Before I get into a Trading plan for next week - I will post this tomorrow
First of all I would like to share some trading experience that I have with you,
I hope it is useful to you - I think it is helpful for the new Trading rules:
One important thing that I finally learnt this week was to keep my position amounts lower towards the weekend close
The equity change from 1:100 to 1:30 Friday evening is a killer if you are in too large - and you will get closed out
So, keep your position amounts lower on Friday - close out winners, and keep loss to a minimum;
it is better to put in a SL on a losing position than to get closed out;
finally - only keep positions open over the weekend that are winning, or turning in the right direction,
when market opens you should avoid surprises - have a SL on all open positions!
Last month I got stopped out three times - and Dukascopy closed my positions:
Try your hardest to avoid this - keep positions tighter, and leave yourself some margin open (don't go all-in)
Because if you get stopped out you lose your Signal Copiers - it cost me about 30 followers last month,
and 20 odd points towards my total
Rule can be found here: http://www.dukascopy.com/wiki/#Social_Signal_Trading
this rule applies to Trader Contest, I have contacted Support about it, so be warned
Only a few Traders are posting a blog post every day - this is a shame!
If you post every day you can make up to 31 extra points towards your total score,
and you will need them if you want to win:
check out Daytrader21 his result of last month - see how the points for blog posts influence the score!
Also, you can only make a big score once a month - don't make the same mistake that I did last month
thinking that you can push your luck every time you trade;
if you make a huge profit the first day of the competition try and hold on to it,
minimize your exposure - keep Trading but fewer positions and smaller amounts,
don't risk it all, whatever you think - nothing is certain in the markets,
just keep building up your equity slowly and surely - let others make the mistakes
I am going to leave you with what I think is the most important rule in the new Trading format besides equity:
the points for Trading quality -- the easiest 50 points you will ever get!
All you need to do is enter the market conditionally and build in a SL and a TP on every position,
if your position is winning just change your SL to 10 points below the market price
and when it closes you will get full marks - it is better to get full 50 points than an extra 1 or 2 thousand equity,
you can easily gain that back in the next trade;
the same goes for losing positions: just set a SL close to market price, and don't close manually:
it does not matter anymore how many losing or winning positions you have,
as long as you do it this way you will get the full 50 points,
and again, you are going to need these points if you want to win!
First of all I would like to share some trading experience that I have with you,
I hope it is useful to you - I think it is helpful for the new Trading rules:
One important thing that I finally learnt this week was to keep my position amounts lower towards the weekend close
The equity change from 1:100 to 1:30 Friday evening is a killer if you are in too large - and you will get closed out
So, keep your position amounts lower on Friday - close out winners, and keep loss to a minimum;
it is better to put in a SL on a losing position than to get closed out;
finally - only keep positions open over the weekend that are winning, or turning in the right direction,
when market opens you should avoid surprises - have a SL on all open positions!
Last month I got stopped out three times - and Dukascopy closed my positions:
Try your hardest to avoid this - keep positions tighter, and leave yourself some margin open (don't go all-in)
Because if you get stopped out you lose your Signal Copiers - it cost me about 30 followers last month,
and 20 odd points towards my total
Rule can be found here: http://www.dukascopy.com/wiki/#Social_Signal_Trading
this rule applies to Trader Contest, I have contacted Support about it, so be warned
Only a few Traders are posting a blog post every day - this is a shame!
If you post every day you can make up to 31 extra points towards your total score,
and you will need them if you want to win:
check out Daytrader21 his result of last month - see how the points for blog posts influence the score!
Also, you can only make a big score once a month - don't make the same mistake that I did last month
thinking that you can push your luck every time you trade;
if you make a huge profit the first day of the competition try and hold on to it,
minimize your exposure - keep Trading but fewer positions and smaller amounts,
don't risk it all, whatever you think - nothing is certain in the markets,
just keep building up your equity slowly and surely - let others make the mistakes
I am going to leave you with what I think is the most important rule in the new Trading format besides equity:
the points for Trading quality -- the easiest 50 points you will ever get!
All you need to do is enter the market conditionally and build in a SL and a TP on every position,
if your position is winning just change your SL to 10 points below the market price
and when it closes you will get full marks - it is better to get full 50 points than an extra 1 or 2 thousand equity,
you can easily gain that back in the next trade;
the same goes for losing positions: just set a SL close to market price, and don't close manually:
it does not matter anymore how many losing or winning positions you have,
as long as you do it this way you will get the full 50 points,
and again, you are going to need these points if you want to win!
