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We all who susbcribe to this thread will call ourselves "Elite Traders", the short form is "Elite" and plural of this short-form is "Elites".
I am the very first Elite and invite whoever wants to join Elite Group of Retail Traders. Very soon one of you will be the Grand Elite and that "selection" (not election) will be as a result of performance evaluation based upon how good that Elite followed the Elite rules of forex trading.
All Elites will be given a set of trading rules called "Elite Rules of Forex Trading". An Elite is expected to follow these rules without making any change thereto. No Elite, including the Grand Elite will have the power to amend these rules. These rules are final. However, Grand Elite will have all the authority relating to interpretation and guiding other Elites in application of these rules.
My this post and this thread revokes all my previous posts and threads. Any methods given, opinions and views expressed in my previous posts stand null and void.
Following are the trading rules. After reading these rules, few of you may under-estimate profitability of Elite Trading System. The only thing I can say regarding this is that what would you think of a person who throws away the Holy Grail after finding it only because its too old, discolored, have cracks, broken at few palces and not very hygienic to drink anything from it? ............. Holy Grails don't sell at Walmart and if you find it, great chances are that it is how it would look like but its historical importance will remain intact, it will still be the Holy Grail.
Elite Rules of Forex Trading
The Concept
Definition:
“Equity” constitutes Capital introduced into the forex account plus Realized Gains minus Realized Losses.
Forex Trading is a high-risk venture indicating that risk-management should remain the prime element in forex-Trading. Therefore, risk-management takes precedence in any and everything done following these rules. All and every decision, including, but not limited to, entry, exit, setting stop-losses and take-profits, timing of the trades, length of a trade in number of pips, and the amount of equity risked should be made considering the risk involved and associated benefit expectation. These rules place equal importance to the risk taken on equity and unrealized profits.
Elite Trading Method
Basics
Definitions:
“Key Price Levels” constitute major Round Numbers; Historical Levels like Opens, Closes, Highs and Lows; Support and Resistances that have been repeatedly tested, and 50% Fib. Retracement and Extensions.
“Times of high market activity” means points of time when market makes rapid moves. These times could last from few minutes to several days, depending upon the timeframe one uses to trade.
Elite trading method is not strictly Statistical Arbitrage or Hedging, but seeks to benefit from temporary fluctuations in currency prices.
Entries, Exits and SLs
Abbreviations:
PA = Price Action, SL = Stop-Loss, TP = Take Profit
Let PA make a move and then bounce 50% or more. Enter on this bounce in the direction of the move. TP 100% Fib Extension (point of bounce is 50%).
Example: If euro falls from 1.3900 and gets a 50-pip or bigger bounce from 1.3800, short this bounce anywhere from 1.3850 to 1.3900 with a profit target of 1.3700. Stop Loss (SL) few pips above 1.3900. Typically, for 0.25% risk, the reward would be 0.75% or more.
Suggested TP size is 45 pips as it reduces spread ratio but not mandatory becuase any factor can affect this market at any time.
Risk per Trade
Risk per trade not more than 1/4th of 1 per cent of equity balance just prior to taking a trade.
Risk Management in General
Trade one pair only
No more than one trade running at a time
Consistent application of this method without fail
We all who susbcribe to this thread will call ourselves "Elite Traders", the short form is "Elite" and plural of this short-form is "Elites".
I am the very first Elite and invite whoever wants to join Elite Group of Retail Traders. Very soon one of you will be the Grand Elite and that "selection" (not election) will be as a result of performance evaluation based upon how good that Elite followed the Elite rules of forex trading.
All Elites will be given a set of trading rules called "Elite Rules of Forex Trading". An Elite is expected to follow these rules without making any change thereto. No Elite, including the Grand Elite will have the power to amend these rules. These rules are final. However, Grand Elite will have all the authority relating to interpretation and guiding other Elites in application of these rules.
My this post and this thread revokes all my previous posts and threads. Any methods given, opinions and views expressed in my previous posts stand null and void.
Following are the trading rules. After reading these rules, few of you may under-estimate profitability of Elite Trading System. The only thing I can say regarding this is that what would you think of a person who throws away the Holy Grail after finding it only because its too old, discolored, have cracks, broken at few palces and not very hygienic to drink anything from it? ............. Holy Grails don't sell at Walmart and if you find it, great chances are that it is how it would look like but its historical importance will remain intact, it will still be the Holy Grail.
Elite Rules of Forex Trading
The Concept
Definition:
“Equity” constitutes Capital introduced into the forex account plus Realized Gains minus Realized Losses.
Forex Trading is a high-risk venture indicating that risk-management should remain the prime element in forex-Trading. Therefore, risk-management takes precedence in any and everything done following these rules. All and every decision, including, but not limited to, entry, exit, setting stop-losses and take-profits, timing of the trades, length of a trade in number of pips, and the amount of equity risked should be made considering the risk involved and associated benefit expectation. These rules place equal importance to the risk taken on equity and unrealized profits.
Elite Trading Method
Basics
Definitions:
“Key Price Levels” constitute major Round Numbers; Historical Levels like Opens, Closes, Highs and Lows; Support and Resistances that have been repeatedly tested, and 50% Fib. Retracement and Extensions.
“Times of high market activity” means points of time when market makes rapid moves. These times could last from few minutes to several days, depending upon the timeframe one uses to trade.
Elite trading method is not strictly Statistical Arbitrage or Hedging, but seeks to benefit from temporary fluctuations in currency prices.
Entries, Exits and SLs
Abbreviations:
PA = Price Action, SL = Stop-Loss, TP = Take Profit
Let PA make a move and then bounce 50% or more. Enter on this bounce in the direction of the move. TP 100% Fib Extension (point of bounce is 50%).
Example: If euro falls from 1.3900 and gets a 50-pip or bigger bounce from 1.3800, short this bounce anywhere from 1.3850 to 1.3900 with a profit target of 1.3700. Stop Loss (SL) few pips above 1.3900. Typically, for 0.25% risk, the reward would be 0.75% or more.
Suggested TP size is 45 pips as it reduces spread ratio but not mandatory becuase any factor can affect this market at any time.
Risk per Trade
Risk per trade not more than 1/4th of 1 per cent of equity balance just prior to taking a trade.
Risk Management in General
Trade one pair only
No more than one trade running at a time
Consistent application of this method without fail
The Thief of Wall Street