I want to first say thanks for all the support of the challenge and I just wanted to show my appreciation by recording a short thank you video.
I highly recommend that you follow me on Twitter so that you can get all of the trade communications directly as well as send me questions if you have them. Plus if you feel like this topic is useful to other traders it would help me if you could Retweet it, that will help other traders as well.
It appears that the majority of the traders out there seem to be interested in trading my plan and rules. I was initially planning on having everyone trade their own rules because that is what you are familiar with. I am in no way saying that my strategy is better then anyone elses. So if you all want me to make the strategy available for download so you can read it let me know and I will do it for sure.
I want to make it clear that if you have a strategy that you use then you can trade that strategy. If you have a strategy that you would like to share that would be great and helpful to everyone.
This is also a place to post your challenges in trading so that myself or someone else may be able to address them. This is a great chance to ask questions and get the help you need because I will answer all questions, as well as many other experienced traders that read this blog.
So here goes my first trade setup.
I am going to be making my complete strategy available for download as soon as I get the documents all finished for publishing. So in the mean time before I actually make the strategy available, I am going to list my very simple rules, to help you get started. This is not a complete strategy and just rules so like I said I will make the strategy available in the near future. It may be difficult to follow based on the rules alone but I am going to post the charts as well.
After you read this as you find trades post them here and also post whether you followed the rules or not.
1. Identify the trend and Trade with the trend and not against(there are some circumstances where I will do counter trend) but I am not going to cover that here because for the sake of the challenge I want to keep it simple and make the most pips that I can.
2. When I find a trend I will wait until the price pulls back into support or resistance before making another trade in the direction of the trend.
3. Wait until there is a clear candle stick entry signal before taking the trade.
4. Make sure that I have a 2 to 1 risk to reward ratio on each trade I make.
5. Use conservative risk level at 1% of account balance.
6. Put Stop Loss and Take Profit orders in.
7. Move Stop to +1 when you are at +25 pips.
Look at the chart below.
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