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Any good systems to look into?

  • #1
  • First Post: Jan 3, 2012 3:29pm Jan 3, 2012 3:29pm
I am new to the Forex in general, and especially new to the idea of using systems to increase profits. So does anybody know of any good systems that I can look into? Help will be greatly appreciated!
  • #2
  • Jan 4, 2012 3:10am Jan 4, 2012 3:10am
Are you also looking for the holy grail?
  • #3
  • Jan 4, 2012 6:27am Jan 4, 2012 6:27am
I recommend any system that involves current price action. Try and stay away from flooding your charts with indicators. From my experience, they lag big time. Try and educate yourself on candle patterns and what they tell you about where the price is likely to go, then back-up your thoughts with a couple indicators. But in my opinion, price action trading is where it's at.
Beau
  • #4
  • Jan 4, 2012 9:28am Jan 4, 2012 9:28am
Spend 10,000 hours(about 4-5 years) just looking at charts....just pick one tf and then make mtf analysis..Use Japanese candlesticks.

Of course before you look at charts..read all book and watch all videos about trading.{this needs approximately 1000 hours(Don'r spend too much time here)} Deliberate practise can only be done with you already having the knowledge.

Then, without mm you will fail. Okay, use 1:10 leverage so you can't take a position too big for your account even if you want to. That is about 4% for 50 pips stoploss.

So if you have the persistance needed then about 6 years or more to become a trader. Exceptional aspiring traders will take 1-2 years. 99% though will fail(making it big).

Regards.
  • #5
  • Jan 4, 2012 5:57pm Jan 4, 2012 5:57pm
I am willing and actually planning to study the Forex for many years, and no I am not trying to find the Holy Grail. If I was, I would make sure to ask anybody but you.
  • #6
  • Jan 5, 2012 10:09am Jan 5, 2012 10:09am
Fundamental analysis has helped me determine which pairs to trade. From there I start to look into current technical levels (Fib. retracements and RSI for basics) and morning sentiment.

If your looking to trade discretionary you will have to take everything into account. Lately major events such as Euro Bund Auctions, EU Summit (can kicking), and rumors spread through major news sources (eg. guardian, cnbc, bloomberg, etc.) have led to fast price action. FX is definitely one of the most challenging markets out there.
  • #7
  • Jan 5, 2012 10:17am Jan 5, 2012 10:17am
Quoting Awesomeguy
I am new to the Forex in general, and especially new to the idea of using systems to increase profits. So does anybody know of any good systems that I can look into? Help will be greatly appreciated!
try to learn 123 trading strategy first since it is the price action trading basic...

hope it helps...
  • #8
  • Jan 5, 2012 3:01pm Jan 5, 2012 3:01pm
Are you looking for an automated system, one that generates only profits? If so, sorry that holy grail does not exist, at least, not yet and chances are it will not.
  • #9
  • Jan 5, 2012 3:55pm Jan 5, 2012 3:55pm
The best trading system is the one that works for you(not nessasaraly profitable but makes you happy implementing it). All systems fail at some point and you can only bounce back and move forward if you can adapt them yourself to suit your style. Always learn.

Best advice is rather than concentrating on how much you can make, focus on not losing everything, be resonable in your expectations of Forex and the time it will take to learn (not sure a person can predict the future and "Learn FOREX" but you can at least look back and try to minimise future losses by not doing the same dumb things again and again).

I'm still very much a rookie and only started to feel good about Forex as I learn from my failure and adapt. I also know it will be a long term endevour of changing strats and learning.

A magic bullet does not exist, losses will occur.
Looking to be a better trader
  • #10
  • Jan 6, 2012 4:50am Jan 6, 2012 4:50am
Quoting Awesomeguy
I am willing and actually planning to study the Forex for many years, and no I am not trying to find the Holy Grail. If I was, I would make sure to ask anybody but you.
Hi Awesomeguy,( why he said that I don't know, unfortunately one can get alot of that here),May I recommend you start on the big t/f D1 and go to trading systems on FF AND SEARCH out trading made simple for day charts.....this should start you off on the right path....good luck Tedge
  • #11
  • Jan 6, 2012 7:10am Jan 6, 2012 7:10am
Just have a look at Nanningbob's 10.1 Trend system. Does not get easier or more consistent then that.
  • #12
  • Jan 6, 2012 7:32am Jan 6, 2012 7:32am
By the way, has anyone tried working with neural networks? I mean systems with AI. Do you have something in mind? Some system you could recommend me to try?
  • #13
  • Jan 6, 2012 2:25pm Jan 6, 2012 2:25pm
Quoting Awesomeguy
I am new to the Forex in general, and especially new to the idea of using systems to increase profits. So does anybody know of any good systems that I can look into? Help will be greatly appreciated!
If you want my advice just forget about systems completely. There is absolutely nothing that will tell you in which direction a currency pair will move in the next 1, 5, 60 or 1440 minutes.

Your best bet is to look into trend trading, support and resistance, trendlines, maybe pivot points, fibonacci, moving averages, candlestick patterns, possibly even stochastics but at the end of the day all of this will only give you a suggestion of where the price might go next.

Once you have read and fully understood the above then you are not far away from being able to implement the classic trading rules... Cut your losses short and let your winners run, trade with the trend, etc, etc.

I can only add to that... Don't overleverage, better lots of small losses than one huge loser!

Good luck

  • #14
  • Jan 7, 2012 1:01am Jan 7, 2012 1:01am
there are multiple strategies and systems, ALL of them work, yes, i am right, ALL of them, the problem is that people dont' try to understand the actual method behind it, they want to see some sort of buy/sell signal which will tell them buy now, sell now, take the profit, and go play golf.

if it were that easy, don't you think nobody will work anymore

first understand what a market is - http://en.wikipedia.org/wiki/Market
then understand what a leverage is - http://en.wikipedia.org/wiki/Leverage_(finance) - - pay careful attention to it's risk.

then try to understand why forex markets move - they move because various stakeholders ( corporations/govt's etc) want to get maximum return out of their money with the minimum risk that is why when interest rates increase in some country, capital flocks to it.strengthening its currency. ( that's a hugely different topic best left to some other pros here.

one of a problem with traders is that they try to predict which way the market will go. STOP predicting, and you will be more than ok. i have had more than better success buy and selling without looking at current price or predicting which way it will go than i had with these indicators telling me which way it will go!!

IF you don't make money try to read this again, sooner or later you will actually understand what i am trying to tell you..
  • #15
  • Jan 7, 2012 1:07am Jan 7, 2012 1:07am
Quoting Hugh Briss

at the end of the day all of this will only give you a suggestion of where the price might go next.

Once you have read and fully understood the above then you are not far away from being able to implement the classic trading rules...

I can only add to that... Don't overleverage, better lots of small losses than one huge loser!
If only more people understood those basics and the concept of 'trading' then maybe the failure stats would change!

Unfortunately the majority seem more interested in finding some (elusive!) indicator/system which is going to tell them direction.....
  • #16
  • Jan 7, 2012 9:33am Jan 7, 2012 9:33am
price action support resistance, price action configs, supply and demand, volume spread analysis, trading cycles , using volatility and standard deviation, quantitative analysis


tools i recommend - fibonacci retracements, fib bar counts, oscilattors for divergence (if ure a contrarian trader) , fibonacci expansion for targets, trendlines (be free with those, play outside the box).

for quants they tend to really get formula wonders with indicators and measure techincal analysis with indicators more properly than most.


as for money management - regads to chicky and the redlion - red was my mentor for overall trading and sound money management.


as for style there is

Trend follower
Scalper
Counter trend trader/contrarian (ME!!)
hedging (dont really recommend this) or even baskets


good luck on finding ur base
Have I got something on my face, SOLDIER?
  • #17
  • Jan 7, 2012 10:19am Jan 7, 2012 10:19am
Quoting bumapatria

trading
Crikey, 7,000 posts in just over 4 months, do you actually have time to trade!
  • #18
  • Jan 7, 2012 10:55am Jan 7, 2012 10:55am
Quoting pipmutt
Crikey, 7,000 posts in just over 4 months, do you actually have time to trade!
lol

guess what?
another dude said here on another thead coupla hours ago

quote:
"
bumapatria:

How on EARTH did you manage to post over 7 000 posts since August 2011??? That has GOT to be a record!!! LOL!!! My usual 'hangout' is BabyPips and believe me I've posted my 'ar*e' off since 2007 and even although I've got the highest post count (second only to one of the Admins) I'm ALMOST on 4 000 posts!!! LOL!!! Do you have time to trade or sleep if you don't mind my asking??? LOL!!!"




--------------------------------------------------------------------------------




u know what they say - u can never stop learning. Knowledge is unlimited.

( i dont mean start looking for the holy grail indis and systems every day LOL LOL, just coz i learn a lot through others, post back and schtuff)

not recommneded for the weak hearted lol
Have I got something on my face, SOLDIER?
  • #19
  • Jan 7, 2012 11:00am Jan 7, 2012 11:00am
Quoting bumapatria

u know what they say - u can never stop learning. Knowledge is unlimited.

( i dont mean start looking for the holy grail indis and systems every day LOL LOL, just coz i learn a lot through others, post back and schtuff)

not recommneded for the weak hearted lol
lol

Good on you though, without posters there'd be no forum!

Here, have one of these for your perseverance!


-
  • #20
  • Jan 7, 2012 3:33pm Jan 7, 2012 3:33pm
Quoting Awesomeguy
I am new to the Forex in general, and especially new to the idea of using systems to increase profits. So does anybody know of any good systems that I can look into? Help will be greatly appreciated!
Yeah, automate your trading psychology. Then study PA and on top of that, whatever gets you an edge.

There's lots of trading psychology rules around, only few trading-tested past a superficial nod.
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