I'm starting with little over 9,000. My goal is to end the year with a 12.2% return, which is an average of 101.72 a month, or 1,119.09. I left out Janurary in the calculation.
My trades will be based off Forks, and Fibonacci retracements, and a mix of both from time to time. I'll use a few simple indicators to assist me, however some trades will ignore the indicators, as I've learned over the years that price action is king, and one needs to learn to be flexible in his, or her thinking.
I will use the 80 and 200sma, and momentum. 200sma for long term trend, 80 for shorter term trades...mostly for counter trades when price is above 80, but still below 200, but may pose a nice set-up. Momentum is simple.... longs above 0 line, shorts below 0.
For many trades I will require momentum to either cross above or below 0 before any trade is taken, however, the rule here can be bent depending on the price action. Big price bars may need to be acted upon faster, and therefore ignoring the momentum indicator.
If price is coming to a support or resistance point from either a fork or fib that conflicts with the 200sma, 200sma will be ignored in most cases. Again price is king here, and I believe in taking trades with long term trend regardless of what 200sma thinks.
I will scale out 1/2 my profits at the median line of the fork I am trading , or the top or bottom of the fib I am trading. Stop will be brought to break-even, and the rest will be taken at the fib extension levels or upper/lower fork lines.
There will be no averaging-down, however I might scale into a trade, or add a call or put option, but this will probably be rare, as the size of my trades might be under 100 shares, and paying 10.00 r/t cuts into the pnl.
I'll be risking no more than 3% (275).
Well I think that about covers everything, wish me luck guys!
- Kon
My trades will be based off Forks, and Fibonacci retracements, and a mix of both from time to time. I'll use a few simple indicators to assist me, however some trades will ignore the indicators, as I've learned over the years that price action is king, and one needs to learn to be flexible in his, or her thinking.
I will use the 80 and 200sma, and momentum. 200sma for long term trend, 80 for shorter term trades...mostly for counter trades when price is above 80, but still below 200, but may pose a nice set-up. Momentum is simple.... longs above 0 line, shorts below 0.
For many trades I will require momentum to either cross above or below 0 before any trade is taken, however, the rule here can be bent depending on the price action. Big price bars may need to be acted upon faster, and therefore ignoring the momentum indicator.
If price is coming to a support or resistance point from either a fork or fib that conflicts with the 200sma, 200sma will be ignored in most cases. Again price is king here, and I believe in taking trades with long term trend regardless of what 200sma thinks.
I will scale out 1/2 my profits at the median line of the fork I am trading , or the top or bottom of the fib I am trading. Stop will be brought to break-even, and the rest will be taken at the fib extension levels or upper/lower fork lines.
There will be no averaging-down, however I might scale into a trade, or add a call or put option, but this will probably be rare, as the size of my trades might be under 100 shares, and paying 10.00 r/t cuts into the pnl.
I'll be risking no more than 3% (275).
Well I think that about covers everything, wish me luck guys!
- Kon