Yes, even when its handed on a plate some are too bone idle to find it and take it. Cowabunga is a good place to start although not for everyone but as an exercise in being able to move from theory to practice it is unrivalled. Particular issues I have with it include not being able to replicate the MACD with commonly available and free charting packages, the ‘blindness’ of trading a system against what the price action is telling you and the fact that the times wont suit everyone. Nevertheless this is the place to start especially if you have graduated from bpips school. Interesting that this poster never returned either which maybe isnt surprising and maybe for the best for them! In fact their last log on was 9 days after that post so I guess they found the grail somewhere else!
The ‘Swing Index System’ by J. Welles Wilder.
hi does anyone have the ‘swing system’ ASI indicator? can you tell me where to donload it as my MT4 does not have ASI?
thanks
I’m impressed: you’ve obviously heard of the ‘Swing Index’ and ‘Accumulative Swing Index’!!!
I don’t know where to find it for MT4 i.e. I ‘coded’ it into my trading platform myself (not MT4). Internet maybe?
Just a word of caution though (and I just KNOW that eveyone thinks I’m ‘nuts’ when I say things like this):
DON’T just download an indicator from anywhere and then start using it ‘blindly’. One of my trading platforms actually HAD the SI and ASI included and, after cross checking the SI and ASI included with the platform to Wilder’s actual (manual) calculations, it turns out that the included SI and ASI were ‘off’. In this particular case I’m not entirely sure that the differences would have been ‘material’ i.e. caused losses BUT it’s worth checking what you download or are supplied with!!! One of my ‘favourite bugbears’ is Parabolic SAR (which I am currently ‘re-coding’ as well).
i heard of it here about 45 minutes ago! i was curious, but i think i will stick with the fib retracement method for which i have found confirmation in another thread. thanks anyway.
swing trading is normally carried out between support and resistance levels within the major trend. The forex trader will watch prices move into support or resistance and then take the opposite view and execute a trading signal in the opposite direction.
i think you should only go for systems which have at least been back tested and forward tested … basically i mean proven systems. Of course past performance is no guarantee of future good performance but its still your best chance. Why not try and see if you like
1)First strike plus - Joel Resnik
2)One night stand - Joel Resnik
3)Booker band trading - Rob booker
4)Surprise trade - Rob Booker
Joel Resnik is a pro trader for more than 30 years he’s been trading his systems and writes a blog where his performance was almost 500%. Rob booker has helped a lot of traders although he is controversial because of his marketing the above two systems work he presented the proof and statistical data in the New York traders workshop last year. You should be able to find the above systems for free on the internet
Cowabunga works but take care of most of the stuff in here its mostly (not all) the blind leading the blind.
Hello please can you put me through the best way to locate either the trend is comeing down or going up?
regards
A trend has no meaning in a vacuum. You can be a a long-term uptrend AND a short-term downtrend AT THE SAME TIME and vice-versa.
I guess that’s what Richard Dennis meant when he said that he could publish his rules in a newspaper and noone would follow them
There are plenty of systems out there. Many are successful because the people trading them know how to trade from experience. But if you are new to trading and Forex, you need to spend time developing your skills as a trader.
Once you learn how to trade, you will be more educated and experienced and will ‘know’ if the system is right for you, etc.
Me? I have no system. I work with what the market is doing, going, showing me. I just use the most simple setups I can. I look for high probability trades only. I use candlesticks on Monthly, Weekly, Daily, 4H and 1H charts. I use ATR and ADX, S and R, and Pivots for confirmation of entries/exits and that is it. My charts are actually NAKED most of the time.
Clean and simple and longer term trades. I am done with snatching intraday crumbs. I like to let my trades run until maybe a Doji or Hammer or similar give me a warning to bail out. lol
Can you please tell more about your trading?
hi,
without having read the whole threat:
it´s your mindset which makes the money - in combination of the understandig of the market … forget about “miraculous systems” and indicators … you´ll never be successful in trading, without a lot of experience and some work …
above all: don´t spend even one single nickle in buying such a “supersystem” …
it´s not the big miracle to develope one one your own!
it is definitely not the system, which makes the money - it is your mindset - your patience, your focus, that you stick to YOUR system nearly 100% !!!
if you don´t keep that in mind, you´ll pay for this knowledge …
you definitely need to get a deep understanding of the relations.
i really don’t think there is a “best system”.
i think you need to test things for yourself. this is what i am doing.
People just posting looking for a system haven’t gone through the site, and have typically just googled trading and landed up on the forum… that’s how I landed here
As for buying a system, no thanks. I’m taking most of your ideas, trying them out, seeing what works, seeing what doesn’t and eventually I want to trade my own system. Which to be honest, looks like it’s going to be a mash of a couple systems I’ve seen here.
Long story short, yeah, I’ll pay for a system. Once I’ve made a stack of cash I’ll gladly donate some of that to the guys that helped me get there ! But you going to have to wait guys I’ll keep a list … …
Just joing this forum. Great stuff!
bookmark for further reading.
I’ve Already read this topic comments, hmm…, I’m still newbie but I always heard that no Holy Grail, You can success in trading just because you follow that system consistentely. By the way, Why in MT4 there is no Pivot points indicator?, if you have one please share with me…
There is a free Forex trading system that uses Pivot Points and other trade levels to create trade signals. I think it is called daily20pip. The trader (not sure who he is) has posted his trading results from the past few years and has made his system available for free. Just search for this system online and you should find it. My two cents -->
[B]Advantages of the system:[/B]
- Mechanical system
- Very easy to follow
- Seems to work!
[B]Disadvantages of the system:[/B]
- Loss potential (30 pips) is greater than the Win potential (20 pips)
- Win target is small = 20 pips. After commission, you are not left with a lot!
This book is good to understand the swing