QUAD CANDLE SYSTEM
D1 Time Frame
LIVE TRADING PROGRESS
Account Start Date: 8 JANUARY 2018
Account Start Balance: US$1000
Current Account Growth
Note: These charts will be updated at the end of each month.
Year 1 (2018) Net Gain in Equity = _____ % @ _____ % DD
Year 2 (2019) Net Gain in Equity = _____ % @ _____ % DD
Year 3 (2020) Net Gain in Equity = _____ % @ _____ % DD
Year 4 (2021) Net Gain in Equity = _____ % @ _____ % DD
Year 5 (2022) Net Gain in Equity = _____ % @ _____ % DD
Year 6 (2023) Net Gain in Equity = _____ % @ _____ % DD
Year 7 (2024) Net Gain in Equity = _____ % @ _____ % DD
Year 8 (2025) Net Gain in Equity = _____ % @ _____ % DD
Year 9 (2026) Net Gain in Equity = _____ % @ _____ % DD
Year 10 (2027) Net Gain in Equity = _____ % @ _____ % DD
Ultimate Target Projections
Starting at US$1000
Compounding at 5.93% monthly.
1K to 1 Million in 10 years.
This is basically doubling the account equity every year for 10 years.
Year 1: 1000 to 2000
Year 2: 2000 to 4000
Year 3: 4000 to 8000
Year 4: 8000 to 16000
Year 5: 16000 to 32000
Year 6: 32000 to 64000
Year 7: 64000 to 128000
Year 8: 128000 to 256000
Year 9: 256000 to 512000
Year 10: 512000 to 1024000
100% Gain in Equity per year over 10 years.
Note: Extra Funds up to 9K may be added at certain times which will add to the compounding effect resulting in a reduced time to hit the target.
IS HITTING THE TARGET EVEN POSSIBLE ?=================================================================================================
The QUAD CANDLE SYSTEM (QCS) is designed for trading the higher time frames only !
The QCS system is based around 4 by D1 candle formations with respect to the following:
a) 2 bullish candles followed by 2 bearish candles looking to go short the market
b) 2 bearish candles followed by 2 bullish candles looking to go long the market
ENTRY (Basic criteria)
Enter short after the Short Quad Candle Pattern (SQCP) has completed and price is currently trading in the Upper MML extreme zone [8/8 to +2/8]
Enter long after the Long Quad Candle Pattern (LQCP) has completed and price is currently trading in the Lower MML extreme zone [0/8 to -2/8]
Since the trigger for entry must occur after the close of a daily candle, be sure to realize that this does not suggest an entry in the early Asian session and indeed an entry may occur at any time within the current D1 candle (QCS trigger candle).
An advantage of this is in the situation where a pullback occurs allowing a trader to get into the market at a 'better' price.
The traders reward to risk ratio may also be more ideal because the SL will typically be smaller.
The disadvantage is in the event that price does not pull back and the trader is left behind resulting in a missed opportunity.
It is not advisable to enter too late into a trade but this is at the discretion of the trader and in any case the TFs traded are higher making late entries a possibility.
Other entry criteria will also be discussed as the thread progresses.
1st entry in a setup should follow the Quad pattern entry criteria as posted above;
2nd and subsequent entries of the same Quad Setup can follow a Quad Pattern but they do not need too.
The addition of trades is at the discretion of the trader and can be based on the following:
a) Support + Resistance;
b) Fibonacci ratios;
d) Daily Range ratios (pip count);
e) Quad Patterns (next in series);
f) MML octive levels; or
g) any other 'reasonable' and 'realistic' trader preferred method.
Note 1: The addition of all trades that form a Quad Setup must be designed such that the sum total of all the SLs is less than the assigned risk.
Note 2: The assigned risk (typically 0.5% - 5%) is the total loss that occurs if current SL levels of all running trades were to be taken out.
The 1st entry is arguably the most important of the sequence of trades in a Quad Setup since it is in a location that the trader expects to be the start of a new super trend either UP or DOWN as the case may be and the addition of trades is expected to add considerably to the growth of the account.
The careful addition of trades to a given Quad Setup is what provides the potential acceleration in growth.
At all times the risk should be monitored and controlled as much as possible from the traders end.
Some risk such as broker negative slippage, flash crashes and black swan events may not be possible to control by the trader.
The MML indicator also forms part of this trading method which will be outlined throughout the thread.
Quad Candle System D1:
P = 64;
MMPeriod = 0 and
StepBack = 0.
1. P=64 [Period in bars]
[TF=D1: 4, 8, 16, 32, 64=Quarter, 128=half year, 256=1 year etc]
2. MMP=0 (default=1440)
[Period in minutes, 60=1Hr,240=4Hr, 1440=Daily, 10080=Weekly, 43200=MN]
3. Stepback=0 [a period shift back in time ; where 0 = current bar]
Note: Default settings should be applied on a D1 TF unless otherwise stated.
Splitting the Symbols into different categories:
(a) Turtle (ADR < about 60 pips)
(b) Medium (ADR >60 and <100 pips)
(c) Fast (ADR >100 pips)
A specific setting can be applied to a given symbol or alernatively an average 'best fit'.
The MML grid octives may change size when the parameters are altered.
In cases where the PA is seen to be 'out-of-sync' then we need to change the settings slightly.
The addition of trades in an MML Setup can follow any of the above points as per a Quad Setup or be based purely on the movement of price favorably beyond any preferred number or level of an MML octive or a pullback followed by a bounce. As above the Fibonacci ratios and harmonic moves can also be applied at the traders discretion.
Generally placed above or below the Quad Candle Cluster (QCC).
Basically above or below the major swings.
However, the following may be used at the discretion of the trader
1. Swing Highs or Lows or at QCC locations as mentioned above (allow a minimum gap of 20 pips above/below this level);
2. ATR trace indicator;
3. Chart structural highs or lows as the case dictates;
4. MML SL Logic
(a) If an Entry (Not Recommended) is to be made from either the -2/8 MML level or +2/8 MML level then a:
i) minimum SL of at least 50% of the current Octave Gap should be applied
ii) maximum SL of 100% of the current Octave Gap
b) all other SLs from MMLs should be a minimum of 1 Octave Gap up to a maximum of 2 Octave Gaps.
c) exceptions may occur based on the chart structure and other factors for a given instrument (currency, index, commodity etc).
Minimum 1 to 1 ratio (TP to SL).
Preferably 2:1, 3:1 or 4:1 is applied.
Determine the pips for the SL based on the preferred SL method and then make the TP >= SL pips (always consider chart structure and adjust).
Chart structure, Harmonic completions, MMLs and Fibonacci ratios (127.2 and 161.8 or higher ratios) may also be used for potential TP levels.
However, the setup must make sense and a TP at least equal to the number of SL pips (SL must be applied in a well thought out location).
The idea should be to start with a larger TP such as a 4 to 1 ratio and as the trade unfolds favorably look to trail your entry from a large distance.
OAPDave suggestion (June 11, 2017):
Use the Monthly Octave levels as a guide for the TP level on a D1 Quad or MML Setup.
Identical MML settings should be used for both time frames, D1 and MN1 eg P=64, MMPeriod=0 and StepBack=0.
Trades may be trailed as the trader sees fit.
Alternatively a trader can use:
a) BE + some pips after price has moved favorably X_pips.
b) ATR indicator (or %ADR, %AWR or %AMR)
c) MML indicator (MML levels)
d) Chart structure (eg longer term Support or Resistance zones OR Candlestick Trailing)
e) 2 by D1 opposite colored candles (in series) form anytime after trade entry has been made
f) other methods (eg Fibonacci Trailing)
Note that the trailing method applied is determined by the trader.
Price will not always go in the direction you would like and indeed it may reverse after going a certain number of pips so it is sometimes necessary to simply close out the trade for some profit or a loss and search for the next opportunity.
Often the trader will need to balance between applying too tight of a stop and too generous of a stop.
Too tight of a stop and you might be kicked out of the trade too soon.
Too generous of a stop and you might give back too much floating profit.
Monitoring is needed here so the approach is indeed dynamic.
Experience is needed here.
Since this system applies HTF trade setups some fundamental analysis may enter the thread and this is most welcome from all traders.
Some sources include the following:
1. Central Bank speeches
2. News feeds (Bloomberg, Reuters, Ransquawk among others)
3. Economic Calendars (Banks, FF, myfxbook and hundreds of others)
4. Trading Economics website and other academic sources (sites, pdf's, relevant articles)
5. Political commentary (Tweets and speeches among others)
This will be dependent upon the movements of the market on the traded instrument and the controls that are put in place.
It is not unlikely that some trades may run for several weeks!
This system is meant to be very simple to apply.
The idea is to get into a long trend and stay in there for hundreds of pips or as long as possible and have your trailing stop take you out.
The trader will need to exercise patience and allow trades to run as much as possible.
If a trader makes a profit on a trade then they really have not done alot wrong however, they may have foregone a greater opportunity.
On a D1 trade setup, very often the trades run over several days into weeks and perhaps over several months.
At 5pm EST (US) rollover occurs on positions left open and either positive swap or negative swap is added to or deducted from the trading account via your broker almost instantaneously.
The swap rates are updated on a weekly basis via Financial Institution passing on rates to brokers.
Wednesday incurs a triple swap rate (markets in FX do not trade over the weekend).
Friday incurs a triple swap rate for CFD's.
Brokers may pass onto customers a financing fee.
So the formula for calculating swap rates below may vary from what the broker actually shows in their platform.
Note: If a broker shows 2 relatively high negative swap rates for the same currency pair, ask questions why and investigate.
The formula for calculating Swap Rate is as follows:
Daily Rollover Interest = Contract Notional Value x (Base Currency Interest Rate - Quote Currency Interest Rate) / (365 days per year x Current Base Currency Rate)
Contract Notional Value is the volume in quote currency eg EUR/USD: 100,000 (or 1 Lot) - swap will be in USD currency.
The interest rate differential is the difference in interest rates between the Base and Quote currencies.
You will need to know the lending and borrowing interest rates of the currencies you trade (many sources online).
The Daily Rollover Interest Formula calculates based on a 1 day rollover, if its more than a day then simply multiply by number of days.
Swap Rate accumulation should certainly be considered in longer term trade setups.
Swap Rate accumulation has a meaningful impact over trades running in the markets over several months.
D1 (Longer term trading)
QUAD CANDLE SYSTEM ZIP FOLDER
QCS_MT4 zip folder will be updated so please check here regularly by observing the upload date.
QCS_MT4.zip 572 KB | 108 downloads | Uploaded Nov 11, 2018 9:43pm
Quad Candle Dashboard MT4
Inside the zip folder you will find 1 indicator and 7 templates.
Place the QuadCandleDashboard indicator in the Indicators folder.
Place all the provided templates in the templates folder.
Please ensure that the bars on your charts are absolutely refreshed and that no missing bars are present especially the first 5 bars (counting from current-far right and backwards-to the left --> 4 3 2 1 Current Bar).
If an automated refresher is not available please use MT4 "Refresh" by Right Clicking and selecting "Refresh".
Open all relevant charts 1 at a time and repeat the manual process; using the MT4 cross hair tool check all the bar dates have been updated.
If you fail to ensure that bars have been updated then very likely the Quad patterns will be incorrect.
Is provided in ex4 format only and contains an expiry date at month end.
This ensures that both participation continues and that the current version is only used considering that regualar updates are often required.
This version is locked to the D1 TF and P=64 to conform to the methodology provided in this thread.
Some future versions may allow for the flexibility to alter settings including time frames and MML Grid values such as P, MMPeriod and StepBack.
Column 1 (far left side) displays all the Symbols (default contains 36 symbols - these can be changed in the settings using comma separated ",";
Column 2 is the Bid or current price of the symbol;
Column 3 - 7 show colored boxes representing previous D1 bar color, C = current D1 bar;
Column 8 currently shows an "x" or a smiley face depending on Quad pattern present or not, column will be used for Bar Status later (ID missing bars);
Column 9,10 and 11 display "NO SIGNAL" when signal is not present or display Quad Short or Quad Long, MML Short or MML Long and QM Short or QM Long.
Column 12,13 and 14 display current trend based on confluent groups of 3 TF's (M1,M5,M15 / M30,H1,H4 / D1,W1,MN1 == L M H);
Column 15 displays the ADR (average daily range in pips or points);
Column 16 R refers to current days range in pips, values will change based on current price above or below Daily Open price;
Column 17 and 18 display the Broker swap rates (long and short); and
Column 19 displays the symbols spread in pips.
The dashboard will be updated so that functionality and useability remain current and the software functions flawlessly.
However, major functional and display upgrades will be limited because the MT5 version will likely be used for this purpose.
Over several months the MT4 Dash is very likely to be phased out however, this could take up to a few years, no-one really knows.
Using the QuadCandleDashboard:
The purpose of the Dash is to quickly identify several symbols worthy of additional analysis (economic, fundamental, political and technical).
1. Quad Pattern (Q_Signal) ;
2. MML (M_Signal) ; and
3. Quad+MML (QM_Signal).
Entries may be taken from any of these signals but shoud comply with the guidelines outlined in Post 1.
Entries should be highly confluent using the D1 TF and a Reward Risk ratio >> 1 with stops and targets using the MML levels as per QCS methodology.
I hope the Dashboard is useful and if traders have suggestions for improvements please post them to the thread and I will consider them.
Please ensure that your price data (OHLC) is refreshed and that no missing bars are present otherwise signals may be false !
I will add in extra code at a later stage that correctly identifies any relevant missing bars and offers a solution.
For example, a trader should ensure that a minimum of 5 D1 bars are present counting from current bar then backwards and also of the correct date (use MT4 crosshair tool).
The MML values require that 64 (+1 current bar) D1 bars are valid and present on the chart otherwise incorrect levels may result.
If the bars are missing or are incorrect dates post this to the thread and I'll provide a means to recover the missing data.
QuadCandleDashboard v1 MT4.zip 149 KB | 7 downloads | Uploaded Nov 18, 2018 8:06am
1. v1.01 --> Released early Nov
2. v1.02 --> Released mid Nov ... Fixed an issue with QM_Signal output.
3. v1.03 --> Released Nov 19 ... Added in extra data columns, more user functionality (Pip Value per lot, various ranges, slow, med and fast pairs).
4. v1.04 --> Pending Release ... Major upgrade, Buttons for charts, highlight rows, W1 data, borders color, multiple alerts and much much more.
Quad Candle Dashboard MT5
........ Coming soon ............
MT5 - Additional indicators will be placed in this zip folder (updates will occur so please check back here often)
MT5-Indicators_tpls.zip 159 KB | 343 downloads | Uploaded Jul 19, 2018 12:16am
Note: Additional information may be added at a later date.
- Basic candlestick patterns - http://www.candlesticker.com/BasicCa...s.aspx?lang=en
- Bullish candlestick patterns - http://www.candlesticker.com/Bullish...s.aspx?lang=en
- Bearish candlestick patterns - http://www.candlesticker.com/Bearish...s.aspx?lang=en
- Basic candlestick patterns - http://stockcharts.com/school/doku.p...o_candlesticks
- Candlestick Patterns for Dummies (its actually a good place to start if you are a complete novice)
- Japanese Candlestick Patterns by Steve Nison (various updated versions)
Concentrate on the basic ABCD and AB=CD patterns as a 1 to 1 completion with an expected price reversal to follow, or at exhaustion 127.2/161.8)
AB=CD Pattern - http://harmonictrader.com/blog/2013/08/03/abcd/
(do not concern yourselves at this stage with advanced harmonic patterns such as gartley, bat, crab, butterfly, shark, 3 drives, 5-0 etc)
Ratios - http://harmonictrader.com/fibonacci/fibonacci-ratios/
Extentions - http://www.investopedia.com/terms/f/...extensions.asp
Retracement - http://www.investopedia.com/terms/f/...etracement.asp
Golden ratio - http://www.investopedia.com/articles.../04/033104.asp
Note 1: the sites listed above are to gain a very basic understanding of Fib ratios and may be expanded in the thread.
Note 2: Fib ratios that I apply are only 38.2, 50, 61.8, 78.6, 88.6, 100, 127.2 and 161.8.
I will address within the thread what elements are important to understand and apply and those that do not fit in with the QUAD CANDLE Strategy.
Websites with useful content:
NYSE (US) http://nyse.com/
NASDAQ (US) http://nasdaq.com/
Japan Exchange Group JPX (Japan) http://www.jpx.co.jp/english/
Shanghai Stock Exchange (China) http://www.sse.com.cn
Euronext (EU) https://www.euronext.com/
London Stock Exchange Group (UK) http://www.lseg.com/
Hong Hong Stock Exchange (HK) http://www.hkex.com.hk/
Shenzhen Stock Exchange (China) http://www.szse.cn/main/en
Deutsche Borse (Germany) http://deutsche-boerse.com/dbg/dispa...r/dbg_nav/home
TMX Group (Canada) http://www.tmx.com/
Korea Exchange (Korea) http://eng.krx.co.kr/
SIX Swiss Exchange (Switzerland) http://www.six-swiss-exchange.com/
ASX (Australia) http://www.asx.com.au/
Taiwan Stock Exchange (Taiwan) http://www.twse.com.tw/en/
New Zealand Exchange NZX (New Zealand) http://www.nzx.com/
Chicago Mercantile Exchange (CME, CBOT, NYMEX, COMEX) http://cmegroup.com/
U.S. Commodity Futures Trading Commission (COT Data):
Google: Search for other sources via Google/other search engines to expand your knowledge base.
QUAD GENERAL GUIDELINE FOR TRADE SETUPS
1. FIND AN INSTRUMENT
SEARCH FOR A POTENTIAL QUAD CANDLE PATTERN (QCP) BY USING TEMPLATE:
a) D1 TF ONLY or
b) MML DASHBOARD (to find several pairs at a glance) and then individual D1 Chart
2. IF INSTRUMENT IS NOT A MAJOR LOOK AT RELATED MAJORS ON D1 Chart
a) Example CHFJPY (Get D1 Chart for both USDCHF and USDJPY)
b) Check Correlation Table (Daily, Weekly, and Monthly)
3. CHECK FUNDAMENTALS
(before you ever take a trade you must have a global bias direction Up, Down or Neutral)
a) Forex Factory Economic Calendar
b) News sites (purpose is to be as market aware as possible, this is ongoing)
4. CHECK QCP SETUP LOCATION
a) Chart structure resistance and/or support levels
b) Fibonacci Ratios (38.2 to 88.6 and extension ratios 127.2 and 161.8)
c) Harmonic completions (ABCD or AB=CD patterns)
d) Key Handles (check to see where price currently is trading with respect to these price levels)
5. CHECK QCP CANDLESTICK TYPE (SQCP and LQCP; short and long Quad Setups)
a) reversal type candlestick patterns after a long upward or downward trend
b) look for rejection or piercing of a given candle type at a key MML zone
c) consider lower TF analysis within the QUAD
d) consider the quality of the reversal candle pattern
e) consider the relative ranges between the D1 candles of a Quad Candle Pattern
6. CHECK THE FOLLOWING
a) Day of Week an entry is likely to be made (eg if Friday not advisable, consider weekend risk)
b) Proximity to high impact news and the expected impact on a proposed entry into the market
c) Swap (check to see if the pair has positive or negative carry swap, this adds up over multiple weeks)
d) Check that the Stop and TP locations make sense
e) Know your potential maximum loss on a given trade
f) Know how you will trail the trade (ATR method, move SL to BE+ pips are X_pips, S+R etc)
g) LOOK FOR ANY REASON WHY THE TRADE SHOULD NOT BE ENTERED (is the reason strong enough to cause you to not make an entry, determine the risk based on the reason for possible rejection of a trade)
h) ASK OTHER TRADERS FROM THE THREAD IF THEY CAN THINK OF REASONS WHY YOU SHOULD NOT TAKE A GIVEN TRADE, CONSIDER THEIR REASONS AND MATCH IT TO YOUR OWN THINKING.
7. Apply sound Risk and Trade Management techniques
(always be clear about what you stand to lose on a given trade as a % of account).
Basic Check List:
1. Swap Short (or Long)
3. Quad Short (or Long) Pattern (QSP) confirmed
4. Quality of QSP (candlestick patterns, harmonic completion zones and Fibs as appropriate to the given chart)
5. Location of the QSP to Chart Structure (up high, in the middle or elsewhere)
6. Location of the QSP to MML zones (near extreme MMLs or elsewhere)
7. SL location
8. TP location
9. Reward to risk ratio
10. Does the R:r fit in with recent PA and does it potentially offer at least a 1 to 1.
11. Check related major pair D1 Charts (what can these charts tell you about the pair about to be traded if its a cross etc)
12. D1 Entry Candle (attempt to get in at a better price to reduce SL, so an entry later in the day eg London or NY Open might be a good idea)
13. Entry must occur on the same day as the D1 Entry Candle or the trade is invalid.
14. Fundamental alignment of the individual currencies.
15. Risk management (appropriate lot size matched to SL per given symbol; what do you stand to lose if your SL is hit as a % of the account)
16. Trade management (how will you manage the open position, future news impacting negatively on your open position etc)
17. Trade Setup Risk Rating (Class 1 to 3; How do you genrally feel about this setup: Good, Ok or worried it will fail)
18. A feeling of complete uncertainty may mean passing on the trade altogether.
19. Continual market awareness (economic and political and any other type likely to impact on the progress of your trade)
20. Trader Discretion (you make all the decisions, you choose to analyse, assess, place or not place an order in the market, be responsible!)
Note: This is only a basic guide and is by no means complete, it may be modified and improved upon in future updated versions.
ADVANCED GANN TRADE SETUPS
Gann analysis may also be applied to the D1 Quad-MML trade setups for even greater confluence.
HIGH CLASS TRADE ENTRY:
Traders are encouraged to seek out highly confluent entries into the market having considered all of the material of Post 1.
The QCS methodology is far more than entering after a signal appears, rather it is simply the beginning of a comprehensive analysis.
Ultimately, the highest class trade entry considers all relevant information, performs a rigorous analysis and enters after accounting for risk.
A high class trade entry has nothing to do with the trades result !
This is because as professional traders we know that the market can turn price against our entry immediately and head towards our stop out level.
This is independant of any of our trade entry analysis.
Trade management is a key factor that separates the Equity curves of great risk/trade managers from the common traders over the longer term.
Signal (QCS Dashboard) >> Rigorous analysis (QCS Methodology) >> High Class Trade Entry (Risk Control) >> Trade Management
--->> Longer Term Equity Growth !
D1 [P=64; MMP=0; Stepback=0] settings used on the provided MML indicator available inside the zip folder attached here in Post 1.
Price Action before entry
Aggressive PA into the extreme zone followed by exhaustion/strong rejection candle(s) and a Quad candle pattern.
Extreme Zone entry 8/8 to +2/8 (Short setup) or 0/8 to -2/8 (Long setup)
Quad requires a rolling over of price and the completion of a Quad (4 candle pattern with 2 bearish/2 bullish or 2 bullish/2 bearish D1 candles)
The current D1 bar is irrelevant in the formation of a valid Quad Candle pattern.
MML can be taken after exhaustion candle completes but entry must occur inside the extreme zone
Lower TF analysis documented before the fact that shows the entry timing into the trade must be considered.
Friday was not used as an entry day (due in part to weekend gaps and the added risk attached to having no control over the trade at this time).
Note: Friday entries may be applied provided the reasoning for doing so is reasonable and realistic and that risk applied is << usual risk.
Considered location of the setup on a zoomed out chart
Longer term support and resistance levels
Fibonacci retracement ratios and extentions or expansions
Harmonic 1 to 1 completions using ABCD or AB=CD patterns that complete within the Extreme Zones
Fundamentals considered and either a sentimental or longer term bias is applied
Any trade setup that applies or attempts to apply MAs, RSI, MACD, Stochastics, TDI, CCI or other similar type lagging indicators = IGNORE CHART.
A 'trader' who posts a chart classed as an "Ignore Chart" will be given 1 warning to delete the post after which they might be ignored permanently.
My plan is to apply trading knowledge at a simple but effective level so all can follow along and trade the QUAD CANDLE SYSTEM.
The gained knowledge from the above is simply to help a trader to form an expectation of where price is likely to go and then based on how price reacts look to take trades on a daily time frame, manage the trade throughout, apply sound risk management, protect any floating profit and gain as many pips as possible on a longer term time frame.
I have been successfully trading the financial markets (multiple instruments) since the mid-80's so there is not much I have not seen.
I do not endorse the work of any other person or entity and any information in the form of websites or links is for educational purposes only.
I do thank the original coder(s) of the MML indicator (Vladislav Goshkov) and any other coding that may be used in this thread.
Several tools are likely to be coded by myself in mql4 or mql5 or C++ or Python or MATLAB or other progamming languages.
Traders are expected to conduct their own due diligence and if trading live in the market be aware of all of the risks involved and the distict possibility that not only is your capital at risk but the losses may also exceed the initial deposit.
FX retail trading is very much different to FX institutional trading.
As an FX retail trader the odds of being consistently successful or successful in general are heavily stacked against the trader.
Keep an open mind and remember the system seeks longer term entries with a typically larger pip count which means that the setups require longer time periods to unfold as the market plays out its typical rollercoaster type trajectories of price in time.
If a trader seeks very short term scalping type trades then this thread may not be for you.
Show respect to your fellow traders and be mindful that this is an international community of traders.
The intention of which should be focussed towards facilitating the advancement of trading knowledge.
TRADING LIVE PROGRESS:
Provided on TE and myfxbook to keep it real.
I recommend that keen students provide a TE or myfxbook in demo or preferably live mode to track their trading performance.
MT5 (US$1000 live start) - https://www.myfxbook.com/members/MAS...v2-mt5/2382230
Traders are welcome to join a friendly longer term trading competition on FXBlue site from the following link:
1. No open trades on your account at time of FXBlue registration (any open trades will result in disqualification);
2. Link account to myfxbook;
3. Demo or Live account of any balance can be used;
4. Peak to Trough drop in Equity cannot exceed 29% (else account will be disqualified);
5. A maximum DD limit of 29% applies (myfxbook is used for this criteria);
6. Some charts need to be posted to this thread throughout the competition;
7. Competition runs until the end of 2027 and joining is allowed at any time unless otherwise notified.
Patience and exercising sound trade management and risk control is the Key to longevity in this business!
Note: I am not affiliated nor associated in any way with any of the listed websites, they are provided as a potential source of information only and I do not guarantee the quality of the information provided on these websites.
Please use the information at your own risk after undergoing your own due diligence!
A trader should never risk more capital than what they are willing to lose and that such a loss would not impact heavily on their lifestyle.
Master your Mind then Master your Trades