Can anyone let me know how mechanical is this system.
DislikedVery mechanical. You have a couple of simple signals and then you react. Stop loss and target don't change although sometimes you will cut it short or cut your loss of course.
Have you watched Mikes videos on the fxpivotpoint.com youtube page? You will see the arrows on his MT4 charts and then he switches over to his trading account screen every so often...best approach when using this system sometimes too is to just break up your trade into 2-3 positions so you can exit partially.
Take care,
DonnieIgnored
DislikedHi Donnie,
I checked out the videos. It looked like from the videos that there were some signals that's not taken. Is that part of the rules or it's a discretion.
Thanks for your answers.Ignored
DislikedAnds,
You must always use your best discretion. At the same time, the whole system isn't on the videos of course....Ignored
DislikedThanks Donnie. I assume the system generates some signals and based on certain more indicators like pivot you take the trade or not.
I asked more about discretion because that's the unclear part of any system and i feel that makes the system profitable or not.Ignored
DislikedThis will always have a huge affect on your profitability in any type of trading.
Discretion:the power or right to decide or act according to one's own judgment; freedom of judgment or choice: It is entirely within my discretion whether I will go or stay.
Even though you are using a system, you must always use sound judgement and not take a trade if it's wrong on 4 out of 5 TFs but correct on the "system"..Ignored
DislikedAnds,
Have you ever messed around with the pivots just on demo or with a real small live account?
It's a lot easier to understand as you actually trade it, there will be losses don't get me wrong....Ignored
DislikedDonnie,
I have used a pivot based system in the past. I assume i got a good understanding on it. I understand there is a huge difference between trading a $100 acct vs trading a huge account. What i meant was give the trading system to two robots will it have the same entries. We don't have to worry about the TP.
Do you have any performance history on this systemIgnored
DislikedIf you gave this system to two robots then yes it would have the same entries.
I don't know of any performance history other than my personal account balance and the amount of trades that I've taken. If you are patient, YOU MUST BE PATIENT TO TRADE THIS SYSTEM OR FOREX FOR THAT MATTER. You can trade this system with 70-80 percent success.
The harder part in the beginning is learning when to cut your losses when scalping..Ignored
DislikedHi John,
If it's any help to you, in a few weeks time I will post a complete month of only trading this system.....I was going to start my month last week but circumstances prevented me from doing that, but I'm on track now....Ignored
DislikedThanks Donnie. I assume the system generates some signals and based on certain more indicators like pivot you take the trade or not.
I asked more about discretion because that's the unclear part of any system and i feel that makes the system profitable or not.Ignored
DislikedI think going with a hard SL and TP is better since it takes away the emotion from the trade after you enter. Will that work with this system and still have that success percentage.Ignored
DislikedPlease check out my newest site.
theforexfocus.com
Mike
ps - it's free.Ignored