FOREX TRADE STATION
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Caution: Trading involves the possibility of financial loss. Only trade with money that you are prepared to lose, you must recognize that for factors outside your control you may lose all of the money in your trading account. Many forex brokers also hold you liable for losses that exceed your trading capital. So you may stand to lose more money than is in your account. ForexTradeStation.com takes no responsibility for loss incurred as a result of our trading signals. By signing up as a member you acknowledge that we are not providing financial advice and that you are making a decision to copy our trades on your own demo account. We have no knowledge on the level of money you are trading with or the level of risk you are taking with each trade. You must make your own financial decisions, we take no responsibility for money made or lost as a result of our signals or advice on forex related products on this website. Past performance is not an assurance of future performance. These trades are for educational purposes only and thus should be traded only on a demo account.
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Here are the rules of the game. Do not break the rules.
We do not use a stop loss.
Why you ask - Unfortunately stop loss hunting is prevalent in today Forex world. The more profitable you get the more likely stop loss hunting will be used against you. Only way to prevent this is to not use a stop loss.
Does this mean we don t manage our trades? Quite the contrary. We do manage our trades. Actively. How?
We trade a two trade strategy.
The first trade is extremely small. 0.01 lots per $2000. Please don t break this rule. You could take all signals if you follow this rule.
If you do not have $2000 for live trading you could open a cent account with any broker that allows for this type of accounts. Forex4You and FxOpen are two such brokers. As long as your account shows 2000 cents you can trade our signals. So the minimum required will be $20 on a cent account.
In most cases our first trade closes at a profit and we are done.
In the rare event the trade goes against us we give it time to correct. If the trade goes -300 pips and above (which is only about 3% of the account) AND the entry signals line up once again we take a second position 10X the size of the first but with a much lower take profit that will allow us to close both trades at a profit.
So for a $2000 account the second trade is 0.1 lots.
With this strategy the maximum drawdown we have faced is approximately $600 which is around 30%.
Since August 2016 we haven t had a second trade go south by much. Can this happen? Yes it can. Since our main entry is based on divergence there is a higher probability the second trade will work for us because logically if you think about it we had divergence on our first entry, the market didn t change, the second time we get divergence there is a higher probability of change. It s almost like a rubber band waiting to break.
Only take the pending orders and new orders. Please ignore the trades in play even if they are at a loss right now.
Do not break these rules.
Do not trade FTSBasic and FTSExtreme signals on the same account. You need to have 2 separate accounts of $2000 each to trade both signal types.
If you see a lot of signals with the same base currency do not take all of them unless you have sufficient margins to trade. For example if you get 3 separate signals on GBPJPY, GBPUSD and GBPAUD all on the same day (GBP trades) take only 1 or 2 of the unless you have enough margin to trade (these are the only trades on your account).
You do not have to take all published signals. Your discretion when trading Forex.