Thought I might start a journal just for the month of March. Mainly to prove that forex trading can be a very profitable venture if you stick to the rules of whatever system you choose. Although I won't be able to reveal all of the details of the system I use (do to contractual obligations) you will be able to see the thought process, successes and failures of this system.
Journal rules:
1. This journal will officially begin March 3rd 2008 at midnight GMT and will end March 31st at midnight GMT.
2. At the end of this time period I will post my account statement showing all trades along with any withdrawals.
3. Trading will only be done on one of my live accounts.
4. The trade will occur and within 10 minutes I will update this journal. Updates will include charts that detail why each trade is being taken.
Trading rules:
1. ALL rules MUST be strictly adhered to, no exceptions.
2. Max number of lots is determined by size of stop and account balance at the time of first entry. This value will vary day to day and trade to trade depending on results.
3. Signal confirmation: Position entered if ALL rules agree.
4. Early Exit: Occasionally conditions will present themselves where trends will indicate possible early abnormal termination. An indicator that I have designed will signal on the chart with a skull and crossbones. At that time all positions will be closed. This rule is only in effect until the initial profit is taken, then stops are the only exit method.
5. Normal Exit: At 20 pips profit, 50% of the position will be closed. The remaining 50% will have the stop moved to 20 pips loss. In this way, the stop has been funded and no losses will occur. Stops will be adjusted depending on crosses of weekly, monthly and yearly pivots. Stop will be held at pivot prior to current cross to allow currency to move freely. Final exit will be on breach of this stop.
6. If a new signal develops for a currency pair and I am still in a trade for that pair, the signal is ignored. Signals are only valid for currency pairs not currently being traded.
7. Entry decisions will be based on the 15min timeframe.
8. All available currency pairs will be traded that are offered by my broker. This is to demonstrate that if a system is properly designed it will be universal throughout currency pairs.
Over the next few days as we get ready for the new month I will post some charts to show how the system operates.
Note: None of the indicators or the trading system are available for sale. There is also no EA for this system. Please do not ask for any of the indicators. If I use an off the shelf indicator I will attach it to the post with the first chart picture in it.
Disclaimer: None of my trading decisions should be considered advice or recommendations for you to use as trading decisions. This journal is merely a demonstration of a trading system that has been developed by myself and others and the power of consistent effort.
Journal rules:
1. This journal will officially begin March 3rd 2008 at midnight GMT and will end March 31st at midnight GMT.
2. At the end of this time period I will post my account statement showing all trades along with any withdrawals.
3. Trading will only be done on one of my live accounts.
4. The trade will occur and within 10 minutes I will update this journal. Updates will include charts that detail why each trade is being taken.
Trading rules:
1. ALL rules MUST be strictly adhered to, no exceptions.
2. Max number of lots is determined by size of stop and account balance at the time of first entry. This value will vary day to day and trade to trade depending on results.
3. Signal confirmation: Position entered if ALL rules agree.
4. Early Exit: Occasionally conditions will present themselves where trends will indicate possible early abnormal termination. An indicator that I have designed will signal on the chart with a skull and crossbones. At that time all positions will be closed. This rule is only in effect until the initial profit is taken, then stops are the only exit method.
5. Normal Exit: At 20 pips profit, 50% of the position will be closed. The remaining 50% will have the stop moved to 20 pips loss. In this way, the stop has been funded and no losses will occur. Stops will be adjusted depending on crosses of weekly, monthly and yearly pivots. Stop will be held at pivot prior to current cross to allow currency to move freely. Final exit will be on breach of this stop.
6. If a new signal develops for a currency pair and I am still in a trade for that pair, the signal is ignored. Signals are only valid for currency pairs not currently being traded.
7. Entry decisions will be based on the 15min timeframe.
8. All available currency pairs will be traded that are offered by my broker. This is to demonstrate that if a system is properly designed it will be universal throughout currency pairs.
Over the next few days as we get ready for the new month I will post some charts to show how the system operates.
Note: None of the indicators or the trading system are available for sale. There is also no EA for this system. Please do not ask for any of the indicators. If I use an off the shelf indicator I will attach it to the post with the first chart picture in it.
Disclaimer: None of my trading decisions should be considered advice or recommendations for you to use as trading decisions. This journal is merely a demonstration of a trading system that has been developed by myself and others and the power of consistent effort.