Your comments on my system please...

[mepeooxmeo]

The reality is, FOREX cannot provide a quasi-reliable income. This is the reality.

I am extremely confused when people on this forum discuss BLOWING ACCOUNTS. That is ridiculous to me. I've not ever met anybody in the flesh who has BLOWN THEIR ACCOUNT TRADING FOREX. I have never met someone who really created a quasi -reliable revenue trading this either.

I began trading FOREX 4 years ago. I just demo'd a very brief time then I snapped 5k USD with FXCM. I didn't like the spread. EventuallyI deposited 50k USD and used Interactive Brokers.

These are the HARD truth about trading forex:

you'll have successive winning weeks.
You'll have successive losing weeks.
Though you will have 10 consecutive losing weeks, at some point, you will have 6 consecutive losing weeks. Can you handle this?

There is not any system which may enable you to prevent the losing streak. Can you handle this?

The best 10 systems on this website will offer proof that you will lose for successive weeks. Can you handle this?

What if you started trading near the losing streak? Can you handle this?

You better think twice if you think FOREX can give you a reliable income.

It is possible to WIN for 18 consecutive months.... Followed by 4 weeks of losing crap. That is why you see people who post and then dissapear unexpectedly. That is the actual reason. The FOREX is obviously an unstable, volatile nature. I am pretty sure you could easily win consecutively for 2 years right, every month, followed by a 7 month bullshit break even or lose a small slump. Can you handle that?? What if you started trading near the slump?

In the beginning, forex is a Pastime

[sam10]

Extract from Market Wizards (meeting with Tom Baldwin):

Jack:”How did you figure it out?”
Tom:”It is like any other job. If you reside there for six months, you need to pick this up.” (referring to the pits)
Jack:”how can you make your conclusions?”
Tom:”You see the orders and you just trade it.”
Jack:”How is size an edge?”
Tom:”You have obviously never traded around the floor.”

Can you say that there is a frequent denominator with mythical traders?
The underlying reasoning may differ (techs, fundies, etc.. .) But the'core' beneath is equal to one another (besides risk management).

[mepeooxmeo]

Thanks for your answer intu.

I agree with your points. Assuming (I am not saying I can get it done ), but only assuming I don't violate those 2 points, in your opinion, do u think this system will be profitable?

The reason it's at 20 tp and 10 SL, not say 30 tp and 10 SL is to raise the likelihood that the trader DOESN'T do these 2 points you mentioned. As an example, when if were say a 50 tp and 10 s/L, I think the trader would encounter a major risk of accomplishing your points. The more complied the tp, the higher the risk on the mind.

Some other hints sir?

[Makelgomll]

At best, Currency Market is a hobby

Should you treat it as a hobby then dont anticipate million $ from it.

I handle it as business, and expect my millions.

Another stuff on your post just doesnt make sense.

[mepeooxmeo]

I believe the original poster of this system, is supposing that about a 5 minute deadline... after viewing a trend develop and waiting for it to retrace, and then when the trend resumes, by getting in at the stage it exceeds it's past high or low by a couple of pips (depending on the direction of the trend), a winning chance of greater than 50 percent (using 1:1 TP and SL) and greater than 33 percent (using 2:1 TP and SL) will be detected in the long run.

[ballemmixxa]

What currencies do you plan to trade? And during what session?

I think that the part that bothers me the most is....
Notice the trend, if a trend retraces wait....

Are you really going to be using the 5 min interval to determine the trend?
I think that is the part that disturbs me the most.

If maybe you were using a higher timeframe like the 15 min interval, and some definite really exact conclusion, (like if price closes above??? SMA about the 15 minute Chart, then trend is up) and then going back and looking at higher highs over the 5 minutes TF to input, I would feel much better.

But based upon my failed encounters with reduced timeframes, I would be fearful of the 5 minute chart alone.

If you have an extremely rational, non-discretionary way (your way, whatever it could be) to say trend is up or down, (besides the 5 minutes TF) I would say it may be profitable.
Edit: Are you really just taking one trade per session? Off of the trend that develops?
If so, then maybe utilizing the 5 minute chart is fine.


That make sense?

Looking back at your original post, it seems as if you are already trading this somewhat. I would continue on. Honestly, I don't know how the 5 minute TF behaves and what currencies You're trading, maybe after a month or so... you'll have great consequences to talk to us

[mepeooxmeo]

Hello mr. intu,

Eur/usd, new york session (I#8217;m hongkong and have a day job. This session is around 9pm or 8pm my time and the only session I can perform )



well, 5 minute to determine the fad, but not one 5 minute pub #8230; it might be a 5 minute chart for the past couple days (which basically means it makes no distinction. 5 minute, 15, 1 second, 1 day, etc.). I guess I worded it wrong. At the point of entrance, 5 minute is being used. But the reference might be the last 72 hours or longer for example, OR it could just be the hour. Depends.

Yes sir. One trade. And off the fad that develops. In most likelihood looking back up to the last 24 hours simply to get an idea. So using chart upon entrance, but the reference is like the last 3 days, and the first fad of the session.

Yes, I'm trading this somewhat. But I am going to stop. Like I don't know if it will be profitable. Something is not appropriate #8230;I really don't feel confident doing this anymore.

I did read the THV thread by mr. . But that needs mt4. Me being in hk, I can simply consumer interactive brokers trader workstation or fxcm#8217;s trading station 2.0. It#8217;s a hassle to start a usa overseas a/c with fxcm to utilize mt4 but #8217;s exactly what I would need to perform. I messaged mr. to find out if any workaround.

I'm thinking if I utilize mr. #8217;s system, plus whatever I was doing#8230;. Then I think I will have the ability to be successful in the longhaul.

Thank you for your reply!

P.s. and I wish the admin would change the name of my first article in this thread. It's not my system whatsoever as I stated. It's another gentleman's system from the trading department. I simply couldn't get anyone to reply me in the thread in which I saw it, so I posted the question .

[Agwnoa7]

1) is it impossible to say what will happen (i.e. I'll win anywhere between 20` percent of total trades in any given year with no way of telling prior to, what kind of year I'll have)

It's impossible to say what will happen. Why? Because it is impossible to say what your reaction would be if you had 5 losing days in a row. Or how about 15? It could happen even with the most effective egies.

Have you back tested the egy yourself, or are you expecting the person who suggested the egy failed, to find out the probabilities?

Have you been conscious of the London session near time and the effect that has on the New York session?

I don'rt want to put a damper in your ideas but you are right to feel as you do. It'll be a bumpy ride if it is a fantastic egy. Good trading to you.

[mepeooxmeo]

Hi ,
without appearing on investopedia, I might presume london closing would most likely be around 11pm or midnight hkt. I have no clue how it might impact new york. Without checking over the internet, I will probably guess london closes somewhere near the halfway stage of the new york session.

I didn't do backtest. I believe the entire notion is when a trend that is clear is seen, that waiting for a retrace and entering when the trend continues is considered a trade. However, the more I think of it, the more I am doubtful, as anyone buying, somebody has to be selling and vice versa. The only sure fire way I could think of, is to hop to the banks back when it is dumping or buying and the price is being pushed hard. But I'm so new to this, I do not even know how I might go about getting that info or if it even exists. I can simply produce a raw idea that's totally useless.

I agree with you about the 5 days or 15 times in a row. It could be demoralizing.

Anyways, I am considering the THV ribbon now. Have you looked at that thread in any way? I dont think I will be putting any transactions for sometime before I understand this THV more...

thanks to your response!

[Agwnoa7]

Here's a method of getting in on a pull back. It might work on higher time frames. Https://www.nigeriaforextrading.com/...7866275001.pdf I'm not knowledgeable about the THV egy but that I understand the trader, Cobraforex, is well respected.