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The Newbie System (a faster way to success)

  • #21
  • May 21, 2011 8:07pm May 21, 2011 8:07pm
Quoting hanover
Not sure if all of these are in the Trading System section, or if they meet your standard of what constitutes "amazing", but they're as good a start as any, IMO:

http://www.forexfactory.com/showthread.php?t=245149
http://www.forexfactory.com/showthread.php?t=121761
http://www.forexfactory.com/showthread.php?t=2331
http://www.forexfactory.com/showthread.php?t=86429
http://www.forexfactory.com/showthread.php?t=241760

and then be willing to put in some serious screen time, and practise,...

this is like kiss chase.

i just dont feel the same way about you hanover.
  • #22
  • May 21, 2011 8:18pm May 21, 2011 8:18pm
Stimpy, what's the issue?
  • #23
  • May 21, 2011 9:21pm May 21, 2011 9:21pm
Quoting Nikopol
I do not agree in all parts .
Sure there is a lot of trash in this Trading System Forum but i learned a lot by trying these systems and was able to build my very own System that gives me a return of 3-5 % a day . I still have my first trading account . I payed a price for learning ( losed 300$ almost all my money in that account ) . I recoverd 230$ until today .
Have you any idea what that system is worth? You could sell your system for millions if it is, and proven to be, what you say it is. Hope you do it!

@5% daily return, you are doubling your account every 15 trading days. With that kind of power you can own the entire FOREX market in, oh, about 3 years.
  • #24
  • May 21, 2011 9:38pm May 21, 2011 9:38pm
I wish I had better direction on fundamental trading.. I understand with a shiz ton of info on how to do technical trading as FF has given me a solid idea to that approach

but i didn't pick up much fundamentals trading knowledge here if any?


the problem is (and this is my interpretation)..


there are to many F**King salesman in the forex world.. so everything someone preaches is a result of the salesmans get rich quick guide.. and all that juicy knowledge from a professional is kept in the close knit circle of professional and profitable traders.. who have no reason to try to make money selling knowledge xyz when applying knowledge xyz generates enough success as is...
  • #25
  • May 22, 2011 1:20am May 22, 2011 1:20am
Quoting stimpy
this is like kiss chase.

i just dont feel the same way about you hanover.
I don't know what you mean by "kiss chase". ???

All I'm doing is pointing you to the threads with the same kind of ideas that helped me get to the point where I'm currently at.

Jmtini is wrong, BTW. There is more than one way to become profitable trading intraday.

The first post by newyear498 is pretty good, IMO. I believe in concepts, rather than systems. Having said that, there are some quant traders who post here, who seem to be profitable.

Anyway, each to their own. Good luck.
  • #26
  • May 22, 2011 4:12am May 22, 2011 4:12am
There was an excellent thread by Crucial Point, (the thread has been removed by CP), I found it an excellent read with great insight and it got me thinking about the way I was trading & thinking about the markets.

Anyone else remember that thread ?
It never gets easier, you just get better
  • #27
  • May 22, 2011 6:19am May 22, 2011 6:19am
Quoting Shabs19
There was an excellent thread by Crucial Point, (the thread has been removed by CP), I found it an excellent read with great insight and it got me thinking about the way I was trading & thinking about the markets.

Anyone else remember that thread ?
oh you mean the one i was smart enough to save a copy of before it finally fell out of the recycle bin. nope, totally forget what you mean

helpful or not, it is an interesting read and can help re-focus when lost in the woods.
Congratulations ScalaFX for coming out of the closet!
  • #28
  • May 22, 2011 7:17am May 22, 2011 7:17am
Quoting nubcake
oh you mean the one i was smart enough to save a copy of before it finally fell out of the recycle bin. nope, totally forget what you mean

helpful or not, it is an interesting read and can help re-focus when lost in the woods.
I saved a copy & printed it out as well. A nice read with some very good pointers.
It never gets easier, you just get better
  • #29
  • May 22, 2011 7:24am May 22, 2011 7:24am
Quoting Shabs19
I saved a copy & printed it out as well. A nice read with some very good pointers.
http://www.forexfactory.com/showthread.php?t=215432

A worthwhile read but learning pure PA will do as good a job IMHO.
  • #30
  • May 22, 2011 7:28am May 22, 2011 7:28am
Quoting Shabs19
I saved a copy & printed it out as well. A nice read with some very good pointers.
and thats what happens to all the good stuff unfortunately I've never read that thread.

I do remember CP and thought he was a joke at first glance but hes wise just very guarded.. I don't quite get him.. its like he wants to brag or help but not directly he would rather hide his secrets in a maze of info.. in any case wise none the less
  • #31
  • May 22, 2011 7:31am May 22, 2011 7:31am
It is a shame this thread got moved to rookie section

dude there was a REASON I POSTED TO THE SYSTEM THREAD


because thats were all the real rookies are for the most part.. I was trying to put the damn thread where the target audience was.. it takes a bit more of a smarter person to wonder into the rookie section IMHO..

and I take it from experience from the sections I browsed as a rookie
  • #32
  • May 22, 2011 7:40am May 22, 2011 7:40am
Quoting newyear498
It is a shame this thread got moved to rookie section

dude there was a REASON I POSTED TO THE SYSTEM THREAD


because thats were all the real rookies are for the most part.. I was trying to put the damn thread where the target audience was.. it takes a bit more of a smarter person to wonder into the rookie section IMHO..

and I take it from experience from the sections I browsed as a rookie
it doesn't belong there. it just doesn't. it does not give entries / exits and/or reasons for said trades. what you have provided is simply a warning sign. if a rookie isn't even smart enough to take themselves to the rookie section then that's their own problem and they aren't deserving of anything but the wasted time they will endure. you can't save people from themselves.
Congratulations ScalaFX for coming out of the closet!
  • #33
  • May 22, 2011 7:48am May 22, 2011 7:48am
Quoting nubcake
it doesn't belong there. it just doesn't. it does not give entries / exits and/or reasons for said trades. what you have provided is simply a warning sign. if a rookie isn't even smart enough to take themselves to the rookie section then that's their own problem and they aren't deserving of anything but the wasted time they will endure. you can't save people from themselves.
yeah I understand its no problem just justifying my initial reasoning for posting there.


but on the side note if anyone wants to start making real bucks in the forex market..

check out one of my favorite posts

http://www.forexfactory.com/showthread.php?t=273952
  • #34
  • May 22, 2011 7:54am May 22, 2011 7:54am
Quoting newyear498
yeah I understand its no problem just justifying my initial reasoning for posting there.


but on the side note if anyone wants to start making real bucks in the forex market..

check out one of my favorite posts

http://www.forexfactory.com/showthread.php?t=273952
that thread is truly the key.
Congratulations ScalaFX for coming out of the closet!
  • #35
  • May 22, 2011 9:47am May 22, 2011 9:47am
Quoting traderjai_inhi
And just what is that, trading in hindsight?


I do agree agree with you that it's so easy when you're looking at the chart at the end of the day to say "why on earth didn't I see that obvious trade"! I wonder how many people actually caught the Euro slide last Friday - probably many of us simply stayed on the sidelines watching it happen terrified to press the "sell" button in case the trend suddenly reversed. We've been burnt enough times doing that. right?

That is the BIG problem isn't it? When is it exactly safe to pull the trigger and when to close it if you're ahead.

Well, if anyones interested I can help with that. It's not the holy grail but if you can grasp a simple understanding of how forex price moves, achieve a 90% success ratio - and when you're stopped out only lose very few pips - you could be looking at a very good income, right?

I'll outline the system if anyone's interested in my next posts.

rgds
  • #36
  • May 22, 2011 10:09am May 22, 2011 10:09am
^You have my ears....i hope you arent selling some thing.
Trade responsiblypatience is the key/Swing trader
  • #37
  • May 22, 2011 10:24am May 22, 2011 10:24am
Quoting nubcake
it doesn't belong there. it just doesn't. it does not give entries / exits and/or reasons for said trades. what you have provided is simply a warning sign. if a rookie isn't even smart enough to take themselves to the rookie section then that's their own problem and they aren't deserving of anything but the wasted time they will endure. you can't save people from themselves.
this thread might not belong there but is better than 99.9% of all of the junk in there.
  • #38
  • May 22, 2011 10:41am May 22, 2011 10:41am
Quoting Nikopol
I do not agree in all parts .
Sure there is a lot of trash in this Trading System Forum but i learned a lot by trying these systems and was able to build my very own System that gives me a return of 3-5 % a day . I still have my first trading account . I payed a price for learning ( losed 300$ almost all my money in that account ) . I recoverd 230$ until today .
willing to share?
  • #39
  • May 22, 2011 11:39am May 22, 2011 11:39am
Quoting Incrediblle
^You have my ears....i hope you arent selling some thing.
Definitely not selling anything! I would just like to help newbie traders avoid making the same mistakes I did. When you've burned a few trading accounts and a LOT of dollars you really do start to analyse what you're are doing wrong!!
Well I've checked a few hundred indicators and trading systems over the years and eventually came to realise that if you want to trade intraday smaller time frame charts (5 min and 15m) then all you want on your chart are just the major trendlines and support/resistance levels to basically give you an idea when price is swinging up or down. Although you can really see from price action alone if price is swinging up or down.
The BIG problem with 99% of small traders is MENTAL. You start off positively, maybe winning for a while then suddenly you start losing. FEAR takes over, you develop a negative mental trading outlook and trading style and then of course you lose even more until you're totally dead!
The simple reason you're in trouble is because you didn't understand price action, and you don't have a solid trading system and trading style which you STICK to day in and day out, whatever loss might happen on an occasional basis!

OK so lets look at price action. Basically we all know that it never goes in a straight line but boy, we tend to forget that so easily in the heat of the moment!!

Let's take an example. Have a look at the chart below. From 10.00am (GMT) until 4.30pm the Euro fell from around 14300 to 14160. Of course the pros would probably got most of those pips but what about us amateurs? Well as I said we would have noticed the big drop happening but been in a quandary as to when and where to join in. Well, always when price is trending it's moving up/down a fair amount then it will stall, retrace a bit, then continue. See the black line on my chart. Now you might not know it, but on any major price swing up or down, usually (but not always) we get THREE major pull-backs -Last Friday was no exception! So what do we do? We exercise PATIENCE and wait for the first pull-back. How do we know it's a pull-back? Well, we wait for a GREEN bar on the 15 min chart! I usually actually go down to the 5 min to refine the situation as the 15 min pull back may only be 1 bar! Then draw your own little trendline (see my chart) - when price breaks through your trendline PULL THE TRIGGER!! You simply can wait for the beginning of the next pull-back before taking profits. Your SL should be just above the last retrace bar (see my yellow lines).

OK you're saying: that sounds simple in theory but in practice?? So I say FIRST practice the system on your Demo account until you have hopefully mastered it before trying it on your live account.

If you had used this system last Friday JUST on EURUSD you would have easily picked up 60 -70 pips and of course the system works well on any VOLATILE trading pair.

Give it a try and tell me what you think. Remember, the simpler the system is the more chance there is of a person mastering it!

Rgds
Attached Image (click to enlarge)
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  • #40
  • May 22, 2011 11:53am May 22, 2011 11:53am
Oh sorry,

Forgot to mention that for this system you really need to be occasionally looking at the 4 hr chart for swing/trend direction.

Also, you need to occasionally check your 1 hour chart which should have a 200 SMA. If price action is BELOW the 200 SMA then you really want to concentrate on DOWN swings. If price action is ABOVE the 200 SMA then concentrate on UP swings. Why? because the 200 SMA is a good trend indicator and then your up or down swing is going to be deeper and a lot quicker and more reliable!

Rgds
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