Nice post RJ.
I just wanted to add my own thoughts that may be of benefit to the very new traders coming along here and trying to follow this system. I'm in no way an experienced trader, but I have been through many months of demo and small scale live trading with the inevitable losses and lessons learned along the way. I'm a big fan of aeroplanes and flying and I think there are many parallels with trading.
If you turned up at an airfield with no experience of flying and jumped into an aircraft, I guarantee you would barely make it off the ground before killing yourself. If you load up a trading system and start trading it's signals with no market experience you will kill your account very quickly. You WILL be one of the 90% (95%?) that lose all their money in this game.
Trading is like flying in so many ways. Before you fly you need to understand how the wind is blowing (what's the big picture fundamentally for the currency?) You need to clearly understand how to handle the aircraft (money management, stop loss positioning, where to take profit). You need to have spent months in the simulator and with an instructor (demo trading). you need to log lots of solo hours bashing around the circuit staying close to the airfield (live trading for pennies). You need to really understand what your instruments are telling you and get a 'feel' for the aircraft (learn how the indicators work and get a feel for them in all different kinds of situations).
To become even a basic, safe pilot you need to spend months studying and practicing. It's no different with trading. The signals spat out by the indicators in these systems are of as much use as the data displayed by aircraft instruments to a non-pilot. You may think you 'get' what they are saying, but you don't understand their context, how they relate to the bigger picture, when you should use them, what are the limits etc. A trained pilot can glance at their instruments and know instinctively what to do. A novice will read the same data and make a huge mistake. Is there something wrong with the instruments? Obviously not, but the trained pilot puts the data into the correct context, interprets it based on experience, understands more of the subtleties of what she is being shown and makes the correct decision. The only way to reach that point is to study, study study. Practice, practice, practice.
Learning to fly is really hard work. I'll say it again. It's really hard work. You need patience and dedication. Trading is absolutely no different, and neither is anything else worthwhile in life.
You wouldn't be stupid enough to think you could skip most of your training if you were learning to fly an aircraft. Don't make the same mistake with trading otherwise you will almost certainly lose a significant chunk of your account.
Talking of instruments: most aircraft have a ton of them, but there are only a handful that you really need to fly: the airspeed indicator, the altimeter and the compass. All the others are nice to have and may make the experience safer but you don't absolutely need them.
Same with indicators. Find a small number that work for you, which you truely understand and you will find trading a much better experience. For me these are the Symphony trend line (modified in roughly the same way as RJ so it signals earlier), daily pivots and the stochastic. That's pretty much it. The basic indicators on page 1 of this thread are, in my opinion, an excellent set to study and work into your own trading style.
Safe flying.
PB
I just wanted to add my own thoughts that may be of benefit to the very new traders coming along here and trying to follow this system. I'm in no way an experienced trader, but I have been through many months of demo and small scale live trading with the inevitable losses and lessons learned along the way. I'm a big fan of aeroplanes and flying and I think there are many parallels with trading.
If you turned up at an airfield with no experience of flying and jumped into an aircraft, I guarantee you would barely make it off the ground before killing yourself. If you load up a trading system and start trading it's signals with no market experience you will kill your account very quickly. You WILL be one of the 90% (95%?) that lose all their money in this game.
Trading is like flying in so many ways. Before you fly you need to understand how the wind is blowing (what's the big picture fundamentally for the currency?) You need to clearly understand how to handle the aircraft (money management, stop loss positioning, where to take profit). You need to have spent months in the simulator and with an instructor (demo trading). you need to log lots of solo hours bashing around the circuit staying close to the airfield (live trading for pennies). You need to really understand what your instruments are telling you and get a 'feel' for the aircraft (learn how the indicators work and get a feel for them in all different kinds of situations).
To become even a basic, safe pilot you need to spend months studying and practicing. It's no different with trading. The signals spat out by the indicators in these systems are of as much use as the data displayed by aircraft instruments to a non-pilot. You may think you 'get' what they are saying, but you don't understand their context, how they relate to the bigger picture, when you should use them, what are the limits etc. A trained pilot can glance at their instruments and know instinctively what to do. A novice will read the same data and make a huge mistake. Is there something wrong with the instruments? Obviously not, but the trained pilot puts the data into the correct context, interprets it based on experience, understands more of the subtleties of what she is being shown and makes the correct decision. The only way to reach that point is to study, study study. Practice, practice, practice.
Learning to fly is really hard work. I'll say it again. It's really hard work. You need patience and dedication. Trading is absolutely no different, and neither is anything else worthwhile in life.
You wouldn't be stupid enough to think you could skip most of your training if you were learning to fly an aircraft. Don't make the same mistake with trading otherwise you will almost certainly lose a significant chunk of your account.
Talking of instruments: most aircraft have a ton of them, but there are only a handful that you really need to fly: the airspeed indicator, the altimeter and the compass. All the others are nice to have and may make the experience safer but you don't absolutely need them.
Same with indicators. Find a small number that work for you, which you truely understand and you will find trading a much better experience. For me these are the Symphony trend line (modified in roughly the same way as RJ so it signals earlier), daily pivots and the stochastic. That's pretty much it. The basic indicators on page 1 of this thread are, in my opinion, an excellent set to study and work into your own trading style.
Safe flying.
PB
DislikedAs with all things in life, you start at the beginning. Yes, you do need to read all the pages because you have not got a great deal of experience trading.....and I can tell that from your question. If you skip pages, you will skip learning. If you skip learning and ask questions that have been answered several times already, you can expect an abrupt response, or perhaps no response at all.
People here have freely given their time and experience to the benefit of everyone.....and I do mean everyone. We can all learn from each other no matter...Ignored
Thanks for that Yelena, very detailed analysis. I'm going to look through all the trades you've put there and see if I can walk myself through them. Thanks again 
. Thanks a lot from Switzerland!
. It was based on lowest/highest price relative to closing price of a candle.
