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Best trading systems

  • #1
  • First Post: Jul 12, 2007 10:42am Jul 12, 2007 10:42am
This has most probably been asked a zillion times b4 but what do people rate at their favorite system.
There are so many scattered around this site it is hard to pick the bones out of any of them.
I personally am trying to go down the price action route and am a signed up member of the James16 private forum but have a long way to go but am always willing to listen and learn
No man is smart, except by comparison to those who know less!
  • #2
  • Jul 12, 2007 10:56am Jul 12, 2007 10:56am
Forget systems using indicators . I think you're in safe hands with the james16 guys!
  • #3
  • Jul 12, 2007 5:01pm Jul 12, 2007 5:01pm
Systems are for suckers, Think about it. Do you use a system when you are driving? " No matter where I am driving to I will take two lefts, three rights and one more left and I will get there" Does that work? NO. Systems should be used as part of your analysis but not followed blindly. Remember that common sense is the best system of all.
Just Trade It
  • #4
  • Jul 12, 2007 5:13pm Jul 12, 2007 5:13pm
Quoting Big Wave Rider
Systems are for suckers, Think about it. Do you use a system when you are driving? " No matter where I am driving to I will take two lefts, three rights and one more left and I will get there" Does that work? NO. Systems should be used as part of your analysis but not followed blindly. Remember that common sense is the best system of all.
Have you ever trader live at least 0,1 lot ? I think no ... all you wrote r words of man who doesnt belong on forex but to factory
Browsing forexfactory since 2006
  • #5
  • Jul 12, 2007 5:20pm Jul 12, 2007 5:20pm
Just because I am new to THIS forum does not mean I am new to trading forex, Think about it, I am an American living in Switzerland. Need I say more?
Just Trade It
  • #6
  • Jul 12, 2007 5:45pm Jul 12, 2007 5:45pm
I tend to agree with Blue Wave Rider, though not that systems are for suckers; they are more like training wheels. They're good to help you learn the ropes, and self discipline, and provide a framework on which to expand your understanding of the market and communicate with others about your perceptions; in that sense any consistent system would probably work. Pick one that fits your style and personality, and try out a few (in demo & mini-lots). But you eventually have to leave them behind.
  • #7
  • Jul 12, 2007 5:58pm Jul 12, 2007 5:58pm
Quoting HalifaxCB
I tend to agree with Blue Wave Rider, though not that systems are for suckers; they are more like training wheels. They're good to help you learn the ropes, and self discipline, and provide a framework on which to expand your understanding of the market and communicate with others about your perceptions; in that sense any consistent system would probably work. Pick one that fits your style and personality, and try out a few (in demo & mini-lots). But you eventually have to leave them behind.
Thats what I really meant to say but red wine makes your words come out differenty. Cheers.
Just Trade It
  • #8
  • Jul 12, 2007 6:18pm Jul 12, 2007 6:18pm
What a trader should look for, is not the "best system", but an edge in the market and a plan to trade by.

I agree with blue to a point and I am most definitely with the indicators are for suckers crowd, but one should have a "system" that dicates a trading plan to follow
  • #9
  • Jul 12, 2007 6:20pm Jul 12, 2007 6:20pm
Quoting Sidus
Forget systems using indicators . I think you're in safe hands with the james16 guys!
this man speaks the truth...spend your time absorbing everything the great James16 speaks, you won't regret it

best of luck,
Mike
  • #10
  • Jul 12, 2007 6:25pm Jul 12, 2007 6:25pm
I use a system that is embarrassing by its simplicity. Backtested for two years on hourly and 15 min timeframes with slight modifications by myself. It works for me but not necessarily for anyone else. BWILC or MD will tell you best how to arrive at the perfect system.
  • #11
  • Jul 12, 2007 6:38pm Jul 12, 2007 6:38pm
Quoting Bill
I use a system that is embarrassing by its simplicity. Backtested for two years on hourly and 15 min timeframes with slight modifications by myself. It works for me but not necessarily for anyone else. BWILC or MD will tell you best how to arrive at the perfect system.

Systems definnitaly reflect your personality, so you have to find one that matches, BUT, and this is a big ass butt, DO NOT TRADE THAT SYSTEM ALONE, just use it as a part of your analyises with other inicators BEFORE you go into a trade, and PLEASE look at a naked chart first and see what the candle sticks are telling you, now that is a system.
Just Trade It
  • #12
  • Jul 12, 2007 8:15pm Jul 12, 2007 8:15pm
I'm new to the forum but this seems like a good time to throw my hat into the ring for a "good system" recommendation.

In no particular order...
1. At all times protect and preserve the cash you deposit in your account. Forget the 50, 60, 100 stop loss orders. Just get out of the trade fast when things go wrong.

2. Forget about pips, points, $$$, percentages or whatever else you use to measure success or failure. There are only 2 kinds of trades - positive and negative. Your goal is a positive trade whether its 5 pips or 50.

3. The demo account is only good for learning the platform of your broker.
A micro account isn't much better. Think of it like betting on the Super Bowl. Demo Account - gentleman's bet, Micro Account - $50 wager, Real Account - $500 bet. The psychology of trading education is more intense when real $$ are involved and you will do the necessary homework if you are playing with real money.

4. Concentrate on 1 or 2 currency pairs only - preferrably GBP/USD and GBP/JPY. Learn the patterns, trends, market volumes, volatility timing.

5. Some of these charts you see that look like a radar screen at O'hare airport are ridiculous. Clear that crap off the screen and concentrate on a few MA's and candlesticks. Read Nison's books about candlesticks and print out the top 10 indicators to watch.

6. Print a copy of the days upcoming news events and stick it on a bulletin board next to your monitors.

7. Back to the Super Bowl. Manage your money. Analyze the odds or the setup. How confident are you in the trade? The Patriots against the Lions is a different bet than the Patriots against the Colts.

8. Don't let your broker get away with requotes or slippage. Immediately get on the phone and follow up with a certified letter.

That's a partial list to get started and I could probably go on for awhile but kids are getting too wild.

And as for a trading "system" which I think is the least important -
Get up at 3:00 EST and watch GBP/USD on an hourly candlestick chart. If you have a pretty strong candle around 3:45 - 4:00 place a trade with the candle direction. You will have a positive trade over 80% of the time if you can stay awake.

Cheers
History is written by the victors.
  • #13
  • Jul 13, 2007 2:05am Jul 13, 2007 2:05am
Big wave rider,

What do you mean by common sense being the key? I can accept that algorthmic trading is problematic but at least you are objective and know why you are wrong. Can you provide an example of trading with common sense? Could some of it at least be systemetized?

Cheers
  • #14
  • Jul 13, 2007 7:57am Jul 13, 2007 7:57am
Quoting Big Wave Rider
Systems definnitaly reflect your personality, so you have to find one that matches, BUT, and this is a big ass butt, DO NOT TRADE THAT SYSTEM ALONE, just use it as a part of your analyises with other inicators BEFORE you go into a trade, and PLEASE look at a naked chart first and see what the candle sticks are telling you, now that is a system.
Blue,

Trading is about consistency and discipline. Find an edge that gives you an advantage in the market, use that to determine when to enter the market, and then design an appropriate and strategic exit strategy. You ruin the consistency of your trading when you do not follow and trade on your edge and its hard to be disciplined doing the kind of "analysis" described above. You should do your homework and analysis beforehand so you know what to look for before you even begin to look at a chart.

I agreed with some of what you said before, but this last statement goes against a lot of what I have found to be true in successful trading.

PS - indicators are worthless
  • #15
  • Jul 13, 2007 10:15am Jul 13, 2007 10:15am
Quoting superdezign
PS - indicators are worthless

I have a daily-weekly-monthly pivot.mq4
I have a fibretracement.mq4
I have a moving-average.mq4

I remember James16 saying the importance of pivot/s/r, fibs and MA confluence.

I remember Jacko saying he looks at the 50% Fib

I read in the news of people who shot themselves.

Which is useless or worthless? The gun or the user ?

LOL
  • #16
  • Jul 18, 2007 3:56am Jul 18, 2007 3:56am
Quoting Money-RX
..........................
5. Some of these charts you see that look like a radar screen at O'hare airport are ridiculous. Clear that crap off the screen and concentrate on a few MA's and candlesticks. Read Nison's books about candlesticks and print out the top 10 indicators to watch.

..........................
And as for a trading "system" which I think is the least important -
Get up at 3:00 EST and watch GBP/USD on an hourly candlestick chart. If you have a pretty strong candle around 3:45 - 4:00 place a trade with the candle direction. You will have a positive trade over 80% of the time if you can stay awake.

Cheers
Dear Money-RX,

Thank for your sharing.

From your words, you seem to be a full-time trader, as you can watch the chart at around 3:00 EST.

In your point 5, you mention "[to] concentrate on a few MA's and candlesticks." What is the mumber of periods for these MA's?
And, is it EMA, SMA, or WMA?
And, how to use MA's with candlesticks?

Also, What is the "pretty strong candle" around 3:45 - 4:00?
Is it mean the lenght of the candle?
And, how many pips (up or down) could be considered as "pretty strong candle"?

Thank again in advance.

Faith.
Living needs faith!
  • #17
  • Jul 18, 2007 4:19am Jul 18, 2007 4:19am
my advice use geometry and fractails.
  • #18
  • Jul 19, 2007 6:18am Jul 19, 2007 6:18am
Faith, if you want specifics, try a 5 and 13 EMA on close, when they cross wait for a clear full breakout candle then buy or sell based on mvt. Back test this method on a one hour chart and if you don't make a lot of money you should probably hold a cardboard sign at an intersection somewhere.
  • #19
  • Jul 19, 2007 6:23am Jul 19, 2007 6:23am
Hi

How do one joins this famous James16 club?

Thanks
tasse

Quoting mbqb11
this man speaks the truth...spend your time absorbing everything the great James16 speaks, you won't regret it

best of luck,
Mike
  • #20
  • Jul 19, 2007 7:10am Jul 19, 2007 7:10am
Quoting tasse
Hi

How do one joins this famous James16 club?

Thanks
tasse
The thread is here.

http://www.forexfactory.com/showthre...es16#post17907

If you want more, click on the "James16 group" emblem in the signature line to go to the website for the paid group.
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