Hello, since my last update, I just traded Morning Trade system is two times for the simple reason that I was quite busy at work and I could not manage to wake up early. Well I lost my few crafts also my other shopping cart system.
With my two shops, a trade completed break even and the other I closed trading at 30 pips of profit. Basically I closed trading at a very strong opposition (R2 Pivot Point) and it was my goal when I opened the trade.The system proposes 40 pip profit, but there is no perfect system – does not search the. for all systems, you must use other technical analysis methods.
Notice how the price reversed at S3 Pivot Line. FOREX-morning trading-pivotPivots is well-respected strong resistance/support lines as my is always is at these levels – always.So when I opened the trade, I knew that I focus for 30 pips instead of 40, believe it or not, the price that hit the line S2 and sent back fairly quickly. That is why I love the pivots! Anyway back to Forex Morning trading.I did a manual back testing since January 11th 2010, and this is the astounding results; I did not check pivot points. I followed only system blindly – which means to comply with the rules of 40 pips of profit targets, 40 pips of halting the loss as proposed.I even took care of all the great press releases that you should know, you need to stay on the market.
If probably have I followed pivot levels and at least you where aware of all the important press releases, probably I would have increased profits, but I just followed the rules that the system to the letter as a complete beginner, but I made a rule is added and it saved me some pips. when I'm 30 pip profit move my stop loss to break even.There were many professions which reaches 30-35-mark, an end to fuel and rally back; there are also trades which reached 30 pip mark, reverse, I had to stop at break even, and then shoot.
But move the stop loss to break even when you reach 28 – 30 pips, is more secure and proven to save me some
pips. later, I also tell you how I intend to trade the system live.
The results after the system's rules blindly except that I move the stop loss to break even at 30 pip profit.
January 11 2010: 120 pips
February: 160
March: 280
April: 120
May: 80
June: 440
July: 160
August: 240
Total Pips: 1600-Read
The results which in any way tampered with; If I recall correctly, but I will be corrected, april/May, when Europe was under the spotlight with Greece serious financial crises.System was still out of the profit!
As you can see it is a great simple system with good results.Just try it because you have nothing to lose and win $ $ $ instead.
How I intend to trade in the system.
1) conform to the system rules of entry
2) Open two stores of can say 0.5-0.5 each or 1 a lot about your broker support scaling out – the lot size depends on your money management lead not more than 2% per trade!
3) at 30 pips of profit,
a. close 1 trade at 30 pip profit or scale out half of your position on your broken supports scaling
b. for the remaining trade or the remaining half of the trade, move the stop loss to breakeven
c. also set a trailing stop of 35 pips on the remaining trade or the remaining half of the trade
Paragraph 3 (c) either use trailing stop or use pivot levels for your see. This is your personal choice and your trading experience.
A few tips that can help you.
If the price is S3 or R3 or near any of these pivot levels, not using trailing stops but only close the whole trade of 30 pip profit or on S3 or R3 levels; the likelihood is that the price will reverse the S3 or R3 so you lose your profit.
Not only aim at 30-40 pips blindly even if the system is profitable on the same; But I am sure that using technical analysis skills you will increase profits; therefore, always stay on the look out for strong resistance/support lines as daily trend lines, pivot points, or something you are familiar with.
Again, do not enter a trade if you are close to strong resistance/support points, you know that the price may turn on these levels, and this is a known fact in forex trading; it is so to say that you do not specify a trade when a strong resistance/support is close. no trading system are above the law, so just stay out of the trade or instead take the reverse!
Also not trade when large press releases that will affect the currency pair to trade will be released that day or even when you trade in system!, it Remains only sleep is not worth the risk.
HAPPY TRADING. don't hesitate to leave a comment if you need any help.
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Tags: Forex trading, Forex Morning Morning Trade Results, Forex Morning Trade Review, Forex Morning Trade Scam
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