I am a new member in this forum. I want to share my trading system and trading journal with you. Because I know it helps me to follow my trading plan regularly.
Forum posting bonus from MT5 forum - 63.60 USD (This is my first bonus . Thanks, InstaForex )
Black Frame Talent contest - 20.00 USD (Win two times last month)
Total = 83.60 USD (02 Dec 2016)
I am a swing trader.
Pair: EU only
Trend Chart: D1, H4
Entry Chart: H4, H1
How I take an entry.
It is a process. I check all steps before taking an entry.
1. Market Fundamental.
Every weekend I make a fundamental note for next week. Write down all major economic event of EU. Try to understand the fundamental trend.
2. Identify technical trend.
I am using simple Moving average (20, 100, 200) to identify a trend. I am also using stochastics to confirm the trend.
3. Identify major S/R level.
Recent swing high/low in h4 and H1 time frame use as S/R level.
4. Trade Setup
Candlesticks, Chart pattern, Moving average touch and back.
5. Trade confirmation
Running Candle buy/sell, Pairs basic characteristics.
6. Money Management.
Lot site 1k= 0.50 insta lot.
SL = 50pips to 100pips. Per trade risk maximum 5%.
TP= SL X 2 ( R:R=1:2)
When R:R=1:1 set breakeven.
Monthly Target:200pips. 10% only.
Per week maximum 1-2 trades.
7. Take an entry.
Finally, after completing all the steps I will take an entry in two points.
1. Trend reversal.
2. Trend continue. (most of the entry)
My trading principles.
1. According to situation use your common sense.
2. Minimize loss and maximize profit.
3. plan your trade and trade your plan.
I will update each entry by four steps.
1. Why I take this entry?
2. What is really happen?
3. What was my mistake?
4. what will I do in future?
I know it is very difficult to follow this plan. But I will do it. If you have any suggestions or questions about this, please let me know.
Already took an entry in last week. Win 40pips in my first trade. Thanks Allah