Ok, so heres my plan.
I'm going to trade this out over two months of normal seasonal weakness. I'm not actually taking trades, only recording them (paper trading).
Feel free to add any helpful comments.
Heres some guidelines (Got these from Nick's course) and i use them in my trading plan, which is essentially this:
-Capital: 75,000 AUD (i would normally trade CFD's with approx. $30k)
-Universe: Will be my IG Market list that Lesm kindly gave me for the mech system testing. It can go both long and short (most of the time )
-I will attempt to take long and short positions in stocks that present low risk entries using typical chart pattern analysis, incorporating some VSA, and some really primitive EW.
-I will only risk 2% of starting capital on any trade, using strong support/resistance and fixed fractional positioning to determine quantity purchased.
-I will move stops to B.Even ASAP.
-I will use a trailing stop (higher low)
-I will use a profit stop (50% increase in less than 2 bars) to be honest i have not really thought about this allot yet, i am interested in suggestions here.
-Anything i'm missing here?