reliable trading system for GBP/JPY scalping | Forex Factory

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reliable trading system for GBP/JPY scalping

  • #1
  • First Post: Jun 6, 2008 6:04am Jun 6, 2008 6:04am
hi there,

may i have any sugggestions/recommendations from any members and traders,

what do you think is the best system in scalping GJ..


i'm a gj trader, but i dont have a flawless trading record, i'm always 1 for 3,

if i hit 3 gains then i'll ended up losing one..


any suggestions will be highly appreciated, thanks...

forexgodess...
I'm not an expert but I can read charts.
  • #2
  • Jun 6, 2008 6:17am Jun 6, 2008 6:17am
Read Imran Sait gbpjpy thread
  • #3
  • Jun 6, 2008 6:20am Jun 6, 2008 6:20am
hi thanks for the info, but i just want a short, concise info, i get dizzy watching those too many indicators and chart..
I'm not an expert but I can read charts.
  • #4
  • Jun 6, 2008 6:23am Jun 6, 2008 6:23am
Quoting forexgodess
hi thanks for the info, but i just want a short, concise info, i get dizzy watching those too many indicators and chart..

if u lose 1 and win 3 trades....that gives u a 75% win record....thats an awesome record using which u can make a lot of money i guess....
  • #5
  • Jun 6, 2008 6:40am Jun 6, 2008 6:40am
Quoting ns_karthik77
if u lose 1 and win 3 trades....that gives u a 75% win record....thats an awesome record using which u can make a lot of money i guess....
really?

but other said its not enough,

other have atleast 10 winning trades before suffering a loss,

so i ask for their help, but they wont share it..

others uses EA, (which i dont know what it is)..

others uses a lot of inidcators and charts..

that is why i decide to go here to ask for some tips from other traders who's ready to gie a helping hand,

regards to all...
I'm not an expert but I can read charts.
  • #6
  • Jun 6, 2008 6:43am Jun 6, 2008 6:43am
Quoting forexgodess
really?

but other said its not enough,

other have atleast 10 winning trades before suffering a loss,

so i ask for their help, but they wont share it..

others uses EA, (which i dont know what it is)..

others uses a lot of inidcators and charts..

that is why i decide to go here to ask for some tips from other traders who's ready to gie a helping hand,

regards to all...

well a lot depends on how much u make on ur winning trade and how much u lose on ur losing trade....if both are the same, then a win % of 75 is more than enough...say u make 10 pips on every win, so 3 wins makes it 30 pips...and u lose 10 pips on ur losing trade...so u still make a nett of 20 pips for every 4 trades.....assume u make atleast 4 trades a day, which means 20 pips a day, compound that for 6 mnths and that would be a huge amount of money....

depends on how much u make/lose per trade....
  • #7
  • Jun 6, 2008 6:49am Jun 6, 2008 6:49am
i alwyas place a tp of 10 to 20 pips per trade

but i never put a stop loss on my trade, NEVER

i believe stop loss ahs nothing to give you but losses..

no offense to other who uses this strategy its my own interpretation..

i just let my position open until it reaches only 2 ending,
1. hiting my tp
2. or giving me magin call..
I'm not an expert but I can read charts.
  • #8
  • Jun 6, 2008 7:04am Jun 6, 2008 7:04am
Quoting forexgodess
i alwyas place a tp of 10 to 20 pips per trade

but i never put a stop loss on my trade, NEVER

i believe stop loss ahs nothing to give you but losses..

no offense to other who uses this strategy its my own interpretation..

i just let my position open until it reaches only 2 ending,
1. hiting my tp
2. or giving me magin call..

well that would be a bad way to trade cos in such a case, u would have to have 100% win to make sure that u dont lose and its almost impossible to have 100% win record....though u may not put down a SL for ur trade, u need to have atleast a SL in mind to close ur trade...else u will keep losing in this market.....

it would be great if u can PM me if u need more info cos i dont want to clutter up this thread any further with comments unrelated to the topic...

i will out for sometime...will be back in a couple of hrs...
  • #9
  • Jun 6, 2008 7:28am Jun 6, 2008 7:28am
Quoting forexgodess
i alwyas place a tp of 10 to 20 pips per trade

but i never put a stop loss on my trade, NEVER

i believe stop loss ahs nothing to give you but losses..

no offense to other who uses this strategy its my own interpretation..

i just let my position open until it reaches only 2 ending,
1. hiting my tp
2. or giving me magin call..

Would this mean that you only make 4 trades per account? As I see it, you must have a pretty big account in order to routinely suffer a margin call.
  • #10
  • Jun 6, 2008 9:25am Jun 6, 2008 9:25am
hi

i tried it first in a demo account,

i opened a 5kusd demo, fxcm,

after 2 weeks of trading i made it at 27, 899.00 K usd..

sudden reversal this week ate up all my earnings..

i made a 100% trading for 2 weeks.. all was gone by this week's dip..
I'm not an expert but I can read charts.
  • #11
  • Jun 6, 2008 9:36am Jun 6, 2008 9:36am
Quoting forexgodess
hi

i tried it first in a demo account,

i opened a 5kusd demo, fxcm,

after 2 weeks of trading i made it at 27, 899.00 K usd..

sudden reversal this week ate up all my earnings..

i made a 100% trading for 2 weeks.. all was gone by this week's dip..

hi....i am back....did u understand the point i was trying to make??
  • #12
  • Jun 6, 2008 9:54am Jun 6, 2008 9:54am
Quoting forexgodess
hi

i tried it first in a demo account,

i opened a 5kusd demo, fxcm,

after 2 weeks of trading i made it at 27, 899.00 K usd..

sudden reversal this week ate up all my earnings..

i made a 100% trading for 2 weeks.. all was gone by this week's dip..
There is a pretty nice lesson in this. Getting pips can be easy, keeping them is what matters. What good is making 1,000 pips in a week if you give them back the next monday,
This is JMO but without reasonable Money Management & Risk management success will elude almost everyone.

the old quote
"Best to get Rich SLOWLY Than go broke spectacularly fast" comes to mind.....
  • #13
  • Jun 6, 2008 12:00pm Jun 6, 2008 12:00pm
Quoting forexgodess
hi

i tried it first in a demo account,

i opened a 5kusd demo, fxcm,

after 2 weeks of trading i made it at 27, 899.00 K usd..

sudden reversal this week ate up all my earnings..

i made a 100% trading for 2 weeks.. all was gone by this week's dip..
there is a very important concept in trading forex that you are missing. Money management. Without it, your trading career will be very short as you have seen in your demo account.
  • #14
  • Jun 6, 2008 4:45pm Jun 6, 2008 4:45pm
Quoting forexgodess
i alwyas place a tp of 10 to 20 pips per trade

but i never put a stop loss on my trade, NEVER

i believe stop loss ahs nothing to give you but losses..

no offense to other who uses this strategy its my own interpretation..

i just let my position open until it reaches only 2 ending,
1. hiting my tp
2. or giving me magin call..
That's the purpose of a demo account!!!
  • #15
  • Jun 6, 2008 6:00pm Jun 6, 2008 6:00pm
I am guessing this is a joke thread. Using a margin call as a stop loss means that unless you have a 100% succesful system (which does not exist!) you WILL fail.

Back to the drawing board I think

max
Gravity goes both ways in forex...
  • #16
  • Jun 6, 2008 8:49pm Jun 6, 2008 8:49pm
Look for 5EMA/13EMA/62EMA system. You'll be very impressed and you'll achieve similar results with using stop losses.

Always use stop losses - your open trades WILL be scornful on your trading account.
  • #17
  • Jun 6, 2008 11:05pm Jun 6, 2008 11:05pm
thanks wonderful traders...

i appreciate your help.. all of you..

thanks..

how i wish i knew how to use those indicators..

yes.. back to my drawing board..

i think i should make my tp a little bit smaller, for easy liquidity...

try to put some stop losses

place orders by 10's instead of 5 pips gap..

long positions only for rollover

and it should look like this:

demo - 5k
platform - fxcm
pair - GJ
lot size - 10K
leverage - 1:200
positions - LONG by 10's ( 205.10, 205.20, etc.. up to 210.00)
tp - 10 pips
sl - 50pips??????? (just tell me if its enough or too much)

all positions must be above the current market price
if price goes down, place order at every 30pips gap
no sl and no tp.. to average down.. to compensate the floating loss..
I'm not an expert but I can read charts.
  • #18
  • Jun 7, 2008 12:18am Jun 7, 2008 12:18am
Quoting Vfforexlee
Look for 5EMA/13EMA/62EMA system. You'll be very impressed and you'll achieve similar results with using stop losses.

Always use stop losses - your open trades WILL be scornful on your trading account.
thanks..

just wanna ask what time frame do i have to use for this?

do and how does it work?

is this signal to buy or sell or both?

please elaborate..

thanks


I'm not an expert but I can read charts.
  • #19
  • Jun 7, 2008 4:13am Jun 7, 2008 4:13am
Quoting forexgodess
thanks wonderful traders...

i appreciate your help.. all of you..

thanks..

how i wish i knew how to use those indicators..

yes.. back to my drawing board..

i think i should make my tp a little bit smaller, for easy liquidity...

try to put some stop losses

place orders by 10's instead of 5 pips gap..

long positions only for rollover

and it should look like this:

demo - 5k
platform - fxcm
pair - GJ
lot size - 10K
leverage - 1:200
positions - LONG by 10's ( 205.10, 205.20, etc.. up to 210.00)
tp - 10 pips
sl - 50pips??????? (just tell me if its enough or too much)

all positions must be above the current market price
if price goes down, place order at every 30pips gap
no sl and no tp.. to average down.. to compensate the floating loss..
this is called the grid strategy but grid strategy requires a huge account balance....
  • #20
  • Jun 7, 2008 10:53am Jun 7, 2008 10:53am
yes.. back to my drawing board..

1. i think i should make my tp a little bit smaller, for easy liquidity...

2. place orders by 5 pips gap..

3. long positions only for rollover/carry over interests

and it should look like this:

demo - 5k
platform - fxcm
pair - GJ
lot size - 10K
leverage - 1:200
positions - LONG by 5's ( 206.90, 206.95, etc.. up to 210.00)
tp - 5 pips
sl - none

4. all positions must be above the current market price
5. if price goes down, place order at every 15 pips gap with
no sl and no tp.. to average down.. to compensate the floating loss..

let see what will be the outcome, i already opened a new demo account with $5,000.00 virtual account..

i'll keep you posted by it's daily performance..

PLS POST YOUR COMMENTS, SUGGETIONS, RECOMMENDATIONS ON THIS REVISED SYSTEM OF MINE
I'm not an expert but I can read charts.
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