I have been studying the forex market for a full month now and i believe i understand it now to start making a lot of money.This is how i am going to trade.
I am going to buy at the low of the day and then sell at the high of the day.It’s that simple.I’ve been scrolling down my charts and looking at the last two weeks and so far i have not lost any money at all but has made a lot of money.I am in the process of opening a live account and can’t wait to get strarted.You can try it yourselve you will see that you can make a lot of money like this.PLease if you have any questions about how to trade my system just asked.
Hey my friend your system just seems to risky.
What are your stop losses, if any?
what if the market just goes sideways for days?
and how do you know when to exit once you bought at the days low?
check out my thread, its called " my simple forex system "
I think you might find it much more profitable and less risky.
but what ever you choose I hope you are profitable.
How in the world would you know what the high or low of the day will be while the candle is still forming? It is of course easy to see what the high or low was AFTER the candle has formed, but you certainly would not know what the high or low of the candle would be during the day itself.
I read about a system like this somewhere else. If memory serves me correctly, it was based on statistics of the wick sizes. The win/loss ratio was 60/40 or better.
When I first started, this was one of the various sytems I attempted to trade with. The problem is that the system, regardless of what your take profit/stop loss settings, almost always seems to result in net 0 return. In order for this system to work, you have to know if the market is trending, ranging, or reaching a peak. Furthermore, you need to know if there is any fundamental releases coming out that could totally reverse the trend.
I promise that two weeks of backtesting is not enough. You probably are looking at two weeks of trending markets. Not to mention that, if you aren’t using a stop loss, one bad day can kill a few weeks of profit.
Setup a demo account and trade it for a few months before you put any real money behind it. If you do want to go live, please don’t put any money in that you can’t afford to lose. You almost certainly will. I did and almost all do. Good luck!
if you sell at the daily high and exit at the daily low, or buy at the daily low and exit at the daily high then you will win 100% of your trades. It’s the holy grail. The problem is you can’t know if price has reached it’s high or low untill after the fact and then it’s too late to make your trade…
unless…
unless you design a technique for determining the high and low as it’s happening. you may not get the exact high or low (except by sheer luck) but maybe you can get ‘close’… and close is good enough, it has to be good enough because close is the best you can ever expect when you can’t see the future.
Pah, we are probably just blind that we can’t see this genius system. K.I.S.S. in it’s most naked style. Just pick the top and bottom. No hassle with entries, stops, exits anymore. Why did we not invent that? Because we are blind.
The funny thing is… that’s just what some of us have been doing…
It really is a stroke of genius. Wish I could take credit for it but someone else invented it.
But how do you know what’s the high/low of the day until that day has ended? It’s all hindsight. And I’m writing this as I’m drunk off my mind…what’s your excuse?
yes, the exact high and low can only be known in hindsight but you can get reasonably close fairly often as mentioned before. Look for when price is near it’s avearge daily range and is also near previous days highs or lows or near a short period MA… Like I said, ‘close’ is the best you can do. If you get close often enough sometimes you’ll hit it exactly just by luck. Ive had that happen several times.
