In the spirit of giving back, which seems to be a theme on this forum recently, this post will explain the way I trade. I'm not much of a frequenter of forums over the last couple of years due to the same things and experiences JohnW and Phillip Nel have said in their threads, so rather than repeat it, read their threads and you'll 'get it' too. As an aside too much time spent in forums can wreck your trading as they pull your trading mind in directions away from your goal - which is making a profit...
Mentors are hard to find, I've been fortunate in coming across a few people that have really helped over the 3-4 years I've been doing this, but most are either snake oil salesmen or can't explain in comprehensible words how their strategies work......Plus the really profitable guys don't (at all), or very rarely frequent forums.
I came across John and Phillip's threads as I'm showing a few other people how to trade and was having a look about on the forums for some interesting things for the guys I'm teaching to read, mainly from a psychology point of view.
Their threads are here:
JohnW's thread:
http://www.forexfactory.com/showthread.php?t=59460
Phillip Nel's thread
http://www.forexfactory.com/showthread.php?t=14630
Longer term I trade very similarly to Phillip Nel and have done so for a couple of years now (I was pleasantly surprised at how similar our methods were and have passed on his documentation as a guide to the people I'm training) - I'm chucking in my job in a few months, so it works very well.
I trade cable mainly - and momentum/volatility on the 4HR chart as a seperate strategy - the attached pdf should show it nicely. This pdf is gold - it really is, there's many strategies you can take from it, but the one I use is the "15 pip trigger" section for cable on the 4HR chart and the 96.4% hit rate of 20 pips - this is about right for me (ha ha), especially when taken with the trend.
I use the 21EMA on the 4HR for trend, i.e. if price is under it, set a limit order to sell 15 pips from the open of a new 4HR bar and an automatic target price of 18 pips south of it. Vice versa for longs.
Good luck!
Mentors are hard to find, I've been fortunate in coming across a few people that have really helped over the 3-4 years I've been doing this, but most are either snake oil salesmen or can't explain in comprehensible words how their strategies work......Plus the really profitable guys don't (at all), or very rarely frequent forums.
I came across John and Phillip's threads as I'm showing a few other people how to trade and was having a look about on the forums for some interesting things for the guys I'm teaching to read, mainly from a psychology point of view.
Their threads are here:
JohnW's thread:
http://www.forexfactory.com/showthread.php?t=59460
Phillip Nel's thread
http://www.forexfactory.com/showthread.php?t=14630
Longer term I trade very similarly to Phillip Nel and have done so for a couple of years now (I was pleasantly surprised at how similar our methods were and have passed on his documentation as a guide to the people I'm training) - I'm chucking in my job in a few months, so it works very well.
I trade cable mainly - and momentum/volatility on the 4HR chart as a seperate strategy - the attached pdf should show it nicely. This pdf is gold - it really is, there's many strategies you can take from it, but the one I use is the "15 pip trigger" section for cable on the 4HR chart and the 96.4% hit rate of 20 pips - this is about right for me (ha ha), especially when taken with the trend.
I use the 21EMA on the 4HR for trend, i.e. if price is under it, set a limit order to sell 15 pips from the open of a new 4HR bar and an automatic target price of 18 pips south of it. Vice versa for longs.
Good luck!
Attached File(s)
Forex Report - Predicting Price movement.pdf
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