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[fourex]

I'm a beginner to this forum and wondering if any of you guys have had trading experience with the 5minute system that Beau Diamond has produced. It looks promising to me with a minimum of BS attached and seems to be trying to keep things simple. Might be a good start to forex trading.

Would appreciate any opinions.

Cheers

[Livermore]

Originally posted by fourex
I'm a beginner to this forum and wondering if any of you guys have had trading experience with the 5minute system that Beau Diamond has produced. It looks promising to me with a minimum of BS attached and seems to be trying to keep things simple. Might be a good start to forex trading.

Would appreciate any opinions.

Cheers

No. Could you tell more?

[darmasdt]

Originally posted by fourex
It looks promising to me with a minimum of BS attached and seems to be trying to keep things simple.

fourex, what do you mean by BS ?

[tunesmith]

I have read several threads here about it and mostly good reviews. However from what I understand it is mainly position trading and you make very few trades a year (about 12-16 I think). It appears it may be profitable however you would have to trade a fairly large number of lots to make any real money.
I do not have enough trading capital to trade that way, to much risk.

Hope his is of some help

[fourex]

Appreciate the input. Have found out a bit more about this system and I think the developer is pretty upfront and so I'm going to give it a go.

I think longer time frames a probably a positive when you're starting out as there's no overtrading - but I know what you mean those stops are a bit scary - up to 100 pips.

Darmasdt, BS is just a shortening for an old saying - Bullsh!t - just means there is no extraneous rubbish about the system!!

Livermore, I'm going to give the system a go so I'll keep you guys posted about performance.

Cheers

[scrumscab]

There's so much buzz about this system right now that I'm curious to see the opinion and the reviews 6 months from now. I hope this system is worthwhile. Time will tell.

[darmasdt]

what is the url for this system?

[scrumscab]

http://www.diamondforextrading.com/

[Ugly_Dog]

Good info on it here.

http://www.moneytec.com/forums/_show..._threadid-6664

[TheSundanceKid]

I have used Beau Diamond's system, and it is good for beginners and a great start to developing your OWN system. Beau also has a daytrading system, but it is sold on a limited basis only to those who have already purchased his 5 minute forex system. Email him for more info.

[CDNTRADER]

Hello first post on this site and totally new to forex(but not to stock trading)

been reading alot about the 5min forex on these forums. Sounds like a great system for swing trading with a miminal expense for it.
Wondering if someone could answer some questions about it...
(please bear my rambling)

1. Is the system flexible enough to use outside the 9am time frame? Or is there an alternate strategy for outside the recommended time frame. (incase something happens that makes trading impossible)

2. What level of stop loss is used? for example 200 pip stop loss or a percentage? (looks like can get some big moves in the market, hate to be stopped out too early of the trade)

3. What time does the indicator usually get emailed out ?

Thanks for any answers...

[CDNTRADER]

Hah forgot about one more question

how many positions on average is open at
one time?

[Brewman]

There are "alternate" strategies listed, such as trading at a different time such as 2 or 3am. There is also an alternative that is simply trading whenever the price breaks a certain level, instead of just checking at 9am to see if it did.

Maximum stop loss on the basic system is 100 pips. The alternative system I noted above (trading whenever price breaks X level) puts the stop loss at 30 pips I believe.

You need to trade at least 2 minis with this system because a major part is peeling half at a profit target and letting the rest ride for a big move.

This system is NOT a day trading system, with multi day and even multi week holding periods. In this situation a 100 pip stop is tolerable since you are going for several hundred or even over 1000 pip gains. You
definately need a big enough account size to handle drawdowns.

I like this system because it serves as somewhat of a hedge to my standard day trading. It is profitable but you have to be patient if you are used to day trading and you have to follow the rules.

Signals are usually received around 9 or 10pm eastern time in the US.

You could possibly have one position open per pair that you are trading. You can trade eurusd, gbpusd, usdchf, audusd and usdcad. They recommend not trading usdcad right away as it tends to experience greater drawdowns than the other pairs although overall it is profitable.

-Brewman

[CTGJr]

if you were trading the USDCHF using the alternate strategy, I believe you would have experienced nine whipsaws today

has anyone tested anything to try to filter out some whips?

e.g., if you looked at the RSI, it remained below 50 throughout the whipsaws -- you would have avoided five whips if you only traded short

[Brewman]

Yes if you would have followed it to the letter you would have been whipsawed several times today. After getting stopped out the first time I made a judgement call not to enter on a break of the TRL but rather enter on a break of the well defined channel that was forming around the TRL. So I only entered into a short position on the break of the channel around 1.2545.