How are you making money?

[garthy]

Hi, Ive made money and lost it all again, to the tune of about £5000

 

I am testing a strategy that seems to be working well at the moment, the key seems to be to avoid all the noise in the market by using small lot sizes and larger stop loss,take profit for me. This is just on demo, I dont have any real money left to trade it live, but results would be the same, as it is not a scalper and doesnt rely on the spread etc.

 

http://www.mt4i.com/users/garthy

 

see my thread "Pips Making Strategy, PLEASE SEE MY LIVE STATEMENT on MT4i"

[ikofxindo]

what fits best on you sometimes not best for the others :D

[ikofxindo]

Hi, Ive made money and lost it all again, to the tune of about £5000

 

I am testing a strategy that seems to be working well at the moment, the key seems to be to avoid all the noise in the market by using small lot sizes and larger stop loss,take profit for me. This is just on demo, I dont have any real money left to trade it live, but results would be the same, as it is not a scalper and doesnt rely on the spread etc.

 

http://www.mt4i.com/users/garthy

 

see my thread "Pips Making Strategy, PLEASE SEE MY LIVE STATEMENT on MT4i"

 

so sorry to hear that :(

 

did you lost the money when u tested the strategy with?

[fxfxfx]

I jacknie,

 

Yes, I have a strategy which gives me a good amount of money consistently.

 

If you want to learn my strategy - then let me know if you are interested.

 

The major problem is this:

Not every Trading-Method is suited for every kind of trader.

 

It is like on any other business - One fails and the other is successful - Even if they do the exact same business !

 

I do not use indicators or EA's the way the majority uses them.

 

I use an indicator which shows me the actual and last candlestick-pattern and the current market-info (PIP-Value, Spread)

 

I use an expert-advisor which opens the trade for me - I just must tell the EA the entry-price, Stop-Loss and Take-Profit. Why do I let an EA do this job for me ? Easy: To avoid mistakes. The EA also prevents me to overtrade ! But the logic in means of entry, sl,tp comes from: My brain.

 

I do not say that Indicators will not work or so - but I do not know anybody personally who make CONSISTENT money from indicator's or EA's

Think about what is the basis of every indicator ? You got it: PRICE ! Why do so many people trade only the distorted reflection of price and not price itself ?

 

What drives the market ? I will reveal it to you: BIG MONEY ORDERS. When 1000s of big orders are sitting at a specific price-level, the price MUST react. This means that the majority of traders must think that price will react at this level. Do you think that they have one magic indicator in common - NO. No wonder: Which indicator with which setting,... You got it: 10000 parameters - There could nothing be in common ! But what makes these people think that price will react at this level ? Their EYES and their PSYCHOLOGY !

What Time-Frame ?

I personally use 4-hourly and daily, occasionally 1-hourly.

Why ? Because the lower time-frames tends to contain lot of noise.

The other reason why I use the bigger time-frames: They tend to be more successful (at least for me *g*) and as I am not a full-time trader (maybe soon), it can be traded even when you have a full-time job and it is not that stressful. I must say that trading less is ofter better than trading more (Quality instead of Quantity). It also saves you from "overtrading".

Which pairs ?

I mainly trade the majors, but Price-Action can be applied to nearly EVERY tradeable stuff.

 

Trading has to be treated like a business ! You must have a trading-plan, you must analyze your trades, you must have a trading-plan which automatically corrects itself,... - You have to take this serious !

Also lots of people seeks for the holy-grail and jumps from one system to an other and do not realize: There is no holy grail !

You really must accept this and only then you will start to make consistent money.

A very famous man said: You do not need to win every battle - You need to win the war (I think it was Sun Tsu or Sunzi,...). The name of the book is "The Art of war" and will be teached in lots of military-academies and also in many universities where they teach the elite of business -> But Sunzi got really the point: At the end of the month your winning-trades must overcome the losing ones.

 

And: You can compare Forex-Trading also with war ;-)

 

Search this site for:

"naked trading" or "price action" - I am sure you will find many useful things. The problem is that you must find a way how to use them - I really trade BASICS, but when you do the BASICS the correct way, it will produce profit.

 

Cheers

 

fxfxfx

 

One final note: There exist no "THE" system - there exist various system(s) which works - Choose one which suits your lifestyle... Of course evaluate if the system is able to produce consistent profits....

 

Second final note ;-)

Most of the EAs works (at least at the beginning). Do you know why: Because they are curve-fitted ! When the market-condition changes they start to fail.

 

Rice was traded hundred years ago with pure price-action. The words indicators or EAs were at this time unknown words ;-)

These techniques all have withstood the test of time and were traded long ago and people still trade it.

 

Guys,

 

Let's be honest - we all have spent thousands of hours testing everything what is on the market and what this forum has to offer. I have not seen even one thread that would say - look - I trade this way - I consistently make this money. Follow the steps exactly as laid out and you will end up with the same results.

 

I believe we should have all deep reboot and forget about all the indicators and Eas.

 

I think the questions is simple - "show me the money"

 

IS THERE ANYONE WHO HAS A SYSTEM THAT WORKS - and WE CAN USE IT TO TRADE FOR LIVING!

 

 

Jack

Edited June 1, 2011 by fxfxfx

[grooter]

If you want to learn my strategy - then let me know if you are interested.

 

Hello fxfxfx, I am interested in your strategy. I like indicator-less trading more and more.

[fxfxfx]

Hi grooter,

 

If there are more people interested, I will start a thread.

If not I will do a person to person training via skype,PM or so...

 

We have holiday here in austria this week - so therefore my time this week will be limited as I will spend time with my family ;-)

 

But maybe I wait until sunday and see the outcome of demand (who is also interested) ;-)

 

But please - do not be dis-appointed when you see how I trade, because probably there is nothing new and I am sure you have read the most about these techniques ;-)

 

Cheers

 

fxfxfx

 

Hello fxfxfx, I am interested in your strategy. I like indicator-less trading more and more.

[vince-ac]

yes, i am also interested, thanks for the offer.............vince

[crips]

Hi grooter,

 

If there are more people interested, I will start a thread.

If not I will do a person to person training via skype,PM or so...

 

We have holiday here in austria this week - so therefore my time this week will be limited as I will spend time with my family ;-)

 

But maybe I wait until sunday and see the outcome of demand (who is also interested) ;-)

 

But please - do not be dis-appointed when you see how I trade, because probably there is nothing new and I am sure you have read the most about these techniques ;-)

 

Cheers

 

fxfxfx

 

Always interested to get new knowledges. so count me in.

 

Regards

 

Crips

[paws]

fxfxfx -Thank you for your generous offer. I'd like to learn from you too.

Len

[reinerh]

i would love to join in, its just i be leaving seattle for florida on monday, so will get back to you by wednesday.

 

gruesse

 

reiner

[bigMacD]

In all seriousness ALL of the things you asked for, including statistical edge & money management can be found with harmonic trading. Take a look at the Harmonic Auto Trader - this really is the perfect mix of auto and manual trading - the guys developing it are very well respected in the harmonic community. I highly recommend it:

http://www.harmonicautotrader.com/

 

BUT, be prepared to make a commitment to the method and if you have no intentions of doing so then forget about it.

[harry007]

Hi grooter,

 

If there are more people interested, I will start a thread.

If not I will do a person to person training via skype,PM or so...

 

We have holiday here in austria this week - so therefore my time this week will be limited as I will spend time with my family ;-)

 

But maybe I wait until sunday and see the outcome of demand (who is also interested) ;-)

 

But please - do not be dis-appointed when you see how I trade, because probably there is nothing new and I am sure you have read the most about these techniques ;-)

 

Cheers

 

fxfxfx

 

 

send a PM to you

 

cheers

[fxfxfx]

Hi folks,

 

I have a little homework for you before I start with the new thread.

 

Find here a chart of todays GBPUSD 4 hourly-(naked)chart:

http://img849.imageshack.us/img849/7900/usdjpy240.gif

 

Then draw swing high and swing lows (peaks and valleys) from the last 2 BIG moves (up-move followed by down-move or vice versa):

http://img543.imageshack.us/img543/797/usdjpyswings240.gif

 

And finally draw horizontal trendlines starting from the swing-point to the right like here:

http://img193.imageshack.us/img193/2857/usdjpytrendlines240.gif

 

And do not worry about right or wrong - It does not matter.

 

Please do not use a gbpusd 4 hourly chart (As I did it already)

 

You can use every tradeable stuff (big stocks, indices, comodities, currencies) 4-hourly and longer...

 

Look how the price reacted to these line(s) and post your pics and comments.

 

Cheers

 

fxfxfx

[Freddie]

OK Fx3, will be ready to join when you start the thread.

 

Yes, already 'au fait' with S&R so ready to go.

Suspect that you will have quite a few tagging along.

[crips]

should we post the charts here? I have EU 4 hour chart waiting ;)

 

Crips

Edited June 3, 2011 by crips

[fxfxfx]

Hi Freddie,

 

Good to see that you know how to draw S/R :-)

 

The idea behind this is to see who has which level of knowledge -> So: OK -> You know what we are talking about...

 

c ya in the new thread.

 

Cheers

 

fxfxfx

 

OK Fx3, will be ready to join when you start the thread.

 

Yes, already 'au fait' with S&R so ready to go.

Suspect that you will have quite a few tagging along.

[fxfxfx]

Hi Crips,

 

Yes of course :-)

 

If you have done your homework - then show it to us.

 

As I said: The only reason behind this is to know how many knowledge the different traders has and that I know to which I have to focus more or less.

 

Cheers

 

fxfxfx

 

should we post the charts here? I have EU 4 hour chart waiting ;)

 

Crips

[fxfxfx]

Forgot to say:

 

If there is anything unclear or if you do not know what a swing is (before asking this, look at the screenshots...), please feel free to post your question(s) here. I will try my best to answer your question(s).

 

Cheers

 

fxfxfx

[soundfx]

fxfxfx,

 

This thread should warrant much more interest from the stacks of newbie traders here who want to be successful, however sadly most newbies will be hot footing it to the latest shared fad EA thread as soon as they see that there may be a bit of effort involved and (horror of horrors) some manual trading (which brings with it personal responsibility ;) ).

 

Breaks of HH/LL (aka swings) and bounces off S/R levels are both classic trading tactics which when mastered will allow anyone to make more money than they could ever need from the markets. I assume you're planning to teach these or something similar which will make for a great thread which everyone should read :)

 

The key thing everyone should take note of is to be patient and only wait for the best setups. Trading when you "think" you know what will happen next is just gambling - ensure that you have as much lined up as possible to keep the probability of success on your side.

 

Indicators (like EA's) will always disappoint eventually because they're based directly or on some variation of a moving average - which only tells you what price has just done and not what it's most likely to do next. The only high probability use of ONE indicator is for spotting divergences - any will do: MACD, RSI, CCI or whatever. If you like to trade counter-trend or are looking for reversals at points of strong S/R then divergence provides a nice extra confirmation.

 

I'm look forward to your next posts...

[fxfxfx]

Hi soundfx,

 

Thx for the post :-)

 

You are right with your guess - I am trying to lead these traders into the way of price-action and market-flow/nature of market(s).

 

But believe me: This is only a small part on the way to become a successful trader !

 

Still waiting for the screenshots of the user(s)

 

Listen folks: One of the biggest problem(s) in trading is DOING.

I have some friends who have really good ideas how to make a business - But they fail !

Why ? Because they only dream ! I told them: "Hey - make a business-plan! Put your ideas into paper... Make all the preparation-stuff... Make a project-plan" ... And so on and so on...

 

And guess what ? They are still dreaming while other people rakes in money and they are doing the same !

 

My friends does not take this serious and do not treat it like a business. Although the way/style I am trading takes on weekdays in summary "only" 20 mins. or so ... But I take it serious and I do it consequently - Each and every day !

 

I am thinking about making the thread like a school (With homeworks, Q and A and so ) as I think that this is the only way people will learn the stuff - They need a "teacher"/"mentor" (although I do not want that people call me a mentor) that will show them how this works and to correct them if they did it wrong.

 

Because one thing I learned hardly by myself: If you want to learn it, you also must do it !

I can explain you the color red (in terms of the frequency of the light-wave,....), but you will NEVER know what red is until you see a red thing (red ball, red chair).

 

Usually it takes years to learn how to trade forex.

The advantage when you have a teacher is: He can show you what works and what do NOT work and he will show you the relationships between all the stuff.

 

Take this comparison:

 

if you have a break, a motor, a wheel,.. -> With these stuff you can not do very much -> But when I teach you how to assemble these parts to build a car -> You got it !

 

Hope to see more screenshots ;-)

 

Cheers

 

fxfxfx

 

fxfxfx,

 

This thread should warrant much more interest from the stacks of newbie traders here who want to be successful, however sadly most newbies will be hot footing it to the latest shared fad EA thread as soon as they see that there may be a bit of effort involved and (horror of horrors) some manual trading (which brings with it personal responsibility ;) ).

 

Breaks of HH/LL (aka swings) and bounces off S/R levels are both classic trading tactics which when mastered will allow anyone to make more money than they could ever need from the markets. I assume you're planning to teach these or something similar which will make for a great thread which everyone should read :)

 

The key thing everyone should take note of is to be patient and only wait for the best setups. Trading when you "think" you know what will happen next is just gambling - ensure that you have as much lined up as possible to keep the probability of success on your side.

 

Indicators (like EA's) will always disappoint eventually because they're based directly or on some variation of a moving average - which only tells you what price has just done and not what it's most likely to do next. The only high probability use of ONE indicator is for spotting divergences - any will do: MACD, RSI, CCI or whatever. If you like to trade counter-trend or are looking for reversals at points of strong S/R then divergence provides a nice extra confirmation.

 

I'm look forward to your next posts...

[fxfxfx]

Hi folks,

 

A few words:

 

I know that at the beginning probably everything sounds complicated and you say to yourself: I will never get it !

 

But be sure: When you do your homeworks CONSISTENTLY, you will be trained more and more and you will get a "feel" about how the market flows and ebbs.

 

Do you remember when you visited the first time the driving school ? Did you remember your first lesson ?

But after all you passed the test and in the meanwhile you are driving your car perfectly without thinking when you have to put your feet to the break or the drive coupling. Finally (now) you do this all automatically (Hope so ...).

 

Of course this only applies to the people who have a drivers license ;-)

 

I want to bring you to the stage/level where your brain does the analytics all automatically.

 

Cheers

 

fxfxfx

Edited June 4, 2011 by fxfxfx

[soundfx]

For anyone not familiar with drawing these sort of lines in MT4, I've written a short guide to explain how to do it:

 

http://www.multiupload.com/HRZAV085S1

 

No excuse for not posting charts now ;)

[fxfxfx]

Hi soundfx,

 

Thx for the post :-)

 

So now let's wait for the charts of all the users coming in:-))

 

Cheers

 

fxfxfx

 

For anyone not familiar with drawing these sort of lines in MT4, I've written a short guide to explain how to do it:

 

http://www.multiupload.com/HRZAV085S1

 

No excuse for not posting charts now ;)

[harry007]

after a hard but nice weekend, on sunday morning :-)

 

eur/usd H4

 

http://tinypic.com/r/jidkxt/7

Edited June 5, 2011 by harry007

[harry007]

http://tinypic.com/r/jidkxt/7

 

I don't know why I can't see the pic :-(

 

so I also write the link in the last post

Edited June 5, 2011 by harry007