. I can’t demoing my system because without real money I don’t feel the same emotions than live trading! so with this journal I’ll have to show my trades and my emotions will be similar to the live account
About my system:
I will open my trades (only on Eur/Usd) using all my timeframes, starting from daily looking for resistance area, trend lines ecc… going to lower timeframes, I’ll try to take the profit I need, opening and closing will be a little discretionary (tape reading) but I will try to give best explanation of my analysis so everybody will be able to learn something, and hopefully I’ll be able to learn something from you too. I’ll try to write all my trade live, but sometimes I’ll don’t have time so I’ll write after the session.
Money Management
I use a super strict money management I really hate big drawdowns so I try to don’t lose more then 10% (never reached that level, my Max DD so far has been 7%), a 10% DD would probably worry me a lot leading to errors… so I place a 0.5% of my account on every trade and I try to earn a 0.25%.