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New System Based On Daily Forex Charts

 
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#1 | Posted: 10 Nov 2018 11:51 
I have worked through numerous chart setups trying to make a profit. I have tried to judge graphs from 2 min intervals, 5 min - 15 min all the way down to Daily. I cannot for the life of me make sound judgements on fast moving currency BUT I seem to be getting the hang of Daily Charts as long as I place the Stop Loss miles from the actual price.

With IG (as with any Broker) there is a limit to how little a Stop Loss you can place (very close to the real price). To give me plenty of time to view price changes I placed my Stop Losses 10x this minimum amount. Then instead of using the 1 to 2 risk to profit ratio I used a 1 to 1 ratio. This means I have to be right 50% of the time to break even BUT because the Stop Loss distance is the same as the Limit Sell Price then I can be out of the trade much faster - 50% faster than in a 1 to 2 risk to profit setup - as proposed by Adam Khoo.

Take a look at 20 trades I made today. So far 7 have closed in my favour (wins) and I am around £600 profit on the remaining deals. This equates to risking £4000 for a profit so far of over £2000 should I close all the trades right now. All this since placing my trades around 2pm this afternoon (demo account).

2 pictures ...

Sales History (deals that have closed in profit automatically) and the current open positions (still trading) which are at this moment in time over £600 in profit.

Trades Closed On Set Limit ...
Closed Orders

Still Trading Open Positions ...
Open Positions
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