RSI trading - easy and profitable | Forex Factory

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RSI trading - easy and profitable

  • #1
  • First Post: Edited 9:29am Jun 12, 2020 4:47am | Edited 9:29am
I have been using trend following trading system and hedging, and I don't really like counter trend system that mostly are looking for reversal. Anyway, after viewing entries of a friend that using an ea, I found that it is easier and less risky if good setup is available.

Rules:

1. use daily chart
2. RSI default (until I can find better setting)
3. Sell at RSI above 70 (or 65 if there is nothing close to 70)
4. Buy at RSI bellow 30 (or 35 if there is nothing close to 30)

Stoch can be added as extra filter (but very lagging)

I have modified an ea (ten point three ) to use RSI as indicator for anyone to try. (please use safe setup if to be used on live account

The drawback is that we won't be able to see the setup in D1 everyday, but if it is available, good opportunity for profit with less risk

This robot could be used as a tool, with good settings there is a possibilities of good returns. most failure are due to lack of or poor money management. manual trade is not so difficult too.

Attached File(s)
File Type: mq4 10p3v1.9e 5D rsi M1111.mq4   20 KB | 1,333 downloads


today and current trades

Attached Image (click to enlarge)
Click to Enlarge Name: 20612 rsi trades 1745.png Size: 132 KB
LUCKY golden trades, LUCKY gold investor trading style
  • #2
  • Jun 12, 2020 8:07am Jun 12, 2020 8:07am
entries at this moment

Attached Image (click to enlarge)
Click to Enlarge Name: 20612 rsi trades 2105.png Size: 117 KB
LUCKY golden trades, LUCKY gold investor trading style
  • #3
  • Jun 12, 2020 8:41am Jun 12, 2020 8:41am
Great strategy to lose money
  • #4
  • Jun 12, 2020 9:10am Jun 12, 2020 9:10am
Quoting kodakwhite
Great strategy to lose money
if you have a good, simple and profitable strategy, why don't u open a thread to share it. talk is cheap.
LUCKY golden trades, LUCKY gold investor trading style
  • #5
  • Jun 12, 2020 9:24am Jun 12, 2020 9:24am
added nzdcad sell, rsi was around 68

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LUCKY golden trades, LUCKY gold investor trading style
  • #6
  • Jun 12, 2020 9:44am Jun 12, 2020 9:44am
been trading for years, to me this is easier way to collect pips and profit (it amount may not be so great as by other strategies, but this is less stressful) . what matter most is money management.

Attached Image (click to enlarge)
Click to Enlarge Name: 20612 rsi trades 2240.png Size: 40 KB
LUCKY golden trades, LUCKY gold investor trading style
  • #7
  • Jun 12, 2020 10:15am Jun 12, 2020 10:15am
collected 70pips on usdchf and about 40pips on audcad, leaving some trades running

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Click to Enlarge Name: 20612 rsi trades 2312.png Size: 34 KB
LUCKY golden trades, LUCKY gold investor trading style
  • #8
  • Jun 13, 2020 12:41am Jun 13, 2020 12:41am
seasoned robot traders know what is ea 10point3. to reduce margin requirement by the ea, i have added adjustable setting for the 2 multipliers inside it. for those who are still new or do not want to take the higer risk, you can set the multiplier1 and multiplier2 value to 1.0 (no lot increment).

hope this will help us to make some profit easier with less stress
LUCKY golden trades, LUCKY gold investor trading style
  • #9
  • Jun 13, 2020 11:59am Jun 13, 2020 11:59am
Thanks for the strategy. May i ask what Moneymanagement you use?


Greets, Klausi.
Stick to the plan!
  • #10
  • Jun 13, 2020 12:19pm Jun 13, 2020 12:19pm
Quoting fx4money
{quote} if you have a good, simple and profitable strategy, why don't u open a thread to share it. talk is cheap.

The reason you do not see any profitable strategy on forums or anywhere else for the matter is because each strategy starts to diverge from its performance due to slippage the more volume you trade.

A strategy with 20 pips stop/40 pips profit with a leverage of 3 would hardly be able to handle 5 millions without the performance negatively diverging due to slippage, so if you have 100k and doing good, the more you share your strategy the more slippage your entries/exits will get, so why sharing the strategy for free unless you want to shoot yourself in the foot ?
LDFX Trading Ltd
  • #11
  • Jun 13, 2020 12:20pm Jun 13, 2020 12:20pm
Quoting kodakwhite
Great strategy to lose money
I wouldn’t have gone as far as calling this a strategy...
LDFX Trading Ltd
  • #12
  • Jun 13, 2020 12:27pm Jun 13, 2020 12:27pm
Quoting LDFX
{quote} I wouldn’t have gone as far as calling this a strategy...
Haha, LDFX, we already know that you don't share any strategy. You only put down other strategies. Can't wait to see your thread on good strategies. Maybe next lifetime.
  • #13
  • Jun 13, 2020 12:34pm Jun 13, 2020 12:34pm
Quoting fx4money
I have been using trend following trading system and hedging, and I don't really like counter trend system that mostly are looking for reversal. Anyway, after viewing entries of a friend that using an ea, I found that it is easier and less risky if good setup is available. Rules: 1. use daily chart 2. RSI default (until I can find better setting) 3. Sell at RSI above 70 (or 65 if there is nothing close to 70) 4. Buy at RSI bellow 30 (or 35 if there is nothing close to 30) Stoch can be added as extra filter (but very lagging) I have modified an ea...

Since a few months the market on daily time frame has been very volatile, it is risk on/risk off since the corona virus.
If you think that the hedge lies on the RSI then wait once the trend will establish itself on the daily timeframe.

“Fooled by randomness” is what it is.
LDFX Trading Ltd
  • #14
  • Jun 13, 2020 12:37pm Jun 13, 2020 12:37pm
Quoting OutThere
{quote} Haha, LDFX, we already know that you don't share any strategy. You only put down other strategies. Can't wait to see your thread on good strategies. Maybe next lifetime.



Yes you are right, I will probably get banned from this thread too, but the truth is often offensive, innit ?

Actually it comes from good intention, I don’t share any strategy though but I do try to share my experience with some valid arguments.

Cheers OutThere
LDFX Trading Ltd
  • #15
  • Jun 16, 2020 12:35pm Jun 16, 2020 12:35pm
will not continue this thread. not worth my time arguing with those think that they are so good or better than everyone else (kiasu).
LUCKY golden trades, LUCKY gold investor trading style
  • #16
  • Jan 24, 2022 1:37am Jan 24, 2022 1:37am
Don't depend your trading style entirely to RSI, they just show you the momentum. just use it as your confirmation. Also focus on fundamental analysis. Hope it helps. Have a good trade!
  • #17
  • Jan 25, 2022 10:16am Jan 25, 2022 10:16am
I also use RSI for my trades, and also have trend streamers, but not used well。
  • #18
  • Last Post: Oct 20, 2022 11:16am Oct 20, 2022 11:16am
Quoting fx4money
entries at this moment {image}
i want this profit loss insta forex panel,has anyone got it? plz share
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