Set and Forget Systems

Do they exist?

Can they be profitable?

I would say yes. but MOST are terrible.

A lot of them try and get maximum profits per day and I looked at a few to adjust them to what I thought would work - ie 50 TP and 25 SL and 25 TP and 25 SL and they all still come up short one way or another.

There is one on “the holy grail” section at present but not sure its a overall good system as only backtested 2 months.

I trade off the daily charts, at times using 4HR charts for entries. I would be inclined to say my trading methodology is a set and forget set up. I can make an entry, walk away, come back that night or the next day to see how things have panned out. Almost always I’ll manually exit or adjust my position based on how market conditions have changed.

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Would you say your system is easy to use? Do you use Indicators? or Candlestick Reversal Patterns?

A lot of set and forget are Daily High Lows from the day before etc but not sure they work in the long run (well I have backtested a few months for a few systems and not worked)

I have spent hundreds on “systems” that are set and forget and none work in the medium/long run (this was all before I found this site)

As I mentioned before only looking for circa 100 pips per week.

Any help very much appreciated.

priceless :smiley:

Too much Too Little?

Do they exist? Sure. You want one? Go get hired by BoA as a quant.

Oh, are you talking about the garbage you can buy off clickbank? No, none of those work.

I don’t trade a system. I have a methodology of trading. So there really are no hard set of rules. At times I can be in multiple trades at the same time, and sometimes none at all.

I look at price action. And I generally position myself to move in the direction of the overall trend.

I don’t have hard limits for stop losses, as I have a habit of keeping them too tight. Rather, I have an “oh sh*t” stoploss in the event price just went bonkers on me. If a trade is no longer moving in my favor and I do not see it coming into my favor, I’ll manually pull out of the trade.

Profit targets are similar. I look to see what the market is willing to give me. As of late, I’ve been taking profits when my NAV is up 5%. But that’s willing to fluctuate. Sometimes, I just look at a price, see that it’s not worth staying in the market, and just pull out with some pips in the bank.

In the end, you’ll have to figure out your own style of trading. All those systems that you bought that didn’t work was just part of the educational process. This is something that takes time to develop. Be patient. Learn a lot. Don’t be afraid to take calculated risks. You’ll be fine in the end.

cool - cheers mastergunner

haha! so true! clickbank forex items are a waste of time and money. All of them.

I wish you could knock some sense into those who are in love with Megadroid.