Your best known manualtrading system??

Hello,

i want to ask you what forex manual system is woking best.

Which forex manual system are you using?

What system can i use <1000$

Pls your oppinions!

Re: Your best known manualtrading system??

this question has been asked a few times and the answer almost always points to the fact that you must find the system that you're most comfortable with. To get there you must know yourself pretty well and you must do a ton of research, backtesting, demo testing and live testing. I'm sorry but there's just no way around this. Here are a few good systems (methods) I've come across:

(a) BWILC (bird watching in lion country by Dirk Du Toit. He uses a 4x1 median grid trading)

(b) Black Dog MTF2

© LindenCourt FX

In terms of your account size, even $500 is enough. Just open a micro account on a popular broker. For example, if you had a $50,000 account, you would normally trade 1 full lot easily. So on a micro account of $500, you can trade 0.01 lot. Hence, it's all relative.

Hope this info helps a little. :)>-

Re: Your best known manualtrading system??

KENACHI METHODE From Mr. Kenshi22(a.k.a. Indra K.G)

Re: Your best known manualtrading system??

Best known manual system depends on what you want, although I still haven't found it yet. You will find plenty systems here just try for yourself and see what works for you.

Gyverd,

What is KENACHI METHODE as I didn't find any info on it?

Maybe we should ask what systems members use with constant results?

Re: Your best known manualtrading system??

This post here regarding Kenachi

http://indo-investasi.com/viewtopic.php?f=51&t=5987&view=next

Re: Your best known manualtrading system??

Hello,

i want to ask you what forex manual system is woking best.

Which forex manual system are you using?

What system can i use <1000$

Pls your oppinions!

The best manual trading system is only and only you. It totally depends upon your requirements and comfort level:

hxxp://indo-investasi.com/viewtopic.php?f=48&t=7983&start=10

Re: Your best known manualtrading system??

j16 pin bars on the daily tf work

over at ff there's a system called tony's central bank system it works but requires you to stare at the screen

1min daily seems good for last two years

Re: Your best known manualtrading system??

Hello,

i want to ask you what forex manual system is woking best.

Which forex manual system are you using?

What system can i use <1000$

Pls your oppinions!

The way you say this, I can tell you just starting, so it's a long road ahead of you spike123

I was asking the same question few months before, and it didn't help me .. so you will probably find out on you own with time and in this great database ..

Now .. all I can tell you is that after long time of testing, learning, trying, losing money (not just few $ but real money), then giving up, trying to forget forex, missing it and coming back.. I learned one thing (and this is purely my opinion)

1. EA's don't work in a long run.. no robot will do your job and make you rich (btw your job is to learn the magic behind the forex)

2. System's don't work in a long run.. there will always be a better one, a new one, and you will jump like a bee from flower to flower .. people sell what they don't need (systems that don't work) .. if you had great system that makes you money, would you sell it? I don't think so, you would hide it like the biggest treasure

3. Indicator's don't work .. there are history and will give you sense of false security in a beginning, and then when you see that, you willthrow them away and find the other one's (just the same only new lines and pretty colors)

So by now you probably think, oh she is just a girl and girl's don't know much about forex, BUT there is one thing that I think it's working, and it requires all that that you are trying to skip right now .. and that is a BIG process of learning the basics .. and by that I think some real PA :D (PA = price action)

This is at least what I will do now.. and you will probably need to do your way by trying all the systems, all the EA's and all the indicators ;)

I wish you good luck.. just relax and learn, and this is a great place to start ..

Barbara

p.s. English is not my native language :P

Re: Your best known manualtrading system??

Barbara,

I agree with you on most points and I threw away bunch if indicators and looking at price action now. Indicators look great when you look at past data but at the exact moment you are watching they will move in quite a few directions and give false signals. Indicators should only be used as a compliment but not relied 100% and the longer the tf the better accuracy. As for EAs I believe only martingale style EAs (hacked, ilan and plenty others) will always work you just need to find right settings and use very conservative lot management.

Spike123,

I would suggest trying all those systems with arrows and plenty of indicators and you will see how they work. I believe best is to study price action, patterns, support and resistance and using indicators only to confirm. Some systems will claim very high accuracy and some do deliver but can you watch charts 24 hours a day for a perfect entry? Good system in my opinion should have plenty of opportunities throughout the day with 70% or more accuracy and higher win/loss ratio.

Re: Your best known manualtrading system??

I too agree on everything that Barbara has said.... and over time, if you stick to it long enough (most don't) you may begin to see the same thing.

Sure, some are able to find a system with indicators that work, but they're like the top 1-3%, rare as hen's teeth, and they've put in the hard yards.

I don't believe there is a robot yet that can compete with a human trader, especially consistently over years and thousands of trades.

What I do believe in is price action.

I've recently started looking in depth at harmonics, courtesy of derek frey's webinars on fxstreet. Now he's very controversial in what he says, but it's simple and it's true. My sample size is still very small, but so far, live trading using these patterns w/ no leverage, I'm having consistent success and haven't been happier.

G'luck,

mlee

Re: Your best known manualtrading system??

mlee,

Can you expand on the derek frey's strategy? Is this his website http://forextradersdaily.com/ ? Thanks.

Re: Your best known manualtrading system??

You can trade MA crosses with good money management tp & sl you dont really need to pay anybody for any system. Best things in life are freee... make something out of the free indis you get from places like this.

Re: Your best known manualtrading system??

Yup agreed with chetachukwu..

Make full use of native indicator provided by MT4 like MA, stoch, ADX, RSI....

If want can search for free indicator , just google it...no need to pay for commercial system, a lot commercial indicator are based on native indicator.

For me the most powerfull indicator is MA..

What ever system i used there will be at least one MA line ;)

Re: Your best known manualtrading system??

thank you indo-investasi... now i become a better trader...

Re: Your best known manualtrading system??

I have to say I'm still in learning phase right now... after 3 years of live trading I already noted that know yourself (know what you want) PLUS using price action is the purest way to generating cash in trading. Maybe this sound a bit cliche, but it's my experience. Follow the price, listen to them and they will whisper you where they would go. ;)

agreed.. ;))

Re: Your best known manualtrading system??

I have to say I'm still in learning phase right now... after 3 years of live trading I already noted that know yourself (know what you want) PLUS using price action is the purest way to generating cash in trading. Maybe this sound a bit cliche, but it's my experience. Follow the price, listen to them and they will whisper you where they would go. ;)

me to agreed :D

Barbara

Re: Your best known manualtrading system??

thank you indo-investasi... now i become a better trader...

Re: Your best known manualtrading system??

@barbara,

Good to have you back again. Big hug from me to you! :)

 

PS: Hope your trading got good result! ;)

Thank you so much Dr. :D Big hug from me to you to :) it's nice to be back, like it's nice to be home :)

Barbara

p.s. I'm still learning, hope good results will come in time :">

p.s.s. I'm also very happy to see good people like you are still making this forum a great place \m/

Re: Your best known manualtrading system??

Forex is a hard work, but it will be profitable, what you are required to do is to look for patterns (on your own) and than abuse them untill they don't work and than look for new one. You can also use gambling strategies on forex, like roulette patterns and martin trades, but those require you to have at least 10 deposits you are willing to loose without much hurt to your total equity. In hopes of doubling them quickly. Hope this helps.

Re: Your best known manualtrading system??

Hey thanks for your oppinions and your reply.

But i cant find the

BWILC

tony's central bank system

Maybe someone can post these systems here but only if they are in english or german language ^^

THANKS A LOT YOU´RE GREAT GUYS!!!

Re: Your best known manualtrading system??

Hey thanks for your oppinions and your reply.

But i cant find the

 

BWILC

tony's central bank system

 

Maybe someone can post these systems here but only if they are in english or german language ^^

THANKS A LOT YOU´RE GREAT GUYS!!!

BWILC is here:

http://indo-investasi.com/viewtopic.php?f=51&t=97&hilit=BWILC&start=30

Re: Your best known manualtrading system??

The best manual system is your mental and discipline

trader who has a good system but lost his mental and discipline and he lost all.......lol

Re: Your best known manualtrading system??

They say that the best way to learn is to copy what someone successful is doing. That's why we all start off asking the same questions from more experienced traders.

However, we never get the answer we were expecting @-)

Manual trading is more of an art form than a science and this is why it's proving to be very difficult to find any decent, robust and consistently performing EA's.

As we've seen from the Turtles and numerous examples elsewhere, you can have the greatest teachers/mentors who give the same trading rules to a group of traders and everyone will trade slightly differently. Some traders use the system and earn a fortune and others trade exactly the same system and lose a fortune. This shows that the system isn't the main thing which makes a successful manual trader.

Trading Psychology is a phrase which is mentioned a lot, however you never understand what it means until you traded in live and experienced the highs and lows of winning a fortune and losing a fortune. Psychology can be summed up in two simple words: Greed and Fear.

Your ability to control those two demons will determine how "disciplined" you are. Everyone can set out to trade a system exactly as the rules say, however when fear kicks in (for example when you hit a losing streak and see your account balance dwindle) you lose confidence, discipline goes out of the window and you close your current trades for a loss, ditch the system and go searching for the next "Holy Grail". It's very hard to keep discipline when this happens. One of the keys to ensuring that you have the confidence to keep on trading your system is to make sure that you've satisfied yourself that the system works (i.e. you've done enough backtesting to convince yourself of the system's consistent ability to carry on making gains in the longer term).

Greed can also be very dangerous. If you have several winners in a row you start to think that you're the greatest trader on earth and you wonder why everyone thinks it's so difficult lol. Because you see the huge gains and you have huge confidence because of it, you start to trade "big time", because you see yourself as becoming a big time player any time soon lol. What this means is that you take on board far too much risk than you would normally do. You start overtrading and having several trades running at one time rather than one, you start to increase your trade size and end up trading several lots at one time on small accounts (e.g. less than $10,000), putting your % risk at 25% or even 50% @-) - as soon as you get to this point you can be sure that unexpected price action will start moving all your trades against you here is where you lose what remains of your discipline. You've done so well up to now, you psychologically can't take a massive loss certainly not at the prices you're looking at right now. So...what happens next...you wait...hoping/praying for a change to make price go in your direction. In the vast majority of cases you end up blowing up your whole account, in the cases where you are overexposed and get lucky, you can be sure that you'll experience blow out further down the road which will be even more painful.

The first thing to ask yourself is "what sort of trader do I want to be?".

There are 3 main choices:

1. Scalper

These guys live in the Tick, 1M, 5M 15M charts and spend many hours by the screen. This can be hugely profitable if you can get it right. One tip for any scalper is always trade with the higher level trend. Look at the 30M or 1H and trade in the same direction - what ? You can't see a direction - then don't trade! Sometimes the best trades can be the ones you don't make :)

2. Day Trader

These guys are looking for a chunk of pips during the day, typically looking at 30M 1H and occasionally 4H charts. There are various "set and forget" systems for day traders where you can place orders with targets and stops before you go to work or play golf or whatever and collect your winnings (or take your losses) when you return. Other day traders with more screen time may place several trades during the day waiting for signals that the trend is turning, or key support/resistance levels are broken etc.

3. Swing Trader

Generally this is the option preferred by busy people, with other jobs and not much free time. Charts observed would normally be 4H, Daily and Weekly. You can place swing trades based on longer term trends or economic news (which you can read up on whilst travelling etc.). These trades can be orders placed with stops and targets in a similar "set and forget" way to one of the day trading methods, the only difference being that you check your results on a weekly rather than daily basis.

When you've made your choice of what trader you want to be (or need to be because of job restrictions etc.), then concentrate on systems for your timeframe only.

The next thing to do is learn about money management. Money management is all about not risking too much of your cash, so that you can live to trade another day. Pro. traders rarely trade more than 5% of their account (normally 1-2%), which means that they can have strings of losing trades and not be too concerned. Slow building of account balance, although boring, is the thing which will keep you in the game.

Try and find systems which have good risk/reward ratios. A system which targets 100 pips with a stop of 50 pips could have trades like this:

1. Lose 50

2. Lose 50

3. Win 100

4. Lose 50

5. Win 100

6. Win 100

7. Lose 50

8. Lose 50

9. Lose 50

10. Win 100

As you can see we've only won 40% of our trades !

However, we're still in the money because our net profit/loss = (4 x 100) - (6 x 50) = 100

Also be very aware of the power of compounding. Rather than always trading 0.1 lots or 1 lot or whatever as your account balance grows, work out as a percentage of your balance how many lots a 5% trade would be for example. If you have a string of losers and your account balance dips, you won't be then still trading the same fixed lots to get out of the hole, you'll be trading a % of your reduced account which in turn means that your risk is kept constant at 5% regardless of your account balance. The nicer scenario is when your account balance starts to grow, that trading 5% of balance means that your account grows more exponentially (i.e. you get rich quicker ;) ) than in a straight line.

The next step is to start looking at the manual systems already posted here and see which ones you would like to trade. Try them in demo, and if you make money then try them in a live account (though remember to keep your stakes low - money management is a big key to success).

Good luck and Good Trading!

Re: Your best known manualtrading system??

Could anyone please post Dirk duToit's 4x1 median grid trading system IN ENGLISH and with MT4 indicator/s & template,or at least help me find it around here :o ;) ? Thanks a lot!

cyrox scalping is very good .

very simple + stress free .