Hello everyone!
My name is EG and I have been trading Forex since 2009. A little bit of background about me: I lost (3) $25k accounts from 2009 to 2014. It wasn't until 2015 when I started to break even and eventually started making profits. Trading is one of my sources of income along with Real Estate and microlending.
The reason why I lost so much money for 5 straight years was because I was quick to jump from one strategy and time frame to the other. I just woke up one day and came into the realization that all strategies and time frames I traded were profitable, it's just that I never gave them a chance to work because I was so quick to move on to the next promising strategy.
Anyway, since we are on quarantine (been on lockdown since mid-March and has been extended until May 15th, but highly likely that it will be extended again), I decided to open a small $500 account, pick one random strategy, and journal my way through.
I will also be creating Youtube videos to journal my trades.
Please follow my journey. Sit back, relax, and enjoy the ride!
-----
Swing Trading: Positions are held from 2 days to 30 days
Charts: 4 Hour - 3 Line Break Charts (Tradingview.com / Investing.com)
Indicators: 34 EMA Wave, 5/9 EMA Cross
Markets: Forex, Futures, Equities
1. BUY
a. Price must be above the 34 EMA Wave
b. 5 EMA is above the 9 EMA
c. Price must be 3 pips higher than the close of the previous bar
d. Wait after the close of the bar before opening a new position.
2. SELL
a. Vice Versa
** Only trade if moving in the same direction as the Daily.
** Use 15 Minute chart for entries.
3. EXITS
a. SL is hit
b. The system says to open the opposite trade
c. Price closes below 9 EMA when long; price closes above 9 EMA when short
4. MONEY MANAGEMENT
a. Risk 1.5% of account on every trade
b. Stop Loss (SL): Major Pairs -40 pips; Minor Pairs -55 pips
** Move the stop loss to Breakeven (BE) +3 when price has moved +50 in the direction of the trade
***UPDATED MAY 4TH, 2020***
b. Stop Loss (SL): Major Pairs -25 pips; Minor Pairs -35 pips
c. Trailing Stops
** Move trailing stops +50 after every 50 pips
+50 pips = BE +3 pips
+100 pips = +53 pips
+150 pips = +103 pips
+200 pips = +153 pips
+250 pips = +203 pips
5. POSITION SIZING
$250 = .1 lot
$500 = .2 lots
$750 = .3 lots
$1000 = .4 lots
$1250 = .5 lots
$1500 = .6 lots
~
$2500 = 1 lot
** Increase/decrease lot size according to current account size.
My name is EG and I have been trading Forex since 2009. A little bit of background about me: I lost (3) $25k accounts from 2009 to 2014. It wasn't until 2015 when I started to break even and eventually started making profits. Trading is one of my sources of income along with Real Estate and microlending.
The reason why I lost so much money for 5 straight years was because I was quick to jump from one strategy and time frame to the other. I just woke up one day and came into the realization that all strategies and time frames I traded were profitable, it's just that I never gave them a chance to work because I was so quick to move on to the next promising strategy.
Anyway, since we are on quarantine (been on lockdown since mid-March and has been extended until May 15th, but highly likely that it will be extended again), I decided to open a small $500 account, pick one random strategy, and journal my way through.
I will also be creating Youtube videos to journal my trades.
Please follow my journey. Sit back, relax, and enjoy the ride!
-----
Swing Trading: Positions are held from 2 days to 30 days
Charts: 4 Hour - 3 Line Break Charts (Tradingview.com / Investing.com)
Indicators: 34 EMA Wave, 5/9 EMA Cross
Markets: Forex, Futures, Equities
1. BUY
a. Price must be above the 34 EMA Wave
b. 5 EMA is above the 9 EMA
c. Price must be 3 pips higher than the close of the previous bar
d. Wait after the close of the bar before opening a new position.
2. SELL
a. Vice Versa
** Only trade if moving in the same direction as the Daily.
** Use 15 Minute chart for entries.
3. EXITS
a. SL is hit
b. The system says to open the opposite trade
c. Price closes below 9 EMA when long; price closes above 9 EMA when short
4. MONEY MANAGEMENT
a. Risk 1.5% of account on every trade
b. Stop Loss (SL): Major Pairs -40 pips; Minor Pairs -55 pips
** Move the stop loss to Breakeven (BE) +3 when price has moved +50 in the direction of the trade
***UPDATED MAY 4TH, 2020***
b. Stop Loss (SL): Major Pairs -25 pips; Minor Pairs -35 pips
c. Trailing Stops
** Move trailing stops +50 after every 50 pips
+50 pips = BE +3 pips
+100 pips = +53 pips
+150 pips = +103 pips
+200 pips = +153 pips
+250 pips = +203 pips
5. POSITION SIZING
$250 = .1 lot
$500 = .2 lots
$750 = .3 lots
$1000 = .4 lots
$1250 = .5 lots
$1500 = .6 lots
~
$2500 = 1 lot
** Increase/decrease lot size according to current account size.