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How I found what works for me

  • #21
  • Dec 8, 2008 7:44am Dec 8, 2008 7:44am
FS and ONS results (actual) in raw pips (i.e. not multiplied by stake size:
Attached File(s)
File Type: xls FirstStrike-ONS.xls   514 KB | 681 downloads
  • #22
  • Edited 8:32am Dec 8, 2008 7:51am | Edited 8:32am
Quoting daytrading
Ian,

forget about the bars/candles - its the price that matters. The price does not care whether you are in china or london. Neither does the price care whether you take H1, weekly or daily candles to try and measure it. One thing is for sure though: no matter which way you look at charts, eur/usd is at 1.2876 as I am writing this - everywhere. (and I am not arguing about +/- a few ticks because of quotational differences)

All one has to do is (without the necessity of a crystal ball) to build a frame around price movement - because that is...
I don't disagree with you, but I think most people reading this thread are not so advanced. Thus they may well look at their broker's current (or historic) 4hr bar or candle and think that everybody else sees the same high, low etc when the fact is that many will see a completely different bar calculated between different times.
  • #23
  • Dec 8, 2008 7:55am Dec 8, 2008 7:55am
Quoting ianf0ster
I don't disagree with you, but I think most people reading this thread are not so advanced. Thus they may well look at their broker's current (or historic) 4hr bar or candle and think that everybody else sees the same high, low etc when the fact is that many will se a completely different bar calculated between different times.
Ian,

very true. the clue lies in "many" - many (actually most) are doing it wrong. once you (or anyone for that matter) knows how to differentiate yourself, you've found your personal grail.

regards
daytrading
Enter Signature
  • #24
  • Jan 18, 2009 4:50pm Jan 18, 2009 4:50pm
Hi Ian,

I found this was your latest post and wanted to ask if you could PM me because for some reason I cannot PM you.

Subject matter is: Stupid newbie questions on trading forex in the UK; spreadvet vs. bucket shop vs. bank pro and cons plus others...


Cheers Mate,


StooperTwada
  • #25
  • Jan 30, 2009 5:02pm Jan 30, 2009 5:02pm
Quoting StooperTwada
Hi Ian,

I found this was your latest post and wanted to ask if you could PM me because for some reason I cannot PM you.

Subject matter is: Stupid newbie questions on trading forex in the UK; spreadvet vs. bucket shop vs. bank pro and cons plus others...


Cheers Mate,


StooperTwada
Hi,
I have no experience of live trading using a Forex broker. I have done all my live trading with Spreadbet accounts - but I do (usually) use Forex Broker
demo accounts for their charts and for trying out new strategies etc.

Ian
  • #26
  • Jan 30, 2009 5:42pm Jan 30, 2009 5:42pm
I stumbled across this thread and found the title relevant to my current trading. I recently came across a very good source for price action instruction. I only use price action setups for my trading and its has been working very well for me. I havent put any indicators on my charts, out side of a few moving averages, in months. Price action analysis allows you to focus on what really matters in the market, by focusing on a few time-proven setups and controlling our risk-reward ratio its possible to make money consistently.
  • #27
  • Feb 2, 2009 8:16am Feb 2, 2009 8:16am
Hi Ian,

Thanks for responding and your PM. Since my posting above I have been feverishly ravishing the forex forum to find the answers about good-bad brokers - dealing desk, NDD, Market maker, ECN, sprad betting. So the post has been overcome by events. Thanks for your response and sorry for taking up space on your post that is outside the subject matter. As you can see its a jungle out here in "forex newbie land" and I am spending a lot of time amassing data etc to incorporatre higher probability trading strategies - hence - what works for me. So I too am on the same journey and I am working night and day to figure this out.

So here are some questions for you;

If what I read in this thread is correct you only use MT4 for setups then to spreadbet for trading. So what is your usual time horizon for trades? I would think it would be day to days since you still have a day job?

@lartrade0623;

I found Ian from the Trader 101 Basket trading posts - which I think uses price action and price action differentials (am I correct?). Can you share yours or provide a link as I am a newbie trying to find out new trading approaches.

Thanks so much in advance.
  • #28
  • Feb 2, 2009 9:39am Feb 2, 2009 9:39am
Quoting StooperTwada
Hi Ian,

.........
So here are some questions for you;

If what I read in this thread is correct you only use MT4 for setups then to spreadbet for trading. So what is your usual time horizon for trades? I would think it would be day to days since you still have a day job?

.
The bulk of my successful trades are based upon Joel Rensink's free strategies - mainly First Strike which I have adapted to suit my needs. These are based off 1 hr charts and last a maximun of 7 days, but usually only 2 or 3 days.

I do not currently have a day job, I am living off my savings and my wife's earnings whilst building up my trading account.


Quoting StooperTwada
...
@lartrade0623;

I found Ian from the Trader 101 Basket trading posts - which I think uses price action and price action differentials (am I correct?). Can you share yours or provide a link as I am a newbie trying to find out new trading approaches.

Thanks so much in advance.
Lartrade may have been trying to promote a commercial web site. When I first saw his post it had a link in it. Now it does not - even though it is not shown as edited ( so perhaps Twee removed it).
IMO, the site has some good free videos, but I do not know if the course it advertises is worth the money ( or worth anything).

If anybody wants the address of lartrade's friend's website the they can PM him or they can PM me.

If anybody wants more info about Joel Rensink or about my modified version of his original FirstStrike strat, then:
firstly read Post # 10 in this thread
then you can PM me with any questions you may have.

many pips to all,
Ian
  • #29
  • Feb 2, 2009 11:06am Feb 2, 2009 11:06am
  •  zykas
  • | Joined Oct 2008 | Status: ... measure thrice, but cut once | 196 Posts
The making of a successful trader is a journey in deed !!
I like the Big Dogs because I trade like them
  • #30
  • Feb 3, 2009 4:17am Feb 3, 2009 4:17am
keep digging until suits wit u
  • #31
  • Feb 3, 2009 5:40am Feb 3, 2009 5:40am
Stoopertwada,
You can PM me if you want to know more about how i learned to trade price action, apparently i cannont post a link even to a free website because everyone here totally freaks out for whatever reason if you post any kind of link. PM me and we can talk. - L
  • #32
  • Feb 4, 2009 6:30am Feb 4, 2009 6:30am
Personally, automated trading (make sure it's a good EA) makes trading much easier, and that's only one that works for me but such EAs cost a lot. Don't fall for the many EAs marketed online with cheap price tags, obviously if it is a cash cow, it should not be cheap!
Adaptive autotrading is the future...
  • #33
  • Feb 5, 2009 5:20am Feb 5, 2009 5:20am
I am not convinced for automated forex system. i found it a bit confusing and a bit difficult to operate. I am doing trading manually from last couple of years, almost three years. I hope for using the system afterward once i get convinced. Till that i am happy with manual trading.
  • #34
  • Feb 5, 2009 6:54am Feb 5, 2009 6:54am
Whether it's manual/semi manual/automated/high risk/aggressive/conservative... All comes down to personal risk tolerance and taste that determines what one is comfortable with. Each one has its own pros and cons. Manual trading never worked for me because I had no time, patience and reliable system to trade, luckily I found a couple of good EAs that suite me. For others it may be the other way around. One thing for sure, you need to try all till you find 'the one' and that costs a lot!
Adaptive autotrading is the future...
  • #35
  • Feb 5, 2009 7:12am Feb 5, 2009 7:12am
I agree that its a personal risk game. but why would some opt to an automation if there is no any guarantee for that? I dont think any automated comes with a guarantee. On the other hand, in regular trading you can use your experience, or take help. Is this possible in automated one?
  • #36
  • Feb 5, 2009 8:09am Feb 5, 2009 8:09am
Quote
I now have some methods which suit my personality, my capital and my timezone, and I can boost the returns by adding the flexibility of FTI, the Anti-Hedging of Jacko, the Fibs of Bobokus and Skunny and the PA of James16.
HMMMMMN, very very soon, i am sure we will start trading with such indicators as Jacko, Bobokus, Skunny, James16, etc!
Orderliness of Randomness
  • #37
  • Feb 8, 2009 5:53am Feb 8, 2009 5:53am
Quoting onlinestock
I agree that its a personal risk game. but why would some opt to an automation if there is no any guarantee for that? I dont think any automated comes with a guarantee. On the other hand, in regular trading you can use your experience, or take help. Is this possible in automated one?
Yes there is no guarantee in automated system, but regular trading with experience/help comes with no guarantee either, not that I know of, do anyone?

Again its personal choice, for me I'm comfortable to leave my VPS on for a week and check the results in the end of the week (with 2-3 EAs running on low risk settings), but that too comes with risk. If I'm able to isolate my emotions, buy more time to trade, analyse the currencies every 15 mins (the chart my EA trades) and comfortable in accepting the inevitable losses, I would opt for manual trading as well.
Adaptive autotrading is the future...
  • #38
  • Jun 24, 2009 6:20am Jun 24, 2009 6:20am
Notice on my chart I have div in a blue box. See how div and price both make a higher high on the second point, then it just cuts through that region to the third point, where the div would "technically occur". What I am wondering is, is it possible to get rid of that second point, and not track this as divergence? Would prefer not to have it as I prefer clear and visible divergence, and I don't really get this. Not a huge deal, but figured wouldn't hurt to ask. Thanks again for helping.

Attached Image (click to enlarge)
Click to Enlarge Name: divq.gif Size: 24 KB
  • #39
  • Jun 25, 2009 4:55am Jun 25, 2009 4:55am
Quoting Jlr
Notice on my chart I have div in a blue box. See how div and price both make a higher high on the second point, then it just cuts through that region to the third point, where the div would "technically occur". What I am wondering is, is it possible to get rid of that second point, and not track this as divergence? Would prefer not to have it as I prefer clear and visible divergence, and I don't really get this. Not a huge deal, but figured wouldn't hurt to ask. Thanks again for helping.

Attachment
Hi,
OK, I assume you are saying that there are 4 points with the indicator drawing divergence lines between points 1 and 3 and between points 2 and 4.

If so, I'm confused because I would have thought that it is the use of the 'third point' which is the problem. I personally would not draw the first divergence trend line through but below a previous peak such as point 2.
But then I am still a novice on divergence.

Ian
  • #40
  • Jun 25, 2009 5:12am Jun 25, 2009 5:12am
I have often been asked for these, and have just posted in the recycle bin ( in this thread http://www.forexfactory.com/showthread.php?t=145504 ) to correct a misconception about the FSP ruleset.

So its long overdue that I post the Rulesets here.

I have also included the original FS ruleset - because this is closer to how I am actually trading (with a change of currencies and the addition of a trailing stop and then optimizing the parameters using a 1year backtest in MT4).
I have also included other useful PDFs I got from Joel Rensink.

The rulesets may become out of date, but the principles behind them will live on.

Ian
Attached File(s)
File Type: pdf FIRSTSTRIKE.pdf   504 KB | 3,776 downloads
File Type: pdf FirstStrike_Plus.pdf   171 KB | 896 downloads
File Type: pdf OneNightStand Ruleset.pdf   728 KB | 1,116 downloads
File Type: pdf Edward_Thorp_links_and_email.pdf   166 KB | 1,174 downloads
File Type: pdf THE HOLY GRAIL- Learning to Handle Variance in Returns.pdf   347 KB | 2,556 downloads
File Type: pdf Trading for Infinite yield-- Utility theory and you.pdf   378 KB | 900 downloads
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