Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

renner1984

Limited Time, Simple System

Recommended Posts

I am seeking thoughts and ideas for a system that is simple, can withstand the changing market conditions (including summer conditions), and one which can gain consistently. I ask not only for myself but for many who are in a similar position in these forums.

 

I'm looking for something in which I can set pending orders, or place orders at a given time (due to working a full-time job). A breakout system comes to mind, but am interested in finding something during ranging markets as well. I would risk $1/pip per $1,000 (adjusting the lot size accordingly). Ideas for money management would be a big help too; I don't like anything less than 1:1 risk/reward.

 

I've been studying what's out there the past year; I'm very familiar with the basics and beyond. Yet, I cannot settle on any system I'm comfortable with. I am also a MQL4 programmer and can program a system if it works and someone here is willing to share it (for anyone interested).

 

Anyone have any idea for something that might be what I'm looking for? Please do not send affiliate links; I am looking for a system I can manually trade or one in which I can program on my own.

 

Thank you to anyone who responds!

Share this post


Link to post
Share on other sites

That's a broad based question, one that probably tens of thousands of traders seek the answer to which means there is no easy answer.

 

A few observation and input.

 

One you are clearly looking for a swing trading forex strategy and not day trading given your time. Two, it would make some sense that you can at least "check" on your position more than once every 24 hours. Perhaps you take or set-up trades once per 24 hours, but more than likely you'll need to find at least 2 other times you can at least check on the trades to see if there is any need to update stops, etc.... I think you can avoid having to place trades in those 2 other times and reserve that for your 1x every 24 hours. In fact it's probably smarter to do that and avoids overtrading.

 

I would suggest you pick a time to place trades per whatever set-up strategy used that is right before or at the time the Asian session gets going. If you can trade sometime between 6pm - 9pm EST (New York) I think that's idea because taking swing trades during Asian, European and/or active US market hours is usually not a good idea since you end up getting false signals due to all the news reports.

 

Not to say you won't get whipsawed front-running this news but you'll get less false set-ups at the very least which will help.

 

Keep in mind when swing trading you can definitely beat the 1:1 reward/risk but you're likely looking at risks of 50 - 100 pips in most markets to effectively swing trade -- as long as you watch your leverage that's fine since you'll likely on those same trades be targeting at a minimum 75 - 150 pips, etc..

 

Anyway, that's just some top level feedback -- it doesn't give you the "system" but at least some parameters to start looking into.

 

MMS

Share this post


Link to post
Share on other sites
That's a broad based question, one that probably tens of thousands of traders seek the answer to which means there is no easy answer.

 

A few observation and input.

 

One you are clearly looking for a swing trading forex strategy and not day trading given your time. Two, it would make some sense that you can at least "check" on your position more than once every 24 hours. Perhaps you take or set-up trades once per 24 hours, but more than likely you'll need to find at least 2 other times you can at least check on the trades to see if there is any need to update stops, etc.... I think you can avoid having to place trades in those 2 other times and reserve that for your 1x every 24 hours. In fact it's probably smarter to do that and avoids overtrading.

 

I would suggest you pick a time to place trades per whatever set-up strategy used that is right before or at the time the Asian session gets going. If you can trade sometime between 6pm - 9pm EST (New York) I think that's idea because taking swing trades during Asian, European and/or active US market hours is usually not a good idea since you end up getting false signals due to all the news reports.

 

Not to say you won't get whipsawed front-running this news but you'll get less false set-ups at the very least which will help.

 

Keep in mind when swing trading you can definitely beat the 1:1 reward/risk but you're likely looking at risks of 50 - 100 pips in most markets to effectively swing trade -- as long as you watch your leverage that's fine since you'll likely on those same trades be targeting at a minimum 75 - 150 pips, etc..

 

Anyway, that's just some top level feedback -- it doesn't give you the "system" but at least some parameters to start looking into.

 

MMS

 

Thanks for the feedback and wasn't really expecting a system (one with no strings attached anyway). Such suggestion above might suit me well since I'm going for 100 pips a week anyway. For me, I want something that can give consistent wins, as much as that's possible in this wild market. Consistency in pips is important because I have goals to compound my gains in a systematic manner. Any ideas how to devise a system, such as finding optimal ratios and times? Analysis-paralysis is my position right now. Thanks.

Share this post


Link to post
Share on other sites

A few additional suggestions....

 

One, I find it hard to trade for "consistent" profits - what I mean by that is I expect my equity curves to go steady up, but they don't go straight up. I have some months where I make 5 times as much as the prior month. Which means either the current month is great, or maybe it means the prior one was a struggle. It's hard to trade for consistent and regular profits like a paycheck might provide. Just be prepared for a lot of variance week to week and even month to month. It's the averages over time that matter.

 

Next, I'd recommend you trade on a breakout basis with trend primarily. Might seem basic but when you are looking to try and put odds in your favor, getting a set-up then requiring that market to go "x" further, however small in that direction before jumping in will increase your trading odds and win percentage. Then, make sure it's the direction of the general trend at the time - doesn't mean it has to be in the direction of some long term trend - just when swing trading of the last week or so would be a good idea.

 

I don't want to get involved in the site politics of making very specific system or vendor recommendations but while there is plenty of garbage out there, there are actually very good vendors with reasonable and realistic courses.

 

Just avoid anything that promises too much.

Share this post


Link to post
Share on other sites

Using established support and resistance locations will give a good starting point for a simple system.

 

Getting a consistent cash flow from a trading system will definitely involve managing yur trades properly. Don't 'bet' too much of your account (2% is a good number that I have heard from a lot of traders). Cut your losers short, fast. Let your winner run long.

Share this post


Link to post
Share on other sites

All good advice - in particular the 2% risk - or less rule. Always seems basic to people and I think traders who are learning get sick of hearing it - mostly since they never abide by it - since 2% or less risk per trade is no path to get rich quick. Which is exactly the point.

 

MMS

Share this post


Link to post
Share on other sites

Blowfish

 

I can't really argue with you on your point. You're right. However, I think 99% of the people who trade have a heck of a time with any tracking, stats, discipline, plan, etc... that sometimes an over-simplified rule like the 2% at least gets them started and thinking down the right path. For that it's valuable. Though you're right on.

 

MMS

Share this post


Link to post
Share on other sites
I am seeking thoughts and ideas for a system that is simple, can withstand the changing market conditions (including summer conditions), and one which can gain consistently. I ask not only for myself but for many who are in a similar position in these forums.

 

You might look at FOREX Markets Reversal Levels thread at FF.

 

Their first post includes a simple systems that might fit the bill.

Share this post


Link to post
Share on other sites
I am seeking thoughts and ideas for a system that is simple, can withstand the changing market conditions (including summer conditions), and one which can gain consistently. I ask not only for myself but for many who are in a similar position in these forums.

 

I'm looking for something in which I can set pending orders, or place orders at a given time (due to working a full-time job). A breakout system comes to mind, but am interested in finding something during ranging markets as well. I would risk $1/pip per $1,000 (adjusting the lot size accordingly). Ideas for money management would be a big help too; I don't like anything less than 1:1 risk/reward.

 

I've been studying what's out there the past year; I'm very familiar with the basics and beyond. Yet, I cannot settle on any system I'm comfortable with. I am also a MQL4 programmer and can program a system if it works and someone here is willing to share it (for anyone interested).

 

Anyone have any idea for something that might be what I'm looking for? Please do not send affiliate links; I am looking for a system I can manually trade or one in which I can program on my own.

 

Thank you to anyone who responds!

 

I am looking for a wife who is young, good looking, good in bed, have a successful career (ie making good money), loving, caring, can cook up a storm, likes cleaning, doesn't mind my miserable parents as in-laws, likes entertaining, doesn't mind cleaning up after entertaining (esp after a football party), she should be petite, because I like petite women in bed, but she should be tall, I feel good with a tall woman walking beside me in my arms... she should be blonde, with big boobs. She must like to bike, scuba dive, ski, hike, rock climb, sail, etc., because these are the things I like to do...

Share this post


Link to post
Share on other sites

You did say you wanted simple, perhaps this fits that bill.

 

Put an 8 lwma (on close) onto a 4hr chart. Look for crosses (closed candles) that have some form of definite pa suggesting a turn eg double tops/bottoms, higher lows/lower highs.

 

That easy, sure, take those charts for a whirl and see what happens.

Share this post


Link to post
Share on other sites

Each chart has the same thing, cross of 8 lwma, several candles suggesting stall + turn through multiple tops/bottoms, higher lows/lower highs.

 

Cherry picking or solid lower highs or extended periods where several candles suggest move stalled for turn.

3.gif.609136d44e338c3a84092daa3c3c11a9.gif

Share this post


Link to post
Share on other sites
not sarcasm,

 

but really want you to think about the parallels.

 

exactly - often people ask for the ideal thing in one area and if you reverse the tables to a separate idea they would scoff at what you ask.

This can be applied to many other aspects of life involving things such as discrimination, bias, politics and religion. Try it sometime - take an article about race, sex, feminism etc; swap all the words from male to female, black to white - whatever....then read it.....often what you found agreeing with one minute can be offensive the next.

Thanks for the belly laugh Tams.

 

What this guy needs is a funds manager, and surprise surprise even good fund managers some times get it wrong - Paulson and sino forest comes to mind as a current example.

Share this post


Link to post
Share on other sites
I am also a MQL4 programmer and can program a system

 

I'm not familiar with MQL4, but if you have programing skills, you can look for what seems to be things that affect the market price, write a program, and then determine if there really is a correlation or not.

 

Many people don't have any programing skills, so the only way they have of verifying whether their strategy works or not is by actual trading, or just viewing charts. I've studied charts for years, and 99.9999% of the time when I think I see a correlation between an indicator and price, it turns out to be nothing more but a "flip of the coin", no real correlation at all.

 

So what I'm saying is, it's a long, long process of finding out what really affects price. I know nothing about forex, so I can't help you on that.

 

Here is an interesting webpage:

 

Principles of market movements @ Forex Factory

 

It uses and indicator that depicts the flow of volume as an oscillator. If volume has a lower high, you sell. If volume has a higher low, you buy. How is that for simple? Since you can program, now you need to figure out how to take the data volume and depict it into a lower study that oscillates.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Similar Content

    • By millonmethod
      Hello everyone!
      I am an advanced trader, with many years of experience (about 15 years - 10 living exclusively from this)
      I am going to give you some tips that you must know:
      There are going to be many people who tell you that trade is easy, that with only crossiing a line  with another one you will win a lot of money.... and that´s not true.  No, Sir, reality is far away from that. Many people who start arrive here with the hope that someone "gives them" a free method, they watch youtube videos thinking that this will give them the "strategy" and in a few days they realize that it does not work for them - they lose money - and then They go looking for a new one ... and so on. YES, IT´S TRUE YOU EARN IN TRADING, A LOT. BUT THINK: for a few to win (10% + any BROKER) many others must lose (90% people). YOU MUST HAVE A MONEY MANAGMENT FORMULA ( you can email me) People study so many years to live on this, not because they are dumb, but to know what they do, when, and have absolute effectiveness. It´s very easy to get lost here: do not disperse, jumping from one to another strategy WILL NEVER give you money, it will only waste your time and make you nervous when trading. PEOPLE WHO CHANGE THEIR METHOD CONSTANTLY : LOOOOSE ALWAYS.   If you have the knowledge to develop it, take your time and do it.  Always try it first on DEMO for at least 2 weeks! If not: search to buy a solid strategy (no you tube videos pleassse ! Avoid losing money! ) This is like any business, it requires some capital to start (capital = money in the broker + solid made /purchased strategy) If you are lost: I RECOMMEND YOU NOT TO WASTE TIME IN YOUTUBE, JOIN PEOPLE WHO HAVE EXPERIENCE AND IF YOU ARE GOING TO BUY A METHOD ... PLEASE !!!! DO NOT BUY 10 BAD AND CHEAP METHODS, SAVE MONEY AND BUY ONLY 1 BUT EXCLUSIVE AND MUST ALLWAYS HAVE SUPPORT !!!!!  Do not buy Signals! They never keep up with constant profits! One week will win and the next will lose. Nothing that does not depend absolutely on you will give you the money you are looking for. And if you do not have a strategy (made or purchased) do not even try PLEASE PLEASE PLEASE: DO NOT USE REAL MONEY! AT LEAST 2 WEEK DEMO FREE HELP HERE!!!!!  IF YOU FOLLOW MY ADVICE YOU WILL BE PART OF THAT 10% WINNER, email me.
      Have a nice trading day
       
       
  • Topics

  • Posts

    • Date: 28th March 2024. The US Dollar Strengthens As Economists Believe The ECB Will Struggle To “Hold”. Early this morning, the Fed Governor advised “there is no rush to cut rates” and “the data within the upcoming months” will be vital. The US Dollar Index rises to a 1-month high. The value of the USD will largely be based on today’s data on economic growth, consumer sentiment and pending home sales. Dollar and index traders are closely monitoring tomorrow’s Core PCE Price Index which analysts expect will read 0.3%. A higher inflation reading can potentially pressure stocks and support the Dollar. Strong declines in NVIDIA and Netflix stocks pressured the NASDAQ on Wednesday. Though, buyers entered late in the session to boost the overall price. EURUSD The latest comments from members of the Federal Reserve are supporting the US Dollar. The forward guidance between members of the Federal Reserve is mainly not aligned. The Chairman advises the Fed does not need much more proof for the regulator to feel comfortable reducing rates. Whereas the Fed Governor, Mr Waller, advises there is no rush, and he wants to see a few months of data before determining the next move. Therefore, the upcoming inflation and employment data will remain vital and could even push back rate hikes further. According to economists, the Federal Reserve will cut the interest rate on 3 occasions this year, but the timing of the first cut is less certain and may change depending on upcoming data. A positive factor for traders is that EURUSD exchange is not witnessing conflicting currencies. The US Dollar is trading 0.12% higher while the Euro is declining against most currencies. The Euro is trading 0.06% lower against the Pound and the Canadian Dollar and 0.16% lower against the Japanese Yen. Yesterday, the head of the Bank of Italy, Mr Cipollone, said that the authorities were confident that inflation would return to the target of 2.0% by mid–2025. He also supports the lower of interest rate and will use this as a basis for adjusting monetary policy. The Euro is generally under pressure as investors believe the European Central Bank will struggle to avoid cuts if the Fed decide to delay their adjustments. The US Dollar will be influenced by four major economic data releases. The US Final GDP, Weekly Unemployment Claims, Pending Home Sales and Consumer Sentiment Index. If these read higher than expectations with the weekly unemployment claims dropping, the US Dollar is likely to witness further support. However, investors should note the main release will be tomorrow’s Core PCE Price Index. Traders are expecting no major news for Europe and volatility levels may fall tomorrow as European markets are closed for Easter. Technical analysis currently points towards a continued downward trend. The price is trading below the neutral on the RSI and below the 75-Bar EMA. However, investors should note this will also be dependent on upcoming US data. USA100 The price of the USA100 was under pressure throughout the whole US session but was saved by an increased volume of buyers late in the session. However, a positive point is the components held onto their value. Even though the index fell in value, only 28% of the components declined. Investors will now turn their attention towards tomorrow’s PCE Price Index and the upcoming earnings season which will start in mid-April. The price is now trading slightly above the Moving Averages but slightly below the 50.00 on the RSI. Therefore, technical analysis remains at the “neutral” level and continues to indicate a larger price range. If today’s economic data is positive the stock market can witness confidence and support as this continues to indicate a soft landing. Though, if the data is too strong, it could also trigger a hawkish Fed which is known to be negative for the USA100. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou Market Analyst HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • $IBKR Interactive Brokers stock narrow range breakout watch above 111.16 , see https://stockconsultant.com/?IBKR
    • $ISRG Intuitive Surgical stock narrow range breakout watch above 403.07 , see https://stockconsultant.com/?ISRG
    • $JETS ETF top of range breakout watch above 20.61 , see https://stockconsultant.com/?JETS
    • $KKR KKR stock bull flag breakout watch above 102.64 , see https://stockconsultant.com/?KKR
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.