The goji system, for lack of a better name

Trading Systems
901

I have to say it again, I already read babypips school, all of it. But it doesn’t mean I have to take everything on it as it is, simply I don’t agree with some parts. May be I will agree about this high leverage risk at a later day once I get more experienced, but today I don’t.

It’s not that I don’t have $1k to start with but simply I don’t want to. (I have a job also).

Anyway you haven’t answered my question. And I still believe I can start with $25 trade and climb up while I learn forex. I’m still looking for an answer to this low budget high leverage situation. (May be this is not the thread to ask that question, I’m sorry if I’d been dragging this too long)

Thanks

902

I know you said that you had read through the babypips school, but I assumed that if you still didn’t know why high leverage could be bad then you didn’t pay enough attention to the babypips school, the thing is I think he is explaining it perfectly and I don’t really see how I could explain it any better then he does. What exactly is it you are not agreeing on in his school? Maybe I can then tell you what I think myself.

And you can always try your own method of starting with 150$ and trading 25$ lots because it seems that you have already made up your mind. I know for a fact that you will lose all of the 150$, but you might aswell learn from your misstake because I think that is when you really start to understand.

I’m sorry if what I typed sounds rude, I have no intentions at all of being rude. I am just simply expressing myself.

903

Thanks Dean!

Your advice is appreciated. I’ll keep those point’s in my mind.

By the way, do you know why “goji” system changed from it’s initial setup? Why not trade U/Chf any more? Is it still high spread issue?
Is initial setup has some flows?

I was demo trading u/chf with those initial setup and was succesfull, wondering why he has to change it.

Pardon me if I am asking something that was posted before, but as I joined recently I couldn’t get it.

904

Thanks a lot for your advice lavaman.

I was trying that for a while in a demo account, with S/L I minimize losses and keep winners running. It was not that bad. (But of course not too good, specially as I try different systems and strategies).

What do you think about starting with $25 trades with an account of the size $150. There I get at least six $25 trades even I lose $25 in a trade; but with S/L I don’t lose $25 all the time, so I can place many trades.

If I lose all of it, I may refund it later; if I can get some profit and buildup the account I can continue like that. In your opinion is it something near impossible or is it a 50/50 chance of success?

Why can’t one get succeed with this type of micro trading plan? What I want to understand is that.
(I’m very new to forex trading and still demo trading)

Thanks

905

hi all,

wow, you guys have been busy. i will attempt to provide my impressions.

char, you initially asked for an opinion and that is what i gave you, my opinion. as you have seen it is shared by several others. does that make us right and you wrong? no, it is our opinions. you may be successful your way and i hope you are. remember, i simply tell all of you what i am doing. ultimately, each of you have to work out your own thing. that said, i am willing to help you in any way.

lava, i think you have it correct. the cross and close above or below the 9, is similar to what we were doing with the e/u. with this system, it seems that a high degree of time when price moves outside the starc limits, it reverses and moves back to the mean and then some. i think the extra lines also help with S/Ls.

newbies, there was nothing wrong with the system to trade the u/chf. it was profitable and i have no reason to believe it has changed. i found something i liked better. remember, writing the forum is simply telling you what i am doing. if i find something i like better, i will change again. in fact, i did, when i switched from the e/u and chasing will verify that the e/u system is still successful. HERE’S THE IMPORTANT PART, I DO NOT DOUBT THAT CHASING IS A SKILLFUL TRADER, BUT IT TOOK HIM SOME TIME TO PERFECT AND INTERNALIZE THIS SYSTEM FOR HIMSELF. TO YOU NEWBIES, I WILL TELL YOU AHEAD OF TIME. you may scratch your heads, at times, in the beginning because it may appear that i have a crystal ball that you do not have. remember, what i am doing is my system. i feel totally comfortable with it or i would not be trading it. you, on the other hand are trying to learn it when numerous other things are going on that are affecting your trading. trading is easy, mastering trading is not. it takes perfect practice, making mistakes, learning, learning, learning, and then matching things to your personality. as i have indicated recently in several other posts.

char, dean, where are you guys. you have not said, but there can be large differences in time becasue of the time zones. yes, i have had to work this out with some others. the times i trade are when the us, is opening and an hour before it closes, the aussie, asian open, and the euro zone open. i do this to try and capture the momentum of the opens and one close.

i hope this answers some questions. note for future reference; there is no reason to get hung up on your individual tastes or desires. if it works for you fine, if not, you will know soon enough as THE MARKET WILL TELL YOU!

WOW, i’ve written a novella!

later,

goji, bernie

906

hey, 3 23 it’s my b’day also :smiley:

907

Hello everyone see some new names appearing here,

If you want an easy way to follow Bernies trades and having difficulty with the times go get yourself a demo Oanda account and change the times in Oanda to EST (same as Bernie settings) then you will be able to follow and understand his trades better.

Hope that helps

Phil

908

Hi Bernie,

I have a question regarding risk management when you trade your current system with au/us. I remember, when you traded eu/us with the original system, you limited your risk to max 3.5% of the account. Then, you mentioned you like au/us better, cause it allows you to trade bigger lots. Bigger lots + SL 17 instead of 10, together it doubles the risk, at least, depending on how high you go with the pip value.

Could you please share your considerations in this regard?

P.S. I can see, of course, you virtually never have a losing trade:), you always find a way to get out when in positive. But this still can be an issue, especially when entering on the cross of the middle line - it can be crossed back soon and strong:).

Thank you.

909

hi all, chasing,

let’s assume you have $1000, in your account. if i would trade the e/u, for roughly $843 i would be able to put 25,000 units in play. now for that same amount, i can put into play 47,000 units of the a/u. now, yes i have the 17 pips listed as a stop loss, but in actuality, i have been using a mental stop of around 10, even with the a/u. yes, this does increase the risk, though. you are also right that trades around the mid line seem to be more susceptable to moves back and forth. as you know i am all about minimizing losses, thus it is very rare that i take a full fledged S/L. so, yes, the percentage of the full S/L may be higher and would cost more if they were allowed to come to fruition. also, i have found that when i know i am only going to focus on one trade at a time, i take very few TP trades aslo. if you go back and look, many of my trades, and i am doing this from memory, thus perception, seem to wind up with between 8-12 pips of profit. you kow i hate losers, and i hate even more allowing a winning trade turn into a losing trade. thus, for those 8 positive pips on the a/u, it would have taken 15 e/u pips to provide the same $ profit. i hope this all makes sense, if not, do not hesitate.

goji, bernie

910

Yes, Bernie, this is exactly what I was asking about. On your $1000 example, the risk on the e/u trade would be $2.5x10pips=$25=2.5%; the risk on the other (a/u) trade would be $4.7x17pips=$79.9~8%.
While I admire your ability to get out when in profit, I doubt there are many people out there capable of doing this:). Especially new guys here who are looking at your seemingly easy 600pips in March should be aware of the risk factor.
By the way, are you trading this strategy 7pm Sundays?

911

Hey guys, just briefly, what’s the new goji system? Right now I am a complete newb and am just looking at different systems, trying to see what I like best, I found the origianl goji system at the very beginign of this thread, and I hear reference to a new system, but don’t want to skim all 70+ page to find it, so, if someone could post a link to the page, or just breifly detail it here, that wold be much appreciated, :wink:

912

hi they whatever,

i can help you but it won’t really help you. there is no short cut to trading. if you are truly a newb, it’s going to take you a year, or two, three, four. you will proabably blow up several accounts and then will probably give up because you are or have been looking for an easy way to do something difficult. in trading forex you are going up against the most knowledgable, sophisticated, traders in the world and you are way behind the eight ball looking for an easy way out. it will not happen.

the regular readers here will all tell you the same thing. they know there is much more to trading than a system. by not reading all of these pages you will miss out on the emotions of trading, the subtle nuances that separate the good traders, and you are doomed to fail. then you will run around bad mouthing the goji system, because it couldn’t have possibly been you!

here are the posts to help you, i said i would give them to you. #307, 309, 725, 732, 759. now it’s up to you, take the easy way out and learn nothing or go to school. have you gone through baby pips school, by the way? you really should do that first. if you are serious you will. then read and digest these posts. then start on a demo, for several months. if you do all of this you have a chance. if not, as i said, you are doomed.

please do not take my word for it, i’m sure some of my regular readers will chime in and echo what i have told you. THIS MAY SOUND HARSH TO YOU, IT WAS NOT MEANT TO BE. SOMEDAY, YOU MAY THANK ME.

goji, bernie

913

Consider me chimed in! I consider myself a pretty smart guy. Life is pretty stable and I was able to start a business that allows me to work for myself and not have to answer to “the man”. Trading the foreign exchange is by far the most difficult venture I have undertaken as of yet in my life. It’s funny, because it seems so darn simple on the surface! At least it did at first. In the last six months I have spent hours upon hours in these forums, read about 12 books cover to cover (running the gamut from technical analysis and patterns to market sentiment and trader psychology). I’ve kept a journal, analyzed my trades, tried every time frame you can think of as well as 10+ different systems and I’m still not there yet. I no longer expect to get “there” in any certain amount of time, I’m just going to keep plugging away and learning as much as I can while I continue to learn from my numerous mistakes.

Long story short: You have to be committed. There is no sure-fire way to instant profits and there are no shortcuts. If you’re in it for the long haul, learn to raise your frustration tolerance level. Because frustration and learning the currency markets go hand in hand!

914

Lol, Goji, thanks for the information, yeah, I know there is no surefire way to bank pips…that seems to be the major theme running through these forums…they all seem to say…get a good grasp of things and do it yourself…but one must find some systems to start with and play around with, and I figured yours was as good as any!

Also, yeah, I graduted from the school of pipsolagy cum laude, :slight_smile:

915

Hey, so I looked at your system, and decided it’s not for me, I dunno, I don’t think I’m a scalper, you are trading from a 5 minute chart, and it seems like, despite your best efforts to find good indicators, you are getting a heck-load of noise, (supporting my assesment is the fact that your pip-profit, while good, is not that great), also, I’m just a newb, but your tps seem oftly steep for scalping, as do your stop-losses (though maybe I was not looking at the final version of the system, which sets different tp/sl),

Anyway, I hope this system works for you, but I’m going to look elsewhere, scalping seems like one of the hardest forms of forextrading, and, as you guys already said, if forex is so hard already, there is no need to make it any harder.

916

hi all, they took especially,

TO HELP YOU DETERMINE WHAT kind OF TRADER YOU THINK YOU SHOULD BE, I URGE YOU TO DO THE FOLLOWING:

remember this post and pass it on to whomever.

now, pull out a sheet of paper to jot down your answers and let’s see what currency investing strategy is right for you…

Quiz: What Kind of Currency Investor Are You?

  1. How many hours do you work a week?

a. Zero (I’m retired!)
b. 15-30 (part-time)
c. 40 (full-time)
d. So many I’ve stopped counting.

  1. How often do you take a vacation?

a. The standard - 2-4 weeks a year, plus holidays
b. You travel for pleasure once a month or more
c. Vacation: What’s that?

  1. How long have you had your own investment portfolio?

a. Since birth
b. As long as I’ve been an adult
c. Since I started building my long-term nest egg
d. Not too long, just set it up within the last 3 years
e. Don’t have one yet

  1. When you think of “investing,” what is the most important thing to you? (Please just pick one.)

a. long-term security
b. biggest profits as fast as possible
c. steady profits
d. not losing your shirt

  1. Please put a check next to every investment you’ve ever bought or sold in the past.

stocks
bonds
commodities
CDs/money market accounts
options (any type)
ETFs/mutual funds
PPNs
hedge funds
futures
forex
reverse convertibles, strides

  1. How long do you typically hold your investments?

a. Years preferably
b. A few months to a year tops
c. Anywhere from a few weeks to a few months
d. No more than a few weeks

  1. How often do you review your investment portfolio?

a. Daily
b. Weekly
c. Monthly
d. Yearly

  1. How would you feel if you lost what you consider an “obscene amount of money” on a single investment?

a. Angry/betrayed, and ready to give up investing in that market altogether.
b. Not exactly jumping for joy, but willing to invest in that same market again.
c. Cool as a cucumber: These things happen - you’ll soon make it back.

  1. As of right now, how much of your portfolio includes international investments (including domestic investments that give you international exposure like ETFs or mutual funds)?

a. None
b. Less than 10%
c. 10% to 25%
d. 25% - 50%
e. 50% or more

  1. Are you already a currency investor? If so, please put a check next to all the forms of currency trading you have tried.

Currency ETFs
Foreign bonds
Currency options
Currency futures
forex/spot
Currency sandwiches
Currency PPNs

Now, please tally your score below.

Question 1:

a. 1 point
b. 2 points
c. 3 points
d. 4 points

Question 2:

a. 2 points
b. 1 point
c. 3 points

Question 3:

a. 4 points
b. 3 points
c. 2 points
d. 1 point
e. 0 points

Question 4:

a. 1 point
b. 3 points
c. 2 points
d. 1 point

Question 5:

Stocks - 1 point
bonds - 1 point
commodities - 1 point
CDs/money market accounts - 1 point
options (any type) - 1 point ETFs/mutual funds - 1 point
PPNs - 1 point
hedge funds - 1 point
futures - 1 point
forex - 1 point
reverse convertibles, strides - 1 point

Question 6:

a. 1 point
b. 1 point
c. 2 points
d. 3 points

Question 7:

a. 3 points
b. 2 points
c. 1 point
d. 1 point

Question 8:

a. 1 point
b. 2 points
c. 3 points

Question 9:

a. 0 points
b. 1 point
c. 2 points
d. 3 points
e. 4 points

Question 10:

Currency ETFs - 1 point
Foreign bonds - 1 point
Currency options - 1 point
Currency futures - 1 point
Forex/spot - 1 point
Currency sandwiches - 1 point
Currency PPNs - 1 point

Which trading style suits you?

7 - 19 points: Long-Term: Slow and Steady Wins the Race: Whether you’re a first-time currency investor or not, you appreciate long-term, steady profits. You always opt for security and safety over the “get rich quick” investment ideas. Also, in your opinion, the best kind of investment portfolio is one you can invest in and then forget about (or perhaps just check occasionally when needed).

20 - 32 points: Intermediate: Looking for Bigger Profits AND Safety: Your risk level is right in the middle of the road. You appreciate safety and security as much as the next investor, but you also don’t mind putting some money on the line to grab a bigger gain.

33 - 45: Advanced: Handover the Profits! For you, it’s all or nothing. You work hard, you play hard, and you invest the exact same way. You’re going for the real returns that only the professionals seem to master. Also, you already have some experience investing or even trading more complex markets.

Now obviously this quiz may not apply to every situation. But it’s a good starting point. And now that we’ve got a better idea of how you can benefit from the currency markets, tomorrow we’ll discuss in detail what areas may be right for you.

Stay tuned…

Carpe Diem,
Erika Nolan
Publisher, World Currency Watch and FX University Daily

917

hi all,

ok, before chasing or lavaman, or anyone else asks; i scored 31.

g, b.

918

hi all,

well, this was not much of a start to the new week, but remember there is nothing wrong with BEs. there is nothing to make up if you take them.

1:50 long, .7171
2:02 exit, .7171 +0

see you at 8:00 am

goji, bernie

919

hi all

“monday, monday, can’t trust that day!” thank you mammas and poppas, if any of you ever heard of them? the morning’s second trade:

8:05 short, .7135
8:10 exit, .7129 -6, -6

“just another manic monday!” thank you bangles, more recent!

april total, +55

see you at 3:00 pm

OOOOOOPS! ok, here’s a lesson to be learned. i made a mistake this morning and it cost me. the reason for the mistake was that i was impatient and i was getting over confident with the new set ups. the first green candle to close above the lower line occurred at 8:35 am. that is the candle that i should have traded. because i lost on the first trade, 8:05 am, i chose not to trade again. i hung around, however, watching to see when price would return to its mean. it did so right after 8:35 am. NOW, HAD I BEEN MORE PATIENT AND LESS over confident, I WOULD HAVE ADDED +8, INSTEAD OF HAVING TO SUBTRACT -6.

goji, bernie

920

Not a great start…

Well, I didn’t take the 8:35 trade because it seemed like it could have just been a peak above the lower line in a strong downtrend. When the 8:45 candle crossed the mid-line, it looked like the reversal had “legs”, so I took that trade. That was at the absolute top of the pullback. I should have exited at the close of the 9:00 candle, but there seemed to be a little support there, so I waited to see what would happen. Then price shot down to my stop. I need to remember, that I need to try to keep myself from taking full SL losers, since I also know it will be hard to find the patience to take full TP winners.

That’s okay though, I decided recently that I was going to stick with this, and the amount in my account is okay to risk (I feel like I’ve said something similar before :slight_smile: ). So I’ll be back at 10 and then at 3.

.71238 buy at 8:50, .71042 SL at 9:07. -19.6 (some slippage I guess)

“I don’t like Mondays. I want to shoot the whole day down.”

-Boomtown Rats (1979)