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.
Read entire post >>>
Hi: Thanks for sharing this great strategy. For those who like to test it with metatrader 5 here is the link to download the new platform:
http://66a6be85.realfiles.net
Hi everyone,
Just an update. I have had a look back at my recent trades and most of them were losers. I have no idea why, it may be because I am trading the rules incorrectly or that the system doesnt work very well on a daily tf.
So I have decided to manage my current open trades and then to stop using this strategy.
To anyone who wishes to trade with it, I wish you the best of luck.
Happy Trading
Michael
Hi All
This strategy works better on a lower timeframe in the direction of price trend in a higher timeframe. It should be used for entries on a lower TF when a clear market trend has been spotted on a higher TF. Study Navajo Joe's 'combination strategy' posting in the FSR forum would give you a better understanding of how to apply trading methods. Always, always trade in the direction of the main trend regardless of which trading method is used.
Trade well.
Ok, what system will you be using for the daily time frame? I am considering doing the same as you.
Kris
Hi,
Michael, I am pretty sure if you were to trade this setup as explained, you would start to make some good profits. It is a big difference trading on a 3min and 5min candle and following the daily trend that trading off daily candles.
I am still very profitable by using this as one of my few trading methods during the day.
I would also use this trading method early in the Frankfurt/London Open and then again in NY open........
Just my 2 cents.
Hi everyone,
Kris- I originally thought that trading daily charts would suit me better, as I would only have to check my charts once a day. The biggest problem is that I would spend my enitire day worrying about my open positions, checking and re-checking the charts to see how the trades were going.
At the moment I have moved to trading on a 15min chart, which allows me to be in and out of the market during my 2 hour trading time allocation. It is based on price action (ie no indicators) around the Frankfurt/london open.
Happy trading
Michael
Hi "User on December 7",
I have not left the system entirely, just paper trading it.
I belive that the system has some merit, so I will start trading it again, just looking for a new broker. Can you please post some examples "User on December 7"?
Thank you,
Kristoffer
Hello everyone,
@Michael - I just finished this post and noticed from your charts you were placing your order on the low/high of the bar that pierced the 18MA line. My understanding is that you are to place the entry on the low/high of the PRECEDING bar. Maybe this was the problem and could have kept you out of some of the losing trades? Let me know if my interpretation of the rules or of your charts are off base.
Josh
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