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Perplexed - year spent looking for system

  • #1
  • First Post: May 6, 2008 3:33pm May 6, 2008 3:33pm
I know a year is not a long time. This is the time I have been on this forum, other forums just don't compare IMHO. But, I have looked at, read and studied most, not all of course, of the systems or any thing else they might be called and I can not come up with a trading system for me to adapt to. Its like nothing is filling the bill.

Whats up with this? Is this normal? Is this going to last long? Some of the EA's are very good but most leave no room for learning. Some of those are being used by people that don't even know the basic, which is of course their choice. For me I want a deeper involvement with my trading business.

Others are so many indicators its confusing and like most of those Pro. traders here like James16, forgive me if I mis-quote, but "all those indicatiors are not needed to successfully trade."

Some others that have systems give you just enough to wet the whistle the rest they want you to pay for and there is nothing wrong with that but at the moment I do not have those funds and I know what some are going to say about that statement.

Others who are moderators of their threads are just down right rude. Ask a simple question and you get a short answer that makes you feel stupid and does not answer the question in the first place.

I really liked Vegas, but we know what happened there. Is any one trading his system on a regular basis?

So are all my feelings of being backed up against a wall, is this normal? Can some one give me some pointers?

I am wanting to order a book by Pring on price action analysis, is this recommended by those of you here that know more then me?

I don't want to go into detail about my life's tragic story, we all have them some worse then others. But I will be doing this for a full time income and I will be faithful to those who help me in ways you allow yourself to, with out me having to ask for free stuff and with out you feeling resentful about helping me.

So I do need direction for the next few months or so. I hope to join James16 in a month or 2.

I do want to say that those I have emailed, read their threads, gained what knowledge I have because of the placement of this forum, the generosity, the kinship I hear in reading between the lines, the respect, I thank you all for this and will in another year be trading with the best and I know I will be sharing with those in my foot steps now.

Thanks!!
Thanks, Jonathan
  • #2
  • May 6, 2008 3:39pm May 6, 2008 3:39pm
Buy pair that you see as good investment?? & Protect your money.
  • #3
  • May 6, 2008 5:04pm May 6, 2008 5:04pm
I am not sure you will gain anything more from pring on price action that you won't get for free from J16, Skunny, Jacko etc.

Its all horses for courses. Maybe you have not found your niche yet or maybe you don't have a niche in forex.

Think of what you have had some success at and work out if the 'system' failed you or if you failed the system. If you are not disciplined you willo not suceed.

Good luck

max
Gravity goes both ways in forex...
  • #4
  • May 6, 2008 5:09pm May 6, 2008 5:09pm
I appreciate your post and your position. I had been in a similar situation myself. I saw several systems that I liked but none really fit the bill. So I went out and created one using several factors from other's systems. I read the journal section on this board and the long running journals usually give you a good idea of what systems are working.

I use a combo of Jacko's method, Stevie's method, and a touch of my own. I am currently demoing this strategy in the forum section myself under journals "My Story is a Simple One".

I too have to thank the Forex Factory for contributing to my Forex education. Don't give up, I am certain you too will start to have success very soon.

All the best,
Jackie

P.S. You can PM me about whatever you would like
  • #5
  • Edited 5:41pm May 6, 2008 5:11pm | Edited 5:41pm
Most people are in your boat.

And the ones that claim they have a good system (because they have been lucky so far) will fall flat on their faces in good time.

You see, without a cause/effect (or "market inefficiency") you are simply gambling. And you might win a few hands at the blackjack table, you might win a few trades (and have a few winning nights)

But the cards are stacked against you. And until you can find a reason why your trades will win (and not on moving averages, fibs, etc) then you will not win long term in FX.

PS) And this rumor about being well capitalized.... somebody needs to explain that one to me, because I can make the same percentage gains (losses) w/ a micro account. All you are doing is tempting yourself to risk your nest egg, which can be taken in a New York minute. Read the "My life is spoiled" thread by pujolshomerun.
  • #6
  • May 6, 2008 5:34pm May 6, 2008 5:34pm
Hi,

As I read your post sounds like my own story. I been doing the same for two years now. I have blow 4 $250 accounts since then. I have been able to turn a $300 account into a $2000 in 3 weeks and back to $0 en 1 week. After I recap it all turn to be ME and not the strategy.

And after all I have learnd a few things that have work for me.

- stick to one or two pairs. The ones that every one trade and where you can find a lot of information about (USDJPY for me).

- Do not trade when volumen is low like Sunday to Wednesday which translates in to 'be patient'.

- Be well capitalized.

- If a positions turns againts you, close it and do not expect to turn on you favor.

- I found the 5m and 15m time frame to be better for me, just go for 15-20 pips.

- Keep your charts simple. The more indicator you have the less entries you get.

- Do not trade the news...Maybe 15 min after once the over reactions passed.

I found a very simple method that has worked for me and I will be happy to share with you. I just stated with it and I have made around 100pips in 8 trades. Not much but good enough.

Good luck
  • #7
  • May 6, 2008 5:51pm May 6, 2008 5:51pm
Quoting tdion
Most people are in your boat.

And the ones that claim they have a good system (because they have been lucky so far) will fall flat on their faces in good time.

You see, without a cause/effect (or "market inefficiency") you are simply gambling. And you might win a few hands at the blackjack table, you might win a few trades (and have a few winning nights)

But the cards are stacked against you. And until you can find a reason why your trades will win (and not on moving averages, fibs, etc) then you will not win long term in FX.
I'm not an experienced trader, but totally agree with the "apologizer" tdion (just kidding...). Any system has its flaws... On one's hand it can be very profitable, on another's it's a looser... So it is not about the system, it is about the trader. Discipline, edge, patience, don't chase the market.

Remember, the market is ALWAYS RIGHT. You may not agree, but It is way stronger than you. Don't fight against it. It has always been there, an it will always be long after we have gone.

Read some good threads (James16, feb2865, Jacko...) but don't forget to think outside the box. Don't take all that information as untouchable facts...

Learn Price Action (I'm still trying to figure it out too...)

This post is from a good thread based basically on PA, but it is much more related to the reality of trading mechanics...

Wish you the best!
Many share my views with me. But I don't share them with them...
  • #8
  • May 6, 2008 6:01pm May 6, 2008 6:01pm
Quoting exitand4getit
I know a year is not a long time. This is the time I have been on this forum, other forums just don't compare IMHO.
A year is not too long to give up hope buddy!
  • #9
  • May 6, 2008 9:16pm May 6, 2008 9:16pm
Quoting rtrevino
Hi,

As I read your post sounds like my own story. I been doing the same for two years now. I have blow 4 $250 accounts since then. I have been able to turn a $300 account into a $2000 in 3 weeks and back to $0 en 1 week. After I recap it all turn to be ME and not the strategy.

And after all I have learnd a few things that have work for me.

- stick to one or two pairs. The ones that every one trade and where you can find a lot of information about (USDJPY for me).

- Do not trade when volumen is low like Sunday to Wednesday which translates in to 'be patient'.

- Be well capitalized.

- If a positions turns againts you, close it and do not expect to turn on you favor.

- I found the 5m and 15m time frame to be better for me, just go for 15-20 pips.

- Keep your charts simple. The more indicator you have the less entries you get.

- Do not trade the news...Maybe 15 min after once the over reactions passed.

I found a very simple method that has worked for me and I will be happy to share with you. I just stated with it and I have made around 100pips in 8 trades. Not much but good enough.

Good luck
care to share your system/template? thanks
  • #10
  • May 6, 2008 9:57pm May 6, 2008 9:57pm
There is no magic system-I know - I spent a lot of time trying to find one. The first key is money management with the main rule being don't let a loss become a huge loss .I use support and resistance levels across all time frames trying to locate the major areas. It's not that hard to do. I use a 50 sma and a 200 sma. they often act as s/r and a break above or below can be important. I also use a 5sma of the open and a 5 sma of the close. these are fast and I use them as a heads up around s/r levels. I use rsi and center of gravity oscillator. both of these are for heads up alerts. When price action bounces off support or breaks thru resistance and the sma's cross and the 2 indicators give a signal I go for it.Works for me.I prefer to trade gbp/jpy A good correlation for gbp/jpy is the dow or dow futures the ym
  • #11
  • Edited 10:33am May 7, 2008 10:03am | Edited 10:33am
quote=fxking;1987439]care to share your system/template? thanks[/quote]


Hi FxKing,

Here is the details for the system I talked about. It's name in 'Momo' and
you can find more information here.
http://www.investopedia.com/articles...inute-momo.asp

All you need is two indicators on a 5min chart.

- MACD (12,26,9 on close)
- 20 EMA

Go long when MACD goes from negative to positive territory and price action
crosses north of 20 EMA. Short on contrary actions.

You also need to watch price action and be carefull not o trade againts the trend. I use the 1hr, 30min and 15m to get the picture of the trend. I also have charts for the SP500(with Momo Template) and Dollar Index open to watch the market directon when trading the US session. For example I took the trade below(even it can be considered a counter trade) becasue SP500 recovered and gave a signal as well and the dollar index bounced from daily lows.



Thx
Attached Image
  • #12
  • May 7, 2008 5:40pm May 7, 2008 5:40pm
Quoting rtrevino
quote=fxking;1987439]care to share your system/template? thanks


Hi FxKing,

Here is the details for the system I talked about. It's name in 'Momo' and
you can find more information here.
http://www.investopedia.com/articles...inute-momo.asp

All you need is two indicators on a 5min chart.

- MACD (12,26,9 on close)
- 20 EMA

Go long when MACD goes from negative to positive territory and price action
crosses north of 20 EMA. Short on contrary actions.

You also need to watch price action and be carefull not o trade againts the trend. I use the 1hr, 30min and 15m to get the picture of the trend. I also have charts for the SP500(with Momo Template) and Dollar Index open to watch the market directon when trading the US session. For example I took the trade below(even it can be considered a counter trade) becasue SP500 recovered and gave a signal as well and the dollar index bounced from daily lows.

Thx
Yes, man... you spelled the magic words... PRICE ACTION...

Very clean setup , I like it...

Indicators can help or burn you if you don't apply them on PA, IMHO...
Many share my views with me. But I don't share them with them...
  • #13
  • May 7, 2008 7:43pm May 7, 2008 7:43pm
all we need now are some volunteers to show use their profitable broker statements (names blotted, of course) that they made with price action.....

haven't ever seen a single profitable price action statement.... just a lot of legends....

is that bigfoot over there??
  • #14
  • May 7, 2008 8:00pm May 7, 2008 8:00pm
Quoting tdion
all we need now are some volunteers to show use their profitable broker statements (names blotted, of course) that they made with price action.....

haven't ever seen a single profitable price action statement.... just a lot of legends....

is that bigfoot over there??
Hey man

I'm just saying that PA is one powerful TOOL to a trader. I'm not saying it is the only "right" system, or the The Holy Grail, as you're suggesting I did. But I think it is a really important skill to be developed. A scalpel is a wonderful tool in the right hands. Put it on a an ape's hand and watch the mess. Same tool, different skills...

As I mentioned before, the trader makes the win/loss, not the system, be it based on PA, Fibs, Lunar Cycles or Coin Toss...
Many share my views with me. But I don't share them with them...
  • #15
  • May 7, 2008 10:12pm May 7, 2008 10:12pm
dude i just think that all TA is like trying to predict next month's weather with last month's weather.

no offense, house, you seem like a jolly good chap.

and i received the pm but was too rude to respond. let me reread and reply now.
  • #16
  • May 7, 2008 10:41pm May 7, 2008 10:41pm
Quoting tdion
dude i just think that all TA is like trying to predict next month's weather with last month's weather.

no offense, house, you seem like a jolly good chap.

and i received the pm but was too rude to respond. let me reread and reply now.
Hey, not offended at all...

For me, being straightforward is a rare quality

Again I totally agree... everyone has its favorite tools, and if it works, its fine... but thinking outside the box makes you realize that they are just, and only tools. The scalpel never would make a surgery without a good brain behind it. I like studying price action as a way to translate the overall market feeling at that specific moment. Using PA, TA, whatever, to tell how the next candle/bar will be is a joke. But knowing what the last candles/bars means in therms of evolution of the prices till the present moment is useful...

Predicting (trying, of course), in this business is the best way to be burned to the ashes!

Cheers!
Many share my views with me. But I don't share them with them...
  • #17
  • May 7, 2008 10:54pm May 7, 2008 10:54pm
Quoting rtrevino
quote=fxking;1987439]care to share your system/template? thanks

Hi FxKing,

Here is the details for the system I talked about. It's name in 'Momo' and
you can find more information here.
http://www.investopedia.com/articles...inute-momo.asp

All you need is two indicators on a 5min chart.

- MACD (12,26,9 on close)
- 20 EMA

Go long when MACD goes from negative to positive territory and price action
crosses north of 20 EMA. Short on contrary actions.

You also need to watch price action and be carefull not o trade againts the trend. I use the 1hr, 30min and 15m to get the picture of the trend. I also have charts for the SP500(with Momo Template) and Dollar Index open to watch the market directon when trading the US session. For example I took the trade below(even it can be considered a counter trade) becasue SP500 recovered and gave a signal as well and the dollar index bounced from daily lows.



Thx[/quote]

What's interesting here, is that I don't trade the short timeframes, only 4 hour and dailies. I also tried out this very system you are talking about here: the MOMO thing. Well, I am testing it on the dailies and I have been positive pips on 8/10 trades, with the average gain of about 175 pips. The two losses have been -125 and -218. So I am up around 1000 pips since April 20th. This system work well. I hold my trades for 4 or 5 days on average and trade 4 lots with TP's of 25, 50, 75 and Let it ride.
  • #18
  • May 8, 2008 8:45am May 8, 2008 8:45am
Quoting slowjoe
Hi FxKing,

Here is the details for the system I talked about. It's name in 'Momo' and
you can find more information here.
http://www.investopedia.com/articles...inute-momo.asp

All you need is two indicators on a 5min chart.

- MACD (12,26,9 on close)
- 20 EMA

Go long when MACD goes from negative to positive territory and price action
crosses north of 20 EMA. Short on contrary actions.

You also need to watch price action and be carefull not o trade againts the trend. I use the 1hr, 30min and 15m to get the picture of the trend. I also have charts for the SP500(with Momo Template) and Dollar Index open to watch the market directon when trading the US session. For example I took the trade below(even it can be considered a counter trade) becasue SP500 recovered and gave a signal as well and the dollar index bounced from daily lows.



Thx
What's interesting here, is that I don't trade the short timeframes, only 4 hour and dailies. I also tried out this very system you are talking about here: the MOMO thing. Well, I am testing it on the dailies and I have been positive pips on 8/10 trades, with the average gain of about 175 pips. The two losses have been -125 and -218. So I am up around 1000 pips since April 20th. This system work well. I hold my trades for 4 or 5 days on average and trade 4 lots with TP's of 25, 50, 75 and Let it ride.[/quote]



Hi Slowjoe,

On which pairs have you been using it?
  • #19
  • May 8, 2008 8:40pm May 8, 2008 8:40pm
I trade all pairs that interbankfx has. Its like 19 currency combos or something close to that. I don't discriminate, but I do have some that I prefer...as in the currency pairs that trend well and don't bounce all over the place. But I trade them all.

I have been searching like so many others for that system, or trading method which works on most time frames and most currencies. I use this for my day trades and it works well. I use a homebrew system for 3 hour on Oanda. As an aside, I just got stopped out on my 4th lot of a recent trade using this method; the final lot closed at +90, and a total of +240 for the entire trade, Eur/cad short. So that makes 9/11 trades making positive pips.
  • #20
  • May 9, 2008 2:44pm May 9, 2008 2:44pm
Thanks for all your replies!!

I have downloaded nd deleted more platforms then any one I know. In the last year I have read everything from trading with this MA to that MA, to Fibs to MACD and so one.

But one thread has made a big change in my thinking like none other. James16 has opened my mind to price action. I have read through his thread and wrote down all the notes I could see.

I also read Jacko's and Feb2865. All are very good and very similar.
They all work off price action, using as little to no indicators, "trading naked"
as some said.

I am going to use my economy check and give it to James16, LOL.
One day I will have made enough money so that I won't get another one of these checks again, but it is my money in the first place.

The platform I like a lot here lately is OANDA. At first when I used it last year I didn't like it. Now I have mobile wireless broadband on my laptop and I love OANDA.

I really like the mobile broadband. f you want to look at that go to Sprint's website they have unlimited all the other limit you to how much you can use ea. month. I did a speed test with it the other day 1.4 mbs download and 265 kbps upload. Not bad.

Anyway thanks for the tips above you guys gave me.

This is the best forum and all you people are the best. I am glad I am entering into this world of trading. we need a brotherhood of trader worldwide organized. LOL
Thanks, Jonathan
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