MY FX RULE WINS (CNP) | Forex Factory

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MY FX RULE WINS (CNP)

  • #1
  • First Post: Oct 15, 2008 9:17pm Oct 15, 2008 9:17pm
For some days now, I have consistently taken 10 pips consistently.
I would be very greedy, if I cant tell fellow traders what I am doing and what I had done to achieve my win win situation.

Yes though the market is always tempting and there are usually many pseudo trade opportunities, but I have found out for myself that if you do the following you will be on your highway to making loads of forexial profit.

I am a EURO USD freak, so dont be annoyed that I'll be reffering to trades that I took on EURO USD. And thus I will soon let you know if the system I paced below is my Holy grail or not.

For some time now, I will be writing on my new FX Rules as Highlighted below, you can read me, copy my strategy and train with it. All I'll like you to know is that the system might not be workable for every temperament, so check your temperament and decide your own FX RULES.

MY FX RULES
MY FX RULES

  1. Trade only with same broker same, chart provider
  2. Trade only when you are sure
  3. Never take more than 10 pips
  4. Never be in the market during the news release period
  5. Use only MACD as indicators
  6. Ensure all MACD for Daily, Hourly, 15 Minutes and 5 Minutes are pointing towards the same direction
  7. There is no need to rush into a trade
  8. Never Regret a trade you did not take
  9. Never Regret the trades you have lost
  10. Use your stop loss limit if you can
  11. Don’t ever get greedy
  12. Close each day with a profit
  13. Reduce your losses, Increase your wins

  • #2
  • Oct 15, 2008 11:16pm Oct 15, 2008 11:16pm
[quote=DrogbaFx;2283615]For some days now, I have consistently taken 10 pips consistently.
I would be very greedy, if I cant tell fellow traders what I am doing and what I had done to achieve my win win situation.
[*]Ensure all MACD for Daily, Hourly, 15 Minutes and 5 Minutes are pointing towards the same direction

Hi, can you please provide some examples?
  • #3
  • Oct 16, 2008 1:39am Oct 16, 2008 1:39am
[quote=ithorror;2283765]
Quoting DrogbaFx
For some days now, I have consistently taken 10 pips consistently.
I would be very greedy, if I cant tell fellow traders what I am doing and what I had done to achieve my win win situation.[*]Ensure all MACD for Daily, Hourly, 15 Minutes and 5 Minutes are pointing towards the same direction

Hi, can you please provide some examples?

For example if you have the following peculiarities

1. The daily chart shows a divergence, the MACD is below the water level, and all your reading shows that on daily chart the currency is oversold

2. The Hourly MACD is above the water level, its signal lines are also pointin upwards

3. The 15 Min MACD is below the water level showing that its oversold and signal lines trying to form a squeeze.

4. The 5 min MACD has already formed its squeeze.

In this situation, all you need to do is analyse the candle you have. If the upward movement has began already, I will advice you to wait until there is a substantial retracement (about 2 to 5 pips), then go long.

Set your limits at 10 pips and here comes your profit within 5 mins.

I have just made 10 pips right now.

Cheers
  • #4
  • Oct 16, 2008 1:58am Oct 16, 2008 1:58am
Thanks DrogbaFX
  • #5
  • Oct 16, 2008 3:02am Oct 16, 2008 3:02am
You are welcome
  • #6
  • Oct 16, 2008 8:55pm Oct 16, 2008 8:55pm
This trading style has continued to grow my account and am glad about it.
  • #7
  • Oct 16, 2008 10:41pm Oct 16, 2008 10:41pm
Then I guess you can't trade if not during news because days are filled with news because of the economy.
  • #8
  • Oct 17, 2008 9:16am Oct 17, 2008 9:16am
Quoting Code4Capital
Then I guess you can't trade if not during news because days are filled with news because of the economy.
Codec4, The way I do it is this, I dont trade the news as they come but I trade the reaction of the traders when there is a little calm in the market. It works better bro.
  • #9
  • Edited 7:46am Oct 19, 2008 7:25am | Edited 7:46am
The attached 5 minute chart shows the beginning of an uptrend formation and its break.
Attached Image (click to enlarge)
Click to Enlarge Name: 5MIN CHART.jpg Size: 142 KB
  • #10
  • Oct 19, 2008 7:43am Oct 19, 2008 7:43am
Quoting DrogbaFx
The attached 5 minute chart shows the beginning of an uptrend formation and its break.

see the Daily chart as well.
Even though MACD shows a serious downtrend with prices, the MACD maintains a big divergence that will allow for some retracements until the major reversal will occur.

DrogbaFx
Attached Image (click to enlarge)
Click to Enlarge Name: untitled1.jpg Size: 159 KB
  • #11
  • Oct 20, 2008 5:17am Oct 20, 2008 5:17am
I have seen why it is very good for every trader to be consistent in making pips. When you close daily with an increase in your accout you are happy, otherwise you will be restless and make more trading mistakes.

My account is now grown by 180.86%, what a fantastic figure.
  • #12
  • Oct 20, 2008 10:48am Oct 20, 2008 10:48am
wow good for you ! I hope you could go on like this. I believe that if you stick to your rules It's possible to be consistent in this, I'm no experienced trader, I'm a total beginner, but I know that because I've blown a small account trying to carry out the same plan (Thank God it was a really small one ). My reason for failure was because I always felt I had to trade, I rushed everything and this led to really, REALLY bad trades ! It felt like I was trying to tell the market what to do, when I really had to shut up and listen carefully to what it was trying to say.

But I'm not sure I'll be back trading this way or maybe have another small account for such trading, but I made myself a promise to risk no more than 2-3% on each trade .


Good Luck to you !
  • #13
  • Oct 20, 2008 5:09pm Oct 20, 2008 5:09pm
Quoting mtarek16
wow good for you ! I hope you could go on like this. I believe that if you stick to your rules It's possible to be consistent in this, I'm no experienced trader, I'm a total beginner, but I know that because I've blown a small account trying to carry out the same plan (Thank God it was a really small one ). My reason for failure was because I always felt I had to trade, I rushed everything and this led to really, REALLY bad trades ! It felt like I was trying to tell the market what to do, when I really had to shut up and listen carefully to what it was trying to say.

But I'm not sure I'll be back trading this way or maybe have another small account for such trading, but I made myself a promise to risk no more than 2-3% on each trade .


Good Luck to you !

Hey,
Dont worry about blowing some accounts for a start, you can demo trade to learn the market movements.

Every trader once lost, I blew lots of accounts myself. But I am back for the best. Really, being the best you can is an achievable feat in forex. It's just that you need to have a plan which you must test, trust and implement.

Aderogba
  • #14
  • Oct 21, 2008 9:05am Oct 21, 2008 9:05am
You know what ? I actually started a week ago demo-trading using a plan that's a bit similar to yours, but I don't target a daily return, I target a weekly one. the account's balance is now up by 200+% ! I use almost no indicators (bollinger bands only, but I don't rely on that, it's plain price action). I will keep trading this account this way to see where I can go from here.
  • #15
  • Oct 21, 2008 11:33am Oct 21, 2008 11:33am
Quoting mtarek16
You know what ? I actually started a week ago demo-trading using a plan that's a bit similar to yours, but I don't target a daily return, I target a weekly one. the account's balance is now up by 200+% ! I use almost no indicators (bollinger bands only, but I don't rely on that, it's plain price action). I will keep trading this account this way to see where I can go from here.
You bet, you are on the right path bro. Follow your pattern and learn it very well. I wish you luck.
  • #16
  • Oct 21, 2008 2:54pm Oct 21, 2008 2:54pm
Quoting DrogbaFx

  1. Use your stop loss limit if you can


What do you mean?
The market reveals who we really are...
  • #17
  • Oct 22, 2008 5:34am Oct 22, 2008 5:34am
Quoting shadowninja
What do you mean?

I should mention here that it is very good to use stop loss.

That part of the rule is for the traders that are aversed to using stop loss.

Some traders say they dont like to use it, but I suggest you use it always. It can save your account from huge drawdowns when you are in the wrong direction.

Aderogba
  • #18
  • Oct 22, 2008 9:00am Oct 22, 2008 9:00am
Happy is the man who trades his own pattern and wins..............
  • #19
  • Oct 22, 2008 9:20am Oct 22, 2008 9:20am
Hi Aderogba, Would really like an update on your trading. Yesterday was a great day for me, It's like the charts were shouting (SELL ! SELL! SELL!) my balance yesterday was doubled so my account is now up by 450% in 1 week exactly !! if only this were a real account !!
  • #20
  • Oct 22, 2008 11:04am Oct 22, 2008 11:04am
Quoting mtarek16
Hi Aderogba, Would really like an update on your trading. Yesterday was a great day for me, It's like the charts were shouting (SELL ! SELL! SELL!) my balance yesterday was doubled so my account is now up by 450% in 1 week exactly !! if only this were a real account !!
Yea you got it, yesterday was a great one, my demo account grew by 400%. I was afraid to continue further down the euro/usd. I was happy I sold, really one of my friends trading real got same as myself here.
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