19# Set and ForgetTrading System

Submit by Joker


Overview of the method

This System is a pure 'set and forget' trading method and is 100% mechanical as well. There is no need to analyze anything at all to make Trading decisions. When the time comes, you simply open your charts, place your orders, then close everything.We will be using a 30 pips stoploss and all orders will be placed on Monday, Tuesday, Wednesday, Thursday and Friday.

These are the only possible outcomes for the pending orders placed on one side, now you can broaden the outcomes if trades on both sides gets triggered. So, with the strategy as is, the maximum that you can lose on one side is -90pips and the maximum you can make on one side is +95pips. However, if you are inclined to monitor your trades, you can move the stoploss to breakeven when trades are in profit to minimize the risk or you can use a trailing stop as well. This will solely depend on you at your own discretion.

The other aspect which need to be taken into consideration is the amount of lots you put on 


the trades. It is advised that we use less than 3% of the trading capital at anytime and keep the lots amount fixed for all positions, starting with the least available lots by your broker. However, you can play and tweak theSystem to make it your own for example you can use a bigger lot for the first order with the smallest Takeprofit as it is more likely to be hit and you can decrease the lots amount as you climb up the orders. You can also try other scenarios like using more that 3 orders with a higher takeprofit in an attempt to make 150pips from a 80pips move for example.


Please do take some time to read and study the method, then put some real time into the practice and demo so that you can gauge the performance of the System and know if it can suit your style or not. Suggestions and trading ideas are welcome.

Good luck.


Source www.forexfactory.com  


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Comments: 3
  • #3

    Iprince (Saturday, 21 October 2017 01:19)

    can you explain how it works with the indicator used???

  • #2

    Batman (Saturday, 05 December 2015 23:13)

    LOL good one Joker :) Set and forget :) sri didn't get it.

  • #1

    sri (Tuesday, 23 June 2015 16:13)

    what is the system........not explained