How did you come up with the system you have traded during the competition?
I came up with this trading system when I was trying to make a simple and easy trading method that can make profits consistently. For me the best indicators were the Exponential Moving Average and Awesome Oscillator. I don’t use any custom indicators.
During what hours are you actively trading this system and why?
There are no specific hours for me to trade actively when using this system.
Do you follow a set number of rules on each and every trade?
I will always follow the entry rules in order to open a position, but the target may vary.
Sometimes, I will wait for the price to hit my target, and sometimes, I will close it early if I lack confidence and feel fear.
Are there any exceptions to your trading system rules?
Sometimes, I will trade even when there is no divergence signal, which is only based on chart patterns & EMA break. The chart patterns that I consider when entering trades are double tops or bottoms, triple tops or bottoms and head & shoulders.
Do you enter trades using market orders and/or pending orders?
I use both, but in most cases, I use market orders.
If you use a pending order, how long do you wait before you cancel the order?
I will cancel the pending order when price had failed to touch my pending order and
started moving far from my pending order level.
Do you place a stop loss level? If so, how do you determine this level?
I place a stop loss level a few pips above the current highest point for a sell/short trade, and vice versa,
I place a stop loss level a few pips below the current lowest point for buy/long trade.
Do you exit trades before your stop/target is hit?
Yes, sometimes, I just scalp for a few pips and get out of the market right away. And most of the time, I prefer to close my trades manually.
Which signals will cause you to exit early?
I exit early when I feel less confident and it seems very difficult for the price to hit my target. Sometimes, when I do not use any stop loss after entering the trade then I will exit this trade after the price makes a new high/low.
Are there any particular months or weeks that you prefer not to trade and if so why?
I choose not to trade during the end of December, because the spread of currency pairs go higher than normal and the market usually only moves in a small range or sideways.
Would you consider your system to be easily understood by beginners, or is it better suited to intermediate or advanced level traders?
Yes, it is easy to understand for beginners. Additional knowledge on chart patterns and trendlines will give you more advantage when trading with this system.
By Wong Hau Yuen
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