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Desperately seeking a good DAILY Trading System

  • #1
  • First Post: Edited Dec 17, 2012 4:11am Apr 8, 2010 4:11am | Edited Dec 17, 2012 4:11am
Hi mates

I LOVE Forex,but my regular job doesn't allow me to stay glued to the Monitor 8hrs\day

I've been backtesting a lot of Trading systems and EAs

there's a lot of junk out there

I'm Desperately seeking a good DAILY Trading System,or whatever system could be work placing order between 8 PM GMT and 1 AM GMT

If you find something really good,please share

Please help me

DIC 2012 update

I've found my way of trading,I'm currently using 2 Methods and I keep a trading diary on my Blog.
Thx everybody
Account deleted
  • #2
  • Apr 8, 2010 11:04am Apr 8, 2010 11:04am
Quoting swissforex
Hi mates

I LOVE Forex,but my regular job doesn't allow me to stay glued to the Monitor 8hrsday

I've been backtesting a lot of Trading systems and EAs

there's a lot of junk out there

I'm Desperately seeking a good DAILY Trading System,or whatever system could be work placing order between 8 PM GMT and 1 AM GMT

If you find something really good,please share

Please help me
Dunno, how about buy support and sell resistance?

Or if you want a mechanical strategy how about 17/13, I think that's profitable overall, it was last time I looked anyway.
  • #3
  • Apr 8, 2010 11:14am Apr 8, 2010 11:14am
Support, Resistance, Trends, Price Action, Money Managment,


Thats all you need!
  • #4
  • Apr 8, 2010 11:18am Apr 8, 2010 11:18am
Quoting Brixton
Support, Resistance, Trends, Price Action, Money Managment,


Thats all you need!
Ha, Brixton, I've not been there since the 80's. Do you live there?
  • #5
  • Apr 8, 2010 11:22am Apr 8, 2010 11:22am
If you're "Desperately seeking a good DAILY Trading System" it translates into "Desperately seeking for free money" and trust me you WILL LOSE no matter if the system is traded successfully by others.

I don't know any 100% automated system that work (and I think you're gonna have a hard time finding one floating freely in the internet) but if you decide that you want to put the time to learn how to use your system between your ears (and it can easily take years) on the Daily charts then you may check out Strat's stress free trading thread.
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #6
  • Apr 8, 2010 12:34pm Apr 8, 2010 12:34pm
You may not be able to find trends when you have time to look at the charts but try to. If you'll be able to find a starting trend, go trade! just set a s/l to your position. don't get greedy, though. 2:1 profit loss might be a good start. put 30pips allowance on your loss and around 60pips for your stop limit.

60 should be a good pay-off especially to someone who really can't monitor the movement of the charts.

hope this helps.
  • #7
  • Apr 8, 2010 6:48pm Apr 8, 2010 6:48pm
Quoting swissforex
Hi mates

I LOVE Forex,but my regular job doesn't allow me to stay glued to the Monitor 8hrsday

I've been backtesting a lot of Trading systems and EAs

there's a lot of junk out there

I'm Desperately seeking a good DAILY Trading System,or whatever system could be work placing order between 8 PM GMT and 1 AM GMT

If you find something really good,please share

Please help me
How much return do you want?, ive got my 20% per month system or 100% per month system, or if i can be bothered I might look out my 500% per month system, think is lying about somewhere. Ah s&^t I mush have thrown them out.
Economists have forecast 9 out of the last 5 recessions
  • #8
  • Apr 8, 2010 6:53pm Apr 8, 2010 6:53pm
Quoting raaalph
You may not be able to find trends when you have time to look at the charts but try to. If you'll be able to find a starting trend, go trade! just set a s/l to your position. don't get greedy, though. 2:1 profit loss might be a good start. put 30pips allowance on your loss and around 60pips for your stop limit.

60 should be a good pay-off especially to someone who really can't monitor the movement of the charts.

hope this helps.
Yep some solid advice here, find the start of a trend, should be no problem, and shoot for 2:1, dont be greedy though, cut your profits, you dont need to ride the whole trend leave some for the other guys.

That is probably the most useless advice I have ever witnessed
Economists have forecast 9 out of the last 5 recessions
  • #9
  • Apr 8, 2010 7:48pm Apr 8, 2010 7:48pm
Quoting swissforex
Hi mates

I LOVE Forex,but my regular job doesn't allow me to stay glued to the Monitor 8hrsday

I've been backtesting a lot of Trading systems and EAs

there's a lot of junk out there

I'm Desperately seeking a good DAILY Trading System,or whatever system could be work placing order between 8 PM GMT and 1 AM GMT

If you find something really good,please share

Please help me
Vegas currency daily.
  • #10
  • Apr 8, 2010 11:17pm Apr 8, 2010 11:17pm
holy cow ...some of the worst advise I ever heard. ]
-a.) 95% of traders fail...consider this a 4-5 year process to get good. Why would you be any different?
b Contrary to "advise" ....ea's do work. However, market character and money managment has to be extensively programmed..IT can take a few thousand adjustments but you can get there. Ea's are easy to make and update. Go through coders guru to get started.
c.) I don't know how you can pick a time to place an order.. Markets are always moving and to pick a direction is nearly impossible better than 50-50 ratio.
d.) Profit to loss of 2-1 ratios do not work. Shoot for 3-1 at a minimum. I use small loss in a large time frame; -- if your wrong your wrong.
e.) 20-30 pip loss target. Raaalph is definetly part of the 95%.
f.) Markhm is trying to sell you somehting..."Ya, I might be bothered with my 500% system"..I troll forums for fun. Gimme a break.
  • #11
  • Apr 9, 2010 1:20am Apr 9, 2010 1:20am
Quoting soso
If you're "Desperately seeking a good DAILY Trading System" it translates into "Desperately seeking for free money" and trust me you WILL LOSE no matter if the system is traded successfully by others....
I agree with it.. No pain no gain..
  • #12
  • Apr 9, 2010 3:20am Apr 9, 2010 3:20am
Quoting 4XWeezal
f.) Markhm is trying to sell you somehting..."Ya, I might be bothered with my 500% system"..I troll forums for fun. Gimme a break.
Whoosh...
Economists have forecast 9 out of the last 5 recessions
  • #13
  • Apr 9, 2010 5:21am Apr 9, 2010 5:21am
Quoting markmm
How much return do you want?, ive got my 20% per month system or 100% per month system, or if i can be bothered I might look out my 500% per month system, think is lying about somewhere. Ah s&^t I mush have thrown them out.
If I take two of the 20% systems will I make twice as much?
  • #14
  • Apr 9, 2010 5:38am Apr 9, 2010 5:38am
Quoting pipmutt
If I take two of the 20% systems will I make twice as much?
No sorry, youll only make 30%, but if you combine a 20% and a 30% it will give you 40%. I meant to add the returns arent guaranteed, but my monthly fee is.
Economists have forecast 9 out of the last 5 recessions
  • #15
  • Apr 9, 2010 5:48am Apr 9, 2010 5:48am
Quoting markmm
No sorry, youll only make 30%, but if you combine a 20% and a 30% it will give you 40%. I meant to add the returns arent guaranteed, but my monthly fee is.
I aren't stoopid I aint falling for that, you gets to keep the other 10%. Anyway I got a mate what makes 200% a day scalping the weekly time frame intraday.....

Gotta go, I just got 1342 ebay reward points, spend spend spend....
  • #16
  • Apr 9, 2010 5:55am Apr 9, 2010 5:55am
Quoting pipmutt
I aren't stoopid I aint falling for that, you gets to keep the other 10%. Anyway I got a mate what makes 200% a day scalping the weekly time frame intraday.....

Gotta go, I just got 1342 ebay reward points, spend spend spend....
No its true, my system requires you understand yourself and that the market is an extenstion of you so you need to get in with the flows and feel at one with the price and trend is your friend and cut your losses ..........
Economists have forecast 9 out of the last 5 recessions
  • #17
  • Apr 9, 2010 7:02am Apr 9, 2010 7:02am
Best advice is to read some real classics like reminescenses of a stock operator, both market wizards and turtle books (written by faith, covel is full of bs, google "turtle rules pdf" - it's free so there is your daily system btw).

This said, market really has changed during last few years because of all high freq stuff so it's more than important to test, test and test. Remember - the simpler the rules, the harder it's to curve fit.

good luck.

ps. Unless you want to spend at least 2-3 years on this I would forget the whole thing.
  • #18
  • Apr 9, 2010 11:01am Apr 9, 2010 11:01am
I THANK you all mates

but we're going no where

I'm not searching for the Holy Grail

But I've been reading forums - backtesting-forwardtesting in demo and real Eas and Trading sys for the last 2 years and I'm starting to think I wasted my time

...how many sleepless nights

But NO

I don't wanna give up
Account deleted
  • #19
  • Apr 9, 2010 11:21am Apr 9, 2010 11:21am
Quoting swissforex

but we're going no where
Really? I thought some of the replies you got were quite helpful.

So what are you after exactly, a system or strategy or something?
  • #20
  • Apr 9, 2010 11:28am Apr 9, 2010 11:28am
How about a good swing trading method using the weekly/daily/4h charts?

Look at charts once/twice a day - set entry stop buy/sell orders, manage your S/L, add to positions & take partial profits on trending moves.

Very 9-5 friendly. I can recommend the James16 chart thread in the commercial forum.
Anything can happen.
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