Investor Password: ibtioz35
Welcome to my ďKing/Queen Of Accuracy Contest 2016Ē thread. Iím glad to be a part of this contest. I hope this contest will able to provide us numerous opportunities to learn from each other. My main motive for participating in mt5 demo trading contest is to improve my trading skills and to share knowledge with others. Iím thankful to our mt5 forum authorities including our respected mt5 admin, respected mt5 moderators and InstaForex for encouraging us to participate in this great contest. Iím also thankful to every member including contestants who are a real source of inspiration. Your good suggestions, advice and tips, are always welcome. Letís proceed to the next.
My Trading Strategy: Iíve been following support and resistance levels for long time for all of my trades. So far Iíve got good result by following support and resistance in my trading. Iíll try to explain how support and resistance works and why Iím taking a trading decision by looking at particular support level or resistance level. After opening any order Iíll post support and resistance levels along with other details so that itíll be easier for you to identify the levels. Along with brief explanation about a particular order Iíll also provide a screen shot of the chart.
It is very important for us to follow a particular trend before opening any order. So here Iíll try to follow the trend. Iíve found that to follow a trend it is good to follow candle sticks chart pattern. In other words Iíll try to follow price action by looking at candle stick chart to identify a trend.
Along with technical side I would like to go with fundamental events too. If we really want to be successful or accurate in analyzing the trend properly then we must follow fundamental releases. Most of the time trend reverses on important economic releases so I must try to follow every fundamental and economical event before opening any order.
So my strategy will be a combination of Support and Resistance, Price Action and Fundamental Releases. Itíll be easier for me to explain everything once I get involved with a particular trade. Iíll try to explain everything in a clearer manner so that you can understand better. You can ask me anything about my strategy at anytime Iíll be happy to explain you.
Indicators: Most probably indicators help us to determine whether to sell or buy a currency pair. But in this contest Iíll not use any indicator in my trading. Iíll go with support and resistance as mentioned above. If you want to know more about Support and Resistance then go here.
Currency Pairs: It is very important to mention in which pair Iím going to trade. I will try to focus more on major pairs mainly EURUSD, GBPUSD, USDJPY, NZDUSD, USDCHF, USDCAD, EURGBP just to name a few.
Gold and silver will be also in my list. Iíll definitely try to trade in these commodities to grab some profit.
Time frame: Iíll try to follow 4 hours chart and daily chart. By following daily chart Iíll try to get an idea about the strong trend. It is important to know in which direction the trend is moving and daily chart will help me to identify the exact trend. In other hand by following 4 hours chart itíll be easier for me to decide where and when to open an order. For short term trades Iíll try to follow 1 hour chart but most of my trades will be based on 4 hours and daily chart's behavior.
Lot Size: This is a contest so I must try to maintain the risk and reward ratio. Iíll not take any big risk in order to gain big profit. Iíll just try to take only that much risk which is easier for me to handle. My main motive will be to take maximum out of minimum. At first Iíll try to start with minimum lot size orders. Gradually Iíll try to increase the lot size along with the increasing value of equity. My lot size would be anywhere from 1 lot to 100 lots in any single order.
Take Profit And Stop Loss: I would like to put fixed TP at 100 pips and SL at 50 pips. In few occasions I may change the TP and SL levels according to the market condition. Sometimes I may book profit or cut losses below fixed levels as mentioned above.
My Opinion On MT5 Trading Contests: There is no harm in participating in demo contest. Demo contests are good for us and it can help us to identify our loopholes. It is very important to learn how to handle risks and how to work under pressure. And, only mt5 demo trading contest can help us to develop our overall abilities as a trader. Once you involve with demo trading contest you'll become more responsible and more serious in doing forex trading. Even we lose in contests in terms of profit, ranking, performance etc., we can still win by gaining knowledge and experience. Whether youíre new or old you must participate in this contest. Before participating in this contest please check the rules which are very important to consider. Iíll welcome everybody who wants to suggest me anything related to forex trading. Your valuable suggestions will definitely help me to improve my trading skills. Happy contesting everybody and best of luck!