Dude! So you've read just about everything you could possibly get your hands on about the Forex. Now you want to get your feet wet but aren't sure where to start. Well then this blog is for you! Follow along as I take a simple system and apply it to an unsimple market. If you're new to the blog you should Cowabunga System Daily Update: 09/27/07
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained down until 4am ET. From 12am - 4am ET, a new trend change candle formed and changed the trend from down to UP. After 4am ET, the trend remained up for the rest of the day.
Today I looked for short trades until 4am ET. After 4am ET, I only looked for long trades.
Today's Surf
Unfortunately I had to sit on the sidelines today as there were no trade signals
Trade Result: +0 pips
Gouarec- I adjust my dollar amount per pip based on how much I want to risk per trade. I generally only risk less than 1% per trade and no more than 2% of my entire account with all open positions. Of course, as my account grows, the dollar amount per pip increases even though I continue to only risk 1% per trade. Hope that helps!
Cowaboi- Good question. I've done all the testing for you so you shouldn't have to worry about this system going bust. Remember, I've only traded this system with the GBP/USD and may not work the same on other pairs and/or timeframes. If you stick the rules I've laid out you should be fine. If you're making mistakes with the system, I would go back to a demo account until you can consistently pull profits for at least 2-3 months. Hope that helps! Happy trading.
Thanks for the comments everyone!
-PipSurfer