xard777 wrote: Wed Feb 23, 2022 6:03 am
You would also have to select the best times in which to complete the task.
3rd week in January till the end of April, and 3rd week in August till xmas time.
Not all trading days would be the same, some days you might only do 30%, others 150 or 200% and you have to allow for any losing days.
Possibly have a cut-off day altogether say if you went -15% so no more trading that day.
I like to go easy with my first couple trades in order to build up house money then use that to gleam the rest.
Also, I prefer trading US2000 as I find it to be the Goldilocks instrument among all the other indices.
Waiting!!! is the number one priority each trading Day.
Sit on the sidelines and wait!!! for opportunities to arise.
The compound entry line is such an opportunity that pays out in cherries every single day.
Wait for intra-day cycle turns to play out and trade in the direction of the trend.
Watch for pullbacks to the compound entry line, again it pays out big time as well.
Also look at the road ahead, see (1min & 15min) - (5min & 30min) - (30min & 4hrs)
OK, markets do not go accordingly to your set trading plan but if you plan ahead you can see parts of the road where you can navigate safely and jump right in.
Plus all the little trades quickly add up during the course of the day.
Above all, enjoy yourself else it is not worth doing.
Xard777
Thank you for the valuable tips Xard
I want to throw out a few points here to help traders -
1. The importance of waiting for London Open
I recall Sudhindragk saying in one of his posts "Business Starts after London Opens"
I wait 30 mins after the London Open before taking my first trade.
2. Close any Open trades before New York Opens
Many times I noticed the market reverses at New York Open eating up my gains
from the London Open trade. So I close out and wait for New York to open.
3. The importance of waiting for New York Open
I wait 30 mins sometimes 60 mins after New York Opens to see if the market will continue or reverse.
It has helped me understand where the underlying trend is at.
4. US500 and US2000 indexes
I love trading the US2000 index and enjoy its big moves but also I noticed the US500 index is also good.
Sometimes, the US500 index moves more than US2000. I made a screenshot of my trading platform to illustrate
the difference in pips between US500, US2000 and US30 index.