To be honest I don’t analyze it that much, I think I do better on the N.Y. but I’ve got people that swear by the London session, and whatever I say this week, the chances are the next will be totally different.
The best advice I can give here is, you can see from the thread that it’s profitable from the number of people that are trading this kind approach and therefore is an approach that is worth considering seriously.
As with a lot of Forex strategies, it’s a lot about you, so a lot of things like, are you a morning person or a late starter, I’m an early bird and yet I find it better trading after lunch.
So it’s a case of suck it and see, and remember to keep it all in perspective, 5 PIPS a week will more than double your money in 12 months, and compare it to a college/degree course where you can study hard for 3 years to end up with a chance of being able to go to work every day!
It is a daytrading style for stocks, you dont concentrate on the chart but on the times and sales list. That list shows you every Tick (Price,Time,Vol)…
You start looking for patterns in your stock and go for it.
But since there is no reliable volume in FX you can see the “price-ticks” also watching the candle…
It was just an idea, because it seems quiet similar…
I currently trade this method and have done for over a year. It was me who mentioned that to trade this with the Euro is not a good idea, the lure of a smaller spread is certainly enticing, generally speaking when trading with the recommended broker (Oanda) the difference is 1 pip but the movement of this pair is just not sufficient to generate positive results over a period in my opinion. Again speaking in general terms you will often get in on a move on the GBP/USD that pushes straight over the spread and doesn’t stop for 10+ pips and these really help the figures to add up over the long run, i just didn’t see this kind of ‘push’ with the Euro.
I like this method but currently i am still loosing,I need lots of practise and I think words can not explain this method, you have to see the PA continueasly.
I trade what are considered to be the optimum times, the London and NY opens. In a 2 hour window i would not expect more than 3 entries (1 is more likely), the key to this method is having the patience to decipher the good movement from the iffy movement. You are quite correct it is not easy.
This is purely discretionary to start with then over a period of time you develop a ‘sense’ of when to enter and exit and to that end it becomes mechanical, then you have cracked it for life.
Yes many times i used to sit in front of the screen from 6.30 am to 4.30 pm UK time. In my experience this returns more negatives than positives. As this is a scalping method requiring high concentration levels 8 or 10 hour stints is detrimental to your account, you will be drawn into ‘false’ moves and then emotion and frustration will take over. There is a reason why people trade the ‘opens’ and that is because the price movement is more favourable, just look at what price does generally after 9 am UK time - it consolidates/chops around and this is far from ideal. As a yard stick, once you are proficient 1 trade per 2 hour session would see you account grow immeasurably as long as you compound.
I think it has been covered but if i had not taken a course and had stumbled on this thread as you have then you are fortunate and i would do the following ;
Watch his ‘typical trade’ video.
Watch his ‘counting’ video.
Use his simulator for at least 30 mins a day.
Watch you monitor for at least 15 minutes to get a ‘feel’ for the price movement before even thinking about entering a trade.
Expect NOT to trade unless something really tempts you.
Try to enter as price is moving.
Never let trades fallback, if your spread is not being covered and moving in your direction exit the trade.
This is about simple mathematics - +3, +1, 0, +3 , -6, -8, doesn’t add up!!! +3, +1, 0, +3, -2, -2, does add up.
Compound once a month.
I agree its because of the level of concentration I strictly trade this method only at LO and then I will change my strategy to something completely different. I found that if you are doing this for too long anything that moves is considered to be a go. You will get a lot more negatives and if you are slightly emotional this could throw you out mentally for sometimes weeks. So be careful if you are thinking of trading it through out the day or at any time other than the opens.
Watch his ‘typical trade’ video.
Watch his ‘counting’ video.
Use his simulator for at least 30 mins a day.
Truth be told, where can i get these videos. Are these the videos from PPF website??? or is it from another website that is not mentioned here. If it is from another website can you PM the link to me please.
By the way thanks Truth be told and Namibia for your guys imputs here
i to have taken the course you mention however after a yr on demo i am still returning only 60%. i know it’s easy to blame the system blah blah but i find our mans advice re reading the market too subjective at times. What turned it for you? and also what is the more reliable consistent system for you now is it FTW or your other strategy?
I see it was the charming little smug internet marketing chap that you took the course with, i too made this mistake!
Inspite of the miniscule knowledge provided on that seriously overpriced course you have stuck with it and taught yourself what is necessary to be successful, an 80%-90% positive strike rate is exactly what is required to succeed with this method and to that end you have my admiration you don’t need me to tell you that you are now forever self sufficient.
I am not quite at your level just yet (more 60%-70% positives) but i can see with unwavering discipline that it is possible to make this method work however paying many hundreds of pounds to a patronising know-it-all who has never demonstrated with any consistency himself that he can trade this way and doesn’t give you a clear explanation of the method would be foolish when you get far more information and a very clear video of a typical trade from the chap that started this very thread.[/QUOTE]
hello, have you abandoned the above course you took altogether? i am currently a pupil but banging my head against the wall and getting fed up with his ambiguity regarding entry/exit/ reading of market. his videos are very contradictory and subjective. this system mentioned here seems a little more straightforward, but by no means easy. you should enter forex to protect your capital first and foremost and gains will follow. however patience and iron discipline is the key. good work all enjoyed this thread