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.
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 (1.05 MB). 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.
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
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?
I think you put something VERY nice together here in the forum.
Have downloaded the zip and went through the PDF fast to get a general idea.
Will install a bit later and see what the last trading day of the week will show.
Hi Freddy, am glad you like it & hope its helpful in your trading. Thursday was a very tough day on the pairs I trade, the kind that usually lost me a lot of pips before, but I’m glad to say that following the rules, being patient and staying confident despite all the spikes up and down, I made some profit.
As I said in the manual though, don’t dive into trading this live. Entering trends on pullbacks is not easy, and takes practice to master - but its worth it no matter if you follow this strategy or another one. Its a good idea to experiment on demo or simulation first until you’re confident that your entries and stop loss placements are well placed and timed.
I agree with you on above 100%.
I already have a working strategy, but it is so far refreshing to read your manual and at the same time having a chart running that makes it all so much easier to comprehend in a shorter time.
On page 4 of the PDF meanwhile and taking it all in like a newbie with an open mind.
On the chart: adapting the colors of all a bit more to my liking.
With having already 5 years under the belt, I luckily know by now how to do this all, lol.
I hope many newbies…and old timers…will read your manual. It is worth every minute!!
So far for me today, the pairs I trade (AU and EU) are grinding sideways on the 5 min chart between the inner ATR lines - no signal there. On the 1 Hr AU is in a clear downtrend but oversold, so not a place to enter. EU 1 Hour has bounced sideways the last two days, but right now is constrained under the ATR midline - but the Trend Signal is piercing sideways through the price action.
So for me today, so far, Training Wheels is saying stay out of the markets, and I’m very happy to oblige it.
I may start a blog with TW-based analysis though rather than cluttering up the forum with it.
I ONLY trade EU, so keeping my trading life as simple as can be.
Have it all installed and read and agree with you on the moves for today.
London session can change that rapidly.
Heh, if I did that I’d talk all day and never trade
Edit: The long setup on EU H1 chart was perfect today, as was the short on UCHF. Pity I spent most of my time watching AU, which so far today had mixed signals and was barely scalpable on short timeframes.
Hi Slipshod
Thank you very much for the detailed instructions you sent re adding indicators to my IG Index/Prorealtime.
ATR and Stochastic Rainbow are fine, but I must of missed a step on Trend signal because it is opening in a seperate window under the chart rather than on the chart!
On your instructions you say “click validate, and delete the colour space it automatically generates” I cannot see any button that leads me to delete???
Thanks again for your help, Mike
