FREE FOREX STRATEGIES
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Developing a system #23 (MACD, RSI, SAR, & Pivots)

General rules:

1. trade only overbought or oversold markets.
2. do not trade the news (cuz i lost 25% of my account by trading news)
3. avoid trading on Fridays.
4. take profit using pivots points or Fibonacci points
5. do not over trade.
6. after every trade write down it’s details.
7. leverage to be used is 1:100.

Entry rules:

1. after a MACD crossover wait for the candle to close and wait for parabolic SAR to confirm the reversal after this check whether RSI supports the entry decision by being in overbought or oversold region then check for any major news releases, if there are no major news releases around the corner go for the trade.

Exit rules:

1. follow a risk to reward ratio of 1:2 or 1:2.5.
2. as soon as the take profit of 20 or 25 pips is hit exit the trade(this is also on of the problems most of the times the trade goes in my favor upto 40-50pips so i kinda cut short my profit, if you could help me with this too).
3. stop loss is 7% of my total account.
4. if the trade is a success. get out no more trading for that day.
*my every day target is at least 10 pips and my maximum limit is 25pips.

One last question can you YOU tell me technique by which can help me identify a losing trade early so that i can cut short my loses…………….??????

ALSO YOU MUST BE SEEING THAT I DID'NT ADHERE TO MY TAKE PROFIT AND I DIDN'T CUZ I WANTED TO LET THE PROFITS RUN. ONE MORE THING I HAVE NOTICED THAT MY EXIT STRATEGY IS NOT THAT RELIABLE SO I WILL BE GREATFULL IF SOME COULD SUGGEST ME A GOOD EXIT STRATEGY.

ONE MORE THING USING THIS STRATEGY I DOUBLED MY $100 INTO $200 BUT TRADING THE NEWS ON FRIDAY WIPED OUT ALL MY PROFITS AFTER THAT I LOST ANOTHER $45 CUZ I GOT ANGRY AND TRIED TO BEAT THE MARKET. SINCE I KEEP A RECORD OF EACH AND EVERY NOT MATER IF IT IS A LOSING TRADE OR WINNING TRADE I CAME TO KNOW THAT I ONLY LOST MONEY WHEN I DID'NT FOLLOW THE RULES,BUT AFTER THE LOSING STREAK I LOST MY CONFIDENCE SO NOW I AM TWEAKING MY STRATEGY TO AVOID LOSSES. PLEASE REVIEW MY STRATEGY AND LET ME KNOW WHERE I AM WRONG

It is not always the system that loses you money. A lot of times
it is your emotions. IF your trading rules were not being followed
and you lost, why tweak your trading concept? Sounds like more of
a lack of experience. Remember two things kill traders fear and greed!
Keep your chin up and get back at it. Most important keep your rules.
I trade pivot points, cross over moving averages, bollinger bands. There
are a lot of ways to trade. Good luck.