Hey everyone, I hope trading has been good to you. I just wanted to share how I’ve been able to stay successful trading FOREX in my short trading career.
The strategy is very simple, and requires only 1-2 trades per day. The way that it works is by only taking high probability trades and only looking to gain 20 pips per day.
Once you prove to yourself that 20 pips a day is a reasonable goal then begin increasing your lot size for the day.
I’ve found that trying chase 100+ pips is a hard way to become profitable and takes much longer than I want. Chasing 20 pips per day is very realistic, and once you hit you target goal… STOP trading for the day and take the gain.
I started off testing with 1000 lots… moved to 5000… to 10000.
1,000 @ 20 PIPS = ~$2
10,000 @ 20 PIPS = ~$20
100,000 @ 20 PIPS = ~200
I use a combination of technical indicators, typically EMA, SMA, and RSI.
Hope this helps,
Tony
The strategy is very simple, and requires only 1-2 trades per day. The way that it works is by only taking high probability trades and only looking to gain 20 pips per day.
Once you prove to yourself that 20 pips a day is a reasonable goal then begin increasing your lot size for the day.
I’ve found that trying chase 100+ pips is a hard way to become profitable and takes much longer than I want. Chasing 20 pips per day is very realistic, and once you hit you target goal… STOP trading for the day and take the gain.
I started off testing with 1000 lots… moved to 5000… to 10000.
1,000 @ 20 PIPS = ~$2
10,000 @ 20 PIPS = ~$20
100,000 @ 20 PIPS = ~200
I use a combination of technical indicators, typically EMA, SMA, and RSI.
Hope this helps,
Tony