Can I make 40% per month consistently

It sounds too good to be true but this is the aim. Trading 1 lot per $10000 in the account aiming for net positive 20 pips per day. That'll do it!!

I was taught trading from a well known Canadian forex course and mentorship programme that focuses on multiple time frame trading. My set up uses the following on all time frames:

-MACD 12, 26, 9 mainly for divergence
-Stochastics 8, 3, 3 for oversold/overbought levels and divergence
-From the Daily Fozzy thread (thanks very much) the 8 SMA, 8 RSI, Bollinger Band combo
-3 Williams % R settings 14, 28 and 56 in the same pane. The more of these indicators that group in OB or OS zones and then cross back the better.

In addition I look at pivot points, supp and res levels (and I include 50, 100, 200 ema's for this) candle and chart patterns, trend line breaks, fib levels and divergence hoping to get a confluence of as many events as possible to support my trade.

Here it gets difficult to say when would I take a trade as there are so many variables but what I must definitely see is:

- A cross in the direction of the trade from the Daily Fozzy combo indicator either the RSI crossing the outer BB but generally the RSI crossing the SMA
- I like to see stoch and W's % R go OB/OS in 2 time frames
- The 14 W's % R crossing the -50 line in the direction of the trade, this is my final filter to enter

I generally watch EUR/USD, GBP/USD, GBP/JPY, EUR/JPY 4 hr and 30 min charts but I will flick across other currencies and time frames from time to time.

Stops are relatively small, the more events that stack up the smaller the stops but 25 pips for cable (the W's % R filter helped a lot here) and 40 pips for yen currencies. Take profit depends (on cable) if I got in on 15/5 min charts 15 pips + but on longer term trades I look to move stop to break even and move stop to lock in profits as the trade progresses.

If this is not enough I watch brxxt's My Path to Financial Freedom very closely, if he makes a call I look to see if my requirements agree. I also look at the silverlining thread (search silverlining) which gets my interest, and I'll watch to see if itme comes back online, again my system must agree with their calls.

I'm in South Africa and we are 1 hr before GMT, 6 hours before EST so the average working day gets in the way of many trades. No excuses I must sneak trades where I can I may only be able to post after the event though.

If all goes well I'll be trading full time soon.

Let me be the first to wish you success!

Hello Vantage,

Good luck in your trading. Your goals are reasonable. Unless I miss my guess, it sounds like you are speaking about Peter Bain's program. I took Peter's course some 15 months ago. I'm sorry I didn't know about him 4 years ago when I started trading currencies (it would have saved me a lot time and money.)

Have you considered trading part of the Asian session? Tokyo is 8 hours ahead of you, and Hong Kong is 7 hours ahead. By going to bed an hour or two later, you could trade the beginning of the Asian session, then catch what you can of the London session during the day. I live on the West Coast of the U.S., and trade the London session at night and part of the Asian session in the early evening. Needless to say, I don't get a lot of sleep, but the body adapts.

Looking forward to hearing of your success in the Forex arena.

well I wouldn't say its impossible but like I tell all my mates:
"one day at time" and "only time will tell"

Best of luck

Hi Clansman yes I am looking to trade Asian session in particular for my Williams % R system which I have just posted. There are quite a few trades 8 pm est which is 2am local time. I need my sleep (I'm 48 on 18/4 thats a big whohoo) and after a few days of this I was stuffed at work. I don't have much of a choice though!!

Looks like a trade shaping on the GBP/USD. Histogram divergence on 4 hr MACD, potentially MACD divergence on 1 hr and 30 min, stoch div on 1 hr.

Day 1 came and went with no trades for me whilst I was able to be in front of the computer. I have to take TOD - the old dear yes mom to the doctor at 12 local time 6 am est so hopefully we'll have something this am.

On that score I hate trying to jump in and trade news I've always got cleaned out.

What does look interesting is EURJPY and GBPJPY if they can drop a little more. On 30 min chart the W's % R 14, 28 and 56 for EURJPY and USDCHF are all bunched together in OS area which normally means a nice buy opportunity.

Again on EUR and GBP/JPY the 2 hr chart both currencies Daily Fozzy indicators have the RSI going below the lower Bol Band which doesn't happen that often and also seems to indicate we have a turn coming at some point.

Since 29 Mar on EURJPY 30 min chart when 50, 100 and 200 ema's had their last cross upwards to confirm uptrend the 200 ema has effectively contained price. The 200 ema may give support at 161.10.

The 2 hr chart has 50 ema at 161.12 and the 50% fib (on latest move from 159.90) is also in this area with a pivot level at 161.26.

Something big will need to happen to break these areas convincingly so it looks like a buy op around these levels.

On this system you'll rarely get the best entry as confirmations are needed for a turn but you shouldn't get as many losing trades.

On a normal day I'd be buying GBPJPY at 237.60 level as Daily Fozzy Indicator RSI has crossed SMA and the W's % R has crossed up -50. Price supported by a pivot level and 100 ema. All from 30 min chart.

But not 35 mins before big UK news. Looks like I'll have to resist that temptation!

High inflation saw GBPJPY jump 100 pips from where I'd normally have liked to get in as per the previous post. Can you hear me scream neexxxxxt in frustration. Thankfully theres another trade out there waiting.

Whilst I hate trying to trade the news (I say trying because previously I've been burned) I have to seriously consider whether the market is telling us which way news is expected to go and if you can trade the news before the event???

Apart from the GBPJPY I commented on above a good look at GBPUSD shows 1 hr chart W's % R crossed up -50 line at midnight est, 30 min chart daily fozzy RSI crossed SMA and W's % R was already above -50 line and 15 min chart a similar story i.e. buy GBPUSD. Due to the UK CPI coming out I wasn't looking at it as much.

Another thing from memory, US news can see GBPUSD bounce around all over the place but UK news seems to see the currency move solidly in one direction. Again this is from memory and probably because in this case at least the CPI was much bigger than expected and positive for UK interest rates so there was only 1 way for cable to go.

Well its noted now I won't forget again.

Just did a scalp using Daily Fozzy method applied to 5 min chart GBPUSD. S 2.0040 just out with 48 pips.

I've decided to change the recording of win/loss as pip values vary. From a $10000 account with the 40% goal i.e. 20 pips per day = $4000.

The number of trades I get into whilst work rears its ugly head may still be a problem for me but I'm working on getting around that.

Week 1.
Goal for week $1000. Profit for week $480.

Forgot to mention that the live post for this last trade was written under http://www.forexfactory.com/showthread.php?t=26265 Daily Fozzy on all time frames??? thread.

Its official the Fozzy 8 RSI, 8 SMA, Bol Bands combo works on all time frames, its magic. Not on its own but in conjunction with other tools makes it really effective.

Open trades

GBPUSD B 2.0039 S 2.0017 T 2.0095
Stop amended to 1.9999 2.0017 was too optimistic.

GBPJPY B 237.57 S 2.3690 T 239.03

Decided to exit the above trades with $616 profit so with 3 trades for the week we have:

Week 1
Goal for week $1000. Profit for week $1096

So after being up from 2am my local time I really have to scramble to get to work. Am I happy with the week overall yes obviously target hit but the GBPUSD trade this morning in hindsight the entry price could have been much better and I have to get more trades in.

It seems that to exit the above trades was the right choice, price coming back particularly GBPUSD towards the central pivot prior to news at 4.30.

Monday came and went with nothing I was happy with whilst I was at the computer. I was up at 4am local time, 22:00 est, to try and get one of those nice yen trades, missed one there and then overslept and missed a set up I would take any day of the week.

GBPUSD 23 Apr 1am est. On the 30 min chart Daily Fozzy cross, red RSI crosses the black SMA in the bottom pane. W's % R stayed below the -50 line which was bearish. On the 15 min same Fozzy cross, stoch crossed/turned and W's % R crossed the -50 line. Should have been a sell at 2.0031 for at least 35 pips.

As mentioned I'll trade this kind of set up every day. Thankfully thats about how often they come, roll on tomorrow 1 am est!!

Hi Vantage,
greeting from the fairest Cape. Just wanna wish you luck with your quest.
Is that Accu-charts you're using?

Take Care
Habeeb

I dont know about 40% per month, but i can only tell you about myself. I start with an ex amount of capital on the 1st of January every year. I double it by the end of year. Cash out my profits on the 31st of Dec. That is my annual income, which comes out be a very good amount in 5 digits. I use it for the whole year. By the time i spend it, i am ready to cash out my next annual profits. I am a full time trader. I don't do any thing else for income. I have been trading for 10 years. But this consistent income i have been able to gnerate for last 3 years. Just to let you know this successful formula is not mine, i learned it from my mentor. May be if given an opportunity i will narrate my success story

KAZAM