Well mr phantom I have no reason to try to persuade you of anything. I am not a liar and do not appreciate being called one. I think you are a snake in the grass and need to stop hiding behind your computer screen and get into the real world. I should consider suing you for slander.
Greetings once again āStevenā,
I take great offense to that! I did not slander you! In print, itās LIBEL! 
Please, everyone, I urge you to pay no mind to this clown. It is merely someone on a smear campaign trying to stir up trouble with lies.
You are very transparent, sir.
Good day,
-ForexPhantom-
Hi all,
First I need to say that I didnāt read through all this post, I just read the first 2 or 3 messages.
Just wanted to tell you how tired I am about seeing tenths (maybe hundreds) of variations of the same method. Everybody and their dog ācreatesā a new strategy based on MAās crossover (5EMA and 10EMA, 5EMA applied to close, and 6EMA applied to open, 3 and 10, and so onā¦).
Problem isā¦ those strategies rarely work in the long run IMO. This because they only work well when the market is in a strong trend, then, when it ranges, a few whipsaws will rapidly eat our profits, and maybe a little more :).
Ok, now after I expressed my frustration, one small piece of adviseā¦ adding ADX can sometimes help avoid fake signals. Never enter a trade while ADX is lower than 20 (which indicates the trend is not powerful enough)
Happy trading everyone,
Marius
1 Like
After reading your story, I have decided to stop trading in Forex and get a job. You are right, my momās basement is getting a bit small for me and, at 265 lbs, many places are not big enough for me. Itās time I take responsibility for myself and stop hoping that my mom and the government will continue to support my need to place orders in the Forex market.
Thank you for your wise words. You have truly touched me and made a difference.
OK, thatās what you hoped someone would write. You have it, now please leave the adults to their conversation and head back to the sandbox.
If you seriously lost 200k and you are working for McDonaldās then you deserve to be precisely where you are or worse; although, as FP points out, itās highly unlikely either are true and you are simply a troll who managed to escape from under the bridge.
Cease, Demon!
James
PS Your ability to be so full of crap borders on the savant; you would do well in a government job
QUOTE=ihavenomoney;93743]Hello everyone
My name is Steven Johnson. When I first heard of forex, I was very excited at the possibilty of making money without working for it. But, unfortunately, I made some mistakes and ended up losing nearly 200000 dollars. I now live in my car and struggle to get by working at mcdonalds. I have come to realize hat forex is nothing but a lazy mans paradise. Anyone who welcomes the idea of living off of it is a lazy bum who needs to find a JOB. Yes the three letter word you all dread so much. If you refuse to take my advice I will simply chuckle once I hear of your great demise by the forex system. Well I no longer feel you are all are worth any more of my time so I will leave you all with three simple words. GET A LIFE.[/QUOTE]Greetings,
If you are done venting, I have some words for you.
Yes, EMAās are very popular. Maybe there is a reason for that? I certainly canāt help that fact. 
What strategies do you prefer? What works in the long run in your opinion? If youāve got a good strat, you should definitely post it.
OK, whipsaws are not a fair critique of ANY SYSTEM in my opinion. What system out there actually FACTORS IN WHIPSAWS!? Nobody can predict a whipsaw, unless itās related to a news report. And the vast majority of the time that is the case. I simply change my strategy during the news release or avoid trading altogether. You canāt say that that is a downfall of an EMA system because itās a downfall with every system. If you trade being completely oblivious to what is going on in the world, then you deserve to lose!
And whatever happened to setting a S/L?? If you get hit with a whipsaw, BIG DEAL! If you always have a S/L then youāre fine. As long as you have a good risk/reward ratio and itās all a part of your money management, then it doesnāt matter if you lose. You should plan to lose.
And if you can get into a little bit of profit, you can always set your s/l to break even or gain a few pips to protect your capital.
Any system can be made into a great system with proper money management. I like this system so far because itās a fairly strong signal and it will produce a good amount of winners (only 2 losses so far, which both happened on Friday).
I donāt care how unoriginal or boring a system is: if it works and can make me some money, Itās a winner for me.
Thanks for your tip about the ADX. Iāll definitely try that.
Thanks for the post. It provided some food for thought and room for discussion.
Happy Trading and Good Luck!
-ForexPhantom-
Iāve been crying for 7 hours since this got posted.
Crying or laughing?
1 Like
Well, whether youāre crying or laughing, I think itās better to take a step back and realize the results all depend on how you manage the trades. If you did not use a demo account before trading real money, then it was a regrettable mistake. We can all learn from mistakes.
Iāll admit I havenāt placed my first Forex trade with real money yet but I will say this. Iāve read 36 books on trading and have watched 20 videos on trading. I also have some stock trading experience even if it was with mixed results. I think youāre on to something even if I donāt want to reveal all my ideas, especially here. I do have some suggestions to make however. Number one is the idea of scaling out of your trades. This improves your risk/reward ratio even if you keep your original stop. The second thing is that retracements during a trend will be typically smaller. So, you could either choose to have a smaller profit target to trade a retracement, or even not take the trade.
I like the books āGetting Started in Technical Analysisā by Jack Schwager and āMastering the Tradeā by John Carter. If you want to get REALLY advanced, then you can read āThe Master Swing Traderā by Alan Farley. But, the first two I would recommend to anyone who really wants to take trading seriously.
If you look at Oliver Velezā swing trading method, you might notice after looking at lots of stock charts that by the time a trend is fully confirmed, his method may not work. Iām saying this because another tip is look at relative lows and relative highs.
Unfortunately, I believe once too many people jump on the same bandwagon, the situations may change and therefore, the patterns may change. So, if you view this as a game of strategy, then youād change strategy when the situations change. I really cringe at the idea of giving my ideas away but hereās another one: Once stops are hit, a lot of overhead resistance is gone. (Boy, some people in the industry are going to hate me to hell for saying that.)
This may be my very last post on trading strategy. Hundreds of hours have gone into my ideas. So, I suggest you consider them.
Greetings everyone,
To those that think this post is real, I promise you it is not. My brother posted this because he hates forex (for no real reason) and wanted to play a joke on me. He is very young and naive.
I was hoping everyone would simply ignore it and realize it was fake. Again, it was simply my brother trying to stir up trouble!!
Letās ignore it and focus on the prize!
-ForexPhantom-
so forexphantom have you opened any new trades?
OMG donāt tell me now it is not real. I started a book about it and even last night Steve Spielberg gave me a call interested on the idea to make a movie. Dumb and Johnson I think he said he wants to call it. On man. my heart is broken again.
Alright, now back to business.
Iāve been following your idea and I find it very interesting. I know some people will come around to tell you it is another one of those thing with a different name, but hey, if it works who cares. The only thing I do to make it almost 100% efficient, I only (ALWAYS) target small amount of pips. I go for 20 pips only but I open three orders all the time. Check it out, slowly and carefully and you will see at least on the GBP USD chart, it always hits the target (so far always) before the market reverses and you end up SL. Also, I think Fridays are meant to drink a lot (that is why Saturday was invented, to recover) so I do not trade on Fridays.
Today the EURO USD opened with what looked to be a good sing so I entered and took 20 pips (three times) My friends looked at me like I was crazy since the market was still going. I said, so far it is enough to go drinking again on Friday. I am happy so far and I think the system is pretty cool.
Slash.
Hi all,
I donāt have a winning system yet, to be honest I am not even trading live yet. I still think I am in phase 2 (Conscious incompetence :)ā¦ you know the 5 stages of a traders career right? ).
Regarding your strategy, I added RSI, ADX and MACD and it does not look so bad anymore. Actuallyā¦ Iāll give it a tryā¦ Iāll watch this post and maybe we will prove me wrong. 
Another question about itā¦ why setting T/P? Isnāt that like leaving money on the table? I personally believe that, for a strategy to work in a long run, you must squeeze every pip out of it, so you afford those loses (I bet there will be loses even in other days then Fridays unfortunately).
I am not sure what you mean when you say that you open three orders. Three at the same time? 
You open a new one as soon as the T/P gets hit? Please explain.
@everybody else:
Please letās disregard THAT message (you know which one) and letās focus on the purpose of this post. 
Later edit:
02:00 AM GMT
EURCHF looks like an entry to me
USDCHF looks good too, RSI just crossed above
Happy trading!
Marius
I do open three trades, all of them at the same time with the same target for profit. Why? first my broker wonāt let me close partially the orders, so when I need to close, I have to close it all. So by opening three orders I can move more comfortable from size to size if the trade does not move the way I expect. Many times I was able to close one or two orders and that reduces the size I am risking and then the only one open can move freely to catch up the lost the other two had.
The other reason I open three orders is because I only target a very narrow section of the trend. It is very effective for me. I rarely miss the targe and when I close it, I close it three times.
Many people find that crazy, in fact almost everyone find it crazy except my bank account. LOL.
Greetings everyone,
Glad to see the forum is getting a workout. Keep up the good posts.
Some of you posed some good questions and Iāll be back to give my thoughts shortly.
I just wanted to share with you guys a trade I just placed.
I SHORTED the EUR/USD @ 1.2666.
Currently I am up +15 pips.
I am not using a T/P right now due to what someone else said. Iāll just use a trailing stop/loss of 25 pips.
Weāll see how it goes.
Thanks,
-ForexPhantom-
Hello!
Glad to see you are keeping an open mind.
Yes, at first I was only using the RSI but the MACD seems to help, also.
I do not trade live yet, either. All strategies should be demoed EXTENSIVELY first. Once you get a winning system, well you know what happens next. 
You are correct in that we should squeeze every pip out of our trades. I think the best way to do this is to set a Trailing S/L. The question is: How many pips should it trail by?
Set the number too high and you might be too ambitious and thus end up breaking even on a lot of trades or worse.
Set the number too low and you will be tripping up on the slightest retrace.
We need that magical number in-between. The best way to determine this number will come from experimentation.
Off the bat, I would think something between 25 - 50 would be ideal. So maybe the average of 37 pips?
For now, Iāll try 25 pips on this first trade I just placed.
Maybe someone else has some thoughts??
Thanks,
-ForexPhantom-
Good method.
A good trading plan can require only a modest amount of pips each month to provide eventually a substantial income.
3 x 20 seems like a good idea (reminds one of the bowflex commercials :D).
The old adage ādivide and conquerā springs to mind.
There are only 2 potential downsides to such a strategy:
-
Trading on the 1 HR time frame limits the number of possible valid entries. It is a stronger signal, but it comes around less often (the trade-off). Thus, it may be tough to find 3 different trades a day (although if you can spend 100% of your free time at your computer, maybe not).
-
20 pips may be slightly too conservative for the 1 HR time chart. You may be leaving money on the table, as mariuspa pointed out. You could use a lower time chart, such as the 15 - 30 mins charts with the same setup and try your method that way. Or, you can join us in our quest for finding the best trailing S/L for the system. Just think: If you can get 40 pips instead of 20 pips per trade, you just doubled your progress. And on an hourly trade, thatās possible.
Thanks,
-ForexPhantom-
Hello again,
The Eur/Usd doesnāt know if it wants to be bullish or bearish.
Recently, itās been going bullish.
Iāll keep you posted.
-ForexPhantom-
Greetings everyone,
The trade has moved in my favor enough for me to lock in some profits.
I am not risking any of my capital at this point and have locked in +10 pips.
Currently, Iām up around +29 pips on my open EUR/USD trade.
I mentioned earlier that I would try to use a trailing stop of 25 pips. It is getting rather late, so this is impossible for now Iām afraid as I must sleep.
However, I need to configure a trailing stop/loss EA so that it custom fits the following criteria:
Initial S/L: 50 pips
+25 pips triggers the S/L to be set automatically to Break Even.
After that, I just want it to move the S/L 1 pip when the price moves +1 pip in my favor.
I want to have it set up so that after reaching +5 pip increments, it never goes below those levels.
So, once the S/L is set to lock in +5 pips, it will not go below that level and can only increase my profit.
If the price moves up +35 pips in my direction, the S/L should be +10 pips and will not go below that. That way there is always a window of 25 pips, but it will not go below any increment of 5 once it has reached that level.
Tricky, but it certainly can be done.
Iāve got some EAās for setting a trailing stop, but Iām not sure about the best one to use or even how to configure it in this manner.
And, of course, this might not be the best way to go about it.
I need some input from everyone else (the smart ones :)).
Take care and rest calm knowing that weāve got another profitable trade unfolding.
-ForexPhantom-
I agree with you 100% on both topics. The chances are reduced, I can find two or three opportunities to enter clearly (so far that means 60 pips three times) and also I might be leaving a lot of money on the table. That is also correct.
Saying that. Remember the best strategy is the one that adjust perfectly to your trading style. Trading this way is stress free. I come out of the trade effectely and always (so far) on profit. Just looking at your last entry and considering how simple I trade, I would be out of the trade with my 20 pips before you were wondering if the trend was bullish or bearlish. That candle moved exactly down to 2646 on my chart. That would have been party time for me.
I am just trying to keep it simple and the reward is double, I keep making good money (very good in fact) and I donāt even remember how to spell Stā¦res ss, correctly. ha ha.
(I am doing this on my live account, is that wrong?)
Phantom.
Could you please take a look quickly at EUR CHF (it was between 9 and 11 market time) and let me know if you consider that one a valid entry. The RSI is coming from the top down below 50% but it is doing it like one hour before the two EMA crossed. Would you still consider that a valid entry point? I am looking at it and if I had taken I would have come out of it with profit but I just do not want to gamble on this thing. Just trying to understand what could be an acceptable difference on time between the RSI and the EMA.
Thanks.
Slash.