Advanced system #13 (The Floor Trader System)
Submitted by Edward Revy on January 25, 2009 - 12:29.
Yesterday I've got another great feedback from one of our readers - Rahul.
He writes:
Hello Edward,
I think you are a very noble person because you are doing great work here helping newbies and also dispelling the popular myths about trading to show ppl the reality. I think you have a very good heart. Thank you for helping all our brothers and sisters out there in the forex world.
I have found a strategy which is the real thing .... it has been used by a contemporary of Denis Richard and used by many professional traders who have made millions from it.
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Hi everyone,
Here is an chart showing my current GBP/USD trade.
Your comments would be appreciated.
Happy Trading
Michael
Hi Thomas,
Thanks for the update, and for restoring the uploading systems.
A picture is worth a million words.
Michael
hi all,
I think maybe the problems you are having is trading the system on a daily chart; rememeber it was originally used as an entry on a 5 minute in the new Up or Down trend; I think the key to this system is what and how you identify the trend ? once you have that locked away then the 5 minute chart is used for your entries and re-entries; it may be that you should work on what works for you in telling you the Trend and then go from there;
Good Luck,
Tom/ Oz PS Michael thanks for your response last week;
Hi Michael,
obviously I have misinterpreted the system. I have not lost on trading this way, but I will start trading the system correct right away. The hardest part is the profit target, today I lost on my usdcad trade, not so much, but I really hate losing. I think I will incorporate 1:1 risk reward like you. Your charts looks great, and I am very grateful for your pictures and knowledge sharing. I hope this will be a profitable week.
Regards,
Kristoffer
Hi Tom,
Surely price charts dont know what time period they are?
Price is the same, and a 5min chart looks the same as a daily chart (it just takes a little longer, LOL).
I think identifying a trend is very hard- I would be curious to find out how you do it?
Happy Trading,
Michael
Hi Kristoffer,
I am not saying that there is a wrong way of trading this system or a right way.
If you havent made a loss with your interpretation (ie a close between 9EMA and 19EMA), great!! dont change a thing.
But remember every trading system will have a loser (the trick is to keep losses at to minimum).
I you like, post your USD/CAD trade, I will post mine, let's compare.
Happy trading
Michael
Hi,
Here is my losing position in USDCAD, if I had used a target (1:1) it seems like it would have been a winning position, but I wasn't home until friday night, so I could not sell the position. On Sunday night I believed the pair would continue its move, but it went down.
Kristoffer
Hi Kristoffer,
Your USD/CAD setup looks good. Same as mine, it was just unfortunate that it got stopped out. These things happen, but I think this is a good system.
I haven't been able to trade much this week, and I am currently not in the market. Will take a look at some charts this weekend and post them.
Happy Trading
Michael
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