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I really need a simple system

  • #1
  • First Post: Edited May 7, 2007 11:07pm May 5, 2007 2:25pm | Edited May 7, 2007 11:07pm
Am new to trading and would be greatful if someone culd help me out, i need a simple system to trade forex not a system thats complex since am just starting out. A system that could net me 10pips at least daily and also if there is any free signal service thats reliable i have blown my money many a times and am begining to loose confidence i know i realy need to work harder to make my trading a reality but how long will i keep loosing money. I would be greatful if i could get someone to help.Thanks and God bless.
  • #2
  • Edited 5:14pm May 5, 2007 2:45pm | Edited 5:14pm
You want a simple system to trade, how about a system actually called The Simple System

This system is currently in the final steps of it's testing stages. Give it a few days for the test to be completed. This is the link.

http://www.forexfactory.com/showthread.php?t=23891

Good Luck
  • #3
  • May 5, 2007 2:59pm May 5, 2007 2:59pm
Hello!

wanted to say just couple personal words here. allso rather new in this. and during this time and obsessed observation and studying have realised. Rather to consider possibility to make profit. Learning the behavour of the market it self than solid execution of "system". and this "system" is not an way to trade. Its the MANUAL what trades for you without knowig yourself what is happening exacly and will lead no where. To kill the expectations of NUMBER X amouth of pips in a day. As market have charasteristic of chaotic disorder. better expect how things look after a month or year.

for me it took around 4 months(loosing) befour i realised how to read the chard in the way to get all the nesessary information out of it. and that information is only to confirm the movements market made. no one know what will occure next. but there is signs what indicates there is movemet coming. but no one know will it be huge and small in large scale.

and for the personal advice . ask question in your mind why market changes in that current moment. and when realising that asking that question in EVERY tick/candel/point/jump/duck/hit/slam what market makes. and just to confirm why that happened. then there is all information what is available in that current moment.

its really important to me to undestand why this grapical view of market works this way. as in math/science way of observation. that gives good starting point to start analyse the behavour of market.

indacator:
What is exacly the meaning how this indicator analyse the old market data. what is the Effect of Variable. how this variable effects when market moves "too" mutch in perspective of thos variables. how that indicator behaves.

To Take it step on a time. analysing information what can not understand and trying not to break the balls complitely on the way. meaby after one month can understand it.

Fustration, Anger, Dissorder, confusion is my way to break my balls another day.
  • #4
  • May 5, 2007 4:06pm May 5, 2007 4:06pm
And/or...

Stop right there where you are. Take a step back. Move to microlots (min $0.01/pip) until you start making profits consistently, system, fundamentals, techinicals, whatever.

Do not underestimate the power of money: even if you loose $5 in a given day, it WILL BE as devastating.

Forget:
- the million buck first year

- "trading is easy: just buy low, sell high"

- demo trading - prevent you from experiencing psychological and emotional pressure.

- Holy Grail system: no such thing. Market's behavior changes.

Go increasing the size of your trades as you get comfortable with your results.

I've been there where you are now and I am now where I just told you to go to. Finally making some $.

Do not expect any less than 4-6 months before you get to understand this market better.
  • #5
  • Edited 10:44pm May 7, 2007 10:37pm | Edited 10:44pm
We are all anxious in the beginning. Most of us end up inventing our own systems and it comes from understanding the market, what moves it, what is happening when it does move etc.
Currency Trader, a free online monthly magazine, usually has a good article or two every month geared toward new folks. Sept '05 has an excellent article by Brian Dolan called Currency Personalities. Another excellent article is Trading Around the Clock (Nov '05) by Kathy Lien. You can download the past articles for a buck or two. These type of articles, can give you an idea of the nuts and bolts of forex.
I believe most of us who stay with this have an understanding of what this market is and most of us learn a few facets of it really well. We then build our techique around those facets that we know best, along with our own trading personality.
An aspiring medical student goes to college, then to med school. Then they may become a general practitioner or go on to be a specialist. They can be successful either way. But every plastic surgeon, and heart specialist, and proctologist, and general practitioner all learned about the human body and what makes it work, and what makes it fail before they went further.
You are on the right track looking for a simple system. In the end your system will probably be simple. My suggestion is to forget about systems and pips for a few months and learn about what is happening behind that trading platform. If you learn about what is really happening and what this market is doing and why it even exists you will have a decided advantage.
No system is powerful enough to defeat this market. Learn the mechanics of the market and ride it, don't challenge it.
First off, read all posts by Jacko and all Stickys.

This post was meant to expand on Mother's post--I agree with it 100%

Happy Trading
  • #6
  • May 7, 2007 10:59pm May 7, 2007 10:59pm
Quoting vonokpasah
Am new to trading and would be greatful if someone culd help me out, i need a simple system to trade forex not a system thats complex since am just starting out. A system that could net me 10pips at least daily and also if there is any free signal service thats reliable i have blown my money many a times and am begining to loose confidence i know i realy need to work harder to make my trading a reality but how long will i keep loosing money. I would be greatful if i could get someone to help.Thanks and God bless.
OK, How about I tell you that the Hmmm... GBPUSD has a Median Daily Range {MDR} of 150 pips or so.
That means there is a great likelyhood that "Today" there will be a difference of ~ 150 pips between the Day's High and the Day's Low.

Do you Want All of them? Of course you do.
But what if I suggested that you give up 40% of them and settled for 60% of them? 150 * 60% = 90 Pips. Or even 40% of them = 60 Pips, what would you say then?

HOW?
wait for 20%/30% to confirm Direction.
Get Out 20%/30% Before maturity and don't forget to say thank you to the market.

There ya go. Yer not a Newb anymore.
That is, of couse, assumming you have read All about MM
  • #7
  • May 7, 2007 11:08pm May 7, 2007 11:08pm
Quoting vonokpasah
Am new to trading and would be greatful if someone culd help me out, i need a simple system to trade forex not a system thats complex since am just starting out. A system that could net me 10pips at least daily and also if there is any free signal service thats reliable i have blown my money many a times and am begining to loose confidence i know i realy need to work harder to make my trading a reality but how long will i keep loosing money. I would be greatful if i could get someone to help.Thanks and God bless.
Hi vonokpasah, and welcome to Forex Factory.

Relax, slow down, and take a deep breath, because if you really want to learn how to trade, you've got a lot of (years) studying and hard work ahead of you, but the payoff at the end is worth it.

Start by reading through the sticky threads in the beginners forum. Then I suggest the James16 Chart thread in the Systems forum.

Read all of Jacko's posts.

For books, I always recommend the following five core books (there are other good ones for later)

1. Trading in the Zone by Mark Douglas
2. High Probablity Trading by Marcel Link
3. Trade Your Way to Financial Freedom by Van K. Tharp
4. Reminiscenses of a Stock Operator by Edwin LeFevre
5. Market Wizards & New Market Wizards by Jack Schwager

Treat learning to trade with the same dedication and seriousness that you would in obtaining a Bachelors Degree, including the time (yes, expect about four years on average)

Forget signal services. Learn to trade for yourself.

Flush the "pips per day" mindset out of your head RIGHT NOW! There is no such thing. However there is AVERAGE pips per day. A single trade of 200 pips in a month would be an average of 10 pips per day. Be happy with that.

Simple system? Even the simplest one will wipe out your account if you do not trade it with discipline. (Read Trading in the Zone listed above for great info on disciplined trading).

Don't worry so much about the system being simple as much as finding one that makes sense to you and you are able to understand it and fit it into your schedule. Check out the ones in the Systems Forum and note those with the greatest number of posts and views.

Stay away from charts shorter than 4 hours. In fact, I recommend you trade weekly and daily charts first, and then work your way down to 4 hours and possibly 1 hour only after you're profitable on the longer term charts.

Get a micro account, and not a mini account. Trade at 1:1 true leverage until you are profitable for several months before increasing your leverage. (See the money management sticky in the beginner's forum for the definition of true leverage) Over time, you will be able to work your way up to 10:1 true leverage as a safe maximum.

Again, welcome to the Factory, and welcome to the beginning of a magnificent obsession!

Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #8
  • May 7, 2007 11:15pm May 7, 2007 11:15pm
Quoting Bemac
OK, How about I tell you that the Hmmm... GBPUSD has a Median Daily Range {MDR} of 150 pips or so.
That means there is a great likelyhood that "Today" there will be a difference of ~ 150 pips between the Day's High and the Day's Low.

Do you Want All of them? Of course you do.
But what if I suggested that you give up 40% of them and settled for 60% of them? 150 * 60% = 90 Pips. Or even 40% of them = 60 Pips, what would you say then?

HOW?
wait for 20%/30% to confirm Direction.
Get Out 20%/30% Before maturity and don't forget to say thank you to the market.

There ya go. Yer not a Newb anymore.
That is, of couse, assumming you have read All about MM
Gasp! Do you have an "indicator" for that? I mean of course one that I can modify and add a few filters to if I happen to lose a trade?



I love ya Bemac!
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #9
  • May 8, 2007 3:35am May 8, 2007 3:35am
Quoting vonokpasah
I would be greatful if i could get someone to help.Thanks and God bless.
Best replies since I started studying here at FF!


FXS
  • #10
  • May 8, 2007 8:25am May 8, 2007 8:25am
Quoting diallist
Gasp! Do you have an "indicator" for that? I mean of course one that I can modify and add a few filters to if I happen to lose a trade?



I love ya Bemac!
Just for you Diall {don't show it to anyone else though cause you know that could wreck the system}
Not sure if there is much room to add more graphic filters.
Attached Image
  • #11
  • May 8, 2007 8:43am May 8, 2007 8:43am
Quoting Bemac
Just for you Diall {don't show it to anyone else though cause you know that could wreck the system}
Not sure if there is much room to add more graphic filters.

nice chart there!! but what platform /broker are you using?

Anthony
  • #12
  • May 8, 2007 10:02am May 8, 2007 10:02am
Quoting Bemac
Just for you Diall {don't show it to anyone else though cause you know that could wreck the system}
Not sure if there is much room to add more graphic filters.
Yes, yes, I know all that, but what I wanted to know was at what ratio you are blending Thevenin's Theorem and Boyle's Law? And are you using the combination inversely or proportionately?

Dial

P.S. And don't think that I didn't notice that you've removed the subtractive regression constraint (SRC) indicator from your chart! You know it wont work without that!!
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #13
  • May 8, 2007 1:24pm May 8, 2007 1:24pm
Quoting vonokpasah
Am new to trading and would be greatful if someone culd help me out, i need a simple system to trade forex not a system thats complex since am just starting out. A system that could net me 10pips at least daily and also if there is any free signal service thats reliable i have blown my money many a times and am begining to loose confidence i know i realy need to work harder to make my trading a reality but how long will i keep loosing money. I would be greatful if i could get someone to help.Thanks and God bless.
Here's a pretty good rule of thumb when you're looking through these threads for a workable system-

A system is usually as good as the chart is clean.

Check the last few pages of a thread and have a look at the chart.

If it's lit up like a Christmas tree with indicators hanging off of it- go on to the next thread.

If the chart looks fairly clean, its worth a read.

This isn't 100%, but it'll save you a lot of time.
  • #14
  • May 8, 2007 3:40pm May 8, 2007 3:40pm
lol my charts normally look like christmas trees, only 2 real indicators (macd/stoch) but S/R pivot lines are everywhere (daily, weekly and monthly) and 2-3 trendlines. But then I don't really use just one system so too speak. I use several depending on what type of market is prevalent. Then use 3-7 entry signals depending on my level of risk, 3 being risky and 7 almost surefire. Each indication can classified as +1-3 signals. Example would be if stoch/macd was lined up for 4+ time frames would be a +2 signal. Or if moderate price action (+1) lined up with a S/R (+1) and a trend line (+1) I would give it a +5, one for each indication and one for where it meets another indication. Each indication alone can only reach a +2, pin bar is a +2, a weekly and daily pivot at or near the same price is +2 etc.

If I lose a few trades then I go up too 5+ indications to restore my confidence. It might sound like a lot but I can generally check for most of them in 5 minutes, although I really don't like spending that little time on a chart so I plot my course in either direction, while becoming accustomed with the currency movements.
  • #15
  • Jun 3, 2007 11:34am Jun 3, 2007 11:34am
Hi Bemac,

Your system is great! Just a quick question what do you put as your stop loss? Regards,

Gareth
  • #16
  • Jun 3, 2007 1:16pm Jun 3, 2007 1:16pm
Quoting Bemac
OK, How about I tell you that the Hmmm... GBPUSD has a Median Daily Range {MDR} of 150 pips or so.
That means there is a great likelyhood that "Today" there will be a difference of ~ 150 pips between the Day's High and the Day's Low.

Do you Want All of them? Of course you do.
But what if I suggested that you give up 40% of them and settled for 60% of them? 150 * 60% = 90 Pips. Or even 40% of them = 60 Pips, what would you say then?

HOW?
wait for 20%/30% to confirm Direction.
Get Out 20%/30% Before maturity and don't forget to say thank you to the market.

There ya go. Yer not a Newb anymore.
That is, of couse, assumming you have read All about MM
The ATR(over 30 days) of the GBPUSD is around 80 pips...just a technical point. Median and Average are the same thing.
  • #17
  • Jun 3, 2007 1:45pm Jun 3, 2007 1:45pm
Quoting aicccia
The ATR(over 30 days) of the GBPUSD is around 80 pips...just a technical point. Median and Average are the same thing.
Median and average are different.

Mean and average are the same thing.


http://www.bartelby.com/68/32/3832.html
  • #18
  • Jun 3, 2007 4:19pm Jun 3, 2007 4:19pm
Thanks Bill.
  • #19
  • Jun 29, 2007 12:13pm Jun 29, 2007 12:13pm
Try this:

EUR/CHF 4 hr
15 period EMA of median price
Buy when EMA turns up, sell when it turns down. Set stoploss to 100 pips and set the trade size to limit the risk in $$.

Simple, effective, low maintenance.

Many happy pips!!
  • #20
  • Jun 29, 2008 9:02am Jun 29, 2008 9:02am
Hi - as a relative newbie myself I would suggest the following - James 16 pa ( as already mentioned ) and Dibs. Although Dibs is mainly based off 1 hour charts it can be traded off the 4 hr and even daily. JMHO. Whatever the system it is up to the individual and requires plenty of practice ,dilligence, patience and above all the ability to learn by ones mistakes - which will be many.

Good luck
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