a) multiple snipes per day account (open but explorer won't link,forexforum.co.zastaff is working on it. Will use myfxbook if it doesn't operate )
As of today I am starting with a smaller account. The only difference is a half dimensions place is 10:1 (0.3% risk) and full is 20:1 (0.6% risk). If as powerful as I think it will be, I will devote more capital to it and go down to 5:1 half and 10:1 full.
B)one snipe per day account (acc not available yet)
A 2nd account trading the identical egy, but with no more than one transaction a day, and 100:1 leverage (3 percent risk). In addition, the trailing stop is LOCKED in 7 once price hits 10. Goal 10-20 pips. Close on reversal zone/candles. Maximum daily drawdown is 3 percent not 1.5%.
C) one snipe a week account (acc not available yet)
A 3rd account trading the identical egy, just looking for the best trade of the week. 1 minute candles at least 3 pips in size on average a prerequisite for entry. Leverage = 200:1 (6 percent risk)
Title should be changed to Long Range Sniper. Would be great if mods/admin could make that change. Thanks.
Most recently I found that I am most profitable when I snipe entrances on reversal points or breakout moves.
The reason behind this is that I could use tighter stops (means better risk reward) but also because when I could time the market correctly (sniping entries), I almost never get stopped out anyhow (higher percent of winning trades). If I time that the market correctly it will leave my stop loss in the dust. You might even use a 1 pip stop if you didn't have to be worried about the spread.
Will put a commerce explorer shortly once I set up my 5 or 3 pip s/l ONLY sniping account (independent from my primary account trading the bigger daily swings)
-Good amount of my capital devoted for the account
-Reversals
-Breakout transfers
-Requires an observable price gap/slip which allows for a broad target (difficult to explain ill usage chart)
- I use an auto stop loss EA to instantly set stops. You realistically cannot trade with tight stops if you have to manually enter your stop each time.
-If sniping EURUSD will use a 2.4 pip s/l
(3 pips total risk with spread/commission, half position = 0.15percent risk, full position = 0.30% risk)
-If sniping EJ will use 4.4 pip s/l
(5 pips total risk, full position = 0.25percent risk, full position = 0.50% risk)
- Minimum of a 10 pip target
(0.50percent, 1.00% total )
- 20 pips is perfect
(1.00% half, 2.00% total ).
-But in exactly the exact same time, if the gap to be filled is 40 pips, LET IT FILL THE 40 PIPS. Do not chicken out early just because you've got a nice profit proportional to your risk. That's 100% amateur status.
- No complete sized trades allowed for the day, UNTIL a minimal 0.50% gain into account equity.
- If account goes over 2.0% profit for the day, then a loss causes a dip below that2.0% gain mark, you have to STOP trading for this day.
- Maximum daily risk = 1.5%
-Some of the most difficult features of trading would be LETTING WINNERS RUN TO THEIR RESPECTIVE TARGETS. This type of plogical challenge as any counter trend tick sets off anxiety a complete reversal of your profits might be coming.
-THIS IS JUST FEAR NOTHING MORE (when the target hasn't been attained yet, if it's, then its a good time to get out)!
-If I truly like my odds of a powerful move, I will close half the transaction in the nearest resistance and give it a proper stop loss. Especially if I already have a nice gain for the day and I'm searching to get 50-100 pips more out of this free trade. No reason not to make the most of longer duration moves just because this account snipes entrances. If the stop isn't going to get struck, more power for you to let the transaction RUN!
Half position = 5:1
full position = 10:1
-Max amount of loss per day = 1.5percent
EJ disperse = ~1.7
EU disperse = ~1.0
I am quite confident this will be a really profitable account. We will see within a month or so.
-R2R