madaneeraj
madaneeraj Jan 22, 2014 at 13:22
I am trading Forex for just over 3 years. I mostly trade long to medium term with trades lasting 24 hrs to weeks. Following are the rules that I follow-

Capital protection is the key, gains automatically follows- I try not to risk more than 2% per trade (often less).
Entries are trend following-Trends last for months even for years. you just need to wait for right entries
I try to enter on retrace at a support on a daily/H4 chart following Weekly/monthly trends.

or I enter at a break of resistance following trend

I love positive rollovers. You might see me taking some trades (very small size, often half of normal trade size) without stop loss. Latest being a AUDNZD, its close to its all time low and will come up. It has a good positive interest rollover and I might hold it for ever. I will notify while taking such trades and you may want to close them if you wish. Last trade I took was NZDJPY which lasted more than a month.

Reward to risk is always greater than 1:1, so even if win is rate is less (I don't expect it to happen as trades are high probability) healthy profits could be made
Stop loss would be around 50-150 pips. I do take trades on support but still want to give them breathing space in event of news spike. As targets are always greater than the stop loss and risk percentage is low, even large stop loss would not impact the account by more than 2%
Please write back in case further information is needed. I will keep updating the thread on the trades and logic behind taking them. Green Pips to all!!