Guys (and ladies, of course) I have tried many strategies over time, some with success some without. All in all I’m more or less equal on my account. This is mainly due to my lack of time for Forex and no time to fully test some of strategies that have great profit potential. I work regular daytime job, so I don’t have time for daily strategies that involve looking at the charts all day. That leaves me with strategies like Midnight Setup (http://forex-strategies-revealed.com/advanced/midnight-setup), that are followed once a day, usually at night when all other obligations are done.
Lately, I was thinking of applying some modifications to this strategy. Basically, a trader has to ask himself how much is he willing to lose on each trade? For example 40 pips is more than enough for me, for someone else that’s nothing. It all depends. Let’s say that I’m willing to risk 40 pips on each trade. Since Midnight setup is a good breakout strategy, let’s apply this to it: put orders according to the rules, and stops at 40 pips instead. Now we need to determine limits for taking profits. Let’s assume that all we need is a small edge in betting on the market – nothing big. So I suggest putting limit at 50 pips. That’s basically it.
Since Midnight Setup is a breakout strategy, I hope that it will have more winnings than losses. Then, all we need is for the price to go the extra 10 pips in our direction and after a while, we’ll have a profit on our account – right?
Currently I’m trying it out on my Demo account. We'll see what happens over time. What do you think?
See you