Here I Go!!! My Syste...
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  1. #1
    Join Date
    Nov 2006
    Posts
    41

    Default Here I Go!!! My Syste...

    I've finally decided to start my live account after the New Year. So, in a nut shell, I'll share what has become my "system", if you can call it that.

    Since I only have $500 to start with, obviously, my "expectations" of quick gains is not an option. My start will be simple, conservative, and realistic in my expectations.

    I have had good results on my demo and am satisfied with my returns.

    Since the Broker I'm using, FXDD, always gives me a 100:1 margin, I will ONLY start with a .1 trading lot. .01 would be better but, can't go that low.

    Entry points will be based on simple indicators I use, info from the fundamental side, and looking for that ever famous word, "confulence". If I don't see it, I don't trade! PERIOD!

    Stop losses will be used on ALL trades; no more than 15 pips under/over my start point. Usually, I've only used a 10 point stop loss. If a trend is strong enough, I'll use a Trailing Stop ( 15 ) instead of a fixed stop limit. But, as I said, the trend must be strong and have a proven direction. This, I realize, is not a sure thing but, still, have to have a strong move for the Trailing Stop to be used.

    For above stated reasons, News Trading is out of the question for me for now. That would call for too much of a stop limit. And, with the amount I'm starting with, that would be too much of a risk.

    As a start, I've set myself a goal of at least 6 pips per trading day. Since I work full time, I can only trade in the afternoons. That's a pretty scary time to trade.

    Also, because of the type of work I do, truck driving, I get up fairly early. So, I'm usually there for the start of the "serious" time frame, mid-night to 3am. For this reason, if I see a good direction, I'll put in a trade and let it stand for the day. This is done with appropriate stop losses and profit taking points.

    I ONLY trade 3 pairs; EUR/USD, GBP/USD, and USD/CHF.

    My Rules, AS SET IN CONCRETE!!!
    1 - NEVER! Allow myself to trade, simply for the sake of trading;

    2 - NEVER! Allow myself to trade without appropriate stops and limits;

    3 - NEVER! Allow myself to allow a loosing trade to continue past my stops;

    4 - NEVER! Attempt a "revenge" trade to "get even" - a loss is a loss so, let
    it go;

    5 - Don't sweat missing the "big move". There will always be another bus
    to come along;

    6 - Don't be afraid to let my winning trade run it's full course;

    7 - NEVER! Allow myself to go under 30 min. time charts - mostly, 1 to 4 hr;

    8 - Finally, allow myself to honestly relax and enjoy my experience here at
    trading the Forex.

    I started my quest in Forex Trading out of a strong desire to provide just that much more for my family. God knows, they deserve all I can do and so much more! Yet, I go into this, as I said, realistically, and an expectancy of small starts and a simple beginning. In time, the rest will come.

    Any thoughts?????????? Thanks in advance...........

  2. #2
    Join Date
    Dec 2006
    Location
    Pakistan
    Posts
    55
    where is your system man

  3. #3
    Join Date
    Dec 2006
    Posts
    124
    first of all - congratulation. this whole new begining thing must be exciting.
    second of all - may your family know nothing but happiness.
    third - do you have any entry\exit signals? your system should have clear signals on where you should enter and exit a trade, (like MA crossovers, RSI breaks 50, stochs oversold\bought etc.)
    if you don't have any, you really should make some. otherwise you're just trading your gut feelings. and that wouldn't last very long.

    Regards.

    editted:
    after rereading I spotted this
    Entry points will be based on simple indicators I use, info from the fundamental side, and looking for that ever famous word, "confulence". If I don't see it, I don't trade! PERIOD!
    you can't refer to that as signal. you have to be specific. not for us to criticize you, but for you to have a system to stick to. what indicators? when exactly? which fundamental events are you trading? which would you avoid? all of these MUST be a included in your system. otherwise, as I said, you're trading gut feelings.

    Regards.
    Last edited by parsush; 12-24-2006 at 12:54 PM. Reason: reread your post :)

  4. #4
    How well does your system work for the Durable goods report?

  5. #5
    Join Date
    Nov 2006
    Posts
    41
    The indicators I use are Moving Averages set at 15, 30, and 45. Also, I use a Momentum chart set at 45.

    Cross-overs are a good indicator as to an entry point. But, from my short experience, the ACTUAL entry point usually occures BEFORE! the cross-over. Thus, a cross-over would be a solid verification of what I've already done. This is shown in the charts and verified, sometimes, mostly by the size and length of wicks on candles. Can't remember the book I read but, was mentioned that, the wicks on candle sticks can - sometimes - tell more of a story than the candles themselves. And, I've found that to be ture.

    Exit points are usually set by my limits that I set. Either a solid "take profit" point or a trailing limit. As I mentioned above, it depends on how "strong" the buy or sell signal that I see that determins which one I use. A solid take profit is set by clear previous resistance/support levels from the previous 24 hours.

    Usually, for news events that come out, like Durable Goods and others, I'm at work by that time and can't be a part of that. So, like I said, news events are pretty much left alone at this point.

    Fundamental reports I use are from the "usual" sources that most use here. I go to one web site that updates reports coming out nearly every 5 minutes or so. Can pick up some good info there. The news reports will, or will not, support what I'm seeing in the charts.

    Yes, I do lean heavily on the technical side as far as the charts I use. But, I do allow myself to be aware of what the fundamentals are saying, or what economic indicators are coming for any specific day.

    Hello1234 asked, " where is my system?"

    My system, if you want to call it that, is simply the 4 indicators I mentioned above, the candle charts themselves (sometimes a line chart), establised support and resistance levels, and clear trends from the previous 24 hours.

    Also, a BIG part of my "system" is to ALWAYS spend time in prayer before I do ANYTHING! It's kind of like a Christian singer said some years ago; "why look at the stars when I can go to the One Who MADE the stars!"

    My God is the One Who "gives the ability to GET wealth"; not create wealth, that's His job. I just rely on His wisdom and guidance and rest in His strength, not mine!

    Other than that, that's about it!

    MERRY CHRISTMAS TO ONE AND ALL!! And may the Child of Christmas make Himself even more evident in all HE is doing and has done for us!!

    Didn't mean to make this so long but, after reading, I had to come back and add this.

    I used at one time all kinds of indicators, charts, graphs, forecasts reports, a signal service (for which I paid way too much for) and all sorts of "stuff". Mostly, I simply ended up lost! I was using sooooooo much, the only thing I gained was what you might call OVER-LOAD!!

    I finally reached a point that, to be turthful, I FLUSHED all that and just made things simple. That's the way I like it; straight and simple. And, my trading started making good gains. I started being a little more consistant in trading and establishing a decent blend of simple indicators and news information that worked together.
    Thru trial and error, I finally set myself on the indicators I use and, like I said, being sure to pray at all times!!
    OK, ENOUGH!

    I'll continue to report in as the New Year goes on and keep updates here as to my "success".

    Have a great Christmas everyone and an even better New Year!!
    Last edited by mtdavs; 12-25-2006 at 07:36 AM. Reason: Just to add one more thought

  6. #6
    Join Date
    Dec 2006
    Posts
    124
    "The indicators I use are Moving Averages set at 15, 30, and 45. Also, I use a Momentum chart set at 45.

    Cross-overs are a good indicator as to an entry point. But, from my short experience, the ACTUAL entry point usually occures BEFORE! the cross-over. Thus, a cross-over would be a solid verification of what I've already done"
    hmmm... so basicly you're relying on those 4 indicators, however you say that they are just confirmation to what you've already done.
    I'm confused.
    can you please post a chart based on your system, and share with us what you'd refer as an entry signal?
    Last edited by parsush; 12-25-2006 at 07:38 AM.

  7. #7
    Join Date
    Nov 2006
    Posts
    41
    Parsush, I'll try my best at this...

    OK, not sure about how to copy a chart and paste it here in the forum. Care to help out on that area? Thanks...

  8. #8
    Join Date
    Dec 2006
    Posts
    124
    sure.

    "Go Advanced" -> "Attachments" -> "Browse" (and pick it) -> "Upload" -> "Close this Window" -> then you're done.

  9. #9
    Join Date
    Dec 2006
    Posts
    440
    New years nearly here, so best of luck, and dont forget to post your success!

  10. #10
    Join Date
    Dec 2006
    Location
    Norristown, PA
    Posts
    450
    I think that your not giving your trades much room to breath with such a small stop loss of 10-15 pips, especially since your on the road most of the time like you said. Don't you find yourself getting stopped out a lot, especially on the GBP/USD with a spread of 4-5 pips? That pair can move 10-15 pips in the blink of an eye. I have been using 30-50 pips or less if the stops are placed at strong resistance or support levels like behind a fibo level, pivot point or moving average, or even above or below strong candlestick patterns like (stars, hammers, engulphing patterns, etc..) Good Luck to you.
    Quote Originally Posted by mtdavs View Post
    Stop losses will be used on ALL trades; no more than 15 pips under/over my start point. Usually, I've only used a 10 point stop loss. If a trend is strong enough, I'll use a Trailing Stop ( 15 ) instead of a fixed stop limit. But, as I said, the trend must be strong and have a proven direction. This, I realize, is not a sure thing but, still, have to have a strong move for the Trailing Stop to be used.

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