[/quote].
Anybody else take the AUDCAD?
Looks good to me
Just curious why you chose those TP levels? They don't correspond to any fib levels. Was this based on ATR?
After a year's absence from FF, I recently came back and have been blown away by what I've seen and how much has changed! Thank you Fozzy for starting this thread and sharing your system. I've read the first 855 posts but feel I probably wont gain much more catching up the rest. Is the original Fozzy methodology still the same? ie hasn't undergone any fundamental changes over past few months? Has anybody applied this to other markets? I remember reading about somebody tweaking it a bit when applying it to Australian CFDs. Anybody successfully applied it to other markets like futures, commodities? Beachbum, is daily FozzyTrading your major trading system these days? (I'm aware you've been using VP for quite a while) Anywy, congratulations all on the development and growth of this thread!
, After a year's absence from FF, I recently came back and have been blown away by what I've seen and how much has changed! Thank you Fozzy for starting this thread and sharing your system. I've read the first 855 posts but feel I probably wont gain much more catching up the rest. Is the original Fozzy methodology still the same? ie hasn't undergone any fundamental changes over past few months? Has anybody applied this to other markets? I remember reading about somebody tweaking it a bit when applying it to Australian CFDs. Anybody successfully applied it to other markets like futures, commodities? Beachbum, is daily FozzyTrading your major trading system these days? (I'm aware you've been using VP for quite a while) Anywy, congratulations all on the development and growth of this thread!
Welcome back Trumpcard............
Too many questions for right now; but yes, Fozzy and VP trades using the Dailies is the ONLY way I trade now. More later......
Well...I thought I will see BB salivating at the prospect of sending someone back to square 1..or square 855 in this case!!!!
By the way......what is a VP trade?
Hello everyone.....
I received a PM the other day from a fellow FF member who has struggled of late with the Daily Fozzy method. I told him I would address some of his concerns (anonymously) in this thread in case there are others who might benefit from my observations and comments.
First, I want to go on record by stately unequivocally that when properly applied, The Daily Fozzy Method IS profitable. To what extent will depend on the individual trader. Having said that, this method is like any other; there will be times when it works splendidly and you can book a boatload of pips. BUT, there will be times when it is a struggle to cover your losses. Recently it HAS been more difficult to show a profit. That's no reason to quit and go looking for another trading system because the same cycle can easily be repeated with another method.
What's the answer? TRUST the system and trade it "faithfully", in good times and in bad. And if you're not sure about HOW the system works; go back to post #1 and do what Fozzy explained in the beginning. Backtest THAT method so as to prove to yourself that it really does work. Trade it until you are very comfortable.....and then, and only then, should you consider tweeking it (like some of us have done) to suit your own trading "style and personality". I try to stick with a well defined set of rules, but I find myself being more and more discretionary as I become more comfortable with the way this method works. But hey, that's just me. Every trader needs to cultivate their own style "AFTER" they have faithfully traded a system that works for them. And if "that system" begins to stumble, it's time to go back to the basics.
One last observation: too many would-be traders give up on a good system when the "going gets tough". They look for a new one, get real excited about that method for a while until "it" falters.......and the cycle is repeated endlessly. IMO it's better to get a system in place that works well.....then while it's making you a profit, spend some time looking for another one to use along with the first. What's wrong with having two or three excellent trading systems working for you at the same time? That way while one is in a temporary slump, the others are making you a profit. The cumulative result will be very positive both financially and emotionally. You'll really feel god about life as a Forex trader!
