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What actually works.

  • #1
  • First Post: Oct 12, 2006 4:15pm Oct 12, 2006 4:15pm
Hi I have been lurking for a long time and think ffactory is a very good forum with quality traders on the boards,please no comments like all methods work its down to psychology because they don't.



There are hundreds of methods on these forums but which ones actually produce consistent pips with low drawdown in different market conditions?


Which ones are actually used to make a living and are producing a good income , are any of them?


If you have traded a method that is posted here and it is your sole source of income and has been live traded by you for some time please can you tell me about which strategy you use and the results you have achieved.


It must not have too much discretion because if it does I can't hope to replicate the results so before you enter the trade you must know why you are entering, what your stoploss is and why you will exit.

I have been searching for method I could trade full time for many years but have to confess I am still in the dark waiting for somebody to turn the light bulb on.

Help please....................................................
  • #2
  • Oct 12, 2006 4:40pm Oct 12, 2006 4:40pm
Checkout Moutekis thread. I am sure you already have... put it into work. 3 weeks in for myself and it is working pretty well.

There are only several decent scalping strategies out there... and you need guts of iron. So.. that is all I would suggest staying away from : ).
The market is my nation. Traders, my family. Hello, brothers and sisters!
  • #3
  • Oct 12, 2006 4:54pm Oct 12, 2006 4:54pm
I didn't get good results from Mouteki... someone suggested that it may be because of my data feed, which is from London GMT+0. The best I was told is from newyork time zone, anyone got a data feed from there please share your experience.

Thank you.
Target: Trading naked.
  • #4
  • Oct 12, 2006 4:56pm Oct 12, 2006 4:56pm
Quoting schoe
Hi I have been lurking for a long time and think ffactory is a very good forum with quality traders on the boards,please no comments like all methods work its down to psychology because they don't.



There are hundreds of methods on these forums but which ones actually produce consistent pips with low drawdown in different market conditions?


Which ones are actually used to make a living and are producing a good income , are any of them?


If you have traded a method that is posted here and it is your sole source of income and has been live traded by you for some time please can you tell me about which strategy you use and the results you have achieved.


It must not have too much discretion because if it does I can't hope to replicate the results so before you enter the trade you must know why you are entering, what your stoploss is and why you will exit.

I have been searching for method I could trade full time for many years but have to confess I am still in the dark waiting for somebody to turn the light bulb on.

Help please....................................................
Hello schoe,

I see you said you have been lurking for a long time. I don't know what a "long time" is but if it is 1 to 2 years you should be hot on some strategy by now.

If you are trying to find a good strategy for yourself, you are gonna have to give up some more info. Can you sit at a computer all day everyday? Do you need a strategy that will allow you to keep a regular job? You have to decide rather you will use a swing strategy or an intra day. Are you a quick and decisive thinker or do you prefer to ponder your decisions before you make them? Are you easily discouraged by set backs or do you stay the course until you have seen the overall result?

Tell me these things and maybe I can offer you some insight.

FXO
Profit is where readiness meets Opportunity
  • #5
  • Oct 12, 2006 10:00pm Oct 12, 2006 10:00pm
FXO, sounds like good flow chart material

Quoting FXopportunist
If you are trying to find a good strategy for yourself, you are gonna have to give up some more info. Can you sit at a computer all day everyday? Do you need a strategy that will allow you to keep a regular job? You have to decide rather you will use a swing strategy or an intra day. Are you a quick and decisive thinker or do you prefer to ponder your decisions before you make them? Are you easily discouraged by set backs or do you stay the course until you have seen the overall result?

Tell me these things and maybe I can offer you some insight.

FXO
  • #6
  • Oct 13, 2006 12:45am Oct 13, 2006 12:45am
I'd be looking at the James16 Chart thread mate! I've been using it for about 3 months now and it has really improved my trading. No indicators, just pure price action. Check it out
  • #7
  • Oct 13, 2006 1:16am Oct 13, 2006 1:16am
Quoting FXopportunist
Hello schoe,

I see you said you have been lurking for a long time. I don't know what a "long time" is but if it is 1 to 2 years you should be hot on some strategy by now.

If you are trying to find a good strategy for yourself, you are gonna have to give up some more info. Can you sit at a computer all day everyday? Do you need a strategy that will allow you to keep a regular job? You have to decide rather you will use a swing strategy or an intra day. Are you a quick and decisive thinker or do you prefer to ponder your decisions before you make them? Are you easily discouraged by set backs or do you stay the course until you have seen the overall result?

Tell me these things and maybe I can offer you some insight.

FXO

Thankyou, Well I work shifts so normally have some of the day free but my job is full time and can involve long hours .

So I guess I need something that is low maintenence to start with more of a swing trading strategy.I have tried auto trading and various signal providers but don't like their lack of consistency and they all have big drawdowns.

The ultimate system for me would be one I could make money with while working which would then give me enough confidence to be able to take time off work to trade it full time. But to do this I would have to make enough money while still working to give me the courage to take that plunge into full time trading so its a vicious circle i'm sure a lot of potential full time traders are caught in.

So I guess I am looking to find a method that requires not a lot of screen time and also to trade another one when I am off work with a view to trading full time.
  • #8
  • Oct 13, 2006 1:45am Oct 13, 2006 1:45am
Quoting serj
I'd be looking at the James16 Chart thread mate! I've been using it for about 3 months now and it has really improved my trading. No indicators, just pure price action. Check it out

I will check it out. Are you trading and making money consistently using the methods you have learnt.

I see James has his own forum you pay to join, have you joined is it good value?
  • #9
  • Oct 13, 2006 1:52am Oct 13, 2006 1:52am
I have developed my own trading strategy, which enabled me to go from $450 to over $7000 in 6 months...I am putting it together in an eBook for release in mid Nov
  • #10
  • Oct 13, 2006 2:00am Oct 13, 2006 2:00am
Quoting artem1985il
I have developed my own trading strategy, which enabled me to go from $450 to over $7000 in 6 months...I am putting it together in an eBook for release in mid Nov
Why would you sell your system if it works so well. There are hundreds here for free so what makes yours different to the rest.

You need to provide more details I could turn 450 into 7k if I gambled the bank on every trade and got lucky.

What I want is a robust method for all market conditions that has low drawdown.
  • #11
  • Oct 13, 2006 2:43am Oct 13, 2006 2:43am
Quoting schoe
I will check it out. Are you trading and making money consistently using the methods you have learnt.

I see James has his own forum you pay to join, have you joined is it good value?


You can learn quite a bit from the free James16 Chart thread. But no doubt like so many of us that has gone through the entire thread, have ended up signing up. The amount of info contained within is top value.

Yes I trade, and I make my small profit every month. I don't aim very high, only 10-15% per month. It takes the stress away from trying to be a millionair within a year
  • #12
  • Oct 13, 2006 4:37am Oct 13, 2006 4:37am
i dont know if anyone has mentioned this, but i would use the Vegas Wealth Builder, which is a daily method to help you find market extremes.

I would combine this with fibonnaci retracements, expansions, and price action.

then, if you have time, i would use the vegas 1 hr or 4 hr methods to time a good entry with a small stop.

once you have a good position, use the GMMA to add to your position on retracements.

an example is like right now. GBPUSD is at a Vegas Wealth Builder extreme fib level and a 1 hour extreme fib level and a 4 hour fib level. i used price action to determine an entry and GMMA to add to my position
  • #13
  • Oct 13, 2006 4:56am Oct 13, 2006 4:56am
Quoting schoe
What I want is a robust method for all market conditions that has low drawdown.
Hello Schoe..

Good to see you here mate.

Have you seen the Fozzy method. People seem to be having good results with that. It may be what you are looking for as it is designed to be traded with minimal screen time.

Take care.

Neil.
  • #14
  • Oct 13, 2006 5:09am Oct 13, 2006 5:09am
Hi!
Like already mentioned, the two things you should BOTH look into is James16 trading with price action (pin bars alone can make your rich, the PDFs are here) and the Vegas 4h Tunnel and the VWB for daily.

The 4h Method is one of the most simple and most reliable ones you will ever find. It also makes half of Mouteki superfluous until you reach the "destination" of your take profit fibs and there you usually can switch over to price action and daily Vegas fibs to trade back....

Vegas himself included statistics on the 4h Method, it's about 3300 pips per year in cable, multiplied by units used he came to about 10.000 for cable.
I myself made some backtesting here which showed that some months can be a bit more stagnant and one month produced ONE THOUSAND pips.

To be honest, I also don't know why people constantly invent new stuff and are looking for something else, but that's just how it is.

The private forum is an excellent helper to get you started if you're serious and dedicated enough and has the finest collection of helpfull souls you'll find

Best of luck on your journey.

SeekingLight
Trust price. Know yourself.
  • #15
  • Edited 5:46am Oct 13, 2006 5:44am | Edited 5:46am
Quoting schoe
If you have traded a method that is posted here and it is your sole source of income and has been live traded by you for some time please can you tell me about which strategy you use and the results you have achieved.
I have traded none of these methods live.

Quoting schoe
It must not have too much discretion because if it does I can't hope to replicate the results so before you enter the trade you must know why you are entering, what your stoploss is and why you will exit.

I have been searching for method I could trade full time for many years but have to confess I am still in the dark waiting for somebody to turn the light bulb on.

Help please....................................................
The Vegas files are free. If you haven't read those you should. The VWB/Currency Daily is the most current incarnation of the Vegas model. The older Vegas material turned the light on for me, gave me a bigger picture of the market.

I don't know what you consider too much discretion. It has been said that you can mechanically trade VWB model with success. I don't know if this is true. But your profits would be reduced.

Eventually in your searching you are going to have to get your hands dirty and dig (doesn't necessarily mean spend money). I would also recommend the James16 for everything mentioned above. When I first started (2 years ago) trading I had a method that was mediocore but no concept of money management. The James 16 forum helped me with that (and everything else).

If you don't want to spend money the best thing you can do is read the Vegas files.
  • #16
  • Oct 13, 2006 6:51am Oct 13, 2006 6:51am
Now this would sound cliche.

Pick one system that has already been proven profitable over a long period of time. Study it inside out. Then apply with great discipline and sound money management.

Study price action. There's much more to price action than a set of candlestick/bar (whatever you call) patterns.

Finally, trading is 5% analysis and 95% psychology.

Good luck.
  • #17
  • Oct 13, 2006 6:53am Oct 13, 2006 6:53am
I have joined the private forum, I checked out the Vegas method on collective2 and the performance is below that of the S and P so why is it so good?

Can you guarantee that if I just trade pin bars alone with no other method I will make money? How many pips do you average per month on your own account trading in this way?

I have an open mind and am willing to pay and put the work in thats required but I would like some form of evidence it works before I start to put several hours into learning as i've spent so much time in the past on methods and systems that didn't work.

Many thanks to everyone who has posted and is trying to help keep it coming.



QUOTE=SeekingLight]Hi!
Like already mentioned, the two things you should BOTH look into is James16 trading with price action (pin bars alone can make your rich, the PDFs are here) and the Vegas 4h Tunnel and the VWB for daily.

The 4h Method is one of the most simple and most reliable ones you will ever find. It also makes half of Mouteki superfluous until you reach the "destination" of your take profit fibs and there you usually can switch over to price action and daily Vegas fibs to trade back....

Vegas himself included statistics on the 4h Method, it's about 3300 pips per year in cable, multiplied by units used he came to about 10.000 for cable.
I myself made some backtesting here which showed that some months can be a bit more stagnant and one month produced ONE THOUSAND pips.

To be honest, I also don't know why people constantly invent new stuff and are looking for something else, but that's just how it is.

The private forum is an excellent helper to get you started if you're serious and dedicated enough and has the finest collection of helpfull souls you'll find

Best of luck on your journey.

SeekingLight[/quote]
  • #18
  • Oct 13, 2006 7:00am Oct 13, 2006 7:00am
Quoting freebies
Now this would sound cliche.

Pick one system that has already been proven profitable over a long period of time. Study it inside out. Then apply with great discipline and sound money management.

Study price action. There's much more to price action than a set of candlestick/bar (whatever you call) patterns.

Finally, trading is 5% analysis and 95% psychology.

Good luck.
That was the point of the post to find a system that is not discretionary and is profitable if the rules are applied !!!

Nobody has said as yet " I trade this method and can promise you if you follow the rules YOU will make money" "These are my results for the last two years " (pips/drawdown)

I like Vietnam was there for 3 weeks last year on holiday, great food and people, I stayed in the hilltribes and in all the major cities.
  • #19
  • Oct 13, 2006 7:00am Oct 13, 2006 7:00am
Quoting FXopportunist
Hello schoe,

I see you said you have been lurking for a long time. I don't know what a "long time" is but if it is 1 to 2 years you should be hot on some strategy by now.

If you are trying to find a good strategy for yourself, you are gonna have to give up some more info. Can you sit at a computer all day everyday? Do you need a strategy that will allow you to keep a regular job? You have to decide rather you will use a swing strategy or an intra day. Are you a quick and decisive thinker or do you prefer to ponder your decisions before you make them? Are you easily discouraged by set backs or do you stay the course until you have seen the overall result?

Tell me these things and maybe I can offer you some insight.

FXO
Hi,

I am jumping in here since these issues are really interesting to me as well. I am a Forex newbie, but I sit at home all day in front of my computer doing may day job telecommuting, so I am able to pay attention to my trading all day if need be. Some advice on the best strategies that are available to me would be great. My biggest worry is to let some automated system take care of everything. I like to keep an eye on what's going on. My biggest drawback is my lack of experience, but as I am learning it would be good if I focused on trading skillls that go well with the fact that I am almost always on-line in front of my computer.
//C
  • #20
  • Oct 13, 2006 7:42am Oct 13, 2006 7:42am
Quoting cipher4d
I have traded none of these methods live.



The Vegas files are free. If you haven't read those you should. The VWB/Currency Daily is the most current incarnation of the Vegas model. The older Vegas material turned the light on for me, gave me a bigger picture of the market.

I don't know what you consider too much discretion. It has been said that you can mechanically trade VWB model with success. I don't know if this is true. But your profits would be reduced.

Eventually in your searching you are going to have to get your hands dirty and dig (doesn't necessarily mean spend money). I would also recommend the James16 for everything mentioned above. When I first started (2 years ago) trading I had a method that was mediocore but no concept of money management. The James 16 forum helped me with that (and everything else).

If you don't want to spend money the best thing you can do is read the Vegas files.
Sorry for these newbie questions: What's VWB/Currency Daily? Also, I have downoaded and installed the Vegas 1hr stuff in MT4, but I can not fiind an understandable description on how to trade with it. Can someone point me in the right direction please. Where do I find the "Vegas files"?
//C
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