'Recommend Me A System' Thread

Just thought of having a thread here where rookies can ask for recommendation of a trading system based on their equity and time available. This would need veteran traders in this forum to drop by once in a while so they could help.

Disclaimer: Those who recommend a system is not to be held responsible for any liability whatsoever and those who ask for a recommendation shall bear all the responsibilities by him/herself.

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As I'm a rookie myself, I shall start first by asking for a recommendation...
I'm in front of the computer every weekday from 10am to 5pm and 8pm to 11pm (GMT+8, Singapore/Beijing time). My starting equity is very minimal, which is USD500 (I'm a poor guy). I can trade as small as 1 mini lot with my broker (micro lot only for EUR/USD during NY market). I don't have equity power but I have time power, as I can sit for long hours and patiently watching over my trades.

Please recommend a trading system that's suitable for me. Thanks!

i recommend u the trading system of price action, discipline, discretion and experience

Thanks, but I find a lot of articles and systems that are based on price action, is there any particular system that you can link me to? As for discipline are you meaning MM? Discretion is referring to a trading style that isn't mechanical right? (Cannot be made into EA) and finally experience I think that is what I need to obtain over time...

Sounds like you are looking for a shortcut. I can tell this because you immediately mentioned the use of an EA. A sure sign that someone just is not willing to do the legwork to become a successful trader.

"Recommend to me a system because I don't have the time or inclination to sift through that pile of crap in the trading systems forum"

THAT is what I read when I see threads like this. Look trading isnt easy and I don't care what magical EA page told you it is. More than likely, you will fail. That is a given fact. To overcome that you have to be able to read and decipher things that others cant ( or wont). Coming here and saying things like "make it easy for me" isnt really what this place is for. You want easy, take your money to a financial adviser.

You want a good plan you will have to work for it. My favorite (and it is adaptable) is by Jamie Saettele and appeared in TASC several years ago "Going Beyond 70 and 30". It helps to show you how to think outside the box. If you can find it, it will make you very happy on the 1H and 4H charts as it has for me lately.

edit: And Sim is right on! Those are tools you will need to become successful. It is just up to you how much effort you want to put into it.

Perhaps you may have misunderstood me, but I never used an EA and did not believe in any EA since I started trading. I never think forex is easy and so I mentioned that I have a lot of time to sit in front of the computer all day long and I'm looking for a trading system that I can benefit with all that time I have. I have noticed a lot of traders don't have much time (perhaps they have a fulltime job or they don't want to spend hours in front of the screen) so I think what I have should be a strength. I also didn't think that forex is a shortcut to getting rich and I don't mind getting disciplined at all when I find a system that makes use of my time and I'm comfortable with. Thanks for your concern anyway.

Can't link you to anything like that I'm afraid...that is the big fallacy of forums such as these. Take what you can from them, but to trade well is down to you and the charts

Anyone who knows me will know I am a James16 follower and trade mostly off price action. But I want to say this:

Before I learned about price action, support and resistance, I tried just about every "method" posted in the trading systems thread. Most of them, with hindsight, are pretty good.

The big danger with indicators is trying to trade through ranging markets and the duress this causes. That's all, really. Just learn to recognise when it's consolidating and when it's trending. This does involve learning a bit about support and resistance.

You are about to lose your $500. I don't mean to be alarming or discouraging; I'm honestly trying to prevent you from losing all your money. Let me explain.

There is nothing wrong with starting with $500. In fact, I think that's a good idea because you don't want to risk a lot of money when you are a new trader. The main problem is that your broker only allows mini lots, which are worth about $1 per pip. Consider an example:

Suppose you have a trade setup and you want to place your stop 25 pips away from your entry point. (That is quite typical. Many trades require a stop of 25 pips or more.) Even if you are trading only 1 mini lot and you lose that trade, you'll lose $25. That's 5% of your account. That might not sound like much, but risking 5% per trade is actually quite risky. You could easily ruin your account. Most profitable traders risk only 1% or 2% per trade.

You said that your broker let's you trade micro lots on EUR/USD during New York hours. I recommend that you only trade the euro and only during those times, or switch to a different broker that let's you trade micro lots on any pair at any time.

I know that this is not a recommendation about which trading system to use, but I am giving you advice about money management. Most new traders underestimate the importance of money management. Maybe you will set yourself apart.

go look in the mirror. chaching its you unless you are willing to put in the hours to learn, no system will work for you. discipline and emotional control and money management best things to learn my friend before any ma cross or whatever u use.

regards damien

http://www.forexfactory.com/showthread.php?t=86766- Simple setup, obviously requires good trade management.


http://www.forexfactory.com/showthread.php?t=14630- "Price action" (I hate that phrase) with indicators to highlight possible trades.


http://www.forexfactory.com/showthre...t=fozzy+method- An oldie here. Notice how the main indicator used signals very simillarly to the 2nd thread.

That should keep you occupied for a while. Have fun.

aka...spoonfed thread