If you want to be consistently successful in Forex, you need a Trading System, and here is why:
- Without a trading system you won't be able to analyse what you did right and what you did wrong.
- Without a trading system your trading preferences will change all the time: every new trade could easily have different reasons behind it.
- Without a trading system you can be late on entries due to constant hesitation as a result of battling with your intuition or a sudden second opinion.
- Without a trading system you'll have more doubts about the best time to exit a trade or the best place to keep a protective stop.
- Without a trading system you cannot trade consistently and demand a disciplined trading from yourself.
- Without a trading system you cannot fully work out your money management and risks.
- Without a trading system you'll be prone to fear of losing and every time you would need to regain the confidence.
Suit Trading System
Currency Pairs: Euro, Swiss, Pound and Gold
Time Frames: Hour, 4 Hours and Daily
Trading Hours: Tuesday, Wednesday and Thursday 15:00 – 19:00 Local Time
No Trading: Monday and Friday
Recommended Risk: Margin Level % 300 in MetaTrader Platform
Stop Loss: When margin level sees under % 300, exit most losing position
Trailing and Time Stops are for Euro (72 pips), Pound (80 pips), Swiss (56 pips) and Gold (840 pips); 3 days limited.
Profit Objective: When margin level sees % 750, exit most gaining position
Target Point for each one should be the optimum two and half times (1:2,5) amount of stop loss.
How it works:
With Suit Trading Indicators that inspired Pivot and Fibonacci Levels are found with the help of daily, weekly and monthly Close and High/Low values. If the price closes UNDER the pivot level that means direction is DOWN. If the price closes ABOVE the pivot level that means direction is UP. When direction is down, then use 5 resistance levels for entry SHORT. And use last 3, 4, 5 supports for exit positions. When direction is up, then use 5 support levels for entry LONG. And use last 3, 4, 5 resistances for exit positions. For entering position, 20 EMA, 50 EMA and 200 EMA should be regular each time frame.
Why it works:
- The `unexpected` factor
- Bank dealers trade majority on these levels in the short term. Short term means 0 – 5 days.
