Daily Chart Strategy - Daily Chart Trading Strategies
Daily Timeframe Strategy - Daily Timeframe Trading - Daily Simple System
An example of Daily Simple System - that's a combination of:
- Moving Average Cross-over Strategy
- RSI
- MACD Indicator
Daily Example Strategy Trade Rules are:
Intraday Trading Chart Strategy - Daily Chart Trading Strategies
Forex Rules: Daily Timeframe Strategy - Daily Simple System
Buy Trading Signal is Generated when: - Daily Timeframe Strategy
- Both MAs heading up
- RSI above 50
- MACD above center-line
Sell Signal is Generated when: - Daily Timeframe Strategy - Daily Indicators
- Both moving averages moving down
- RSI below 50
- MACD below center line
Daily Timeframe Strategy - Daily Timeframe Trading Simple System
Exit Signal - Daily Chart Strategy
Exit signal is generated/derived when the MAs Moving Averages, RSI & MACD gives a trade signal in the opposite market trend trade direction.
The chart time frame to use is Daily chart time frame.
For a beginner trader wanting to come up with a Daily Chart Strategy the above written rules will give a good example template of a Daily Chart Strategy that can be used to generate buy and sell signals - Daily Chart Strategies - Daily Example Strategy - Daily Timeframe Strategy - Daily Timeframe Trading - Daily Simple System.
Back Testing - Daily Chart Strategy - Daily Chart Trading
Generating Signals with this Daily system is the best technique that a beginner trader can attempt to determine the price trend and with a little back-testing in practice trade account so as to test this Daily Strategy
The best way to backtest a strategy is by following these 2 steps:
- Forex Paper Trade your Daily Simple System
- Demo Trade your Daily Simple System
A good tool to use to backtest your Daily Simple System is known as the MT4 Step-by-Step Tool. Found in MT4 charts tool bar of MetaTrader 4 platform, If you want to find the chart tool-bar on MT4 software it is at the top of MT4 software. If it's not: Click View (next to file, top left corner of MT4)>>> Tool-bar >>> Charts. Then click Customize button key >>> Select Step-by-Step >>> Click Insert >>> Close.
Meta Trader 4 Daily Chart Tool Bars - How to Trade Daily Chart for New Traders
Meta Trader 4 Step by Step Button for Daily Chart Strategy - Daily Chart Strategy - Daily Chart Trading Strategies
Once you get this MT4 tool you as a trader can move your Daily chart backwards, and use this MT4 forex step by step button to move the Daily chart step by step while at the same time testing when your Daily simple system would have derived and generated either a buy or sell signals, & where you would have exited the trade transactions, then writedown the amount of profit or loss per trades made using the Daily Chart Strategies and out of a sample number of forex trades you would then calculate the overall profits & losses derived/generated by the Daily Chart strategy.
If your Daily strategy is profitable on the paper method then, its time to practice demo trade & test if the Daily Chart Strategy is profitable on the real market as it's on paper method. This is the process of back testing Daily Chart Trade Strategy.
Maintain a Journal to keep track of profitable trades, and determine why these trade positions were profitable. And also maintain record of all the losing trade positions, determine why these trades made a loss and then avoid making these same mistakes the next time that you trade using your Daily Chart Trading Strategies.
Tweak your forex system until you get a good risk : reward ratio, with signals that you generate. Aim for a good risk: reward of 3:1 & use forex equity management guidelines & read the tutorial about: Risk Reward Ratio - Daily Chart Strategy - Daily Chart Strategies - Daily Example Strategy.
Intraday Trading Chart Strategy - Daily Chart Trading Strategies
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