Nikos Renko Bar Spartan Trading Workshop
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Step 1 Strategy Rules :
- We always trade in the direction of our EMA 21. If the price moves above it we are looking for long trades and below it for short trades.
- We always chose Forex pairs with spreads ideally smaller than 2 pips.
- We are looking for a trend continuation candle setup, or also called, a TC setup.
- We trade the setups at once with a stop of 10 pips plus spread always.
- Our target is the size of the stop plus 1 or 2 pips (12-13 pips profits). We close the trade at once and look for the next setup.
- We only focus on one Forex pair with good volatility and trade ideally the London, US or Asian open for 1-3 hours max.
Step 2 Trade management Rules :
- We open a 100K demo account to “feel” the good money.
- We always start with half a mini lot (0.05 lots).
- If we win our first trade we continue with half a mini lot.
- If we lose a trade, we trade the next signal with 1 mini lot and if we lose again we trade with 2 mini lots. We continue and double our positions like that until we reach 32 mini lots (7 trades). If we lose again the 7th time, we stop trading at once and check our charts.
At this point we have done something wrong, or did not recognize a range early enough. Important: When we start trading with 0.05 mini lots on our first trade for example and lose the trade, we would then continue with 0.10, right. Let’s assume we win this second trade and the position is now closed. You had one losing trade and one winning trade.
Now because you closed the second attempt with profits and you doubled your risk from 0.05 to 1 mini lot, you actually made profits (you lost 10 pips with 0, 05 lots and made 10 pips with 0.10 lots… so you lost 5 pips but made back 10 quickly. 10-5…you ended up making 5 pips in this example!
- Whenever we close a trade during this exercise with profits, we call this a “trade set”! The goal is to close as many trade sets as possible and always with less than 7 attempts!
What is forex trading?
Forex, or foreign exchange, can be explained as a network of buyers and sellers, who transfer currency between each other at an agreed price. It is the means by which individuals, companies and central banks convert one currency into another – if you have ever travelled abroad, then it is likely you have made a forex transaction.
While a lot of foreign exchange is done for practical purposes, the vast majority of currency conversion is undertaken with the aim of earning a profit. The amount of currency converted every day can make price movements of some currencies extremely volatile. It is this volatility that can make forex so attractive to traders: bringing about a greater chance of high profits, while also increasing the risk.
Nikos Renko Bar Spartan Trading Workshop
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