The Really Useless System -
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thread: The Really Useless System

  1. #21
    I've found a wonderful article http://www.learntotradethemarket.com...onforextrading. Is about price action trading benefits and taking the greater time frame benefits. Has some explanations about the link in the left side.

    There are benefits and drawbacks in the 5 minute chart and daily chart:
    The 5 minute chart is like going to work to make money, almost daily you can find 2-10 trade. A TP of 10 pip is the risk there because of the spread, however you can shut position during the night and sleep well.

    The daily chart trading need more patience, I can read on forum: the trader is payed to wait. Like a sniper: take a position and let the price come for you, if is not coming than you don't run after price.

    The beginner traders ( such as me?!) Want to earn money in Forex, the experienced ones wish to make good trades. - it is a post within this website. The wealthy men and women think in long term, Not certain what of the 2 is a long-term benefit, because, making great trades and employing the 1-2% risk is personal gratifiion, not the best way to get wealthy. Attempting to earn money possibly leads to lose the control of greediness and use over leverage, but this ought to be why are in this company: to make money.

    I've explored Oanda's website to see if they answer to get a technical / product use query ( bot they don't have at priority list ) and now I've loed a data page: http://fxtrade.oanda.co.uk/analysis/...ers-statistics. 24 and one week alternative.

    24h EUR/USD
    Average Trade Duration: 0.8h - that is the 1-5 minute chart
    Realized PL Per Unit: 7.5 PIP, can't think....

    7 days:
    Average Trade Duration: 3.9h (15 min-1h chart)
    Realized PL Per Unit: 11.8 PIP

    -perhaps it use the week-en information, I must look within the week in this tool once again.

  2. #22


    Where is the SL for All Those shorts?! I think it will be a SL searching Monday-Tuesday

  3. #23
    In the event the rich men and women think in long term, let me try me

    I have changed the timeframe at Oanda chart to 1 week. I can't understand a few candles and about those I would bet in wrong direction, for sure.


    because I have seen in micro, nano whatever trends: if a top, bottom price amount is multiple times are touched or almost touched compared to at 3rd, 4th period is taken out.

    In this chart ( from May 2011 ) we could see a downtrend. 250-300 pip movement in a week I would anticipate, if want to move somewhere.

    I must input in this commerce at 1.2900, not so ancient again , but I miss the opportunity.
    Hopefully if it'll be a winner commerce, than I will hold it a bit more, than usually.

  4. #24
    After studying http://www.forexegysecrets.com/blog/...ng-account.htm page I'm thinking how I was profitable whatsoever!!!

    I shall develop a commerce system based on 4h or daily charts asap.

    I was convinced any commerce robot can't be great as a human, but the robot has the advantage of be online all the time and don't have any emotions.

    I have asked my broker to lower my max leverage to 1:30 possibly 1:10 is enogh but let me hedge if I need! And a modest extra buff

  5. #25
    One element of this Holy Grail is your patience, I am starting to be quite sure.
    It seems is sufficient to understand a few cases, when you can be sure 90-95%, should you exchange only several times / month an result at a profit it is better than be worried times with viewing charts or be employed or both.

    Not need to exchange all the time.

    Wait for a consolidation at a decrease timeframe ( 4h ) and proceed with a bias on high interval (daily weekly) management, and stick with position, until is no sigh at high timeframe to shut it. Those case are with Risk 1 Reward 6 -to those case can be implemented the golden rule: cut your loses and let the profit streak. At 5 min chart not so frequently.

    Even mathematically established for myself long term I should use leverage based on win:shed success ratio and it should be a lot higher than 1% it will have effect on emotions: happiness on winning position, however if is heavy leveraged, than no sleeping, due to fear to never grow to be a losing one. Loser trades let it go and move a bit, but if is not coming back, than hunt for exit stage or just instant exit. It is sad to see how I dropped 2-3 week outcomes ( even if is still in profit the balance)

    One of the pages reminds me, what I learnt -and - forgot- a few years ago: input higher timeframe. Don't use tight SL, because that will kill the account! Allow the SL state when the entrance it is not valid anymore. When it went in your leadership and is just another entrance, than proceed the SL where it should be now.

    Jesse Livermore utilized to scale in: in 3-4 trades, but after that did not built up the position dimensions and is harmful, when the tendency is turning.

    I should start with 1-3% risk, then when the SL transferred to BE or some profit add a second 1-3%.

    Not sure yet how to deal with TP and with pullbacks.

    Entering and Exiting frequently is not a Wise way.

    Pullbacks can be indiion of end of this trend and that I should depart, but may be a tendency continue sign too.
    This is the flow in my system. I don't understand how to handle correctly in long term, have to figure out, learn from others mistakes.

    There's a nice 30 rule http://www.thestreet.com/files/k/dst...ep_30rules.pdf

  6. #26
    I've seen 2 method, which I enjoy it, demands improvements here , but may be the base of something. Today I saw exactly what I wanted to create: Jesse Livermore's sytem for forex here, but it deals the early phase of Jesse's trading style ( scalper) and I'd like to get out from scalping / intraday.

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