I have been a trader since August and let’s face it, I haven’t made money yet.
In my day job the pivot table is my best friend, and between MT4 and myfxbook a lot of data is available.
I have posted this in a few places but I appreciate the difference in input from slightly different audiences, so I’m throwing it out there to get any other ideas I can.
My problem with systems is that they usually tell me “DON’T TRADE!”, and I usually ignore that and lose some more money...
For the month of January then, I will stick entirely to 1 system and log my results. I will take into account the stats of my successes to date, develop a plan, and stick to it.
Successful trade features:
Wednesday and Thursday have been my best days
Highest % of wins was between 5-7 AM and 9-10 AM closing after an average of 7.5 hours
Longs on Tuesday & Wednesday were the only trades I averaged a profit
I won over 50% of trades in UJ, EA, NU, GCH, AU, EJ, AJ, EU, GU, AN, GCA, ECH, UCA, ACH, EG
I made a profit on AN, UJ, CACH, NU, ECA, GCA, and UCA only.
Only USDJPY, NZDUSD, GBPCAD and USDCAD fall into both categories.
The other thing to think about is the signals. I don’t really have accurate records.
I will record the basis / signal name & location for every trade on FPA and expose myself to others’ opinions
I will look for signals discussed by “The Forex Guy”’s excellent site
I will trade in line with the 200 SMA on whichever chart I enter, unless it is neutral
I will trade in line with the 10 & 20 EMAs on whichever chart I enter
I will set my risk to 5% of my balance or $10, whichever is more, using $/SLD
I will set SL at the last swing + the spread
I will set a trailing stop equal to the distance between entry and stop loss
I will flag weekly swing levels and only enter if entry-to-swing > SLD x 4
I will only trade Tuesday late night, Wednesday early morning, noon, after work and late night, Thursday early morning, noon, after work and late night (all times NY time).
I will trade D1, H4, H1 and M15, and record which chart I used for every trade
I will only trade USDJPY, NZDUSD, GBPCAD and USDCAD
I will log the characteristics of my pairs every Wednesday and Thursday before I take any trades
Any feedback / suggestions are welcome.