Live Currency Trading

As I alluded to in my previous post, I have started trading live once again. Today, Sunday, May 2, 2010, I have kicked off my first trade with the new replenished account. The starting account balance is $10,333.74 USD.

Following are the high-level details of the trading plan:

• No more than 1% risk per trade.
• Hard stops will always be placed at the time of starting a trade.
• No more than 2% risk at any one time.
• Strategy is trend trading and following, off of 5, 15, 30 minute charts. I will also be looking at longer term charts to base decisions.
• Trade decisions will be based on price action and support/resistance. The only technical indicators I use are 20 EMA and 50 SMA. They are only used for guidance, not trading decisions by themselves.
• Goal for live trading is to average > 3% per month.
• Plan is to implement a longer-term trend following strategy off the daily/weekly charts in the near future.