First of all there are NO secret systems in Forex or any freely traded market. The market either moves up down or sideways. It is either a trending market or a ranging market.
Any trading system or any secret "members only" entry program is just a series /or a combination of indicators ie: MACD RSI Stochastic Moving Averages etc etc etc. to give you an entry into the market with an effective batting average of winning 678 out of 10 trades. No system is perfect.
The best time to trade the forex market in North America is - during the European time zone (approx. midnite until 8AM) /or the US EST time zone. To trade effectively you have to be there to track the market so your red eyeball is stuck on your computer screen - midnight until 9AM-10AM the following morning waiting for a possible signal for a trade entry. Sometimes you can be up all nite - the market does not move thus there are no trades. Result: You were up all nite nothing happens. You make $0.
Once the new "state of the art" never been seen before propritiary trading system or any other indicator/entry program tells you to enter the market - at say... 3AM or 5AM or 8AM you patiently wait until then to manually enter the market.
Once you are in the market. You babysit the trade. You minimize losses imize profit. Easier said then done. 6-7-8 of 10 trades are winners thus 2-3-4 of 10 trades are losers. a real crap shoot. The pain starts when you enter a market you lose money. You have a predetermined loss built in at times you tearfully watch the screen as the market races to your stoploss of $400-$500.
You are out $500 go to sleep. The next day you try again. To make a living to survive trading you have to make up for the $500 loss the night before make an additional $500 to $1000 to have a positive $$ result. That is a turn around of $1000 to $1500 with no guarantee. Negative -$500 to a +$500. If you lose again the following trading day... well.
The smart money is in Marketing a trading strategy. Internet marketing is not a zero-sum game. It is win-win. You sell a product of value the buyer gets value... you get paid. If you want to make money in trading sell a effective trading program. That is the same theory during the California gold rush. The marketer who sold the picks shovels equipment to mine the gold as well as the industrial grade alcohol to fuel the drive are the that got rich. Not the gold miners who went into the mountains to find nothing.
Trading the forex stocks commodity markets is a vicious cycle where only the selected 2% with a large payroll cushion make enough money to survive in the long term.
not true.
everybody starts somewhere.
Natural progression would be short term gradually increasing to long term.
people trade the markets always have. So what changed??
nothing thats y there are patterns. If you study have rules stick to them it is not a zero sum game
Originally posted by mika Once the new "state of the art" never been seen before propritiary trading system or any other indicator/entry program tells you to enter the market ...
It's an absolutely wonderful sort of trading system it really _ought_ to be in the dictionary: it's a cross between a 'propitious' system a 'proprietory' one - we could all do with that!
I have not used my own money to trade some of these entry programs that are "out of the box". Paper trading provides an accurate reflection of what a trading program or indicator program offers. Along with backtesting I've tried a series of these programs - some offering free trials others a small monthly fee.
The point of my thread is there is no holy grail trading system unless you develop your own. Some may work others won't but in the long term they fail. Technically they may be good trading systems but you end up blaming the originator of the program that his program/system/indicator is poor. Thus the point was if you have to rely on someone else to give you buy/sell signals you will lose will not be a successful trader. The best system is one that you invent for yourself.
Here are my systems that I altered for my trading style temperment:
Trade system #1:
I use a variation of the famous Bunny Cross
Indicators:
30min chart
5wma 20wma cross
ATR set at 14
Enter buy/sell at 2x ATR
Stop at 2ATR
Target at 2ATR
Trade when European market opens.
Trade system #2 (For quite markets)
This is a variation of the Turtle trade adapted for the forex market
1hr chart
Buy/Sell at 20 bar breakout or
30min chart
Buy/Sell at 55 bar breakout
ATR 14
Enter market once market breaks after 20 or 55 bars at 1.5ATR.
Setup pyramid entries as per turtle trading rules but keep at 3 pyramid trades
Set stops at 2ATR
Exit market at 5wma 20wma cross
I use real money to trade systems #1 System #2.
The point of my original thread was that there are alot of programs systems out there promising a 607080% win rate. If you have to rely on someone else to give you entrys exits. In the long run you will not win.
Originally posted by mika I have not used my own money to trade some of these entry programs that are "out of the box". Paper trading provides an accurate reflection of what a trading program or indicator program offers. Along with backtesting I've tried a series of these programs - some offering free trials others a small monthly fee.
The point of my thread is there is no holy grail trading system unless you develop your own. Some may work others won't but in the long term they fail. Technically they may be good trading systems but you end up blaming the originator of the program that his program/system/indicator is poor. Thus the point was if you have to rely on someone else to give you buy/sell signals you will lose will not be a successful trader. The best system is one that you invent for yourself.
Here are my systems that I altered for my trading style temperment:
Trade system #1:
I use a variation of the famous Bunny Cross
Indicators:
30min chart
5wma 20wma cross
ATR set at 14
Enter buy/sell at 2x ATR
Stop at 2ATR
Target at 2ATR
Trade when European market opens.
Trade system #2 (For quite markets)
This is a variation of the Turtle trade adapted for the forex market
1hr chart
Buy/Sell at 20 bar breakout or
30min chart
Buy/Sell at 55 bar breakout
ATR 14
Enter market once market breaks after 20 or 55 bars at 1.5ATR.
Setup pyramid entries as per turtle trading rules but keep at 3 pyramid trades
Set stops at 2ATR
Exit market at 5wma 20wma cross
I use real money to trade systems #1 System #2.
The point of my original thread was that there are alot of programs systems out there promising a 607080% win rate. If you have to rely on someone else to give you entrys exits. In the long run you will not win.
True! if you have to rely on someone else why not just have that person trade your account so you can go on with your life?
This is the point..!
Not all people can trade only few of them can do this tough job successfully.
So don't play 2 sides. Either have an edge (techanically emotinally) use it to make money or leave this job to others to make you money.
The key is to know yourself first.
Hani
__________________
Hani
As we sail through life . . .
. . . We face storms deep waters
We have to accept pass'em . . .
. . . Caz.calm seas never make skillful sailors
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