FX Results... so far

[Sakk]

After spending a good 8 months of screen time watching price action and tick volume on a couple of pairs and after several stops and starts and losing some money in between, I now have an FX trading plan in place.

It's ironic that after all that screen time testing various methods simple s/r, hh's, hl's, pullbacks etc combined with good trade management is what works best.

So, entry set ups (and exits) are based around s/r levels, pivot high lows with simple candlestick patterns and tick volume for triggers. Entry typically off 3min bars, sometimes 5 min and even 1 minute.

Trade management: stops generally 10 pips away, move to b/e or exit within 3 - 5 bars or less. If +10 pips move to b/e. Partial exit at 20 pips or at s/r or pivot levels. Ride remainder to next s/r level or watch price action + tick volume for exit.
My number one trade management rule is not to let the market stop me out by hitting my islp!

My goal is to average 100 pips per week.

Also only trading 1 full contract as I want to get a few hundred trades completed before I trade my full account.

Note. number of trades are actually half because I exit in half lots. Also note results are for 10 trading sessions. Also missed plenty of big moves

 

[Wysiwyg]

My number one trade management rule is not to let the market stop me out by hitting my islp!

Controlling your exits.

From entry, the price will move toward the ISL or away from the ISL.
Obviously you move the SL toward profit when price moves in your favour.

If price moves against you do you intend to cut the trade before it hits the ISL? That is the only way you cannot let the market stop you out by hitting the ISL in this case.

 

[Sakk]

If price moves against you do you intend to cut the trade before it hits the ISL?

Yes, if price is within my 3 - 5 bar rule. However there are times when price will move immediately against my position and hit my islp before the 3-5 bar rule kicks in.

I expect price to move in the direction of my trade almost immediately, if it starts to falter I get into defensive mode very quick.

The general thinking is this: Stops are usually placed where if price reaches that point the trade is proved wrong.

I don't like that way of thinking, why let the market dictate if you are right or wrong on a trade. If your trade is not in profit by a logical time frame why wait for the market to prove you wrong by stopping you out for your full risk plus slippage when you can pull the trade at either b/e or a fraction of the initial stop loss amount.

This keeps you in the game longer but also develops your mindset to be swift in taking action to limit losses and knowing (most of the time) we have a certain amount of control over our positions.

That is the only way you cannot let the market stop you out by hitting the ISL in this case.

 

[Wysiwyg]

I expect price to move in the direction of my trade almost immediately, if it starts to falter I get into defensive mode very quick.

All the best with your strategy.

 

[Sakk]

All the best with your strategy.

Thanks mate, will also post some winning and losing trades to show trade management. The good, the bad and the ugly.

 

[lasty]

Thanks mate, will also post some winning and losing trades to show trade management. The good, the bad and the ugly.

Yes good luck with your strategy but remember all models have a weakness.
Personally I dont have an exact method.
What I do Is identify the market conditions and place the size of the trade according to the volatility.
You need to keep yourself in the game as long as possible.Having tight stops is one way of losing money quickly.
Many a time has a large order hit the market hitting stops only to see the right view taken out.

Reduce the size of the trade and widen the stops and prey