Journal to test my Single Currency Basket System.
Goal - To boost my account (demo) from 50k to 60k (20 percent ) in one month (start 1st September- end 30th September)
How does my system work?
I trade USD, EUR, GBP, JPY, CAD, AUD and NZD as a currency basket.
For instance, if I wished to buy NZD as a basket, I would put the following transactions -
Buy NZDUSD (1 lot)
Sell EURNZD (1 lot)
Sell GBPNZD (1 lot)
Buy NZDJPY (1 lot)
Buy NZDCAD (1 lot)
Sell AUDNZD (1 lot)
System Rules
1) In New York near (17:00 EST) assess daily currency asset indior to find out whether conditions are appropriate to put a trade.
2) Put one currency basket (6 currency pairs @ 1 Lot each) about 1 hour following New York shut (wait for those spreads to narrow)
3) Stop Loss- Set EA to shut all transactions @ -$2500 (5% of initial deposit)
4) Take Profit - Set EA to shut all trades @ $5000 (10% of initial deposit)
5) If neither SL or TP are struck, then manually shut all transactions an hour or two before New York close.
(When profit is $2500 until London session starts then shut all transactions and take profit)
6) Do not put a trade on Fridays
What is the advantage of using this program?
Requires only 10 minutes or so daily (no watching computer screens or charts for hours on end)
Entirely mechanical trading choices - maybe not a lot of analysis required
Possible to profit from big intraday moves if they occur (and reduce losses when transactions go against you)
Trade Explorer attached- I do not trade everyday, just when the setup is suitable.
Hopefully I can achieve my goal - your opinions are welcome