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My Trading strategy for Silver

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My Trading strategy for Silver

My Silver Trade Plan:
Purpose: To become a strong risk manager and produce more wins than loses, at least 60:40
Trading Time: 3 – 4 hours a day
At the Beginning of Each Day:
Check before the market opens -Review previous nights action and review news to be released for the day. Note the times of news releases and follow-up.
At the End of Each day: Review all trades and note both consistencies with plan and inconsistencies.
Each trade:
Criteria 60:40 min reward:risk ratio
Trade micro lots for now
Trade 10 – 20 trades/day
Long Term Trades: TP 25 to 50 pips on each trade
Short Term Trades: TP 3 to 10 pips on each trade
Use appropriate Stop Loss for every trade
Trade in the direction of the trend.
Use 3 price Charts to enter trade on lower time frame chart
Trade breakouts. Put two positions each for Buy Stop and Sell Stop and use trailing for one each on either side
Use Trailing Stop Loss for some of the positions if trading multiple positions
Use HMA 10, HMA 200, Bollinger Bands, Apiary Pivots and MACD Technical Indicators
Concentrate on EUR-USD, GBP-USD and USD-CAD and trade other pairs as convenient

Fri, 05/18/2018 - 11:17am

Gurus, please let me know your inputs


I like how you've written it down. somehow it seems real when we write it. It gives us something to shot for. Life has taught me that unless I aim at something I'll never know when I've failed. all there is left to do is wander around blaming. So this weekend I too will write a strategy and tape it in front of my desk and post it to forum. thanks for sharing. may the PIPS be with you.
MISSOURI: I chose missouri because it the "SHOW ME" State.


Thank you sir.


My Silver Trade Plan:
Purpose: To manage risk with the goal of being profitable every week (and, hopefully, every day) -- goal of minimum 65:35 winning ration measured each week

Beginning of each day: Start at 6:45 CDT to review charts and look for proper trade set-ups on one of my preferred FOREX pairs. Trade the U.S. Open, which begins at 7:00 CDT (but trades between 6:45 and 7:00 are permissible).

Check for news releases and make a note of those times
End of each day (usually in the evening): At a minimum, review each trade taken that day with a "critical eye" to see if I took the trade as I had planned and to check for my exits (to see if I exited in the correct location -- this is my biggest challenge and biggest weakness in my trading)

Each trade: (my preferred set-up -- take this trade set-up 90% of the time). Only go long when the Pair is above the 35 SMA and 89 SMA. For Long, wait for pull-back to 35 SMA or 89 SMA and then go Long when price is at (or very near) those levels, but only if price closes above (at least) one of those levels and the Stoch is pointed up. Do the reverse for SHORT trades. Trade Micro Lots for now.
Set the Take Profit and Stop Loss levels at a minimum of a 2:1 Reward to Risk level (Default is always 24 Pip "Take Profit" and 12 Pip "Stop Loss").

Use 3 chart set-up: One Hour, 15 Minutes and 5 Minutes. But all trades will be reviewed and taken on the 15 Minute chart. (Best trade set-up is when all 3 time frames are pointed in the same direction; when all 3 are in the same direction, I can be more aggressive for taking a second trade once the original trade moves in the intended direction).

If original trade moves 5-6 Pips against me, consider taking a trade in the opposite direction as a Hedge. If the Hedge is taken, once the direction is determined then close the trade that is not moving in the determined direction.

If a trade moves 3-4 Pips in my favor, consider taking a second trade in the same direction (especially if all 3 time frames are pointed in the same direction).

Once I have 30 Pips on Closed trades, don't take any NEW trades. Continue to work any Open Trades as normal.
Goal is to have a minimum of 30 Pips per day, regardless of how many trades it takes to reach that goal. Stop trading if I have reached NEGATIVE 30 Pips on Closed Trades. Continue to work any Open Trades as normal.

NEVER risk more than 2% (preferably 1%) on any single position (if multiple trades are entered, the combination is considered ONE position).
NEVER lose more than 5% in one day (preferably don't lose more than 3% per day).

Use 35 SMA and 89 SMA, along with the Stoch and MACD.



Thanks, Stan for the post. Well, detailed plan. I think when you get to G2 which will sooner than you may think you may want to lower your risk rules to 1% and 2%. Remember you are in a 10K account G2 and G3 Lv1 are only 1K. Steady as you go.


Thank you Rookie. Will take your advise.


You will learn a lot through the Silver program and make adjustment along the way. It only started to click for me when I entered the Gold program. If the plan you have outlined gives you consistent profits stay with it. Make sure as you continually use it that you stay discipline and do not vary from it until you decide it is yours and owe it or it needs some adjustments.


Thank you Erik