I see the gbp and eur cross have maybe frizzeled out
Thanks for sharing your system, Have you tested it on a daily charts yet?
Thanks for your comment. Indeed, those two trades seemed to have vanished before our eyes. Luckily we didn't enter due to our assumptions or else we would have been swiftly punished.
I have only just begun to test this system using the hourly chart. It would seem to work very well on both the 4 HOUR and Daily charts, just by glancing at it.
Of course, playing with bigger time charts means you need to adjust your S/L and T/P.
The average pip movement on the 4 HR and Daily charts seems to be in the 200 - 1500 range!! That's incredible, certainly.
While that initially gives me a very warm and fuzzy feeling all over, you have to be wary about certain things. First, the S/L is gonna need to allow for more cushioning, naturally. This means you may be risking too much of your account on one trade. Of course, you can opt to not set a S/L, use a small lot size, and hope for the best.
Also, don't forget about swap charges. If you are gonna trade the daily chart, you may be holding a position for weeks. That can add up quickly if it's a negative swap pair.
I think experimentation would provide us with our answer. I certainly like the appeal of placing a half a dozen trades per month and banking in thousands of pips with little effort.
In short, I'm not sure. I urge you to test this out for all of us. You may indeed find that the 4 HOUR or Daily charts are better.
Let me start with a simple question: Do you like paying bills every month?
I certainly don't. I'd be willing to bet that you don't either. Nobody does. That is your hard earned money going off in 20 different directions. The worst part of all is that it's usually for necessities -- things in life you couldn't go without, such as gas, electricity, etc. The funny thing about that is that nobody appreciates those commodities. How many of you wake up each morning, flip the light switch, and feel truly blessed because you've got a running current into your home??
My point is that bills pile up quickly each month regardless of whether or not you even enjoy or appreciate the services you are paying for. That is, of course, until they are taken away from you (such as when the electric goes out temporarily due to a storm).
When we go out to eat or buy a new plasma TV, we feel an immediate reward. Our money seems to be well spent. We get satisfaction out of things like food and entertainment. Bills are just sort of there....staring back at you in that mundane fashion.
This post is about how you can play the Forex game very conservatively, with very little risk to you, and still manage to earn enough income to pay most of your bills each month.
Think of this as simply free money that can go towards your phone bill, cable, internet, electric, etc.
We all know that the Forex market is the most liquid and profitable market in the world. The stock market cannot compare with the Forex market in this realm. Look below:
Typical YEARLY gains in the stock market range from 8 - 14% (give or take).
With Forex, you could make DOUBLE that rate of return MONTHLY.
Many claim that Forex is too risky. Not necessarily true! It can be very volatile, but that volatility dissipates as you use the larger time frames. In economic times like these, I have more confidence in the forex market than the stock market, personally.
Anyways, back to paying your bills!
The idea could simply be this:
Set up a special Forex account with $1,000. The goal of this account will be to earn you around $1,000 - $3,000 dollars / MONTH, with very little risk.
Use the AMAZING CROSSOVER SYSTEM posted here.
Use the 1 HR time frame.
Trade with a .1 lot size.
Aim for 50 - 100 pips with each trade.
S/L should be 50 - 100 pips.
Trade 1 - 2 pairs daily.
This system is very accurate and will produce a lot of winners with few losers.
Even if you have a loser, it is highly unlikely that any trade will turn on you by 750+ pips!! The S/L will protect you from that, but even that should not be hit often.
If you can place 1 - 2 trades daily and each trade can make you 50 - 100 pips, you will be averaging 1,000 - 2,000 pips monthly.
That translates into an extra $1,000 - $2,000 extra in your pocket with very little risk.
As your account grows, you can slightly increase your lot size. Or you may choose to just aim for a few thousand dollars a month to JUST PAY YOUR BILLS.
This would also be a nice way to eliminate debt.
Just a nice simple conservative trading account to help you each month.