P2 Trade Book (futures, forex, cfds)
It's time to diversify our trading business that started in Pavilion103's LIVE ASX Momentum Setup Trading thread and continued in the ASX Momentum Trade Book - Part 2 thread. Diversification will provide more trading opportunities and reduce our dependance on a bullish ASX market.
Our starting capital ($50K) has grown to approx $65K (not including open profits). We are going to transfer $15K to an account that has access to leveraged financial products (futures, forex, cfds).
This thread will be different in that there will be less educational info presented. I apologise for this, but there is too much educational material related to these financial products for me to repeat it here. If you want further explanation about anything, then the onus is on you to ask specific questions. I encourage you to ask and participate. I don't wish to tell anyone how to trade these markets or endorse trading in leveraged financial products.
Aim: To earn a few % each month in addition to what we earn from the ASX trading activity.
Trading Strategy: Short term swing (momentum) trading using daily and intra-day charts.
It's illegal for me to post specific buy/sell recommendations. I'll post details soon after the entry and before the trade is closed like I have in the ASX thread. Every trade has an iSL and they will be in the market at all times. I will also state the initial risk of the trade (points, ticks, pips and the $AUD risked) and post a chart after the trade is closed to show the complete trade.
I'll continue the use of the fixed fractional position sizing model in this thread. The individual trade risk will be based on the combined realised equity of both accounts (ASX + P2). Currently the realised equity of both accounts is 50K + 15K = 65K. Open profits are not included. A new trade risking 1% will therefore be risking $650AUD. All wins and losses will be converted and displayed in AUD as other markets around the world operate in different currencies. Trades based on the daily charts will risk 1% and the intraday setups will start at 0.5%.
All of the trades posted in this thread will be based on live trades done in one of my accounts. The results (R multiples) I get in my own account will be used as the results in this thread. For example if we risk $300 on a trade in this thread and I realise a +1.6R result in my account (incl all costs and currency conversions). The result in this thread will be $300 x 1.6 = +$480.