Hi everyone, this is not a “system” so much, but a strategy with clearly defined entries & exits along with money management rules. The idea is to give a new trader a way of reading price action and trading with trends rather than against them, and knowing when to stay out of the market.
I developed this for myself, to counter the bad habits that threatened to decimate my account. I hope it helps others find their feet as well.
The indicators used by the strategy are included in the zip file along with the manual. They install as-is, no need to adjust the inputs at all, and they adapt to different timeframes automatically.
Training Wheels v1.1.zip (403 KB)
Edit: I should have mentioned that the indicators in the attachment are for Metatrader 4. I’ve been able to create similar indicators for Prorealtime (also IG Markets and IG Index), which you can get here: Training Wheels for ProRealTime.pdf (1.05 MB). You’ll need the zip file as well as it has the manual inside.
Edit 2: I’ve started a blog for this strategy at forextrainingwheels.wordpress.com. There I’ll post analysis of the trade opportunities the strategy provides, its weaknesses and its strengths. Please note that this is not to spruik another site or drive traffic away from this one, but to provide a place where I can explain signals provided by Training Wheels without clogging up this thread.