I really think a new thread should be started around this - because this is the reality of becoming a professional retail trader. It does take years and the value from admitting this is huge. A very important, but unspoken, area of insight.
I’ll delete this post shortly as it’s off topic from the OP - I just wanted to point out that the above is a highly valid area of discussion.
I’m sorry to say I agree completely with this (unsurprisingly).
No, indeed not. 
Thanks Lexy…
It takes time…but also discipline…
Good call…
It takes them time and a loss of a couple of hundred’s of dollars before they are able to realize that the y cannot get profits in their trading :o
Hi
sorry in advance if i’m gonna ask some really dumb questions about this system 
Just to get this straight about 2 points that perhaps should be clear but they are not to me:
[B]WHEN and WHICH DIRECTION in entering a trade[/B]
-I will make an example on USD/JPY as of today 21 feb 2017
If i understand it correctly, I should trade on a HOT market based on the trends clearly showing in the 10y,4y,1y charts.
Then I take a look on the trend on the 1y chart and I set up a trade IN THE SAME DIRECTION of the trend right? Or should I take a look on a more strict time scale?
Let’s say I want to enter the USD/JPY today:
-on the 1y chart I see a trend down
I open a SHORT position with the highest 5day high as SL and a PENDING ORDER for a LONG position @SL of the SHORT position I just opened
In the next day (assuming I’m only looking at this pair) my work would be to update the SL of the OPEN position and the opening of the PENDING ORDER of the LONG position I’m going to open
Did I get some parts wrong? Is my reasoning a correct one?
Other questions: do you think it would be impossible to use this method on a 100€ real money deposit with a leverage of 1:200? I am using only a demo account (and I’m going to try this system only on it if I get it right) but I would like to use it with a small amount of money too. I know this is going to break the 2% rule.
A sidequestion for everybody: what EU broker do you suggest that can support MT4? I’m currently using Plus500 with demo account, but they don’t support MT4 and from their app is impossible to decide a precise value on the currency, it seems to work only “for steps” and I cannot enter a SL too close to the current price.
Thank you and sorry for my english, not my first language
You set two pending orders, a buy stop and a sell stop, based on the 5 day high and low. The stop loss is, as you said, based on the 5 day high or low too. You don’t set any market execution orders with this method.
Each day you update the entry and s/l to the new 5 day high/low.
I use Oanda with mt4
Thanks for your reply, I still have few questions about the method… let’s say i use only 1 pair:
-Imagine I’m LONG on a position with SL at the 5day low, I also have a pending order for a SHORT position with the 5day low as value (and 5day high as SL)
The day after the SL of the LONG position get triggered, the LONG position is closed and a SHORT position is open: now I have only 1 position open
Does that mean that as soon as the LONG position is closed I have to put another pending order for a LONG position with the (new)5day high as starting point?
Basically, for every pair i’m trading there should be always 2 position (1 open and 1 in pending) right?
Yes, that’s correct. You will always be in a trade waiting for a break out. When a big break out occurs you will make back some of the past losses (small pull backs, ranging and such). And hopefully you can stay in a long trend.
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 ???
install forex strategies app on your android or ios smartphone
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?