I would really like to trade your intraday levels but I have a full-time job. Is there a way to trade your levels with limited time and access to the internet?”
This is the most frequent question I get from people who would like to trade my levels but are too busy and not able to sit in front of the computer all day.
The good news is: Yes, there is a way! You can trade like that and you can do really well even with minimum time and effort! I have two options for you:
1st option – simple Limit orders
A few days back I received an extensive backtest kindly made by a member of my Forex Course (thanx a lot Vladyka!). In this backtest he used all the daily levels I published since September 2016 (10 months!) and applied a 10 pip Profit Target, 12 pip Stop Loss method.
If you took all those levels with simple set-and-forget limit orders your equity would look like this:
Only thing you would need to take care of is macroeconomic news. Nothing else.
I believe that even the most busy person can find 5 minutes a day to set his limit orders (and cancel them before major news release). I believe result like this is totally worth it.
*I have one little trick in my sleeve that I use when trading with limit orders: If there is upcoming macroeconomic event I don’t close my limit orders but I only lower the volumes to the minimum trading size. If my position gets hit in the news I lose or gain few cents or a dollar. The cool thing is that I don’t have to go through the long and boring process of deleting a limit order and setting it again after the news impact – I only change the position size, which takes just few seconds.
2nd option – Trader Dale EA (Expert Advisor)
There is also a second option for the busy ones. This option is Trader Dale EA (available for free for members of my FOREX COURSE) which is capable of dealing with all the position management you need. Among it’s many features are:
- Preventing from entering before/during/soon after significant news release
- Discarding levels that got tested a tiny bit sooner
- Preventing from entering against monster spike moves
- Preventing from entering when spreads are too wide.
- and many other really cool features
You can see that there are pretty viable methods to trade the intraday trades. Even for the most busy people.I am personally probably a bit oldschool so I trade with the 1st option (simple limit orders) when I can’t be at the computer. However, the second option (EA) offers much more cool features than simple limit orders do.
One more point I have to say about this: Both those methods are good and profitable. Only thing you need to control is your own discipline and consistency. By that I mean: Don’t change methods after few losing trades, don’t change volume sizes after few winning or losing trades and very importantly – take all trades. If you miss intentionally or unintentionally any trade, Murphy’s law will make sure that this trade would end up in profit. Murphy’s law works – especially in trading.
PS. If you would like to become a member of my course and trade with me every day, you are very welcome to join us here: Trader Dale’s Pro Forex Course