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choosing a model

  • #1
  • First Post: Mar 4, 2006 4:28pm Mar 4, 2006 4:28pm
From what i have seen there seems to be many different trading systems and none that have been critisized strongly (posatively or negatively). Do the majority of you tend to create our own trading systems?

As a complete beginner i am abit hesitant to even attempt to create a system or model of my own. Is there any specific model that you would recomend?

Also, The models that i have come accross advise you where the buy signals are and where the stop loss should be etc but dont go through the times of trading. I live in the uk so i should find that there is most liquidity between 1 and 5pm gmt when both london and new york is open right?

Laslty, When followng a specific model am i expected to come back and fourth to the computer all day and only place trades when all indicators give the green light?

How do you guys manage this situation? if you follow a model that is?
  • #2
  • Mar 4, 2006 8:19pm Mar 4, 2006 8:19pm
Quoting superman
From what i have seen there seems to be many different trading systems and none that have been critisized strongly (posatively or negatively). Do the majority of you tend to create our own trading systems?

As a complete beginner i am abit hesitant to even attempt to create a system or model of my own. Is there any specific model that you would recomend?

Also, The models that i have come accross advise you where the buy signals are and where the stop loss should be etc but dont go through the times of trading. I live in the uk so i should find that there is most liquidity between 1 and 5pm gmt when both london and new york is open right?

Laslty, When followng a specific model am i expected to come back and fourth to the computer all day and only place trades when all indicators give the green light?

How do you guys manage this situation? if you follow a model that is?
Getting frustrated are you? I hope not..

Actually, I don't know which advice to give you since you're the one who can better assess your situation. Plus, I'm also just beginning ... to see the real youuuu... and sometimes when we touch.. the honesty's too much.. hehe.. sorry can't help it..

But seriously, the steps or daily routine for my trading is also one that I'm planning to include in my trading plan. I'm just kind of putting the pieces together.

I think I've also been in your shoes. Or like I've said before, I think I've managed to put out one foot out of a shoe.

I think it won't help you if I give you the specifics as of to the steps I took.
Maybe the following link will somehow give you an idea:
http://www.forexfactory.com/forexfor...ighlight=steps
http://www.forexfactory.com/forexfor...ighlight=steps
http://www.forexfactory.com/forexfor...ighlight=steps
http://www.forexfactory.com/forexfor...ead.php?t=3696

There are a couple of approaches you could do:
1) Build your own system
2) Use an available system and try if it fits you

The approach I'm doing right now is I'm using other people's system and see how much work they've put in it.. How they work and others.

After that, if I get bored, I'll probably build my own system.

Remember, "the hardest easy money you will ever make" - vegas' veteran trader

Hope this helps,
East

P.S.
As for the model/system for you to try out.. I suggest you use vegas'.
He has a lot. You should decide for yourself if they're working or not.
He has a system for the 1Hour, 4Hour, and Daily.
Choose one and test it.
Here's the link to the models:
http://www.forexfactory.com/forexfor...ead.php?t=4365
  • #3
  • Mar 4, 2006 8:29pm Mar 4, 2006 8:29pm
The best way to choose the right one for you is to pick one that is easy for you to follow with the time you have to look at the signals. If you don't have the time to follow a system, then it's worthless to you. Most systems don't have time related component to it. Just pick one and test it out. You're already doing the right thing by looking at the forum. I jumped in blind at the beginning but lucky enough to keep on winning without using stop loss. The more you learn about the market, the more fearful you will be. That's why it's hard to put your trust in a system. So just pick one and don't over analyze things.
  • #4
  • Mar 5, 2006 7:02am Mar 5, 2006 7:02am
thanks for your help guys.


Eastmeals the links were great in helping me decide.

One last thing. On the 1 hour tunnel it says to use 144 and 169 emas as a tunnel..this barely creates a tunnel...the lines are so close together? Am i going wrong somewher?
  • #5
  • Mar 5, 2006 8:27am Mar 5, 2006 8:27am
Quoting eastmaels
I'm also just beginning ... to see the real youuuu... and sometimes when we touch.. the honesty's too much..
dude what song is that? its at the tip of my tounge and its killing me!
Relax and be happy.
  • #6
  • Mar 5, 2006 8:50am Mar 5, 2006 8:50am
Quoting superman
thanks for your help guys.


Eastmeals the links were great in helping me decide.

One last thing. On the 1 hour tunnel it says to use 144 and 169 emas as a tunnel..this barely creates a tunnel...the lines are so close together? Am i going wrong somewher?
No prob Clark Kent..

As for the tunnel, you're right about that.. The tunnel doesn't really look like a tunnel.. That was my same impression with it.. I think it should be more of like, a "pipe tunnel"..

Anyway, those EMAs are what make up the tunnel.. I haven't tried the 1Hr though. So I'm really not sure. sorry..

Just read the 1Hr document, then went straight to the 4Hr.
But if memory serves me right, they do comprise the tunnel.. So I think you're on the right track..
  • #7
  • Edited 5:57pm Mar 5, 2006 8:51am | Edited 5:57pm
Quoting merlin
dude what song is that? its at the tip of my tounge and its killing me!
LOL.. I think I'll let you suffer more.. I'll post it in a few more minutes..

The song is:
"Sometimes when we touch" By Dan Hill? Highlight the space to know the answer..
  • #8
  • Mar 5, 2006 1:14pm Mar 5, 2006 1:14pm
come on man!!! i still cant think of it...
Relax and be happy.
  • #9
  • Mar 5, 2006 2:09pm Mar 5, 2006 2:09pm
Quoting merlin
come on man!!! i still cant think of it...
Sometimes When We Touch - Dan Hill
  • #10
  • Mar 5, 2006 2:10pm Mar 5, 2006 2:10pm
dude, google for the answer...:

"In 1978, Dan Hill had his first smash hit, Sometimes When We Touch"

Quoting merlin
come on man!!! i still cant think of it...
  • #11
  • Mar 5, 2006 6:00pm Mar 5, 2006 6:00pm
Quoting Isotonic
dude, google for the answer...:

"In 1978, Dan Hill had his first smash hit, Sometimes When We Touch"

Ahhhh.. gosh.. Isotonic and Mizoem are party poopers... booooohhhhh...

Actually the answer was between the double quotes in my post above.. I had its font set to white.. So you had to highlight the space between the quotes to see the answer..
  • #12
  • Last Post: Mar 21, 2006 7:28am Mar 21, 2006 7:28am
I'm surprised nobody has pointed this out. superman, look at the online book, "trading as a business", it's a very good introductory material on trading systems (that's why its a sticky at the beginner forum).

I don't know if you're the type who bothers with the due diligence before starting trading (some people just ask "what's the best trading system out there", open an account and just run whatever system has more recommendations by forumers), but I believe that if it's gonna affect your financial future then you better learn what you're doing first.

Trading systems invariably fall into one of the three types, trend following, range trading, and volatility trading. You'd need to look at each type to find out which one works for you. For example, some people might think they want trend following only to find out later that they can't stand having a trading system that has a lot of consecutive losses before coming with an earning. This is only one, there are other factors to take into consideration for one to find the trading system that best suits them, which is why I believe one should learn about it first.
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