Auslanco - GBP/JPY and GBP/USD (newstrade)
That's the beauty of higher time frame .. less risky and big pips .. You need to have patience bro .. u can't win all the pips the market can give. As long as you are always in profit .. you are on the right track, dont u agree?
Plus, the waiting usually doesn't take long after you have closed the previous position 'coz new opportunity usually evolves soon enough .. could be other pairs ..
The underlined words say it all. There area always different pairs- while one may be acting erratically, consolidating, or just giving bad pa, others can be trending nicely. It's easy to see moves developing when you aren't focused on just one pair. IMO, if you are focusing on just one pair you are cutting yourself short.
For a position or a woman? The former will probably make you much better off. lol It won't take half your stuff away when it gets angry at you.
I do indeed: BUT, a few people seem to be offended by them. I ask you: should such people be trading forex for a living??? It doesn't compute
http://tbn0.google.com/images?q=tbn:...ed.com/404.jpg
After several months, I've come to realize that everyone has to find their own style of trading. Some persons are medium to long term position traders, some intra-day traders and others are scalpers. That being said, I would caution you against scalping the gbp/yen, it is probably the worst currency to do this with unless you are very experienced with a solid trading strategy.
Personally, I am very uneasy with scalping generally, because it is very difficult to exercise good money management (MM), because in scalping, your take profit is typically a fraction, and not a multiple of your stop loss.
From what I see MM seems to be lacking from your trading style. Which leads me to this point, concentrate more on your risk/reward ratio than the amount of trades won ratio. With good money management you can even be right just 1/3 of the time and still break even.
GBP/YEN broker spreads are usually between 6-9 pips. Placing an order every 5 pips is extremely counter-productive. Also, as a scalper, placing orders as a trade goes against you is certainly a recipe for failure as there is no margin of error, if you are caught in a retracement it means you are in the wrong trade. Intra-day traders that trade 1hr and 4r charts can better afford retracements and even place additional orders there.
Regarding stop losses,whether mental or fixed, these are necessary to establish your risk. Where you place your stop loss , and how much stop loss is important, or you could be constantly getting your stop loss hit.
Also, as a scalper, you will not be holding trades overnight so interest payments don't matter, you can therefore afford to take both LONG and SHORT trades, rather than just uni-directional LONG trades.
Finally, you seem to prefer trading without indicators, indicators are our friends, but if you prefer trading "naked" without indicators, there is an excellent thread on the DIBS method
http://forexfactory.com/showthread.p...highlight=dibs
but it does seem that you will have to do more research on trading methods. There are several good threads on Forexfactory but you are going to have to do a lot of reading.
This thread initially started off to just dicuss Auslanco's system, but it has become a general gbp/yen trading thread. These alternative views have made the original Auslanco system even better. But if you were attempting to learn the Auslanco system with all these other strategies now being mentioned you might end up confused.
The point is, part of the reason for your "head ache" and confusion may be due to your looking on too many different strategies. You probably need to focus on a particular strategy, when you have mastered that you can look on other strategies to improve your initial strategy. Good luck.
Cheers,
Im not offended by them...keep up the good work!!
hey, what can I say: some people have no taste: exterminate!Wish some one can compile it to software instead of excel. I think it should be easy. I only learn basic C++ language. Unable to do it since i was noobie in programming
