Whilst I am not going to give the exact details of my system I will give a very good overview.
Thirsty's Five Golden Rules
1. KEEP IT VERY SIMPLE - There is nothing like Fibonacci or Elliot Waves, I just can't buy into that shit.
2. NO STOP LOSS - Ohh ahh, but that's right, bloody Stop Losses, what a misnomer, they should be called Realise Losses, so this is not to say I won't have a losing trade and won't "Stop" out of one, but I trade with no active order in the market to trigger a stop, the only time I will "Stop" out of a trade is once I am convinced that I got it wrong and the position is unrecoverable.
3. Often Average a "Losing Trade" - Yep another golden rule broken, I think the reality is you can never accurately pick a top or a bottom, so when a trade goes against me and everything else is still looking right I will increase the position to dollar cost average the trade.
4. Trade a manageable position - About the only golden rule I think that has some real merit, and is really what lets me trade with rule 2. My default dollar value on a trade is $100K, and can afford to lose the entire amount without negatively affecting my life. However that money is NOT in my trading account and is off doing other things, so I still think it is better to trade on margin with CFD's
5. Trade WITH the trend. - Just because you can go Long AND Short doesn't mean you should do either.
The System
At the moment I currently trade Predominately LONG positions, as we are in a GREAT bull market, this is an easy way of keeping with Rule 5.
I trade using both Fundamental and Technical Analysis with Buy/Sell signals being generated via a custom EFS study that I have developed for eSignal. Although it is possible to trade the signals Mechanically, I find I can do better by adding a bit of discretion to it.
I have put a great deal of work into the EFS study and it is currently working very well, it works better on some stocks than on others, however I have identified these and back tested over the last year and produced some excellent results. However as we all know, past performance is no indication of future, so I intend to post all my trades here as they come up so we can see together how the actual performance goes.
I have been trading the system for the last month and have currently returned 50% of my account size.
Firstly I will post my first month trades, and then onto real time updates.
Please Note: These postings are for general information purposes only, I am in NO way recommending what you should be doing and take no responsiblities for your actions, trading leveraged products is risky, blah blah blah.
