hi all, forex trading is easy but the mental part is difficult. i will show you a method that can rake in the profits but it is very... very... veeeeeery... boring. sometimes you have less than 5 trades for a whole month with a maximum stoploss of 100pips or less. One major drawback of this system is that "you have to monitor your position round the clock". i use daily charts only.
basically i use two indicators and they both have to match for a signal to be valid. i will show you some graphs...
A very good morning to you all, i will want to say tanks for all your replies especially the encouraging replies.
AIM
*My system aims at catching a trend at the early stage and riding it to the maximum while reducing risk.
it reduces risk by 2 ways; first you get very few trades thereby limiting your exposure to the market (any
experience trader will tell you that over trading is the worst ''money killer' in forex), secondly, by entering early,
your initial risk (stoploss) is greatly reduced. thus even if price turns against you, you only loss a fraction of you risked amount (especially in ranging market).
INDICATORS
*ADX CROSSES 7
TREND LORD 6
CHARTS
*Daily charts (for now)
CRITICAL CHARACTERISTIC OF INDICATOR
*ADX indicator does not repaints once the candle is closed, but might repaint if the candle has not close.
-a signal (red or blue arrow) appears only when the high of the previous day is exceeded.
*TREND LORD repaints especially with the low setting which i am using, thus the need for the two to match before pulling the trigger.( i consider it a justifiable
risk)
REASON FOR CONSTANT MONITORING
*the signals can appear at anytime and so waiting for the day to close might increase ur SL
METHOd
*enter two trades TP =200 & 500
SL =100pips each
*move to break even once i hit the first target. (system is best with trenders liKE GU, EJ & AU) I know the word 'TRENDERS' is not in the dictionary, but... wat d hell!!!
THANKS
basically i use two indicators and they both have to match for a signal to be valid. i will show you some graphs...
A very good morning to you all, i will want to say tanks for all your replies especially the encouraging replies.
AIM
*My system aims at catching a trend at the early stage and riding it to the maximum while reducing risk.
it reduces risk by 2 ways; first you get very few trades thereby limiting your exposure to the market (any
experience trader will tell you that over trading is the worst ''money killer' in forex), secondly, by entering early,
your initial risk (stoploss) is greatly reduced. thus even if price turns against you, you only loss a fraction of you risked amount (especially in ranging market).
INDICATORS
*ADX CROSSES 7
TREND LORD 6
CHARTS
*Daily charts (for now)
CRITICAL CHARACTERISTIC OF INDICATOR
*ADX indicator does not repaints once the candle is closed, but might repaint if the candle has not close.
-a signal (red or blue arrow) appears only when the high of the previous day is exceeded.
*TREND LORD repaints especially with the low setting which i am using, thus the need for the two to match before pulling the trigger.( i consider it a justifiable
risk)
REASON FOR CONSTANT MONITORING
*the signals can appear at anytime and so waiting for the day to close might increase ur SL
METHOd
*enter two trades TP =200 & 500
SL =100pips each
*move to break even once i hit the first target. (system is best with trenders liKE GU, EJ & AU) I know the word 'TRENDERS' is not in the dictionary, but... wat d hell!!!
THANKS