This seems very switched on. Remember to stick to it! Good to see you have risk management in there, If you’re hitting trades 50% of the time you should be quids in it’s a nice and simple strategy and mainly what I do tooThanks @FxMaster
Does the below strategy look sound as a starting point for a round of demo testing?
The strategy is pretty simple and basic with not loads of indicators or steps so hopefully not too difficult to stick to.
It mainly uses price action and S/R lines
Time frame - daily & 4hr
ENTRY
PRICE ACTION
- Entry must be with trend - Trend defined by my analysis not an indicator
- Entry must be around S/R area or Trend line - Trend line with at least 2 hits
RISK
- Indecision (pin) candle required
or- Engulfing candle with three previous candles smaller
REWARD
- Max 0.75% - lot size scaled to meet this in conjunction with stop placed at a either 1.5ATR or slightly beyond a previous high or low
2 to 1 risk ratio minimum
first take profit just below next major support or resistance
Let me know your thoughts thanks
Demo is a good place to start at the very beginning.Hi all,
New trader starting out his journey here. I have been demo trading about 2 months and have been learning as much as i can through books webinars and sites like this.
I did trade briefly about 6 years ago for 6 months or so and had no idea what i was doing with no real strategy. I didn't blow an account or loose a lot but went straight into live trading as i thought it cant be that hard! lol
I guess why i signed up was to when i am ready start a journal and post my thoughts and trades down for others to see...get some accountability and try keep me honest to my strategy.
Good plan, best of luck and look forward to seeing your postsHi all,
New trader starting out his journey here. I have been demo trading about 2 months and have been learning as much as i can through books webinars and sites like this.
I did trade briefly about 6 years ago for 6 months or so and had no idea what i was doing with no real strategy. I didn't blow an account or loose a lot but went straight into live trading as i thought it cant be that hard! lol
I guess why i signed up was to when i am ready start a journal and post my thoughts and trades down for others to see...get some accountability and try keep me honest to my strategy.