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Please, best trading system for a 9-5 worker?

  • #1
  • First Post: Aug 2, 2010 3:14am Aug 2, 2010 3:14am
Hi Guys,

I want to appeal to all successful and experienced traders (in abundance on this forum) to please help me and others like me who work nine to five and can only trade freely at about 7pm GMT to 11pm GMT and can only afford fleeting glances at the charts at other times. I have been training and demo trading for a long time (I have also live traded and lost all) and am not yet able to develop or come across something that works. This forum is large so even if such systems exist already finding it will be like searching for a needle in a haystack. The following information may be of relevance to those willing to help. I live in Lagos, Nigeria, my time zone is E.T. +5 or GMT +1. I would very much appreciate your help guys, thanks.

NB. I would also like to know if is not possible or profitable trading the way I am seeking to.
forex is heaven and hell rolled up in one
  • #2
  • Aug 2, 2010 3:26am Aug 2, 2010 3:26am
Quoting harryodal
Hi Guys,

I want to appeal to all successful and experienced traders (in abundance on this forum) to please help me and others like me who work nine to five and can only trade freely at about 7pm GMT to 11pm GMT and can only afford fleeting glances at the charts at other times. I have been training and demo trading for a long time (I have also live traded and lost all) and am not yet able to develop or come across...
I would suggest to search for strategies that include higher time frames such as daily, and follow the trend. All that you need is a simple entry strategy allowing you to enter and prticipate. And then all you need is to let the profits run until the trend changes.
  • #3
  • Aug 2, 2010 4:14am Aug 2, 2010 4:14am
Quoting takeEAZY
I would suggest to search for strategies that include higher time frames such as daily, and follow the trend. All that you need is a simple entry strategy allowing you to enter and prticipate. And then all you need is to let the profits run until the trend changes.
Lol,

With low deposit amount my stops cannot be as large as might be required to properly on higher time frames.
forex is heaven and hell rolled up in one
  • #4
  • Aug 2, 2010 4:16am Aug 2, 2010 4:16am
guys i would have to say the best trading method i have seen in this forum is from a guy called dave486. very simple method and has even designed software just for forexfactory which can autotrade.


his thread is here: http://www.forexfactory.com/showthread.php?t=244741
  • #5
  • Aug 2, 2010 4:23am Aug 2, 2010 4:23am
I too work 9-5 and I find NanningBob's 4h system suitable for that.
  • #6
  • Aug 2, 2010 4:25am Aug 2, 2010 4:25am
If you stat googling Tom Demark or TD Sequential, you'll find his system
measures the end of a trend in a given currency pair by comparing
daily closing prices...

Or better yet, here are some .pdfs...

...of course, traders have to find their own temperaments. If you're
the type who can't stare at a screen all day, then this method has
its advantages.
Attached File(s)
File Type: pdf DeMark - TD SEQUENTIAL with Tom DeMark[1].pdf   246 KB | 597 downloads
File Type: pdf DeMark - Impressive Signals From DeMark[1][1].pdf   201 KB | 632 downloads
File Type: pdf Demark Interview[1].pdf   1.0 MB | 6,031 downloads
HELL IS EMPTY, ALL THE DEVILS ARE HERE. -- Shakespeare
  • #7
  • Aug 2, 2010 4:33am Aug 2, 2010 4:33am
The period of time you mention is usually a low volatility period which doesn't lend itself to systematic approaches for trading within that period.

However, with volatility ebbing out a breakout strategy for the Asian open could work well. Then you could do your analysis, set limit orders and go to bed.

One possible system is this one:

http://www.forexfactory.com/showthread.php?t=247556

even though I haven't examined it close enough to call it "best".
  • #8
  • Aug 2, 2010 4:54am Aug 2, 2010 4:54am
Quoting harryodal
Lol,

With low deposit amount my stops cannot be as large as might be required to properly on higher time frames.
Rubbish. You can trade micro lots with most MT brokers and even smaller with Oanda.

There are lots of daily systems on FF. Here's a few that might help.

Building an equity millipede
Trend Trading Chart Thread
Trendline Break (The Only System You Need)

There are plenty of others including Jacko's and James16.
  • #9
  • Aug 2, 2010 1:44pm Aug 2, 2010 1:44pm
Hey,

Thanks guys I will check out on your suggestions and will also be checking up on this thread for more suggestions. Once again thanks all.
forex is heaven and hell rolled up in one
  • #10
  • Aug 2, 2010 2:28pm Aug 2, 2010 2:28pm
Quoting harryodal
Lol,

With low deposit amount my stops cannot be as large as might be required to properly on higher time frames.

your stops dont have to be that large..actually it is all relative, but it is a misconception that you need large stop losses when trading 4hr, dailies or higher.
  • #11
  • Aug 2, 2010 2:51pm Aug 2, 2010 2:51pm
harryodal,
I agree with Willf. Get yourself an Oanda account.
You can trade as little as 1£/$/€, so the the timeframe is irrelevant.

Trading dailys is easier when your time is limited, and the signals tend to be more reliable than intraday.

The charting is poor though. You will probably need another account with a broker that provides a better charting package as well to help you time trades.

I use TradeStation for charting, but place longer term trades with Oanda, because the stops would otherwise be too big for my risk limits.
  • #12
  • Aug 2, 2010 3:01pm Aug 2, 2010 3:01pm
I recommend the silent service method. Search for it on the forum.

I trade weekly charts using micro lots and quite happily use a 500 pip stop if necessary. It's all down to being comfortable with the total amount you are risking per trade.

Weekly charts takes 10 to 15 mins a week to trade.
Position trader - Anything intraweek is just noise...
  • #13
  • Aug 2, 2010 3:05pm Aug 2, 2010 3:05pm
Quoting harryodal
Lol,

With low deposit amount my stops cannot be as large as might be required to properly on higher time frames.
Here's the thing. If you haven't got a lot of money you're not going to make a lot of money, at least not quickly anyway. Even decent returns of 30% per year take a lot of time to build up to something substantial if the starting pot is small.

You were given good advice, don't blow your money by over-leveraging. Using to much leverage will blow your account, guarantee it.
  • #14
  • Aug 2, 2010 4:28pm Aug 2, 2010 4:28pm
If you're GMT +1 and you could manage to start a little earlier with work than the ususal 8.30-9.00 AM, so that you could finish work let's say around 4.00 PM-ish, you could also trade shorter TF's like M5 (provided this suits your personality). You could trade the last few hours of the London session as well as the AM part of the NY session.

I think the first question you should ask yourself is not what system to trade, but which timeframe suits your personality best. Then start figuring out what method would suit you best.
It's not about how much you make, it's about how much you don't lose.
  • #15
  • Aug 2, 2010 4:39pm Aug 2, 2010 4:39pm
hey man

when my classes are in full swing i don't have time to trade too much

so what i do is:

find the trend on a 3 (or 4) hour chart with 100sma, 50sma, 20sma

when the moving averages are showing a strong trend, look for inside bars on the 1 hour chart.

place your entry and stop on either side of the inside bar.

close half the position when you are in X number of pips profit. ( x = # pips from entry to stop). this means you can't lose any money if your stop is hit, and your stop is out of the way (hopefully)

i would try to catch a trade at the beginning of the week and ride it through to the end. this is good because you can have an idea of the weekly range of a pair, and you can place your entries without spending a lot of time at the charts.

the only issue is if your broker doesn't allow conditional orders. i have oanda and this is the case for me. this means that you will have to close your order to take half off manually in the event that you are taken into a trade and stopped before your order is hit.


note:

its also important to note that this is a strategy for a trending market, so it could help to identify a long period of consolidation (on the daily and 4h), and try to ride the first couple waves once it breaks. the moves i was catching were in the neighborhood of 400-800pips.

i also used peter crown's 1am EST filter. only go long if price is above the price of the open of the day (1am EST) and short if below.

no trades before 12am (midnight) after 12pm (noon) EST


um... my bad dude i just re-read your first post and saw your time restrictions

but i'm gonna leave this up cuz it took forever to type and the strategy gave me lots and lots of $$$
  • #16
  • Aug 2, 2010 5:05pm Aug 2, 2010 5:05pm
VSA
  • #17
  • Aug 2, 2010 5:22pm Aug 2, 2010 5:22pm
Learn PA on the daily TF.

Start browsing the J16 thread and the Strat Stress Free thread.

You will end up with a good education and understanding of Price Action, how to read it, and then make stress free consistent profits from easily identifable high probability trades.

It will take time, it will take effort, you will not find a magic bullet nor a grail (nor any quick fix magic indicators - but you knew this already you just don't want to hear it?)

FYI - I have 10 year in trading now, blew my first few accounts then learnt to do it properly. I now spend about 1 hour at the NY close each evening (which fits within your timeframe) and can assure you this amount of time is realistic once you know how to do it (the number of hours I have spent prior to this learning and brain soaking however is extreme!)

Good luck. You have a hard but extremely rewarding path ahead of you should you choose to stick with it. It is not as easy as all the sales folk make out, just remember they get paid to sell the dream rather than trade the reality - so you work out the truth and their agenda !?!)

If you are a typical newbie then you will go system to system, indicator to indicator, then finally you will realise you need to go back to basics and follow in the footsteps left by the big players and learn PA, then you will find yourself coming back to these two threads and start to break even, .. then you will start to make profit, .. then you will have the "a-ha" moment and wish you had realised at the start all the things you have now learnt and annoyingly seem blindingly obvious.

All the best in your journey.



Quoting harryodal
Hi Guys,

I want to appeal to all successful and experienced traders (in abundance on this forum) to please help me and others like me who work nine to five and can only trade freely at about 7pm GMT to 11pm GMT and can only afford fleeting glances at the charts at other times. I have been training and demo trading for a long time (I have also live traded and lost all) and am not yet able to develop or come across something that works. This forum is large so even if such systems exist already finding it will be like searching for a needle...
wash, rinse, spin . . . repeat
  • #18
  • Last Post: Aug 2, 2010 5:34pm Aug 2, 2010 5:34pm
Having read back the thread - I would also recommend Oanda initially as this will give you the money management you need to learn (and use) to position size your stops correctly.

Also some other really good folk have been mentioned here - Jacko, clockwork 71 (silent service method).

Finally, have a look through PeterFMs thread for some excellent foundation guidance
http://www.forexfactory.com/showthread.php?t=39514

Again - Good luck

Quoting harryodal
Hi Guys,


NB. I would also like to know if is not possible or profitable trading the way I am seeking to.
wash, rinse, spin . . . repeat
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