The goji system, for lack of a better name

Trading Systems
341

hi all,

i jumped on early today and i have some time to answer some questions and make some comments.

i’ll try to answer some questions first. db, i do not have any rules for moving the S/L except for the one automatic, at +4, i move to break even. if you notice in some of my recent post i have included moving to BE, or +8 etc. in all honesty, i only record some of this when the market is moving slowly. i know it is always listed on oanda, but that means you have to go back and hunt for it. the bottom line is as always, i hate losers, and i make every attempt to get to break even as soon as possible, and then move as i deem appropriate. i know that eliminates some winners, or more profit, but i do not care about that as it is still abut the losers.

chasing, most of the major news hits around 8:30 am, some at 10:00 and interest rate decisions at 2:15. the first thing that i do before i start each day is to see when the major news is going to come out and what that is. you are right, much of it i do over look. as indicated in my post today, i really do not like the long candles very much either, now that i think about it.

raj, oanda does not enable a trailing stop. if they did i might employ some strategy for incorporating it into what i do. here’s what you, all of you, should relaize, i don’t care how much i make as long as i do not lose.

ok, i am done preaching. this is what i have found works for me. it is not the “holy grail,” but i have been fairly successful with it. you are always free to incorporate a different slant to your trading. i have offered this because i thought i could help some people with it. however, it may be to fast paced for some, it may not produce enough pips for others. some may want to work all day. some may need to produce a certain amount of money each day, week, month. i am doing what is comfortable for me and simply writing that up for you. i believe doing so makes me even more disciplined and that is my benefit. as a retired teacher, i also get a chance to continue teaching. please do not hesitate to question, criticize, or even laud my efforts. i truly hope this is beneficial to many.

it is time to get to work for my afternoon session.

later,

goji, bernie

342

hi all,

i did not realize that my previous post got through. my computer went down right after i hit the submit key. i never received a confirmation. as such, i have not, as yet, looked at what i may have missed at 3:00 PM. THIS PROVIDES FOR ANOTHER LEARNING EXPERIENCE. COMPUTERS DO GO DOWN EVERY ONCE IN AWHILE. IT IS WHY YOU MUST USE S/Ls. IF NOT A BANKROLL COULD EASILY GET WIPED OUT, OR YOU COULD MAKE A TON. BUT THEN, THAT WOULD BE GAMBLING!

see you in the morning,

goji, bernie

343

7.00am(pst) short eur/usd 1.3275
7.08am(pst) closed order 1.3263 +12pips

it continued to rally farther down, but i am sticking to the -10 s/l and +12 t/p because like bernie, if i dont stay to a strict system, and start trading with my emotions, i will start making losing trades.

this one doesnt look like it will hit my EMA for a little bit, so im gonna sleep a little before going to class

344

hi all,

WOW! i think it is amazing how several of your recent questions came into focus today. first of all, i hope you had the news identified at both 8:30 and 9:15 am, est. secondly, i had two BEs today. the second of the two, i got stopped out because i moved the S/L quickly, had i not i would have hit a TP. here’s what you may find difficult to understand, I DON’T CARE! what is important is that i believe that in the long run this holds me in good stead. at the time i was already up 5.7 pips for the day. i was in an extremely defensive mode. i did not want to give back the 5.7 more than i wanted to add to that profit. you may ask why i entered the trade? i actually thought about quitting as i normally quit early on fridays anyway. i determined to take the trade but immediately moved the S/L to -5. i was going to have a winning day. price was moving fairly quickly and i did not hesitate to get to BE as the opportunity arose. had i been slower or in a different frame of mind this could very well have been a TP trade. here’s where you may differ totally with my thinking. that is perfectly alright as your trading style should be your trading style, not mine. BOTTOM LINE: i had a winning day today going up against professional and very savvy forex traders. i can live with that.

the days trades:

8:05 EOL, 1.3285
8:10 canceled long
8:10 EOS, 1.3265
8:18 short, 1.3265
8:19 exit, 1.3265, had been to 1.326-8
I WOULD HAVE CLOSED THIS TRADE BY 8:27-8 BECAUSE OF NEWS

8:30 NEWS
9:15 NEWS

9:20 EOS, 1.3295
9:25 canceled short
9:25 EOL, 1.3315
9:29 long, 1.3315
9:31 exit, 1.3320-7, it had been higher but i did not record it, +5.7

9:35 EOS, 1.3300
9:35 short, 1/3300
9:35 exit, 1.3300, had been to 1.3295-5 and things were moving quickly

today’s total +5.7

january’s total +139.1

have a great weekend everyone,

SPECIAL NOTE: when this year’s super bowl has been played, i truly hope that no one will be able to say it was, FOR THE BIRDS!

goji, bernie

345

very good db, i think this is what it is all about, finding something that works for you even if it is somewhat different from everyone else. if you stick to this, you eliminate greed, which is a bank roll killer. here’s what some people lose track of. i do not know, but could figure out, if you made 12 pips every single day how long it would take to make you a millionaire. also, those 12 pips each and every day could lead one into a position where they are making $12,000 per day. that equals a million dollars ever four months. i firmly believe if you have the patience to run this marathon of thousands of 100 yd. dashes, THIS CAN BE DONE!

bernie

346

Bernie,

I think you’re right. What I like about your thread has nothing to do with the mechanics of the “Goji” setup/trade although I believe for a scalp trade it is as valid and simple to implement as any could be short of flipping a coin. What I like very much is that each trade entry has a very focused objective that keeps the mental part of trading in command over the emotional side of trading.

347

Hey guys,

For once I had a similar day as Bernie! I too took my profits early and ended the day +5 pips! Its a great feeling having stuck with the system and having come out positive :slight_smile:

As for the birds, I’m from Pittsburgh so I definitely do not want a “BIRD” bowl :slight_smile:

Raj

348

Hello Bernie, hello everyone,

I was extremely persistent today, started at 3a.m. EST, quit at 10:30a.m. EST; 12 trades in total, too many to list one by one, I tried to move my SL into the positive ASAP, so this is what I got:

  • two losers - 11 each;
  • ten winners from +1 to + 12.5 each;

plus 20 pips for the day. I’m totally fine with it. I trade K200 contracts, if I consistently make 20p per day I’ll increase the number.

Thank you, Bernie, i totally salute you and your attitude, have a great weekend.

349

You make an excellent point Bernie! at the moment - I am working on a +16pip/day system. It’s proving to be really profitable but very tough on the days when news comes out. Not that my system is loosing pips - but its watching all the profits build up after I have already taken my +16pip gain for the day. I guess this is where discipline and the need to hold back from greed comes in. Not saying 17 pips is greedy - but it deters from my plan and sticking to what you know and what is proven will benefit you in the long run. Well played and good luck sir.

350

hi all,

i am so glad to see those of you who are are being helped by my reporting. this is a part of the reason that i started writing this and i am gratified.

i want to call your attention to nick b’s “art of the chart” on the home page to baby pips. i received some comments this past week about news and what is considered major etc. nick b. identifies those things that you should be checking before you start trading. he says weekly but i think daily. by thursday, it is easy to forget or overlook what you may have listed on sunday night/monday morning.

keep up the prosperous work!

later,

goji, bernie

351

Ive been to page one of thsi system but cannot find the whole explaination am I missing some document to download shoewhere? I would be grateful for a link

thanks

352

Refer to post 307 in this thread for the Goji trade steps. I would suggest you read through the thread so that you get a better understanding of the “goji trade psychology” along with the mechanics. IMHO the trade setup is simple. The mental part is where the rubber meets the road.

353

thanks for your help there, had a good read just a couple more questions

The time we are talking here is when in GMT I hate trying to get me head around world times, is this going to be the same time the brokers are all talking about widening the spreads due to low volatility?

Final question, what is the best software to use I downloaded that Oanda and got the EMA 10 but couldnt for the life of me find the candlestick settings?

thx

354

Bernie’s trades start primarily at 8am EST which is GMT-5 (US market activity). As you read through the thread you will soon see that on most days it is in/out and then on to other things other than trading. He will list his entry and exit so you will see how simple the mechanics are. But please read his commentary if you really want to learn how to be a winner at forex.

If you downloaded the Oanda FXGame demo software it is all you need. Look at the top of the chart left side. You will see 3 - drop down boxes. You can select the currency pair to chart, the timeframe and what type of chart from these 3 drop down boxes.

355

Hello Bernie, hello everyone,

this morning, 2am EST to 6:20am EST:

again 12 trades:

1 loser -11.2;
1 BE;
10 winners from +1 to +12.5.

+35p. for the session; “better than expected”, quit for the rest of the day.

Good luck to everyone.

356

hi all,

i am so pleased that some of you are really benefitting from my choosing to write this forum. also, thank you to those that are also helping others out by answering questions. we are developing into a very nice community.

as for trades today, i am finished for the day. i am in friday mode i guess by quitting at 10:00 am. there are other reasons, naturally. first, it is a holiday in the states. next, we have already had a winning trade this morning, though not a TP trade. remember, it doesn’t matter how much the win as long as the trade is not a loss. finally, i am agog as my pittsburgh steelers are heading for another super bowl. enjoy your holiday everybody, do something special for yourself.

the trade:

9:00 entered order short, 1.3175
9:13 short, 1.3175
9:15 exit, 1.3170, had been to 1.3166

january total, + 144.1

i will not be trading at 3:00 pm today. remember, i trade at this time to trade into the usa stock market close. due to the holiday, there is no usa stock market today.

back tomorrow morning,

goji, bernie

357

Hello everyone,

Had a really good read tonight took all of 3 hours to get through this topic but well worth it well done Bernie.
The reason I gave it a good read was to make sure I dont repaeat questons here and I will try not too, however I do have 2 more questions,

ezinvestor,
thanks found the candles now!!!

Just one more on the time zones and trading, I live in Dubai at moment which is +4 GMT so what you are saying is that 8.00am EST is +5 + 9 = 5pm here, if that is true thats excellent for me getting home from work at 4.30pm and doing a few trades to see if they compare with yours, can you confirm that is correct?

Anyway think I will be here for they ride so nice to meet you all.

358

hi philbot et all,

i think i may be able to help you. second question first. go to an oanda chart, at the top you will see three boxes, the first is for the currency pair, the second is for chart time, and the third gives you different bars, click on the down arrow and then click on candle sticks. next, i think i am +5 on the gmt. so what you are saying sounds about right, i think. here’s another way to help figure it. much of the major news in the usa is released at 8:30 am est., same as new york city time. thus, i start at 8:00 am, about a half hour before that. i trade for three hours, or less, and then come back for the stock market close, 3:00 - 4:00 pm, or less, as i rarely trade the full hour. welcome aboard!

i hope this helps,

goji, bernie

359

Bernie ; Just wanted to take a moment and thank you for all your efforts on this thread. Just finished reading it entirelly… I mainlly trade on a 15 minute time frame but always looking for a better entry signal. Might incorporate yours … will see. . Yes that lack of re-entry is a bear… Might look for pull backs ( profit taking on your 5 minute) The enter in the intial direction with a tight stop as usual… Just a suggestion. But as you said time and again . Don’t fix whats not broken.

                                       Good Trading To All Ken :D
360

hi all,

this was again one of those nights that i couldn’t sleep. so, i decided to crank up the lap top, i actually keep it right next to my bed, and see what was happening to the euro. i started right at 2:00 am. sure enough a trade soon developed and it was a TP trade. i guess this makes up for not trading today at 3:00 pm. i have also noticed that chasing pips has been doing very well at this time. it is nice to know that the goji system works at other times. well, time to go back to bed and i will see you in the morning. i am sort of wondering what sort of day it might be due to the inauguration. we shall soon find out!

this morning’s trade:

2:05 entered order short, 1.3005
2:06 short, 1.3005
2:09 exit, 1.2992-1, a TP trade, +12.5

january’s total +157

later,

goji, bernie