Forex Trading Plan
Blog ArchiveDoes anybody remember the Seinfeld episode where George Costanza started doing everything opposite? His life turned around and he women, fame, and fortune. Well I had George Costanza moment yesterday (ed. Repost from Digital Breakfast) . I'm trying a new currency trading strategy that does a few things opposite of what I did before. Here's the revised and stripped down Forex trading plan.
-
- Concentrate on five major pairs as defined by Oanda.com. They are:
-
EUR/USD
-
AUD/USD
-
EUR/JPY
-
GBP/USD
-
GBP/JPY
-
USD/JPY
-
Watch the economic calendar for upcoming landmines! Fundamentals drive this market.
-
<o:p>P</o:p>osition sizing has changed back to a % of NAV model. Use 15% of NAV as the initial position size. Scale the % down as the account gets larger. Ultimate % of Nav target is 3%.
-
Use only 10 DMA Bollinger Bands on the 1 hour charts.
-
Use my neural net models to confirm trends in the EUR, USD, JPY, and GBP.
-
Don’t use stop losses. Sounds scary doesn’t it?