Training Wheels strategy

[slipshod]

Hi everyone, this is not a "system" so much, but a strategy with clearly defined entries & exits along with money management rules. The idea is to give a new trader a way of reading price action and trading with trends rather than against them, and knowing when to stay out of the market.

I developed this for myself, to counter the bad habits that threatened to decimate my account. I hope it helps others find their feet as well.

The indicators used by the strategy are included in the zip file along with the manual. They install as-is, no need to adjust the inputs at all, and they adapt to different timeframes automatically.

Training Wheels v1.1.zip

Edit: I should have mentioned that the indicators in the attachment are for Metatrader 4. I've been able to create similar indicators for Prorealtime (also IG Markets and IG Index), which you can get here: Training Wheels for ProRealTime.pdf. You'll need the zip file as well as it has the manual inside.

Edit 2: I've started a blog for this strategy at forextrainingwheels.wordpress.com. There I'll post analysis of the trade opportunities the strategy provides, its weaknesses and its strengths. Please note that this is not to spruik another site or drive traffic away from this one, but to provide a place where I can explain signals provided by Training Wheels without clogging up this thread.

[noelsforex]

Thank you slipshod, i have had a quick look, and seems a solid system

[MissusT]

Thank you! I think you might have written this just for me!
I'll work my way through it and let you know how i get on....
Natalie

[slipshod]

You're welcome Natalie, all the best with it and I hope you find it helpful.

[casteffens]

What does the M1 or M15 that pop up in red on the chart every now and then mean?

[casteffens]

What does the M1 or M15 that pop up in red on the chart every now and then mean?

OK, I think it is the warning that said TF's candle will close in 10 seconds or less?

[slipshod]

correct. It tells you when the candles are going to close. Its not essential, just a nice-to-have whatever strategy you use.

[mikeswest]

Really impressed with the training concept and the presentation is excellent, as a relative newby this is something I am keen to try. However my trading platform and charting are supplied by IG Index and do not contain the ATR or the rainbow stocastic that you use on your system. They do have a range of tools including stocastic momentum index and bollinger bands. Can these be adapted for your system and if so which perameters should be used?
Thanks, Mike

[slipshod]

IG Index - is that the same as IG Markets with their java trading charts based off Prorealtime's? If so, yes I could send you something thats pretty close. Maybe send me your email addy in a PM?

[mikeswest]

Hi Slipshod
Not sure how to send you my email address via PM???
Yes IG Index uses Java with Prorealtime
Thanks Mike