Forex trading strategy #33 (The Simplest system)
Submitted by User on May 5, 2010 - 03:32.
Submitted by Ken Murray
Using a 100 pip stop
GBP/JPY
Place trade at midnight EST According to above/below SMA 50
Leave until around 1800 HRS EST
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Since oct 5 it has lost over 100 pips
last 14 trades (I don't do friday trades) lost over 100 pips loses 57%
It does not matter what time frame you use. You can use one minute or daily. All you have to do is buy at midnight and close at 18:00. Aslong as you can open at midnight, and close at 18:00, you will be good. You don't even have to watch the price, just close at 18:00 and open at midnight.
I am back testing this right now, I will try and get back with my results.
-Kenneth
I believe it's called 'Gambling'...
Needs more clarifications.
50ma is going to be different on every chart. I would guess H1 or H4 Either way its place a order and hope. Hope is not a strategy.
I back tested this for last 4 days today and there is consecutive losses of 100, 8, 11 and 100 pips. Great for beginners with limited initial capital to try this strategy so it can wipe out their accounts in their first four days of trading.
If 4 trades wipes out a whole account for a beginner, the problem is not the entry technique but the insane position sizing
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