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I'm up to something (I think)

  • #1
  • First Post: Oct 7, 2020 9:38pm Oct 7, 2020 9:38pm
Hi,

Over the last year i have made a strong commitment to learning how to put a system together after many year of failing to be profitable. I started on this journey when i discovered VP on one of the podcasts i listen to and following that his No No Nonsense Forex videos. While i don't strictly follow his method of building a system i do use the framework and while still early on in the forward testing phase on my live account i would love to discuss and maybe help others build a system that works for them. I believe that is key. The information below is just the way I've found to work well for me and id love to discuss with others to hopefully shortcut their journey and im sure ill get some help along the way too!

As per VP's recommendation it is important to find a couple of indicators that work for you by trial and error of manual back testing. I truly believe that there is no possible way to succeed in forward testing until you have done it bar by bar on manual replay on something like trading view. This is what gives you the experience and recognition of what you have seen before and the confidence to click to buy/sell button.

You'll need to personalise the following indicators:
- A direction indicator
- An entry indicator
- A secondary (confirmation) entry indicator
- An exit indicator (can be the same as an entry or different)
- ATR (14) for SL and TP

Before going crazy with indicators its recommended you pull up a blank daily chart and just play with the direction indicator you would like to try. For a 6 month period of manual back testing (i use trading view) every time it indicates to go a direction set a TP of 1 x ATR and a SL of 1.5 x ATR. Just let it run until it hits one or the other. If it is profitable over the 6 months then its time to move onto the next step!

Id love to have some discussions with people who want to try this out and see where we all get to with all this. In time id love to see if my trades line up with others and hopefully we can share some success together. To keep it a learning thing i wont share my indicators but im happy to post up trades as a take them. Let me know if you are interested!
Trade what you see, not what you think
  • #2
  • Oct 8, 2020 1:34am Oct 8, 2020 1:34am
Looking forward for your trading method approach and trade.

It will be nice to hear your thought process in making those trades.

What is important to see quality traders to make errors in setups and correct them!

If you already have a method that you are confident in and makes you money is handy for when you get down and depressed on other methods and techniques you are learning.

Seriously! I can learn something too and consider perfecting the trading method you are being successful with.

Subscribe and good luck
I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #3
  • Oct 8, 2020 5:19am Oct 8, 2020 5:19am
Quoting ads213
Hi, Over the last year i have made a strong commitment to learning how to put a system together after many year of failing to be profitable. I started on this journey when i discovered VP on one of the podcasts i listen to and following that his No No Nonsense Forex videos. While i don't strictly follow his method of building a system i do use the framework and while still early on in the forward testing phase on my live account i would love to discuss and maybe help others build a system that works for them. I believe that is key. The information...
I agree that you need a profitable system but at the stage when I was trying to build a system, I could never see any progress with the use of indicators.

There are profitable indicator-based systems but someone at that stage should also consider price action trading to see if it fits their style.
Give the market little, Aim to take a lot!
  • #4
  • Oct 8, 2020 1:57pm Oct 8, 2020 1:57pm
Quoting Calsimay
{quote} I agree that you need a profitable system but at the stage when I was trying to build a system, I could never see any progress with the use of indicators. There are profitable indicator-based systems but someone at that stage should also consider price action trading to see if it fits their style.
Hi Calsimay, I think it all comes down to preference and what feels right to the person as we said. The way I see it price action is the truest form of what is currently happening and if you have the right combo (and not too many/conflicting) indicators it’s a summary of that information.
Trade what you see, not what you think
  • #5
  • Oct 8, 2020 2:03pm Oct 8, 2020 2:03pm
Quoting Pat Chiko
Looking forward for your trading method approach and trade. It will be nice to hear your thought process in making those trades. What is important to see quality traders to make errors in setups and correct them! If you already have a method that you are confident in and makes you money is handy for when you get down and depressed on other methods and techniques you are learning. Seriously! I can learn something too and consider perfecting the trading method you are being successful with. Subscribe and good luck
Hi Pat, thank you for your comments and your well wishes. If you would like to try my method and have any questions please let me know.
Trade what you see, not what you think
  • #6
  • Oct 8, 2020 2:48pm Oct 8, 2020 2:48pm
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I’ve entered a new long trade today on GBP/CHF. Initially opening 2 positions of equal value 1 with a 1 x ATR take-profit and both with 1.5 x ATR stop-loss. The second trade is taken to break even if the first hits the take profit. Let’s see how it goes!
Trade what you see, not what you think
  • #7
  • Edited 9:55pm Oct 8, 2020 2:53pm | Edited 9:55pm
I’m also managing these trades that I entered a week or so ago just letting them run and checking daily for an exit signal. They may run, they may end up at break even but are both no risk trades now I’ve taken profit on the other half. From all the manual back testing you know that it might well end up closing at break even and knowing that helps a lot mentally I find.
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Trade what you see, not what you think
  • #8
  • Oct 9, 2020 12:45am Oct 9, 2020 12:45am
Please, is here some strategy with some described rules for the entry?
  • #9
  • Oct 9, 2020 12:55am Oct 9, 2020 12:55am
Quoting sakultrader
Please, is here some strategy with some described rules for the entry?
YES



Attached Image
It takes a lot for me to IGNORE you, but you can try.
  • #10
  • Oct 9, 2020 1:05am Oct 9, 2020 1:05am
Quoting sakultrader
Please, is here some strategy with some described rules for the entry?
Hi Sakultrader,

Have you found a direction indicator and done 6 months of manual back testing on a few pairs yet as per my first post? and if so were they profitable?

I'm happy to discuss next steps once you've done that.
Trade what you see, not what you think
  • #11
  • Oct 9, 2020 1:17am Oct 9, 2020 1:17am
Hi ads213,

I will answer you in 6 months
  • #12
  • Oct 9, 2020 1:28am Oct 9, 2020 1:28am
Quoting sakultrader
Hi ads213, I will answer you in 6 months
Ok maybe i need to explain better. With a website like trading view you can manually back test by the click of a button. You can go back to a specific date and hit the button and play the past 6 months forward as if they are happening now. The benefit of this is you dont see what happened going forward so its the closest thing to the real thing. Does that make sense?
Trade what you see, not what you think
  • #13
  • Oct 9, 2020 1:36am Oct 9, 2020 1:36am
Quoting ads213
{quote} Ok maybe i need to explain better. With a website like trading view you can manually back test by the click of a button. You can go back to a specific date and hit the button and play the past 6 months forward as if they are happening now. The benefit of this is you dont see what happened going forward so its the closest thing to the real thing. Does that make sense?
Mate, in the trading view, they don't have indicator which I am using for the trend.
  • #14
  • Oct 9, 2020 2:08am Oct 9, 2020 2:08am
Quoting sakultrader
{quote} Mate, in the trading view, they don't have indicator which I am using for the trend.
That is surprising, what are you using?
Trade what you see, not what you think
  • #15
  • Oct 9, 2020 2:25am Oct 9, 2020 2:25am
I will send it when I will come from work (here I don't have it ). But is trend indicator direction from old BTM strategy thread.
  • #16
  • Oct 9, 2020 3:23am Oct 9, 2020 3:23am
I have created my strategy and i dont use any indicator
Trader
  • #17
  • Oct 9, 2020 4:17am Oct 9, 2020 4:17am
Quoting enopoter
I have created my strategy and i dont use any indicator
I don’t even know what to say to this?
Trade what you see, not what you think
  • #18
  • Oct 9, 2020 4:55am Oct 9, 2020 4:55am
Quoting Erebus
{quote} YES {image}
Please, why are you sending here pictures of your wife?
  • #19
  • Oct 9, 2020 5:16am Oct 9, 2020 5:16am
Quoting enopoter
I have created my strategy and i dont use any indicator

Use it and be profitable.
Your comment is similar to that of scammers and could be misleading.
  • #20
  • Edited 6:35am Oct 9, 2020 5:57am | Edited 6:35am
Quoting ads213
{quote} Hi Calsimay, I think it all comes down to preference and what feels right to the person as we said. The way I see its price action is the truest form of what is currently happening and if you have the right combo (and not too many/conflicting) indicators it’s a summary of that information.
True but I've found that price action signals are pure Gold.

But since this is a thread on indicator based trading here's an indicator I've used profitably.

Volume Spread Pattern Detector MT4: https://www.mql5.com/en/market/product/28439

Here's how I used it:

If the trade reaches my profit target off the signal I close it.

If the price goes against me, I would take a basket of both buy and sell trades from indicator signals.

I would close the basket of trades when the profit target is reached or when the loss reaches a set loss limit.

--------------------------------

You can do the same thing with price action signals - the most reliable being pin bars and engulfing bars.

But what I've found is that price action signals yield more profit.
Give the market little, Aim to take a lot!
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