Hey traders!
What a slow month. I am slightly up on 3 of my trading accounts and have taken no trades on the other 2. Most of this month has been spent twiddling thumbs, which I can understand is frustrating.
I was hoping that trading 5 accounts that focus on different types of trading/strategies would put an end to extended quiet periods (there is always going to be some quiet periods).
Seeing some of the trades that others have taken this month has been inspiring. Due to this, I plan on opening a 6th account that will focus on more fx pairs and commodities. The foundation of the trading strategy on this account will remain the same but criteria will not be as strict, allowing for more trading opportunities.
As this is a new venture, I cannot start signalling trades without any form of practice or back-testing, although I am very confident in my abilities and am certain profit will be made. Due to this, I will trade the said account starting Monday 2nd Feb but will not officially signal trades until a later date. Saying this, I will start a thread that "signals" the trades I am taking but I do not want accountability for the outcome. As mentioned, this is a new venture, which obviously comes with risks.
Please let me know your thoughts. Open to suggestions. This service is for you, not for me - let me know what you think.
I'd like to give a thumbs up for adding commodities (Oil, Gold) also would be happy to trade the major indices as well (S&P, FTSE, DAX etc). I have about 3 different symbols from my broker for the Indices (Axitrader), Possibly one is ETF, one is Futures and something else ?
I'll have to do some research if you decide to trade them, or possibly I'll just go with Pepperstone to keep it simple.
@samuelmorton, I currently use IC Markets for my trading.
I'm keen to open an account with Pepperstone because they have a native Mac app for MT4. Darwinex is just more pain downloading emulation software. Another key factor is being able to trade the new commodities or indices which you add to the new watchlist. Hopefully Pepperstone would add to the overall list.
I'll wait to see which fits best, dependent on what you decide to add.
Any thoughts appreciated.
@samuelmorton, I think having more opportunities for trend trades on the 1 and 4 hour timeframes would be great.
I also think it is worth mentioning that the reason why I don't like the exotic trades is because entering the market is not based on any clear signals apart from an oversold/bought RSI. When you don't have years of experience, these are difficult to judge. Presumably, you didn't go long USDMXN yesterday? Would have been a nice trade off that 4:00pm pin bar. But then there's the whole decision about position size. I'm certainly not interested taking trades for a few quid. I'd want to be trading £10 a point, because they're such short trades. Trouble is, I'm not skilled or experienced enough to do this.
Compare this to the trend trade rules or pairs at daily or weekly levels. It is very clear when to enter the market. No ambiguity, no doubt, just follow the rules. And the rewards make sense.
Not sure really.
The important thing for me is that my account produces positive returns every month. I only seriously follow the H1 Trend trades, and we have had a great month - so I'm happy.
I like the Millionare trades too, though we haven't had any thus far. Not really interested in the Exotics to be honest - not sure why but they don't appeal.
As I'm so keen on the trend trades, in order to get more trades would involve
a) More markets, eg Gold, Oil, Dow, Dax, Bitcoin ?, ETF's, etc
b) Trading lower time frames with the same rules, eg M15 rather than 1H
I like b) and have been trying it myself - but it's 4 times as much work to do, signaling probably wouldn't work, and you don't get x4 more trades.
Basically, I don't know the answer, I would like more trades though.
I think it’s a good idea. Since I joined a week ago it’s been quite uneventful.