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My new trading plan

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My new trading plan

Trading Time of day: 5am to 12 PM EST Only

Pairs Traded: EUR/USD (Primarily) and USD/JPY and GBP/USD (secondarily)

Indicators: 50EMA, Bollinger bands, Stochastic (5,4,3), MACD (24,18,52)

Scalp Trade: Look to scalp 3 to 6 pips per trade on one of the three pairs as the set-up becomes clear (3 bar reversal, trend, specified indicators) I will place the orders with 20 pip stop loss and manage each position to minimize losses before the stop is executed.

Swing Trade: Look to capture 20-30 pips per trade during times of expansion on the pair that sets up during my trading times. Will also look to enter longer term trades during "personal non-trading hours" by placing pending buy and sell orders at major support and resistance levels. Stops will be placed tighter during my "personal non-trading hours" and wider when I am able to monitor the trade. I will move the stop loss to break-even once the trade is "in the money" but leaving room for the trade to run and maximize the profit.

Tue, 09/22/2020 - 9:33am

On your swing trades is there a reason you put the stop loss closer when you aren't actively watching it? I find that when I tighten my stop loss it usually gets hit. Have you considered setting up a smaller lot size instead of a smaller stop loss?


Looks good. Have you back tested your New Plan? How far back and what happens when the trade goes against you. Are you placing multiple trades per currency?


Smokie, I have often noticed people making mention of back testing. I understand the term however, this is something I have never done. . I assume that it is not omething that is done on live data. I am curious How would you go about doing something like that?