OzFx System :) 100-800 Pips Per Trade

[OzFx]

Originally Posted by avimanya

Hi,

I am interested (actually interested is understatement); I am quite eager to start FX trading. I have never done it before.

Welcome aboard my friend.

I would like to know
a) Which broker to use? What to look for in a broker?
b) Demo platform - ODL (as suggested earlier)?

c) Where to learn the basics besides Babypips.com - reword Would going through Babypips schooling be enough to start off in FX trading.

Not sure what they teach in that course but if you know nothing then probably you can start there.

d) Pointers on how to get started and use your system?

Read the first post, download MT4, use the template provided and you are all set.

e) How much money to start with?

You can start with $500 if you like with micro account.

I am based in Australia (don't know if that matters). I have MBA from USA but all that qualification has done for me is to secure a mundane job that would pay for my bills - thats all really.

I've a Masters Degree in Engineering

Oz

[avimanya]

Thanks OzFx.

I will be regular on this forum now on and would probably seek (or rather bug) you with (initially) silly queries.

In currency trading is there a specific currency pair that is easier to start with or it actually doesn't matter? (don;t know why I am asking this question - may be trying to sound intelligent).

I would certainly be using a demo account first at least for first few weeks.

Catch you later...

[phenix1]

Originally Posted by OzFx

Most of the time I exit as per the MM rules. The short signal you mentioned didn't triggered me to close the trades since MM says to hold on to it until price reach BE.

I would have exited if I would have seen AC crossing 0 line...so far we only had AC turning red which is not a short in itself.

Ok I see. This system is working great so far. I only had one loss of 100 pips so far. I'm gonna keep on plugging away at this system. I just wanted to thank you one for this system and for your help. My eyes have finally stopped hurting from lookin at this damn computer screen thanks to your system.

[phenix1]

Originally Posted by avimanya

Thanks OzFx.

I will be regular on this forum now on and would probably seek (or rather bug) you with (initially) silly queries.

In currency trading is there a specific currency pair that is easier to start with or it actually doesn't matter? (don;t know why I am asking this question - may be trying to sound intelligent).

I would certainly be using a demo account first at least for first few weeks.

Catch you later...

I started out with the Eur/Usd. I've been trading for about a year and a half and as of a couple of months ago I started looking at other currencies. So my advice is build you confidence up in one currency and just grow from there. But to me the easiest one to grasp EUR/USD.

[prettrad]

Originally Posted by phenix1

I started out with the Eur/Usd. I've been trading for about a year and a half and as of a couple of months ago I started looking at other currencies.

hey Phenix1, maybe a damn question but pls can you tell me how much did you start with as a deposit? I've already asked this question before but i'm planning to start up with £1500 but now i reckon I wont be able to do much with this deposit...

since you'e been trading for a while now, u reckon I need to top-up my account before i can see some real good results?

regards,
Pret

[phenix1]

Originally Posted by prettrad

hey Phenix1, maybe a damn question but pls can you tell me how much did you start with as a deposit? I've already asked this question before but i'm planning to start up with £1500 but now i reckon I wont be able to do much with this deposit...

since you'e been trading for a while now, u reckon I need to top-up my account before i can see some real good results?

regards,
Pret

I started out with 2000 usd which is about what you are starting out with. I was only trading a max of 5 lots. Honestly it was boring because my account was growing really really slow and I hated to be up 50 pips in a trade and only have $50 to show for it. So it's really up to you. You'll have alot of room for error as long as you dont over leverage. I was only trading max 5 lots at a time. I really starting having fun when I started trading with 10,000 USD which is 6796 in euros I believe. But honestly I'm no expert in this area I'm still learning to so I"m sure you can get better advice from a pro but that's just my take and I hope this helps.

[OzFx]

Originally Posted by avimanya

Thanks OzFx.

I will be regular on this forum now on and would probably seek (or rather bug) you with (initially) silly queries.

In currency trading is there a specific currency pair that is easier to start with or it actually doesn't matter? (don;t know why I am asking this question - may be trying to sound intelligent).

I would certainly be using a demo account first at least for first few weeks.

Catch you later...

I trade with almost every pair out there on ODL demo. You can try with all the majors and then move on to carry pairs.

[brendonvdh]

Hi OZFX

Thanks for sharing your system with us

I have to ask about the way you calculate your pip profits

All trades are opened in lots of 5.. ok so
If you have a loosing trade you say -100 pips
but you have actually lost 5 lots x 100 pips (-500pips)

If you then have winning trade goes up 50 pips
you cash in one lot x 50 pips (+50 pips)
if the rest then get stopped out at break even

After these two 2 trades you are effectively -450 pips the way I see it
but you are saying you are -50 pips?

I just want to understand how you are representing your pip profits.

It still looks to be a very good system and I will demo it to see how I get along. Thanks for shaing it with us

kind regards
Brendon

[avimanya]

I have setup the system as you had suggested i.e. Downloaded the template from your first post. Downloaded MT4 from ODL. Opened Demo account. Copy the .tpl file in the MT4. Applied the Williams Oscillator.

Now in your first post you said Apply 200SMA and take action based on if the price below 200 SMA then go short? What is this and how do I do this?

I feel like I am this close to placing first trading order of my life...so need your inputs.

Thanks.

[avimanya]

Originally Posted by avimanya

I have setup the system as you had suggested i.e. Downloaded the template from your first post. Downloaded MT4 from ODL. Opened Demo account. Copy the .tpl file in the MT4. Applied the Williams Oscillator.

Now in your first post you said Apply 200SMA and take action based on if the price below 200 SMA then go short? What is this and how do I do this?

I feel like I am this close to placing first trading order of my life...so need your inputs.

Thanks.

Figured it out...