Looking for constructive criticism; need a review on my trading plan.

[Bordux]

Hello, I would like to receive some feedback on my trading plan. I'd like someone to point out the flaws of it and advice me on what I should change or think about.

http://i.imgur.com/fhqdUdo.jpg


Thanks!

 

[Bordux]

Anyone???.

 

[dkami]

What was your win, loss ratio on demo account and how long did you test it for?

how many times out of 10 trades was both SL's hit without hitting the TP in testing, as this scenario will dramatically change your overall results in the long term?

you may not be quick enough every time to move SL to BE before both your set SL's are hit, if this happens it will take you 4 winning trades just to wipe out the loss of that one bad trade!

Looks to me you are just putting your SL @ a certain amount of pip's and not under a support or above a resistance?


Test until its profitable on demo, then go live and I think it will be a completely different ball game due to slippage, gaps ect...... just a thought!

 

[Pharaoh]

I definitely suggest testing this out on demos and later on micro accounts. News trading is very tricky.

A trailing SL could salvage some profit if price moves well, but suddenly reverses before reaching your target.

 

[workitout]

Anyone???.

nothing new for me, been at the same field I think . first of all you should had news indicator on your chart, save time rather than checking the ff website all the time. ffnewscal indie are good choice to made, or you can even put more advance tools.


let me know if you;re interested (i'm not the creator, just my finding upon googling). for a moment I only use these as indicator eventhough this are an EA (just got the ex4 file).

back to your trading plan, the idea is good, but there's some missed plan upon the exit. I also use similar method, moving stop loss based on step x pips gain.
you may want to reconsider what the exit probability of your entries, for example :

1 = +30 pips (moving SL hit)
2 = +50 pips (another moving step SL got hit)
3 = -50 pips (initial SL got hit)
4 = +200 pips (TP hit)
which literally means these are your actual win/loss ratio .

 

[Whitesnake]

News trading is not very unique and there are many traders out there who try out this trading strategy. But the problem arises when there is whiphsaw movement. And there are chances of both the SL being hit even before you could move the sl to breakeven. So think about it.