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.
Share your opinion, can help everyone to understand the forex strategy.