a daytrading stratagey

[maceo409]

Its tough as heck making money in the fx market. Ive grown a lot of grey hairs and been through a lot of migraines trying to tweak that perfect system and make a consistent profit. it took years and years and i finally found something that's working for me and I'm going to share it.
1) find one volatile currency pair and only one
2)use the 5 min chart
3) watch the 5min chart all day, everyday, for months and months and months
And that's it! live it. Become it. Feel it. And before you know it, I guarantee you'll be able to predict it, small time frame price movements.
Money management and controlling emotions are another story. If you have that nail bitting emotional adrenalin, like me, you might want to trade mechanically

[richrichie]

Mac I think you maybe correct, Just focus on one volitile currency pair because every pair has its own habbits of movement. For me its the EUR/JPY caus it a mover.

All you need is a few indicators,leave your emotions out (Well, TRY) and Money Managment

One currency pair !!! Hmmm

[jwilliamson]

Hmm, that sounds like an awfully intimidating prescription, no?

Isn't the whole point of a system to uncover something easy to exploit that wins more % than it loses so over the long run you make $$?

I am getting interested in the opportunities forex trading has to offer but for me right now, I leave my real money trading up to a system.

I agree with the one currency pair though, the company who developed my system personally advised me to do that too. I stick to GBP - USD (not the most volatile, I know) and let the system run on the 1H chart in MT4. It does the trades overnight on a really simple premise - it picks off breakaways through a price channel that develops before the market open in London - it has been consistent for me.

Why can't it be that easy?

Avonko is the name of the system, if you know what I am talking about. Isn't that why forex trading is so attractive?

I traded derivatives in the options markets for a long time, and to me forex seems much less frustrating than options trading.

[maceo409]

That sounds cool.I Im trying to automate my system right now with trade station using easy language. That is where its at "automation." Im wondering if you can automate your own system on mt4...Are you paying a monthly fee for your live feed??
I am a little weary about systems being sold. I don't see why someone would want to sell something that is successful. It might work, now. But heres what I think will eventually happen..You get millons and millons, mabye even billons of dollars trading this avonko system. The big wigs catch on and strategically take the avonkos to the cleaners, just like these hedging stratageys that recently got hit. I mean i could be wrong. I dont know.

[maceo409]

yah leaving the emotions out, I belive, is one of the biggest downfalls in daytrading. Im in the process of trying to automate my system with tradestation using easy langauge so i wont have to deal with it...

[jwilliamson]

Yeah I know what you mean about the systems - but the way I see it is the forex is so massive and dynamic that any successful system in my mind is kind of like a mosquito on an elephant or something. It would take an awful lot of system traders to eliminate the opportunity. And given the amount of players in the market, it doesn't seem likely that this would ever come to fruition, seems like there will always be little patterns you can exploit, just based on the market dynamics.

Either way, it works now, so I'll use it until it doesn't, and then move on to search for another simple system that does.

As for live feeds, all you have to do is plug the EA into meta trader and it works once you're logged into your fx account. Very simple, fun to watch the next morning that's for sure

best of luck to you with automating your systems

[adriant]

I think its just as important to diversify your strategy as it is currency pairs within that strategy.

I developed a couple of strategies on tradestation and trade a few different currencies within each strategy. when i go a drawdown on one currency, i've noticed other currencies do well, etc.

I have a daytrading strategy and a long term strategy.