john
New trader
Posts: 25 
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Post by john on Dec 9, 2014 2:36:34 GMT -5
Hi everyone,
I have opened up an MT4 demo account and plan to learn to trade news announcements.
I thought I would try the following strategy and would appreciate any thoughts, feedback and suggestions anyone may have.
- Trade only Major news announcements.
- Two minutes prior to the news announcement place a pending order 5 pips either side of the current price.
- Use a ten pip stoploss and a ten pip takeprofit.
- If the trades are not activated within 5 minutes then they are both cancelled.
- When one trade is activated the other pending order is cancelled.
Does that sound feasable? Cheers, John |
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Post by traderAllen on Dec 10, 2014 0:17:53 GMT -5
I can go into great detail if you like but for now its late at night, this type of news trading will cost you dearly. There are no straddle settings that can save you. Please reconsider your plan.
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john
New trader
Posts: 25
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Post by john on Dec 11, 2014 5:14:26 GMT -5
No need to go into any detail thanks, you have answered my question well enough.
I just want to avoid wasting my time going down another street that turns into a dead end and you have helped me do that.
Cheers,
John |
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steve
New trader
Posts: 37
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Post by steve on Dec 11, 2014 7:52:50 GMT -5
Hey John! I know how you feel about that. Been there and bought the tee-shirt. If you want to become a profitable trader, pick something simple like FPAS and eat it, breath it, and sleep it for 3 or 4 months until
you get it. It really is simple. It is all in your head.
Good luck my friend.
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john
New trader
Posts: 25
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Post by john on Dec 11, 2014 15:38:04 GMT -5
Thanks guys,
I have purchased Bob volman's book but i am waiting for it to be delivered
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