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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Absolutely!
Thanks for the great work!
Best regards,
Edward
( this is not a very simple strategy to follow, I wish it was revised into a smaller, easier to read version.. but having it the way it is, one needs to read it up to 3-4 times to fully comprehend the rules..
May be.. try reviewing it one more time, but if nothing works, it would probably make sense to save the energy and time for another strategy..? ))
Oh come on! Are you for real? It is not a rocket science trading method. It is basic. Trend forms, trade the first pullback which gives a higher probability of success. The problem is traders jump from strategy to strategy and never settle on one. This strat. has stood the test of time and falls into basic trading knowledge....trade the pb. Some on here should look for another career. Trading is simple...just not easy.
I think that anybody that is planning to trade for a living or trade to provide an extra income has to understand that trading the currency market is like a profession. (You will not be able to perform an operation 1 week into your medical studies). You have to find a sound strategy combined with sound money management. Then read and practice until you become confident and feel that you have an understanding of the market and price behavior.
It took me well into 3 years before I could call myself a trader, and I have done so for nearly 4 years ...... and I am still learning new things You have to put in a lot of energy, time and focus during that period.
I am using this strategy on a daily basis and it works perfectly.
Just sad to see all the people that get things served on a plate, cant even spend the time reading and practicing enough to make it work. Just jumping from one forum till the other looking for the "holy grail" rather than learn how to trade. Shame on you.
Anyway, all thumbs up for this strategy, its a proven and solid strategy for the people that want to make trading a pert of their life.
Thank you Rahul for this great post. I use the retracements to set mobile stops in a trend (see chart).
God bless.
Osahon
Hi all,
Of all the strategies that I have gone through in this site,the Floor Trader System and Trendline Trading Strategy are really the best... I am having continued success using these two systems. I am using 15min TF and above for the Floor Trader system and I am hoping if someone who sees this message is a coder and can create a MT$ Floor Traders Indicator. Not that I am lazy (i have searched the net and found nothing) but watching each 15min(or above TF) candle after 9&18ema cross over for the PRICE BAR REVERSAL(PBR) for long or short entries is really a long time.. It would be good to create this indicator to:
(1) give an audible signal when a PBR is formed after ema crossover
(2)to show arrows as shown on the chart attached when a price when a PBR is formed at the same time the audible signal is given
(3)the indicator to have a user input specifying 'X' number of times the PBR signal must be given AFTER EACH ema crossover.
MT4 coders, your help is required.
10x
as of my understanding the interpretation of the retracement bar is different. in a down trend i only use retracement bars if the match following characteristica: higher lows and higher highs. Plus a decreasing or stable volatility - means smaller bars.
so i wouldnt have traded your two shorts
I am unclear about profit exits.
Can someone give a better explanation of profit exits and perhaps give some example pictures.
All example pictures so far only show entries.
Trading pullbacks/retracements has been profitable for me over the last few months. Non-greedy and disciplined application of combination of emas, RSI and trendlines within the context of suitable timeframes, price channels and relevant price support and resistance points has helped me greatly notwithstanding the almost inevitable and unpredictable sudden price whipsaws and richochets which occasionally eat into my profits at the end of trends and during range-bound price movements.
Osahon
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