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Advanced system #13 (The Floor Trader System)

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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I have added one more tool to this system. I use fibonacci to determine if the trend is still valid while in a retracement. I would say valid is when a price bar hasn't retraced and closed past the .618 level. I then look to go long/short at .50 or .382 levels for te highest probabililty. Less trades, but higher winning%. Profit targets would be set at .0 levels for conservative trading, fibo extension levels can be used for more aggressive targets. Be sure to also check higher time frames for major trends and obey these trends! If you are unsure about the setup stay out! Lower spread pairs are also a good idea, gbp/usd looks good, but I think the system would work on any pair.

Has anybody tested this? give some results!!

Hi im actually a frequent visitor to this website and i am very impress with Edward and his unselfish and cool trading styles and knowledge.

I have been testing this strategy ever since it was out and seriously i have made over 40% ROI as promised by Rahul. He also mentioned, stick to L1 signal. Which i believe is true.

i usually take profit at 40 pips and i am not sure why. and it hits normally, however, the drawback is the stop loss. i cant seem to think of any better stop loss other then 50 (or if it is entering a pivot)

Can anyone further analyse the stop loss? Appreciate that.

On what currency pair should it be the best to trade this system?

i really dont know how to use this system.. maybe someone out there can upload a template file..

Regarding question on stop loss:
There are a few factors to consider here. According to the rules on the 1st post, the stop should be 1 pip below the setup or signal candle if going long or 1 pip above if going short. He then goes on to say if the trade begins to stall then the stop should be 2x the range of the set up bar. The time frame that you use on your chart is important. Is it a 5M,1M, 15M...? If trading a 5M, I would look to place stop above or below a swing high or swing low. But no less than 15 pips away. Placing stops behind swing highs or lows is a good idea for any time frame if you can manage the risk. That's my opinion! Hope that gives you ideas....Phil

Hey thanks Phil...

however, when you mentioned Set-up candle, is it the candle that touches the 18ema to signal the LONG or SHORT?

I just came across this system today. I'm looking for a system to use in the forex market. I'm going to begin demo trading this method tonight. I will demo trade on the majors (although in my live trading, I stick to e/u). If a major is more profitable than e/u, I may live trade that pair if this method shows some success. Would anybody be willing to maybe have a trading room if this method shows some success?

I traded this method last night like I said I would and I made 8 pips. Nothing to be proud of but it's a profit. I'm going to give it another shot tonight. I'm going to use it tonight in conjunction with an indicator I have to see if that helps with the results. Hopefully some more people use this method and we can maybe put together a live trading room to help each other.