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Ingot54

How to Trade the Foreign Exchange Market (Forex)

As a Forex trader, how successful are you today?  

28 members have voted

  1. 1. As a Forex trader, how successful are you today?

    • Poorly - I suck at it and might soon give up
      17
    • Poorly - but improving and might make it
      43
    • Breaking even - but wonder if it is all worth it
      27
    • Successful - I an replacing some income
      15
    • Successful - I am a self-supporting trader
      9


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Can you tell me what time zone your charts are set for ? Can not be certain, Henry I think they are GMT +3

 

How many trades would your methodology take per week ? Can not define this - no records going back, and I don't check for trades every day

 

How long does a typical profitable trade last ?4 hrs to 2 days roughly ... we'll see ... the market rules!

 

How many pips would a typical profitable trade have ?30 for a scaredy-cat trade, to 500 for a cool-hand-Luke trade!

 

How many pips would a typical losing trade have ? You do not have to stand there and watch the price take out your stop. But I like to check previous highs/lows etc to be honest. It's on a per-trade basis, and I like to move to break-even asap. Most SL initially set at 100 to allow for volatility, and until the trend proves itself.

 

Thank You.

It's hard to provide answers to those kinds of Q's ... you just take what the market gives, and I hope to demonstrate how I trade this, while remaining open to harsh critique if so be, and/or suggestions to improve the approach.

 

Right now I am going to look at the GBPJPY which is in a pull-back from its downtrend.

 

This is live stuff, so I hope price does not move too quickly and blur the lines before I get charts annotated and posted. I'll probably answer a lot of your Q's during this next post or two.

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OK - I will have to be fairly quick to deliver these posts before the setups disappear.

Nothing wrong with that, but we could be missing our entries if I can not illustrate the

setup first.

 

Below is the Monthly and Weekly charts of the GBPJPY, to illustrate the trend is strongly

down. The weekly at this point in time is showing a doji candle, but the trend is not nullified

by this.

5aa711c3881d0_GBPJPYTrend.thumb.JPG.fb6e7315ce3f19a5fa1d14b11e829df1.JPG

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Ok - it looks like we will have plenty of time to get ready for this trade, so will slow it down a little.

 

Below I have posted charts of both the Daily and 4H GBPJPY.

 

Both charts are showing a rally. After the sell-off of the GBP in recent days, it is

understandable that we have some kind of rebound rally.

 

What we need to be watchful for, is that this may be a turning point in the pair.

After all, we have a new quarter in the year, March, and a new month. Anything

is possible.

 

On the weekly chart we can see a long-tailed candle, indicating the recovery at

the end of last week.Today, that rally did noit go much further, and at this point,

we have a doji candle, with a little over 9 hours to go before my Daily candle

closes. We are needing the daily price to begin to drop now, but we take what

the market dictates.

 

I mentioned this so that traders do not think: "Wait a bit - I thought we were

following the higher TF, and yet we are looking for a short, when the Daily

and 4H are in a rally."

 

Yes, we are looking to short, and yes these TF are in a rally. If you were one

who was puzzled by this, perhaps this is why you are constantly puzzled

when the market runs against you.

 

Let's hope we can demonstrate our case here, and the rally is NOT the

beginning of a turnaround. It could happen, so we delay our entry until we

have the kind of confirmation we need.

GBPJPYDaily.JPG.6eac6839699b4fc25b6d0e67c1c782be.JPG

5aa711c394100_GBPJPY4H.JPG.9e1f2b2e95d650ba8dd0966cc40eb7da.JPG

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As we have discovered, there is no rush at all to get into this trade.

 

The price activity has become range-bound (congested) in the 1H chart, and until it

breaks either up or down, there is little use attempting to guess an entry.

 

What I have shown so far, is my reasoning, according to what I am seeing in the charts,

and according to how the indicators I have built into this, are functioning.

 

The signs we will need to be seeing here, are not so much a break of support - I do not

look consciously at least, for these levels in this strategy. I look for the other signs that

the resumption of the down trend is happening, and that is the formation of the brown

PSAR dots ABOVE price, signifying the down trend is starting.

 

This will start in the 15M first (I disregard the 5M because it is too noisy). We will see a

series of dots in the 15M above price, followed by at least 2 dots above price in the 1H

chart.

 

Then we will begin to see the PSAR down trend in the dots on the 4H.

 

That simplifies it a lot - however, there is more to this than the dots. We need to be

seeing the stochastic 14.3.3 crossing downwards through the 76.4 level as well. And

we have not begun to look at MACD yet.

 

from my experience, I would have to say that the next chance for a short trade, will come after the stochastic on the 1H goes above the 76.4, and then turns and clearly breaks down through that level. That could be a couple of hours away, so we are simply have to wait, and stalk this trade, if it is to come to anything.

 

The 1H chart is uninspiring.

5aa711c39a6cd_GBPJPY1H.JPG.1d5da9a7ffabfebffad08d69fbdbc234.JPG

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Finally we come to the lowest TF that we consider ... the 15M. It is not really necessary

to focus on too much here - and the reason we consider it at all, is to refine our entry, to

limit draw down. Nothing else.

 

As long as you can identify the trend and the pullback, then the issue of locating the

point of resumption of the trend is not too hard at all. That is the sole purpose of the

PSAR dots - and tbh we do not really need them on the Daily, Weekly and Monthly at

all. Currently I have them displayed on the Daily and lower TF.

 

I have to say here that it is a natural inclination of all of us to not miss pips when the

trend begins to move in our favour. But this only gets us into trouble.

 

What would you prefer - a trade that hits our SL ... or a trade that does not enter until

the trend is clearly under way? I know what I prefer. So how do we overcome this?

 

Perhaps the easiest and safest way, is to look for a level at which you would be most

comfortable in declaring that the down trend has resumed, and place a contingent sell

order there. You could then check in every 4 hours or so to see if your order has been

taken, and manage the trade further from there.

 

The only other way I know of, is to sit at the computer and stare until you go batty!

 

That is not a life. Missing a few pips in order to establish a safe entry is far preferable to

making yourself tired and grumpy while waiting for a trade to mature.

 

I have had a computer freeze since posting the above, and price has hardly moved.

 

Here is the 15M with a bit of a comment.

 

So until I am able to see something worth posting, I will just let the market do its usual

things, and wait.

5aa711c414458_GBPJPY15M.JPG.0df3774a9e292ab21c6af6c075cd400d.JPG

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Hi Jivanjiao

 

Sorry I did not get back to you earlier about this.

 

It is outside the scope and intent of this thread to discuss installing indicators, as most people using MT4 are already familiar with the process.

 

However, I Googled the question "How to load indicators in MT4" and here is one useful response:

 

How to install MT4 Indicators? - Forex Trading | MetaTrader Indicators and Expert Advisors

 

There are also Youtube examples.

 

The easiest way is to place all indicators and templates you want to load on to your desktop, and then open "Computer/hard Disc Drive (where the MT4 file is stored)/

 

Then open the MT4 file, where you will see a list including "experts" ... and further down the list ... "Templates." This is where the .tpl file goes - just drag it into the window.

 

The rest of the files go into "Experts/Indicators"

 

Note: When you double click on "experts" there is another "templates" folder in there - DO NOT PLACE the .tpl files in there, or you will not be able to see it in the list, when you open MT platform.

 

I can not help you further than this - I suggest you have a look at :

 

School of Pipsology How to Use MetaTrader*4

 

http://www.traderslaboratory.com/forums/beginners-forum/2427-how-import-indicators-templates-into-mt4.html

 

EDIT: Once installed, open the platform and look for the folder icon with a star, on the top toolbar - this is the "navigator" folder, where your indicators are stored - just use your mouse to drag and drop them onto the open chart, and a box will open allowing any customising.

 

The template will be found on the top folder under the "templates" icon (appears like a chart symbol). On the drop-down menu under "templates" you click on the "Ingot54_4H" template, and your chart will be instantly changed to the correct formation.

 

Note: Once you have the indicators installed into "Experts/Indicators" folder, you do not have to actually place them onto any charts - this happens automatically if you use the template function, because the template is going to use only those indicators that were "saved" into it, when it was constructed by me.

 

Hope this helps.

 

I may be reading too fast and missed this addition to the answer.

After the indicators have been added to the proper folders etc, MT4 must be shut down ( if it is running) and restarted.

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OK - I will have to be fairly quick to deliver these posts before the setups disappear.

Nothing wrong with that, but we could be missing our entries if I can not illustrate the

setup first.

 

Below is the Monthly and Weekly charts of the GBPJPY, to illustrate the trend is strongly

down. The weekly at this point in time is showing a doji candle, but the trend is not nullified

by this.

 

Hello Ingot:

 

Question:

I see from your charts that the monthly is “strongly down. ”. But to me the weekly chart is in a strong up trend not “strongly down”, because the largest swings are up swings and the end of the chart is clearly higher than the start of the chart. Please explain.

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Hello Ingot:

 

Question:

I see from your charts that the monthly is “strongly down. ”. But to me the weekly chart is

in a strong up trend not “strongly down”, because the largest swings are up swings and

the end of the chart is clearly higher than the start of the chart. Please explain.

 

Hi Henry - thanks for that question - will be on in a few hours, and will try to flesh it out then.

I am certain others will have the same question ... and more.

 

Cheers - family time first :)

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Back again ... :)

 

Henry - don't confuse a pullback in the higher TF as a change of direction.

 

Having said that, we can not be certain that we do NOT have that change of direction -

that is why we bounce off the TF we do, in search of the trend and the pull-back and

the entry.

 

Right now, it may seem a bit tedious - but in fact it does not take long to eyeball a few

charts and nail ONE setup. It's not possible for me to post all of them in one thread -

particularly when attempting to explain the strategy.

 

When something doesn't work out according to the rules - suddenly we have a great

learning opportunity. So let's look at this and see what went wrong ... and what went

right ... and where are we right now with the GBPJPY.

 

You already know that price "breathes" - ie moves from open ... up ... back to open ...

down ... back up a little ... and closes. That is the basis of the candle stick, or the OHLC

price bar.

 

So the Monthly and the weekly candles are still a work in progress, regardless of what

they look like just 2 days into the month/week. I'd put my left * on it that the GBPJPY

will drop this week ... though I was wrong before (once) :)

 

Eyeballing, and looking at the MACD Histogram/Stochastic on the Monthly / Weekly

charts, confirms, for our purposes, that we are indeed in a down trend. Everything else

- including the Daily, is a tool for our purposes - and that is, to identify pull-backs to the

main trend

 

Are you looking at the price fluctuation, rather than the basic trend?

 

When the GBPJPY decided to move, it's "get outta the way" ! They do not call her the

"Beast" for nothing. Our job is to get in front of that move accurately and at the best

possible entry. That can mean placing a pending order and waiting ... or simple taking

an entry when price moves past a level we deem as indicative of the resumption of the

trend.

 

How we decide what that price level is, will be determined by:

 

1) The Stochastic crossing the 23.6 or 76.4 and/or ...

2) A sharp crossing of the TDI on the 4H chart and/or ...

3) ADXC crosses (arrows) on the 4H chart indicating a change of direction as seen in

the change in price in the current candle, but passing support on the previous candle -

actually the candle on which the arrow appears.

 

Do not forget - the "ADX Crosses" arrows do not appear on the current candle, but the

previous one. However, they are triggered by current price causing the ADX to cross,

and this is shown by the arrow now appearing on the previous candle. And remember

that the "ADX crosses" are NOT signals to enter/exit the trade - they are just another

confirmatory tool we use to understand the moves.

 

Do not be too concerned or confused by that - truth is it is just another tool to let you

know we have a change of trend. Just like the TDI on the 4H chart does. But the TDI,

when crossing from above the "50" line usually indicated a good move in a pair. As I

write, I can indeed see that the TDI HAS crossed to the short side, and is above the 50

level. But I would not regard this as a strong signal at this time - it is but one cog in the

wheel.

 

Now if you look at the Daily chart, we can see price is stalling at the moment. It has not

made much of a higher high, and has only reached about half of its Average Daily

Range (ADR). So it can still do anything - it can rally hard if the YEN weakens, or it can

plunge in our expected direction, if we see GBP weakness. I do not talk too much about

currency strength these days - it's a dirty word in central banking circles!

 

I don't want to offend a banker! ;)

 

Anyway - some charts for you to mull over, and please keep firing in your questions. It

is early days in the thread, and I am certain I will also have a bit of egg on my face at

some time. I don't make too many claims about what the market might be doing - I still

have heaps of humble pie in the fridge from previous occasions when I was wrong ...

that I have to eat!

 

BTW - ignore the current open position in this pair that you can see on the charts. That has nothing to do with this discussion.

5aa711c4b2592_GBPJPYMonthly.JPG.f359e909c7ee9f31ab9fb5ab4c228577.JPG

5aa711c4b9b5d_GBPJPYWeekly.JPG.1078d9256a3328d43c7fbead18f0e41f.JPG

5aa711c4c118b_GBPJPYDaily.JPG.021afb2922e10240d963dbbe94a2e61e.JPG

5aa711c4c88ce_GBPJPY4H.JPG.43acf849c9df80130438746f441be09d.JPG

5aa711c4ce6b9_GBPJPY1H.JPG.3432f4a79e08d739beec15c1a4ec2dcb.JPG

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Good morning,

 

Could you give advice for the best brokers using MT4? thank you.

 

Jivanjiao

 

You are asking a question that can not be answered Jivanjiao.

 

If I say "Do not use " *** " broker because of " *** " reasons, I might get sued by them

and be asked to prove it.

 

If I say "use " *** " broker because of " *** " reasons, then if you make a loss, you might

want to sue ME.

 

I suggest you go to:

 

http://www.forexpeacearmy.com/forex-forum/beginners-bootcamp/12903-best-forex-broker.html

 

and do a lot of reading. Become a member, and ask questions there.

 

I use a broker based in my country, Australia, because our regulations are tougher than

the USA regulations, which in my opinion are weak and useless, because the USA

regulators do not have the courage to charge criminal brokers and punish them for their

dishonesty.

 

In Australia, we do not tolerate criminal fraud by our brokers - at least when it becomes

known. Companies are de-registered, and the directors punished by fines and

imprisonment. This does not happen in the USA as most of the criminals are

contributing to the political campaigns of those whose duty it is to oversee a fair and

honest system. It is the corruption you see the USA accusing everyone else of, but

blind to their own.

 

Take MFGlobal

 

MF Global - Wikipedia, the free encyclopedia

 

and

 

PFGBest

 

PFG Is Now MFG(lobal) Part 2 As $220 Million In Segregated Client Money Has Just Vaporized | Zero Hedge

 

as recent examples of the USA regulators failing to fulfill the duty they are paid to do,

as guardians of the public. It is a scandal and a disgrace for anyone to preside over

such obviously corrupt activity, and not take any action. A disgrace, shameful.

 

We are right off-topic here, but your questions have hopefully been answered, and my

attitude to corruption in high places revealed.

 

My best answer is to keep small amounts of cash only in any trading account, and try to

deal with a broker with an established good reputation. Do not deal in a jurisdiction

where the politicians are weak, and lack the will to provide justice to those weaker than

themselves.

 

I wish you the best of luck - it is getting harder to find anyone dealing with money today

who is honest and fair. I apologise for the long answer, but this is something that angers me, and of which I like to warn others.

5aa711c52aa91_Marketstoday.jpg.f3e8e21343e28dd201f060168ba5795b.jpg

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Since posting the charts etc in post #34 above, the market has continued sideways.

 

I think we have dropped about 20 pips.

 

I think 141.00 will be a battleground. If you are thinking of trading this, I recommend placing a pending short around 140.85, with wide stops, and a TP order, because this pair can mover fast ... and if you are not at the computer - at least you can take profits somewhere before a rebound.

 

Other info:

 

The Average Daily Range of the GBPJPY is at 139 pips right now, but it moved only 41 pips today, 86 pips yesterday, 107 before that ... so we may catch up with the average very quickly.

 

The Euro and London sessions are due to start shortly, as I write, so watch carefully.

 

I hope you are watching other pairs too as we develop this thread. I have not written about any of them But I can see the GBPUSD is looking like it also wants to drop lower.

 

I think the central banks are all due to make some kind of speeches this week, so be wary.

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For those following this thread, we have our entry signal.

 

I didn't write it on any charts, but this could be shorted at any time now, from around 140.90 if you can get that price.

 

I am not advocating financial advice to anyone here - this is an exercise in understanding a strategy.

 

What should happen now is that people mark these levels on charts and perhaps take a demo trade, and see where it goes ... but more importantly, see WHY price goes where it does.

 

As mentioned I have no problem eating humble pie if I am wrong - I have no success figures to claim here - I am merely showing how I trade.

 

As you can see from the 4H chart - it is impressively set up to take the short now - our patience has been rewarded, and I am expecting this to return us some sweet pips. I can see this finishing somewhere around 138.40 which is the most recent closing low from 27th February.

 

The fibs 61.8 would have us close this at around 139.55 so there should be around 140+ pips in this trade. Remember, I am still trying to get the market to do what I say, but have never succeeded, so ignore my ramblings.

 

Anyway - it is 3.40am here, and I should have been asleep 4 hours ago, but I could see this setting up, and did not want to miss the opportunity to demonstrate the trade as it happens.

 

Good luck if you are following, but remember, I am not recommending any live trades here. We have not even seen one trade work out yet, and there has been no discussion and very few questions.

 

Enjoy.

5aa711c5be719_GBPJPYDaily.JPG.f2fa96c4e7c9cdeaca7dcdcaf49ac7be.JPG

5aa711c5c5951_GBPJPY4H.JPG.46e240b6d1f32edb9627165044def79d.JPG

5aa711c5cb314_GBPJPY1H.JPG.4bed40ebfa2cc230c0a256393e1fcd41.JPG

5aa711c5cffd0_GBPJPY15M.JPG.e858ea836d365d425fe19d2efc5ef286.JPG

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Just a word of warning ....

 

Today the YEN is expecting high impact news from the BOJ on three fronts which could badly affect our position in this trade.

 

Currently I have an entry - short - from 141.01 on demo.

 

There is a small profit there, and I am going to take it, and watch for an opportunity to get back in after the dust settles - IF the trend resumes its downwards path.

 

Given that the BOJ does not list the timing of its announcements, and given its propensity for shocking markets (intentionally) I am taking this precaution.

 

We already know the BOJ and the Japanese politicians want a weaker YEN. If the news goes that way today, we could find ourselves staring at a 200-pip move north in the GBPJPY ... or nothing ... or a strong move south ... if the news actually strengthens the YEN.

 

I do not think we should take that risk. There is always another trade.

 

I am out of this position as of now @ 140.85 ... but looking to re-enter later if the downtrend resumes. Remember we are trading the higher TF, but this news today is three-fold, and has the potential to put us into an irrecoverable loss situation, because the news is a potential trend-changer.

 

Not all news will do this - in fact most news causes a blip, followed by a resumption of the trend, even though it may be at an altered level.

 

Trade carefully, and keep eyes open for other trades as well.

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The news from BOJ today:

 

"Mr Takehiko Nakao has been nominated to head the

Asian Development Bank as Haruhiko Kuroda prepares

to step down to lead the Bank of Japan."

 

Both men are keen to see the YEN weaken, and

Mr Haruhiko Kuroda is already on record as aiming to do

just that, though he admits it is a side-effect of their fiscal

policy to fight deflation, and not the main game:

Japan's next central banker promises "whatever it takes" to fight deflation

 

Yeah ... right!

 

After the BOJ press conference today, the YEN pairs:

 

NZPJPY ... EURJPY ... USDJPY ... CADJPY ... AUDJPY ... all weakened markedly.

 

Our pet pair ... the GBPJPY ... is the only one of the majors that didn't rally. That is

truly significant for us, because it does mean that the market is more interested in

GBP weakness than JPY weakness.

 

So while I think that we may not see our setup reappear today ... keep an eye on

things ... it may just happen.

 

Remember, after a period of consolidation, these pairs have explosive energy built

up in them, and once the trigger is set, you can place trades with confidence of a

strong run. One might think that after the rally (induced by the market selling off

the YEN pairs) subsides, the GBPJPY might actually drop in the way that makes

all of us happy. Right now all it is giving is a sound lesson in patience and vigilance.

 

Looking through the charts, I can only see one significant change today. The 4H is

showing the TDI has crossed back to the rally side, but importantly, it remains

above the 50 line.. For the rest of it, the price is in a consolidation range. The 1H

is a crazy mess stuck in a range of around 45 pips, with one attempt today about

16hrs ago, to break above this range.

 

That move lasted all of 2 hours! I didn't attempt to trade it - not my cup of tea at all.

 

Anyway - let's see what else is moving - one goes up ... another must come down.

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Hi Ingolt! Many thanks for all your efforts. I have opened a Demo account in Australia with Global Prime (Don't worry if I follow with a live account... I take full responsibility for it!). Then I have been able to download your Template on MT4 and I am very grateful. Now I follow with great interest GBP/JPY. Thank you also for BabyPips... Your comments may not be appreciated by all readers, but I do a LOT. Cheers. Jivanjiao.

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So far we have been through only one setup using this strategy.

 

I am hoping some of you have been able to see the potential in using a strategy such

as this to exploit trend in the higher TF.

 

Try setting the template up on your MT4 and apply it to a few of the major currency

pairs. It is not as complicated as it may seem from the outset - like anything you quickly

get used to it with a little use, and eventually you do not even need to have as many

charts to simply understand where trend is.

 

I am happy to continue the thread if anyone takes a serious interest in the strategy, and

would like to see another work-through with another pair. Perhaps we could use the

EurUsd next time, or one of someone else's choosing.

 

At any rate, I am glad I was out of that pair (GBPJPY) before the rally. The signs were

just not clear that the trade was going to be in our favour, and at those times you just

have to take the loss, or simply get out.

 

There is always another trade.

 

Personally I am thinking of quitting live trading - there are a couple of reasons for it:

 

1) I do not have the capital for it

2) I have been working hard to get trading working for me,for 9 years, and still am not doing any better than meeting trading expenses

3) I am not kidding myself that I will ever actually be able to do much better than I am doing right now

4) In order to meet my original objectives of replacing current salary, I expect to be increasing ROI - that is not happening for me

5) Family are more important to me than sitting at the computer bashing my head to improve my trading results

6) Trading takes up a lot of my time and my thinking - there is more to life

 

I will still remain involved for a little while in order to complete what I have started, but I

can see that in the future I will probably just fade away and become involved in

something more profitable than trading the way I do.

 

Writing poetry could be more profitable than what I have been doing!

 

See my comments in post #12 here:

 

http://www.traderslaboratory.com/forums/forex-trading-laboratory/11833-39-forex-traders-profitable.html#post176048

 

Anyway - I have started this thread to give some of you some idea of what I found

actually works. I remain convinced that if you approach trading from this perspective

then you will have a better chance than you might have otherwise.

 

There has been a little interest here - let me know if you'd like to continue.

 

Ingot

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Hi Hingot54,

 

Yes of course I would like to continue this Forum. It looks as if you are in the blues...

 

Writing poetry could be worked with Forex... at least to begin with.

 

Anyway, good luck and thanks to continue with numerous readers.

 

Jivanjiao

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Hi Ingot54,

I am a quiet reader, simply bcos I dont hv better ideas to contribute but I'll say I'm following yr thread with great interest n concentration. It does seem to me that this strategy of yrs can hv potentials to be a method of long term consistency, perhaps only a gut feel now, bcos, as u said, this thread has not progressed to a "Nailed It" stage yet.

IMHO, based on my experiences in following forums/threads, oftentimes not all parts of a strategy will be 'IT" but very frequently certain application portions of the strategy can be the "AHA" moment, espescially if a reader has past experience n hv their own systems in use n this "AHA" info/tip/suggestion becomes an invaluable enhancemt to their own systems/methods.

The reason I'm writing this message is bcos I'm very concerned that u may gv up on tis thread, n really sincerely hope u will continue. In fact, I check my inbox in anticipation of yr new posts n will really miss it if it's no longer available. Again hopefully u wud continue n u definitely can count me in as a faithful follower.

Kind rgds.

So far we have been through only one setup using this strategy.

 

I am hoping some of you have been able to see the potential in using a strategy such

as this to exploit trend in the higher TF.

 

Try setting the template up on your MT4 and apply it to a few of the major currency

pairs. It is not as complicated as it may seem from the outset - like anything you quickly

get used to it with a little use, and eventually you do not even need to have as many

charts to simply understand where trend is.

 

I am happy to continue the thread if anyone takes a serious interest in the strategy, and

would like to see another work-through with another pair. Perhaps we could use the

EurUsd next time, or one of someone else's choosing.

 

At any rate, I am glad I was out of that pair (GBPJPY) before the rally. The signs were

just not clear that the trade was going to be in our favour, and at those times you just

have to take the loss, or simply get out.

 

There is always another trade.

 

Personally I am thinking of quitting live trading - there are a couple of reasons for it:

 

1) I do not have the capital for it

2) I have been working hard to get trading working for me,for 9 years, and still am not doing any better than meeting trading expenses

3) I am not kidding myself that I will ever actually be able to do much better than I am doing right now

4) In order to meet my original objectives of replacing current salary, I expect to be increasing ROI - that is not happening for me

5) Family are more important to me than sitting at the computer bashing my head to improve my trading results

6) Trading takes up a lot of my time and my thinking - there is more to life

 

I will still remain involved for a little while in order to complete what I have started, but I

can see that in the future I will probably just fade away and become involved in

something more profitable than trading the way I do.

 

Writing poetry could be more profitable than what I have been doing!

 

See my comments in post #12 here:

 

http://www.traderslaboratory.com/forums/forex-trading-laboratory/11833-39-forex-traders-profitable.html#post176048

 

Anyway - I have started this thread to give some of you some idea of what I found

actually works. I remain convinced that if you approach trading from this perspective

then you will have a better chance than you might have otherwise.

 

There has been a little interest here - let me know if you'd like to continue.

 

Ingot

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So far we have been through only one setup using this strategy.

 

I am hoping some of you have been able to see the potential in using a strategy such

as this to exploit trend in the higher TF.

 

Try setting the template up on your MT4 and apply it to a few of the major currency

pairs. It is not as complicated as it may seem from the outset - like anything you quickly

get used to it with a little use, and eventually you do not even need to have as many

charts to simply understand where trend is.

 

I am happy to continue the thread if anyone takes a serious interest in the strategy, and

would like to see another work-through with another pair. Perhaps we could use the

EurUsd next time, or one of someone else's choosing.

 

At any rate, I am glad I was out of that pair (GBPJPY) before the rally. The signs were

just not clear that the trade was going to be in our favour, and at those times you just

have to take the loss, or simply get out.

 

There is always another trade.

 

Personally I am thinking of quitting live trading - there are a couple of reasons for it:

 

1) I do not have the capital for it

2) I have been working hard to get trading working for me,for 9 years, and still am not doing any better than meeting trading expenses

3) I am not kidding myself that I will ever actually be able to do much better than I am doing right now

4) In order to meet my original objectives of replacing current salary, I expect to be increasing ROI - that is not happening for me

5) Family are more important to me than sitting at the computer bashing my head to improve my trading results

6) Trading takes up a lot of my time and my thinking - there is more to life

 

I will still remain involved for a little while in order to complete what I have started, but I

can see that in the future I will probably just fade away and become involved in

something more profitable than trading the way I do.

 

Writing poetry could be more profitable than what I have been doing!

 

See my comments in post #12 here:

 

http://www.traderslaboratory.com/forums/forex-trading-laboratory/11833-39-forex-traders-profitable.html#post176048

 

Anyway - I have started this thread to give some of you some idea of what I found

actually works. I remain convinced that if you approach trading from this perspective

then you will have a better chance than you might have otherwise.

 

There has been a little interest here - let me know if you'd like to continue.

 

Ingot

 

I appreciate this refreshingly honest and informative thread. I believe your method is sound and logical.

How long have you been using this method? It appears to me it should be successful. If not, why not? What am I missing? Please continue, you may be on the way to a winner. Don't quit yet. One unsuccessful trade due to a news issue should not be a reason to abort what appears to be a sound system. Thank you.

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Hello Ingot:

 

Thanks for all of your help learning about trading Forex.

 

Standing aside when the picture was not clear in the GBP/JPY was a good call.

 

Sorry to hear you may be leaving live trading. Your posts have always been insightful and clear. I wish you well on your future endeavors.

 

With your considerable experience in trading maybe you good put that experience to good use working for one of the regulatory bodies that keeps all of those brokers in line. There is always a need for honest people willing to fight corruption. You certainly have my vote.

 

There's a woman named Jessica Peletier a full-time trader in Forex who lives in Western Australia. Possibly a fellow trader in your neck of the woods. She has a great blog which is fun to read. She talks about her troubles and successes trading Forex. She has no tales of finding the holy grail. But you still might enjoy reading her blog and she might enjoy hearing from a fellow Australian trader.

Rogue Traderette, equities

 

Henry1000

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Thanks Henry for your kindness.

 

I bookmarked the blog, and will have a longer look at it when those cooler autumn nights arrive here :)

 

All the best with your trading.

 

Ingot

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Hi Hingot54,

 

Yes of course I would like to continue this Forum. It looks as if you are in the blues...

 

Writing poetry could be worked with Forex... at least to begin with.

 

Anyway, good luck and thanks to continue with numerous readers.

 

Jivanjiao

Yes, Jivanjiao, I will continue for a short time - I keep commitments. But at some point I will fade away.

I plan to follow through with another trade, and then to write out the rules in a way that can be followed.

 

Because there is some discretion required, I will be as clear as possible where discretion is needed,

and try to point that out when it happens.

 

Hi Ingot54,

I am a quiet reader, simply bcos I dont hv better ideas to contribute but I'll say I'm following yr thread

with great interest n concentration. It does seem to me that this strategy of yrs can hv potentials to be a

method of long term consistency, perhaps only a gut feel now, bcos, as u said, this thread has not

progressed to a "Nailed It" stage yet.

 

The reason I'm writing this message is bcos I'm very concerned that u may gv up on tis thread, n really

sincerely hope u will continue. In fact, I check my inbox in anticipation of yr new posts n will really miss it

if it's no longer available. Again hopefully u wud continue n u definitely can count me in as a faithful follower.

Kind rgds.

Thanks for your support and interest, Eralinks. I have a bit more to offer yet, but there will be a limit.

Let's hope you can also achieve an objective here.

 

I appreciate this refreshingly honest and informative thread. I believe your method is sound and logical.

How long have you been using this method? It appears to me it should be successful. If not, why not?

What am I missing? Please continue, you may be on the way to a winner. Don't quit yet. One unsuccessful

trade due to a news issue should not be a reason to abort what appears to be a sound system. Thank you.

Thank you Kobe756. The problem is not as much the strategy or the markets ... the problem is myself.

 

Markets have always been challenging, and not all traders are cut out to meet the challenge.

As I am under-capitalised and running out of time in life to achieve this and other objectives, something

has to move in my sphere, and forex 'trading" is the weak link, and will have to move over.

 

This is indeed one of the great methods, and will achieve success for the trader. In my case, I am unable

to hang around while an account builds up over time. The small sums I can make with it are precious little

compared to what I make in my day job, so for the hours I spend sitting on my bottom in front of a computer

keyboard and monitor, I am rewarded little in dollar terms.

 

Hello Ingot:

 

Thanks for all of your help learning about trading Forex.

 

Standing aside when the picture was not clear in the GBP/JPY was a good call.

 

Sorry to hear you may be leaving live trading. Your posts have always been insightful and clear.

I wish you well on your future endeavors.

 

With your considerable experience in trading maybe you good put that experience to good use working

for one of the regulatory bodies that keeps all of those brokers in line. There is always a need for honest

people willing to fight corruption. You certainly have my vote.

 

Henry - we need to get the rules written ... after the next trade is worked through. I am leaving it that late

to formulate rules, because I do not particularly want people to be getting confused about which rule

applies on which TF and why it conflicts with this and that etc etc.

 

First I want traders to be able to see that we do have something here ... and that will give them the

mental commitment to look more seriously.

 

If we give the rules first, then it is too easy to discard the strategy as useless, when in fact it may not

have had a decent test. That is why I have jumped straight is to trading examples on a live basis - I want

people to see that the approach using a higher TF is much more forgiving of an error, and that aligning

the action in several TF is indeed the way to catch a nice wave.

 

This week I am catching up with family in another city, so will have limited opportunity to post.

 

Please bookmark/add to favourites so that you get the updates when we begin the week's trading.

 

Thanks to everyone for continuing support - I hope not to let you down

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There are a lot of things to consider in forex exchange and currency trading.

I love reading Ask Mario Singh of FX Primus blog because he gives great

and timely information about current trends in forex trading.

What is his success rate personally?

What is the success rate of his followers?

Perhaps we could follow his calls, and forget about learning to trade?

 

Following someone like this might be much a easier way to profit from Forex trading.

 

How are you personally going with Mario, Insidetraderonline?

 

Feel free to post his calls ... but another thread might be more appropriate.

 

Does he advertise elsewhere too?

 

I am in my 10th year trading, and 8 years

with Forex, and yes, you are correct:

There are a lot of things to consider in forex exchange and currency trading.

 

I am still humble enough to learn something new. Feel free to post a link to your

new TL thread that addresses Mario's strategy and calls - I will be an interested

participant over there.

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