Desperately seeking a good DAILY Trading System

Hi there are different trading strategies that works very well but you need to know the basics in Forex, the indicators and how to use them. You need to try different strategies to know which one is better for your type of trading. If you need help please let me know it will be a pleasure to help you.

thank u very much Bichiz,but I think your post and the previous one comes from a misunderstanding =

I'm NOT a NEWBIE !

I've been testing everything on the Web about Forex in the last 2 years !!
And I've hardly educated myself !

So I'm not a Trader and I'm not an absolute beginner

I'm just sorely disappointed

One thing I know for sure is ..I don't wanna give up

I quote u

well said

and great nickname !!

lmao, what a joke.

I think what you are looking for is the Id-10.T EA... Good luck finding it, those who have it guard it closely.

Hi Swiss,

Dailies are profitable for sure. 10 mins a day (or less) to scan them. ...Then go about your business.

...Good enough?

If there is a trade on a chart maybe a few more minutes setting it up. Then manage it everyday for those ten minutes again. Once you learn it.

Jacko or James16 thread. Read both their "post 1s" in their relative thread at the least. Learn to read naked charts and how to choose good locations on the chart to execute trades.

There are others, but that's all I have had anything to do with here.

Don't give up mate, and trade smart.

Hi swissforex,

I've been working at finding something that really works for almost 10 years now. I hate to say that because it makes me look so stupid. In the end it has paid off but what if it did not? After all, who would stay in a business like this losing right and left over and over for 6, 7 or 8 years? I'll tell you who, someone that never takes no for an answer or maybe just some dumb f**k like me?... maybe both?

Over this time of trial, error, mistakes and tears, friends have come and friends have gone... some have simply quit after the first round and some have stayed almost as long as I and over this time this is what I've learned.

You will not find an EA out there already created that will make you consistant money. I personally have hundreds of them paid and free and none of them are worth a crap. Not because they never existed but because the very few that have existed, once made public become diluted and discontinue to work; the ones that do exist and still work are locked up tight as a drum in the creators computer.

You're only chance to have an automated system on your sytem that works and will continue to work for sometime is to eventually create one yourself and even though you might be hard headed enough, like me, to learn some programming skills (if you haven't already); even if you become a super fantastic programmer like coders-guru or better!, you will still have to totally luck out to happen onto something that has not already been thought of and already worn-out by someone else.

Another reason to have to learn to code yourself is because even though programmers are extremely intelligent and most can program anything they are asked to, because of their high powered mathematical thinking processes they lack something basic somehow in a way that tends to not take full advantage of a persons minds eye. Programmers need absolute factual information to program and IMHO to create something that has not been created before, that works is to need to go outside the realm of the absolute, straight and factual and into a realm of the twisted, bent and warped thinking mind if you will. Now I'm not saying it has to be this way but this is how it's been in my own experience.

Your only other option is to hope to be lucky enough to hook up with someone honest enough who has already been lucky enough and persistant enough to go through all the fires it takes to get to that point and once there be even luckier to be offered by that person to allow him or her trade your account using their system for a fair price. In my opinion fair would be anything that does not charge fees, upfront or otherwise that is based on anything other than profits in your pocket; the system profits for a month, you send them a check, the system profits for another month you send another check provided you want to continue to ride on their system. In other words, no profits, no fees. This way you only pay if their system is making you money.

Sorry I could not give you better news regarding this business but after many years of my own head thumping and bumping this is the solid truth I have learned.

Good luck in your trading endeavors and may the forex force be with you

TraderJoe

Here are some ideas for trading methods. Some are intended for trending markets, others are intended for range-bound markets. Read them over carefully before deciding which, if any, you'd like to try.

thx so much

I stumbled upon my own thread after a long time

I'm studying Renko,Range bars,divergences,woodies

I'm still a student
not a forex trader

DIC 2012 update

I've found my way of trading,I'm currently using 2 Methods and I keep a trading diary on my Blog.
Thx everybody

so true swissy! Great post...

Please can someone guide me to what Tp and Sl I should set for daily time frame trading? the average candle on most of the major pairs ranges from 50-90 pips ,so how many candles can go against us?

I am not in favour of tight sl,i know very well that we need big account for this kind of strategy specially when we are anticipating that PA will come back to our entry level.

is it fair to keep 60 pips stop and 30 pips tp?

Hi T4Trade,
You could consider the Average Daily Range over the last 100 days as a good number of pips to work with.
For SL you could use ADR(100)/2 and for TP you could use ADR(100)*2.

Tip: To find the ADR(100) you can use the standard ATR indicator on a daily chart (with period 100). Or you could use my indicator LRSF Magnified Price.
https://www.forexfactory.com/showthr...8#post11397128

Of course there art many more indicators that show you the ADR(x).

Why base the TP and SL on ADR(100)? The ADR(100) is always a value that is adapted to the pair that's on the chart. So its value is always relevant for that pair. The SL should be selected on your ability to get the trade direction correct. If ADR(100)/2 is too tight for you you can choose ADR(100) or even bigger.

Same goes for the TP. Depending on your experience you can set it higher (or lower).

PS: As soon as your trade is in profit you could consider moving the SL to a small positive value. I do this when my trade is at + ADR(100)/2 pips.
Cheers...

thank you so much,very generous of you!