Stochs, RSI, MACD and each of these indiors may work well for quite a few, but I feel uneasy with them. I like something simple. I am using something that has been working nicely, without any indiors, simply strict money management.
All I need is to create 50 pips each week. With this system, should you return at the charts, it has been achieved. There was about 5 or 4 times when it was not achieved in one week, but took two weeks, but still in the end the 50 pips was achieved. Where strong MM subject comes in to save the day this is.
*Time said here will probably be in GMT 8.
I'll start the GBP/USD chart at 4.35 pm. I trade the breakout of this station from 8 am - 4.35 pm. I put up the trade at 3 pips away from the high/low. Stoploss 25 pips, target 50 pips.
If no trades are opened at 7.50 pm, then I cancel all trades. Wait for proper setup the next moment.
When I get stopped out, I don't re-enter the same moment. I wait patiently for an opportunity the next day, involving 4.35 pm to 7.50 pm. I raise the lot size enough to regain my loss. As it's kind of a martingale egy some might freak out at this stage. Firstly, I am not doubling up my lots, but 1.5 times. As my stop loss is 25 pips, it's half of my target. When I lose, I need to create 1.5 times next time to recoup my loss and reach my target. But this is not all the time. I really do have a table drawn out on lots I would buy on the first, next, third attempt etc, and how many pips I would put as target. I will slowly increase the target size so I could keep the lot size low.
It needs to be a balance of manageable lot size, and achievable pip target. In as little tries as possible I would love to accomplish my target, so keeping the pip target achievable is important to me.
Due to this semi-martingale egy, I start off with trading 1 percent of my account. This leaves plenty of space for me to trade safely.
Once I reach my 50 pips for the weekI stop. Regardless of what.
This egy may not promise as much pips as a few other egies, but for me this is simple enough to keep me happy. Indiors and such give me a headache, it seems to me like noise or possibly because I can not understand it. Even indiors needs to be used with money management, otherwise somebody could just as easily blow their account.
So, what's the potential of the egy? Let's say we start with a small account size. $3500.
Within 52 weeks, or shall I say 52 successful attempts (some attempts take two weeks, but that occurs just a few times every year), you'll be earning $188 dollars per week, that is $752 dollars monthly.
Of course if you could start of with a bigger account, all the better.
So here's how it looks like: Starting capital; How much you'd be earning in 52 months
$3500; $752 monthly
$10,000; $2152 monthly
$15,000; $3228 monthly
$20,000; $4304 monthly
$30,000; $6460 monthly
I don't know about you, but that is much more than enough for me to live comfortably. I prefer having a egy, than to live on greed and fear for the promise of a bigger return, which is not guaranteed. The amounts I could say if I MM, stick with my system and keep my head level, is ensured. Holy grail? No, would not call it yet. But'm pretty close. See what goes!