Welcome to my contest thread. First of all I would like to thank whole MT5 community and IFX for arranging such a nice contest for us. MT5 contests are always helpful to build our self confidence and also to improve our trading skills. So I’m here to exchange true ideas about how to trade effectively. I’m thankful to my team mates forexianz and NkitaBelle for supporting me all the way. It is like a dream to trade with a great team.
About Triple Tag Team Assault MT5 Contest
I’ve participated in few MT5 trading contests and this contest is very unique from all other past MT5 trading contests. We’ve about 23 teams in this contest. Every team consists of 3 traders (except 23rd no. team) namely Trader A, Trader B and Trader C. I’m Trader B from team no. 2. NikitaBelle is Trader A and forexianz is Trader C. Forexianz has already finished his trades. Now I’ve to compete with all B traders. To get more information about the terms and rules of this contest please go through contest rules page here.
About Me and my opinion
I’m Bidyut. A medium aggressive trader. I believe anybody can trade forex if he or she has true intention to learn from others. There is no ending of learning because knowledge is infinite.. No matter how much time I’ve spent in learning forex trading but still I’m a learner. I expect good suggestions from anyone, you can point out mistakes. I’ll be happy to know how to improve my trades. Also I’m ready to help anybody specially any newbie who seeks any help from me.
We as a team and our goals
I’m lucky to be a part of team no. 2. As I’ve already mentioned the name of my team mates. As a team we’ve discussed about our strategies. Our strategies may vary but as a whole we’ll try to give our best. Forexianz and NikitaBelle are experienced traders and I’ll try to get valuable suggestions from them. Our goal is to trade wisely without taking any big risks. Also we’ll try to trade sensibly for the team. Our team is bold, focused and open to any good opportunity.
My strategies for this contest
I’ll give more importance in taking every small opportunity in the market. My trading will be based on support and resistance. Support and resistance are best ways to identify supply and demand areas. These are technical as well as psychological areas where traders would like to open or close orders. I’ll try to open orders at best price levels. To get a detailed explanation about support and resistance please visit here.
The second most important part of my trades is price action. I’ll try to open trades either in breakouts or in reversals. I would go for candle stick chart pattern so that it gives clear indication of a trend. I'll wait for bull candles to form an uptrend to open a buy order. My buy orders will be either near to support area or above resistance area (breakout). In opposite when bear candles form a downtrend, at that situation I'll go for sell order. My sell order will be just below resistance area or below support area (breakout). In other words I’ll try to focus more on a good trend and trade on a clear confirmation.
Last week we’ve seen the effect of FOMC (economic event). So here too I’ll try to follow fundamental releases. Technical and fundamental both are equally important for us to follow, this is not only to make profit but also to survive in the market.
During contest period I’ll go for short term trades. I’ll try to focus on booking profit with 10 to 20 pips. During scalping my lot size would be 100 lots or more based on the amount of equity. For scalping I'll not use any SL or TP. In case if I would go for long term trades with low lot size, at that situation I'll put 50 pips as stop loss and 100 pips as Take profit. If I find my trades go into losses or not indicating any sign of improvement at that situation I’ll try to cut losses without waiting for SL to hit.
My focus will be to avoid any mistakes. In big competitions pressure is always there, but I'll try to avoid any types of pressure. I'll take help from my team mates NikitaBelle and Forexianz when and where required. I'm open to any good suggestions from them because we're trading for our team. I'm also inviting our members to suggest me. I'll be happy to hear from anybody who want to help me. Because I'm here not only to show my trading skills but also to accept new ideas and suggestions from all of you.
My portfolio will be consists of all major pairs including EURUSD, GBPUSD, AUDUSD, USDCHF, USDJPY, NZDUSD, EURJPY etc.
Gold and Silver are my second choice for this contest.
For identifying a good trend I'll go for 4 hours and 1 hour chart. For scalping 15 minutes chart will be helpful for me to make quick profit. Anyhow long time frames are more strong and accurate. But to open any trades at correct level small time frames is very helpful. So I would like to follow 15 minutes, 1 hour and 4 hours candle stick charts. Later we'll discuss about every trade with a picture of chart so that everything will be clear to us.
To all participants
The best part of any trading contest is that it always spreads true and proven knowledge. We can learn a lot by following other good traders. There is no loss in participating in trading contests. We can find out best strategies from best traders. I hope from everyone I’ll get many good lessons. This time we’re lucky that we’re not trading alone, we’re trading as a team. Wish you all the best to all teams and to every team member.