Setting up and running a day trading group help ensure that I wake up everyday with the proper level of motivation to get me to have a productive and successful trading day. See my list of top 5 day trading winning habits. Every now and then, I also shared and discussed various forex trading ideas here and here.
About three weeks ago, I wrote in my daytrading blog:
I am already running an additional Dynamic-Stop System utilising the existing day trading system to get better entries and exits. Considering the amount of efforts being put in to monitor the running positions and provide dynamic stops throughout the day, I am setting a high target of 100 pips per signal. My objectives are to trail the stops to zero risk and aimed at producing maximum rewards.
Since then, I successfully scored 8 x 100 pips in less than 3 weeks. See all my
winning 100-pip signal entries. The goal-setting thing can realistically make a difference to the trading outcome as to what type of day you will have.
Suppose you would also like to hit the 100-pip - which is a "massive reward" for any day trading system. Let me demonstrate the basic guideline and a few simple things you can do:
- Plan in advance 100-pip target. If you win, you will get 100 pip. If you lose, you lose 50 pips or less. The idea is to get a reward-risk ratio of 2-1 or better.
- Use breakeven strategy rather than the trailing stop. Once your position is in healthy profit, move it to breakeven to guarantee a risk-free position. Trailing stop often results in early exit.
- Most importantly, you need to have a proven system for generating highly profitable trade setup accurately.
- The best strategy generates the target pips in record time... sometimes in less than 24 hours !
I think I have come up with a strategy on how to approach all of the above. I will keep you posted about my finding when I have more results to report.
[Read Full Post]
[Summary only]
For 4 (may be 5) days in a row, we saw the GBP/JPY market being sold-off overnight and continued to reach a new day low in the European Session.
I was able to picked up my short alerts on the yen-crosses markets on late Wednesday night. I started following the GBP/JPY market with great interest. That time was just before the happening of the downward leg labelled as 3 in the above chart.
I received further confirmation yesterday (late Thursday night) via the following trend check analysis:
Day Trading Japanese Yen Market Sentiment - 80% Bullish (i.e. Short all yen-crosses markets)
Smart Scan GBP/JPY Trend Score: - 65 (Downtrend)
Hence, I made the decision to go short and I was able to catch the similar downward movement (labelled as 4 on the chart) overnight. I banked myself 100 pips on this GBP/JPY. Plus another 100 pips on the AUD/JPY too :)
I was well-prepared this time.
[Read Full Post]
[Summary only]
European Session
No. of signal recommendations: 2
End-of-session results: USD/CAD (+35 pips) & GBP/JPY (-5 pips)
Maximum potential: 80 pips
Yesterday, I felt quite disappointed because I slightly misplaced my EUR/USD and USD/CHF stops by a margin of 5 - 10 pips before the dollar quickly rebounded. Those positions were unfairly stopped out. Hence, I reentered my positions with tight stops around those levels and I set my new 100-pip targets.
Both positions hit their targets in less than 12 hours overnight and as a result, I gained back what I lost plus 20 pips more. After the exits, both prices continued to surge ahead. The earlier losing trades could have become zero-risk trade with the original 100-pip targets. I had a few similar experience before and this time round, I was able to understand and follow the twist and turn of the market action.
[Read Full Post]
[Summary only]
The 3SMA forex trading course has received so many positive reviews and testimonials that Hector can safely offer you a 30-day money back guarantee!
Take the course, go through all the different chapters, watch the videos, download the custom Trend Scanning indicator and test it all at will...
If you like what you see, keep the material; if you don't, simply send Hector an email within the first 30 days and he will refund your money right away.
That's right, it's a 100% risk-free purchase. No questions asked!
Here's the link to the course.
[Read Full Post]
[Summary only]
I received some e-mails from my readers which are also the users of Forex Autopilot. Below are their concerns over its recent dip in performance in late April.
John - "Have been running two demos with the Autopilot and recently handed my ass with the big drop in Euro. At the end of month got cashed out for many thousands even set with proper parameters for margins. Is that a common occurrence?"
MRM- "Last week i got 100% profit from my US$1k deposit . Then , i changed the FAP setup .. asking to open 0.3 lots . It seen as to difficult to make a profitable trading as last week . What happened to my robot ?"
To give you a full picture, the Euro hit an all-time record high on 22 April but has since lost its ground. As a result, April was the first negative-pip return month since January this year. Hence, this is really quite "unusual" when comparing to its first three month performance. Hence, everyone was concerned.
It appeared to me that the Forex autopilot performance was closely correlated to the strength of Euro since the start of the year. Basically, when the Euro was growing, the ea made most of the BUY signals and profits. So the real question is what happened to the Euro recently ? It seems that the Euro is currently at a consolidation phase and noone knows for sure when the bullish phase will resume or finally come to a halt.
So, if the Euro resumes its upward trend from here, it will be business as usual for this EA. What if the down trend has started? According to Marcus & team, the forex autopilot will be able to detect the change in direction based on its inner parameters and it can make SELL signals too. I will have to see it myself first and shall keep you updated about its latest development. So this still holds true, what comes up must come down. Make sure you follow my postings on the trade exit and system drawdown to give you some heads-up about the forex autopilot ea.
[Read Full Post]
[Summary only]
Subscribe in a reader
