Can I make 40% per month consistently
It seems too good to be true but that is the aim. Trading 1 lot per $10000 from the account aiming for net positive 20 pips daily. That will do it!!
I had been taught trading by a well-known Canadian forex course and mentorship programme which concentrates on multiple time frame trading. My set up uses the following on all time frames:
-MACD 12, 26, 9 largely for divergence
-Stochastics 8, 3for oversold/overbought degrees and divergence
-From the Daily Fozzy thread (thanks very much) the 8 SMA, 8 RSI, Bollinger Band combo
-3 Willi percent R settings 14, 28 and 56 in the identical pane. The more of these indiors that group in OB or even OS zones and then cross back the greater.
I also look at pivot points, supp and res amounts (and I include 50, 100, 200 ema's for this) candle and chart patterns, trend line fractures, fib amounts and divergence expecting to get a confluence of as many occasions as possible to encourage my trade.
This gets hard to say if would I choose a trade as there are many variables but what I need to certainly see is:
- A cross in the path of the transaction from the Daily Fozzy combo indior either the RSI crossing the outside BB but generally the RSI crossing the SMA
- I like to watch stoch and W's% R go OB/OS in 2 time frames
- The 14 W's% R crossing the -50 lineup in the direction of this transaction, this is my final filter to input
I generally see EUR/USD, GBP/USD, GBP/JPY, EUR/JPY 4 hr and 30 min charts but that I shall flick across other currencies and time frames from time to time.
Stops are relatively small, the more occasions that stack up the bigger the stops but 25 pips for cable (the W's% R filter helped a lot ) and 40 pips for yen currencies. Take profit is dependent (on cable) if I got in on 15/5 min charts 15 pips but on longer term transactions I look to maneuver stop to break even and proceed stop to lock in profits as the transaction progresses.
In case this isn't sufficient I see brxxt's My Path to Financial Freedom really closely, if he makes a call I look to find out whether my needs concur. In addition, I look at the silverlining thread (search silverlining) which gets my attention, and I will watch to determine if comes back online, again my system must concur with their calls.
I'm in South Africa and we're 1 hr earlier GMT, 6 hours prior to EST so the typical working day gets in the way of many transactions. No excuses I have to steal transactions where I could I may only be able to post after the event however.
If all goes well I will be trading full time shortly.