Is There Any Profitable Setup? | Forex Factory

Options

Permalinks
Print Thread

Similar Threads

VennD - Any Pairs - Any Style - Any Time 741 replies

Daily directional setup (5 days simple setup) 3 replies

Are there actually any profitable traders on Forex Factory? 6 replies

Is there any one who could recommend me any LongTerm strategy 24 replies

How Do You Measure Volatility For Any Currency Pair? Is there Any Website/Indicator? 1 reply

Is There Any Profitable Setup?

  • #1
  • First Post: Jul 13, 2012 3:41pm Jul 13, 2012 3:41pm
Hi Fellas.

Is there any "profitable" setup on existence? I mean, I've been looking
for a "profitable" manual setup for years but all the setups I've been
through work for some time and then they stop working...

Do you have any method that you've been using for years without it
suddenly stop working (either ranging or trending markets)?

All your comments will be welcome.

Thanks in advance,
MrJinks.
  • #2
  • Jul 13, 2012 7:03pm Jul 13, 2012 7:03pm
I just got the answer from the pipfairy:

- It works then it doesn't and then it works again; adjust your money management en r:r.

- I can't think of a patterns that performs well in a ranging and trending market.

- Don't be lazy use the analytic part of your brain.

Here is penny for the effort.
  • #3
  • Edited 8:20pm Jul 13, 2012 8:03pm | Edited 8:20pm
I have an edge that is comprised of multiple repeating entry set-ups (both with trend and contra trend) and a methodology to determine where the strongest confluences of potential support and resistance are as well as a methodology that determines wether the instrument (s) I am trading is/are classically trending, generally trending, or classically ranging on the t/f's of choice. All these factors combine with a methodogy for exits, risk, money, and trade management to produce the edge I have in the market. I have been trading this edge since 2004 and so long as the market dynamics of supply and demand continue I see no reason why it should stop producing for me so long as I keep my emotions in check - for that is the 2nd part of thee equation isn't it ? It is what Mark Douglas (Trading in the Zone, The Disciplined Trader etc) calls the ' profit gap, ' ie the difference between having a proven trading edge and actually being able to realise a consistent reliable week on week, year on year gain from it.

It isn't easy - but it can be done.

G/L
ex member
  • #4
  • Jul 13, 2012 8:16pm Jul 13, 2012 8:16pm
Yes there are..if you want to get it try all systems and read all books and watch 1m chart for thousands of hours...okay 1m might be too hard..okay try 15m naked candlestick chart. Don't zoom out too much..don't zoom in too much. just good to see one day of price action at a time.

Train yourself to see where price will go from a to b. Don't risk money if you are not even succesful in demo. Just watch them instead of watching tv. Never let trading ruins your life. Risk 2% of your account(SL distance).

Its simple but its not easy. All the best.
  • #5
  • Jul 13, 2012 8:33pm Jul 13, 2012 8:33pm
Quoting Supertrader9
Yes there are..if you want to get it try all systems and read all books and watch 1m chart for thousands of hours...okay 1m might be too hard..okay try 15m naked candlestick chart. Don't zoom out too much..don't zoom in too much. just good to see one day of price action at a time.

Train yourself to see where price will go from a to b. Don't risk money if you are not even succesful in demo. Just watch them instead of watching tv. Never let trading ruins your life. Risk 2% of your account(SL distance).

Its simple but its not easy. All...
No pun, the worst way to learn to trade is to demo. It's better to try trading with about 500 bucks or money that you can miss. You will learn more from it than demo.
  • #6
  • Jul 13, 2012 8:36pm Jul 13, 2012 8:36pm
Quoting bbmac
I have an edge that is comprised of multiple repeating entry set-ups (both with trend and contra trend) and a methodology to determine where the strongest confluences of potential support and resistance are as well as a methodology that determines wether the instrument (s) I am trading is/are classically trending, generally trending, or classically ranging on the t/f's of choice. All these factors combine with a methodogy for exits, risk, money, and trade management to produce the edge I have in the market. I have been trading this...
What are your weekly, monthly targets? How much you typically make in a year (%)?
Are you consistent? Drawdown?
  • #7
  • Jul 13, 2012 11:32pm Jul 13, 2012 11:32pm
Quoting swingtraderf
No pun, the worst way to learn to trade is to demo. It's better to try trading with about 500 bucks or money that you can miss. You will learn more from it than demo.
Yup..sure if you have the money..when i started i have none
  • #8
  • Jul 14, 2012 2:15am Jul 14, 2012 2:15am
[quote=mrjinks;5840966]Hi Fellas.

Is there any "profitable" setup on existence? I mean, I've been looking
for a "profitable" manual setup for years but all the setups I've been
through work for some time and then they stop working...

The problem is the market is ready to give you minimum gains , maximum loss.
Any fractal, or bullish bar, or indi enter with a tight stop...looks like you are risking little to make maybe double or better...Get stopped a few times and youré already way behind...I mean way behind..
You will hardly break even if you are good, (average)...

I´m working on adding positions as the trend unfolds...I use Chaos entries (old style B. Williams)...plus lot´s of Elliot Wave. As it runs you trail a stop.
I calculated manually the profit of adding,when you hit a nice dayly swing of a month or so...it comes close to 50 R sometimes...adding more than 10 positions as it runs, as per system....(use whatever you like)
The other side of the coin is getting stopped in the beginning , specially with 2 or 3 positions...will get you maybe 2 or 3 negative Rs.... add a few of those...it starts eating your patience...
Forex is random, but it trends strong, when it does,...need to squeeze the trends, and minimize your price of hitting those big winners...40 or 50 Rs should take care of a lot of small loosers and leave at least some sandwich money on the table or better..
MM is the name of the game...
  • #9
  • Edited 9:36am Jul 14, 2012 2:55am | Edited 9:36am
Quoting mrjinks
Hi Fellas.

Is there any "profitable" setup on existence? I mean, I've been looking
for a "profitable" manual setup for years but all the setups I've been
through work for some time and then they stop working...

Do you have any method that you've been using for years without it
suddenly stop working (either ranging or trending markets)?
I notice that when people ask these kinds of questions, they're usually looking (altho they sometimes don't realize it) to improve only one trading statistic and that's their win/loss ratio.

For as long as I've been trading, I've never known currency pairs that didn't evolve into entirely different animals as time passes. Sometimes this evolution forces a change in trading method.

But personally I find that MM is the only key element that needs adjustment, not the method. This is especially so for price action type methods and not AFAICS indicator-laden techniques.

I don't pretend to know what methods you've been using in the past that only "worked" back then, but I recommend you take another look at them and you may find that maybe they still do "work" but your MM or stop management just needs a few tweaks. Or maybe the pair you're used to trading is just not the same animal you knew when you first started trading it.

Btw, I trade breakouts and this way of trading has "worked" for me regardless of currency pair or season. As someone else before me has implied, MM is key.
I'm not trying to convince anyone. I'm not in the "convincing" business.
  • #10
  • Jul 14, 2012 3:01am Jul 14, 2012 3:01am
Quoting mrjinks
Hi Fellas.

Is there any "profitable" setup on existence? I mean, I've been looking
for a "profitable" manual setup for years but all the setups I've been
through work for some time and then they stop working...

Do you have any method that you've been using for years without it
suddenly stop working (either ranging or trending markets)?

All your comments will be welcome.

Thanks in advance,
MrJinks.
I think nobody else will do the work for you. The lazy never made it in any field, only the hard working. Edison had a thousand designs before he finally made a working light bulb.

And yes I have a method that has been working for years and still works. But I did the work required to research it, and not gonna give it to a random guy on the net.
  • #11
  • Jul 14, 2012 11:41am Jul 14, 2012 11:41am
Quoting dice action
What are your weekly, monthly targets? How much you typically make in a year (%)?
Are you consistent? Drawdown?

I have a 'soft' daily target (pips) but if the set-ups do not develop I do not force it - the market will always be there - the more meaningful target for me is the weekly target. As for drawdown and my typical yearly gain - I am not willing to reveal this on an open forum and in fact it will not help you or any other reader of this thread's trading by knowing these figures. My aim in replying to the thread starter was to assure hiim that hi probability set-ups and edges do exist and that these must be coupled with the right psychology to profit consistently from the market - that is all.

My main activity on this forum is on the Cable Update (gbpusd) thread in the interactive section for anyone that is interested in this type of trading.

G/L
ex member
  • #12
  • Last Post: Aug 4, 2012 2:31am Aug 4, 2012 2:31am
You need to mix the fundemental with technical . Technical alone does not work and it prooved u . Coz day to day world changes . Its not the exact world which was before 10 years , it has become little modern . So when changes are expected each country fundementals affects . So try to learn fundementals
0 traders viewing now