Summerset
Junior member
- Messages
- 12
- Likes
- 0
In association with another senior trader in Jeddah. I will be calling intraday signals here using a system based on Wcci signals taken at calculated short term intraday pivot levels related to the average true range (ATR) for certain volatile pairs.
The system is designed to specifically suit the requirements of volatile intraday trading.
Every day trader, feels an urge to make at least, one or two successful – short term intraday trades / day. (20-30pip value X multiple lots).
Usually being under financed, the day trader feels his live hood depends on it.
Unless he is relieved of such emotional strain. The day trader will continue to chase costly immature positions. And prematurely kill the better trading opportunities.
For seasoned traders. Money Management principles dictate to incrementally raise account equity by 1/2 -->1% daily. Depending on size.
This system strives to addresses both missions.
Risk & MM Principles.
An integral part of the system, is to apply it consistently within stringent money management rules.
1-Signal strength will be gauged by a trade recommended size issued out with each signal. This will vary from 10k --> 40k, relating to a $1000,- mini account. Traders are advised to take the stronger of the signals on a daily basis to raise A/C equity by a consistent daily percentage. (2-->3% per $1000 in account).
2-The Maximum allowable risk per trade is tabulated bellow:-
3-The maximum allowed drawdown in equity in any one day of trading is tabulated below:-
4-Risk:Reward ratio for trades entered will be within 1:1 and 1.25 : 1 due to opportunity cost.
5-Traders are to refrain from taking signals, once the above equity or drawdown percentages are met. EVEN IF ADDITIONAL SIGNALS ARE BEING CALLED.
6-Signals called pending meeting of the 2-3% /$1000- daily equity target, are called ONLY to allow traders flexibility to take signals during any of the 3 standard trading sessions. Instead of staying glued to screens all the time. And NOT to promote practice of GREED or OVERTRADING.
CONCLUSION:-Interested traders are advised to take the signals on 2 separate demos. One for all called signals. And the other strictly abiding with the money management rules. This will aid trader in determining the system's profitability. And to fine tune performance between accumulating consistent profits on certain pairs & overtrading.
Risk Disclosure[/SIZE][/SIZE]: Trading foreign exchange on margin carries a VERY high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of SOME or ALL of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and should you decide to take any of the above listed trade calls. YOU DO SO AT YOUR OWN DISCRETION, AND SOLE RESPONSIBILITY. And its highly recommended to seek advice from an independent financial advisor IN ALL CASES.
The system is designed to specifically suit the requirements of volatile intraday trading.
Every day trader, feels an urge to make at least, one or two successful – short term intraday trades / day. (20-30pip value X multiple lots).
Usually being under financed, the day trader feels his live hood depends on it.
Unless he is relieved of such emotional strain. The day trader will continue to chase costly immature positions. And prematurely kill the better trading opportunities.
For seasoned traders. Money Management principles dictate to incrementally raise account equity by 1/2 -->1% daily. Depending on size.
This system strives to addresses both missions.
Risk & MM Principles.
An integral part of the system, is to apply it consistently within stringent money management rules.
1-Signal strength will be gauged by a trade recommended size issued out with each signal. This will vary from 10k --> 40k, relating to a $1000,- mini account. Traders are advised to take the stronger of the signals on a daily basis to raise A/C equity by a consistent daily percentage. (2-->3% per $1000 in account).
2-The Maximum allowable risk per trade is tabulated bellow:-
7% for A/C $1000 & Above for single & correlated trades
5% for A/C $1500 & Above
3% for A/C $2500 & Above
2% for A/C $3500 & Above
5% for A/C $1500 & Above
3% for A/C $2500 & Above
2% for A/C $3500 & Above
3-The maximum allowed drawdown in equity in any one day of trading is tabulated below:-
12% for A/C $1000 & below
6% for A/C $2000 & below
4% for A/C $3000 & below
3% for A/C $4000$6000
2% for A/C > $6000
6% for A/C $2000 & below
4% for A/C $3000 & below
3% for A/C $4000$6000
2% for A/C > $6000
4-Risk:Reward ratio for trades entered will be within 1:1 and 1.25 : 1 due to opportunity cost.
5-Traders are to refrain from taking signals, once the above equity or drawdown percentages are met. EVEN IF ADDITIONAL SIGNALS ARE BEING CALLED.
6-Signals called pending meeting of the 2-3% /$1000- daily equity target, are called ONLY to allow traders flexibility to take signals during any of the 3 standard trading sessions. Instead of staying glued to screens all the time. And NOT to promote practice of GREED or OVERTRADING.
CONCLUSION:-Interested traders are advised to take the signals on 2 separate demos. One for all called signals. And the other strictly abiding with the money management rules. This will aid trader in determining the system's profitability. And to fine tune performance between accumulating consistent profits on certain pairs & overtrading.
Risk Disclosure[/SIZE][/SIZE]: Trading foreign exchange on margin carries a VERY high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of SOME or ALL of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and should you decide to take any of the above listed trade calls. YOU DO SO AT YOUR OWN DISCRETION, AND SOLE RESPONSIBILITY. And its highly recommended to seek advice from an independent financial advisor IN ALL CASES.
