After several years of demo trading and trading small accounts with micro lots, I have begun to trade a larger account and lot sizes and put my trading results out there. I trade for a living now and many friends and family have asked how it is going. It is easy to say 'great' but now that have a way they can see for themselves. My trades are available to be copied currently on the MQL5 website - the signal is named named 'Simple Safe Profit'.
This is a manually traded system trading candle reversal signals following guidelines established by Steve Nison Candle Academy. Basic strategy that looks for candle reversals on the daily chart, occurring at swing high or swing low and near horizontal support and resistance. I use Bollinger Band tags of the upper and lower limit, and have just stared using Connors RSI2 for western technical confirmation. The Zig Zag indicator is used to add objectivity and clarity in determining highs and lows. So when there is confluence between all these factors, and there is good risk reward I take the trade. To summarize:
Candle reversal? yes Near major support or resistance? yes Tag of Bollinger Band by candle pattern? yes Zig Zag confluence with above? Yes Connors RSI in over bought/sold zone? yes
Trade size is limited to a maximum 2% of account size per trade, 4% total on open trades. Risk reward minimum 1:1. For exiting I like to follow Kathy Lien's ( Day trading and Swing Trading The Currency Markets ) to make sure a winner never turns into a loser. So I will normally close 1/2 the position when my 1st target has been reached. Targets are 1 ATR or closest swing high or swing low, or major S/r level. Occasionally I will close trades out before this if there is a big news event upcoming, or it is close to then weekend
I have a paid account on the Trading View website under the same AuthenticTrader name. There you can subscribe to me and be alerted whenever I post a new idea. As you can see, my ideas are posts about actual trades I take.
As you can see this is a US based account so no hedging, or high leverage allowed so if you are a US resident this may be of value to you.
Thank you for viewing and please go ahead and comment good, bad or indifferent on my trading strategy.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.