Ok, for that follow the same steps as you did for the ATR channels. Close the indicator, right click on the price area of the chart, choose Settings Price and add the Trend Signal. But before you do that …
On your instructions you say “click validate, and delete the colour space it automatically generates” I cannot see any button that leads me to delete???
Ah a typo on my part - it should say Colour Zone not Space. When you look at the Settings window for the indicator, which you bring up with the spanner icon, click on the second item in the list - it should be something like “> Trend Signal”. To the bottom right of the window is a Delete button.
Then check the “Set as Default etc” checkbox, close the Settings window, close the indicator window and add to the price area as described above. Hope that helps
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.
Thanks for sharing slipshod! I am pretty new to forex and just joined the forum. This strategy looks very interesting and Im gonna give it a whirl. Nice looking blog too. I hope you continue posting and blogging for a long time.
Wow! Slipshod THANK YOU SO MUCH!!! It is so nice of you to have shared this system. I spent every spare minute last weekend reading it over and over and then this week trading the system…positive trade after positive trade!!!
You write so well, and it was actually interesting to read. Prior to finding this system, I was trading a demo for six months, mainly EA’s. I got up the confidence to trade a very small live account and blew 60% in 2 days, with my EA’s! Your system is fantastic, simple to use and really working for me. f you don’t mind, i am going to compile some questions for you so i can get better and better with it. I guess the best compliment i can give you is to say i haven’t opened any spam emails selling EA’s for about 3 days now, and i was addicted to reading those, looking for the holy-grail… THANKS AGAIN.
Hi MissusT, really glad you’re finding it useful I must say I’m somewhat surprised you’re making so many positive trades lately, as the pairs I’ve traded have just crunched sideways rather than trending, so I’ve been pretty inactive (until today when AU & EU had breakout short entries).
I am very glad you’ve stopped searching for EAs. I believe that to become a skilled trader you need to understand what the price doing and where its likely to go, and so I designed the strategy with that in mind. For me, anything that works by saying “buy when this indicator flashes green, short when its red” is removing you from the action and making you dependent on its signals. If it starts getting it wrong, you’re lost as it hasn’t helped you develop any skills with which you can make a judgement call of your own.
I’m happy to answer any questions as best I can. If they need in-depth answers I might address them on the blog rather than spamming this thread with charts
Hmmm…i’m probably taking trades that experience would tell you to leave…but then this is only a demo acc, so i am being pretty trigger-happy. Also, i have loads of charts open, and i constantly scan through currency pairs and different time frames, when i see what looks like an opportunity (to my uneducated eye!) i will take a trade, and then concentrate solely on that one to see how it pans out, and gain more experience with the strategy. I am taking way more than six trades a day too, for the experience! I completely agree that with live account, you should cap it at six.
I have just found your website and had a quick scan through, so am looking forward to spending some time reading that and seeing more visual examples. Yes, i also agree now about EA’s, it is more empowering to learn yourself.
I just had a count up - 27 positive trades, 5 losses. Some trades are very small, as i find it difficult to stop snatching at profits! Yes, i’m probably doing all sorts of things wrong with the strategy, but when i was trading manually before (when i got annoyed with my EA’s), it was the other way around completely!! So i’ll keep practicing and reading your blog.
Thanks again!
Hi MissusT, one thing that worries me is “only a demo acc”. I know you’re experimenting etc and that’s cool, that’s what demo is for. I don’t mean to be a wet blanket, but its important if you intend to go live at some point to use your demo time getting into the same habits you’ll use as a live trader. Which means strict limits on the way you trade, realistic money/order sizes and always following the rules. Otherwise the transition to live can be a disaster - believe me I know from experience & I’d hate for others to go through it too
Also I should point out that I’ll be greatly limiting my trading between Thanksgiving and the New Year, as I’m told the markets get volatile and do weird things due to the lack of liquidity in that time, and I know a few veteran traders who take holidays in December for that reason.
I do hear you, and thank you for the advice. I don’t know why i wrote ‘only a demo’, i’m not usually so flippant, just a little bit excited about finding something that works In fact I am trading this on a $100 demo, which is what i would start a live acc with, so that results are realistic(ish). You’re not a wet blanket (perhaps just a cold flannel!)…
Just wanted to add my thanks for posting details of your strategy and for such a detailed PDF…
I started trading forex three months ago mainly using Ichimoku indicators. My trades have tended to last for a few days at a time as Ichimoku gives more reliable signals on longer time-frames and I have been reasonably successful (doubling a very small account since I started). However I wanted to add some intra-day trades to the mix and was having trouble doing this with Ichimoku. It looks like your Training Wheel method might fill the gap
Install the indicators by opening an explorer window, opening the folder where MT4 is installed and copying the indicators to the experts\indicators folder inside. Restart MT4, and the new indicators should be listed under Custom Indicators in the navigator window. Double click them to add them to your chart.
ichitrader, its funny you should post that - I’m actually trying to move away from intraday towards multiple day trades on longer timeframes - fewer entries, larger moves, less stress - and TW is just as applicable on long timeframes as short. Its great if you find TW helps you, and I hope it does, but I’m also thinking that if you’re doubling your account in 3 months you really don’t need to change too much about how you trade
slipshod - haha, yes you might be right If it ain’t broke, don’t try to fix it!
I started off with intraday trading but found it very hard to predict moves with Ichimoku and this made it stressful and a lot of hard work. I moved to longer term (a few days at most) timeframes after about a month and tend to put maybe one or two trades on a week. This has proved successful but still stressful as the markets are so ‘news driven’ at the moment. My original plan was to ‘set and forget’ trades and let my stops/take profits orders effectively manage them. Unfortunately I am not very good at the ‘forgetting’ bit and still tend to look at market on my phone every 10 minutes!!
It is still very early days for me so I guess I am still at that stage where I am trying to figure out which style suits me best. You are absolutely right though, what I am doing seems to be working but as a relative newbie, it still worries me that I might just have got lucky a few times? Who knows?!
Regardless, I will do some experimenting with your strategy and see how I go
One thing you could do, if you have the time, is install the simulator (Trading Simulator 2 - MQL4 Code Base) and then run it in fast-forward. You could run through weeks of long timeframe trades in a matter of hours, and really get a feel for whether your trading method works or not, plus extra practice never hurts
Ok, well, I’ll try Deposit size should be proportional to (a) how much savings you have, and (b) how comfortable you are with the system. You need to either demo trade or trade tiny amounts on a live micro account for as much time as it takes to be confident that you’re consistently profitable & following the rules, and thats the case for whatever system you might choose.
Lot size is related to your account deposit size. Generally risk no more than 2% or less of the account at once. If you make losses and suffer drawdown, reduce the lot size. If you are profitable and your account is growing, steadily increase the lot size to keep it around that 2% figure.
GMT times to trade … a lot depends on where you live & therefore what sessions you can trade. Its commonly held that the asian session is a waste of time, and only London/New York should be traded, but I’ve sometimes seen brilliant Asian sessions followed by a flat London or NY session. I really don’t think there should be any hard & fast rule here.
Stop Loss I’ve covered in the Training Wheels manual. Hope that helps!
[B]Thank you [/B]Slipshod for this excellent stratagy. I have studied your PDF and set it up on a demo and I look forward to getting to the point where it becomes boring! - thats when I will go back to my live account. Unforunatly I have had a very exciting time there and lost over 60% of the account over the last year between EA’s and half baked stratagies. One quick question, after installing the indecators on my MT4 I have a SMA:14 in red come up and I’m wondering if that is part of it or if I made a mistake?
In fact I am trading this on a $100 demo, which is what i would start a live acc with, so that results are realistic(ish). You’re not a wet blanket (perhaps just a cold flannel!)…