Starting out trading and dont know how to make Profits?

There are many phases when we start trading . In first phase one should get knowledge of forex then do practice of trading . After it he will do real trading where he can suffer with loss or profit. Having a big loss you should go to make some more skill then slowly you will know how to make profits.

How about reading the thread first before posting moronic (dear Jess, moronic meaning foolish or stupid - offensive only to those with juvenile minds) comments bro.

Why do this people do this???

Maybe somebody should create a “state the bleedin’ obvious” sub forum?

is anybody testing this strategy? I’m curious to know other people stories about that

I am since 2 weeks (10 trading days now) with about 15 pairs. I know it’s against the rules but I want to get a feeling of the system, find out how it works, …
Up to now I do like the system and I start to understand the logic behind it.

The market has been ranging the past weeks, so I don’t have much results to share at the moment.
My SL got hit a few times with small loss, thanks to moving of SL every day closer to the entry point.

I do have also several positive open trades at the moment.

Overall result is a very light profit since the past 2 days.

But since this is a long term strategy, based on the daily charts, I guess we need to test it minimum during a few months. Until we see the big moves in the market and take the big profits to compensate part of the small losses when the market was ranging.

Anyone has an idea when he’s back?

I keep wondering why he did post this.
Pullback in a trend ???

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Then watch your account reduce to $0:00. Again how can you people even think of trading, little known give advice if you can’t even read a thread. Time-wasters - begone with you.

Forex is not as tough as most of the people discussing in this forum, it is lucrative and proper knowledge and sincerely working on demo account give the confidence and perfection and we can make the reasonable amount after having these two qualities.

I just stopped by to ask you how you are getting on with your test positions - now that we are a month further on?

I am still writing the basics of this methodology into my trading manual but I am currently only using it with USOil. So far it has worked extremely well, but it is only one product. Then I remembered your above post and hence my curiosity how it may be working out on a broader range of securities - if you are still around and looking at this?

Hi Manxx. I tried the High 5 method for a very short time but like you, it seems, it doesn’t really suit my style (or should I say, the style that I’m trying to develop). It might work for me on the side, maybe alongside something a little more ‘dynamic’. A similar day trading strategy, for example. Disappointing that Turbo suggests that the method isn’t transferable to shorter time frames and trades. BTW, interesting that you’re having some success with it on USOil.

Something you said earlier in this thread suggested that you were developing something similar but maybe with a little more ‘action’? How’s it going? Any pointers?

Disappointing, yes, but understandable … I’m pretty sure from all my own experience with fast time-frames that Turbo will be absolutely right about that, overall. (It [I]might[/I] be workable to some extent on faster-moving constant-volume bars, though - I’m “just saying”.)

Hi Jazzman,
Thanks for the input. I am also sure that this will not work on shorter TFs than daily because the whole concept is based on the principle of riding the major, long duration, persistent trends that occur from time to time, and these are only really apparent on the long term TF.

Shorter TFs will inevitably chop these long term trends into smaller pieces and result in plenty of whipsaws whilst simultaneously, by definition, preventing the long profitable price runs.

This was the obstacle for me. I am not willing (nor wanting) to continually have 4/5 open positions overnight, let alone over weekends and holidays. Especially with something as volatile as Crude Oil and with which I am still unfamiliar!

But I am trying it another way. I still use the Daily charts and high/lows from that, as per Turbo’s instructions, but I am only entering trades from an hourly chart and only when the signal is in the same direction as the daily signal and for as long as the daily signal is still valid and not theoretically “stopped out”.

I wanted to hear how others have got on with other securities because the recent oil trend has been rather easy and not very representative.

Perhaps it is clearer to show the chart itself (stripped to a minimal).

  • the left hand section is the daily USOil and the latest trend started on 2.3. when price broke down through the previous low from 28.2. That down trend is still valid and the current stop is at 49.45 from 21.3.

  • the right hand section is the 1Hour chart from the start of the trend on 2.3. until today. I have ringed all the occasions when, in theory, this chart resumed the down move and gave a sell signal. I certainly didn’t trade anywhere near all of these opportunities but all the ones I did take had a positive follow-through.

The chart is not very clear as I had to squeeze so many hours into it, but I hope it gives some idea of the principle in what I am trying to do here. I also believe that when the market inevitably does reverse then I wil not be in a position because the 1H chart will have got me out long before the daily “stop” level is hit - unless the daily stop has come right down to the current price action.

But this is still untried in a ranging market…


Thanks Manxx for sharing this and for your time to explain what you’re doing. Very much appreciated. I think I’ve got the gist of it. If I’m following you correctly, this is my understanding (or not) of your method: You’re still candle counting to determine the highs and lows on the Daily(?) and then looking for entries on the Hourly in the same direction as the Daily.

When you say “when the market inevitably does reverse then I will not be in a position because the 1H chart will have got me out long before the daily “stop” level is hit” - this is because your stop losses and take profits on the Hourly are inevitably tighter, commensurate with the highs and lows and S/R of that time frame?

When the Daily confirms the new direction (candle counting - highs and lows), you then start looking for entry points for new trade(s) on the Hourly…

Please correct me if I’m wrong. I’m sure it will become obvious when I actually start to practice it…

Thanks again!

Yes, that is correct. I am using the 5-day daily highs and lows as per Turbo’s method. But I have my concerns about just trading from those levels. Crude Oil is a very volatile (and therefore potentially rewarding :slight_smile: ) and although it makes some extremely long and profitable moves, it can also stick in a broad range for several months during which time it would at best earn nothing - and at worst get whipped for significant amounts. I do not relish the idea of making nothing for several months! Here are a couple of example periods that show my concern. The periods in the boxes cover several months!:


Correct again :slight_smile:

By way of example, here’s a more detailed chart of the hourly trades over the last few days. The green circles are the entry areas, the red lines are the stop levels and the red circles are the move exhaustion areas, i.e. exits. Obviously, you use whatever is your own trading method to determine your hourly entries etc. This is just an example.


Are you trading Oil at the moment or is this a new interest for you? I only swapped over to this about a month back and I like it very much. But it can be wild (but maybe that is exactly why I like it!:slight_smile: ). But this means I am a total Newbie regarding Oil trading - and there is really a lot of interesting stuff to learn…

We can talk about this some more if you like, but I don’t want to do that here because this is not strictly Turbo’s method (which also uses multiple securities). If you want to talk more then maybe we can swap to this thread: http://forums.babypips.com/commodities-and-bonds/85293-trading-crude-oil-1.html

Once the breakout has happened (moved above or below the low of the last 40 days) we stay in the market. No matter the outcome of the first trade. It is very possible that the breakout towards up was a whipsaw, this increases the probability that a breakout towards the downside is going to happen immediately after. So if we lose the first trade we go back to our standard 5-days trading system in which only the last 5 days matter (the 40 days system is now obsolete and will not be paid any attention to).

Hello turbo! Does this mean that after the breakout you also keep moving up your stoploss according to the 5 day rule? Sorry but how I read it it’s like you just wait for it to fall down again and lose all those pips.

And also, if you are already in 5 securities (trades) should you still look for other semi hot securities and their breakouts?

Thanks you :slight_smile:

Manxx - Again that’s great, very clear. Thanks! I’ve not traded oil before but briefly looked at it along with the price action trading equation method, which I didn’t pursue in the end. I’ve just had a quick glance at your Trading Crude Oil thread and it looks extremely interesting. Give me some time to read it properly and digest it and we’ll talk again on that thread.

Hey!

First and foremost i want to say that this is an extremely useful resource and have to give my thanks to TURBONero for his contribution!

Although to clarify things, since this is a crucial part of this strategy, i want to ask on thing. If i do the updating and stuff in the evening: i take the last 4 days+todays price action into account when creating new order (lke i take its highs and lows into account when setting up new trades). But when updating the stop loss of an ongoing trade, i do not take today price action into account and i use the past FIVE days instead of the past four days + today? Please if someone had a better understanding on this give me a point in the right direction.

Also, just want to ask: isnt this system vulnerable to the different candle closing times by different brokers?

I’ve started using this on a demo account today, on 4 pairs (GBP/USD, EUR/GBP, EUR/USD, USD/CAD), I’m a complete beginner, only been really reading up on it for a couple of weeks, I think this is a perfect starting point for me, so far the demo account has more or less been just so I can try things as I learn, rather than just read and read for hours on end!

So far one is in profit, EUR/GBP, short entry was 0.85424, s/l 0.87343, currently at 0.85237, the other 3 are yet to execute, I’ll try to remember to keep track of them all and keep updating on here.

Thanks for sharing your knowledge!