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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Update, did two trades today, 1 eurVusd, 1usdVjpy. Made 4% on my account with just these two trades and risking about 0.75% of my account per trade. Both were Level1 trades, I would only advise Level2 trades during serious market movement where a L1 would not be triggered. I also have found trades to be more successfull during the first two singnals/swings in a new market direction. I DO NOT trade the third swing/signal unless substantial new highs or lows are being made. Watch the hourly chart for resistance ad support! Trade this strategy only from 7:30 to 12:00 gmt, the reaons are 1, better signals earlier in the day, 2, concentration levels, do not trade such a concentration intensive strategy like this for more than few hours.
I posted this just to show that if only taking level 1 signals and being patient you can make very serious returns with this strtegy.
Good Trading
Coenraad Lubbe
Hi, do you mind posting an example of your entry and stop?
Thanks
Hi all,
Brilliant method!
However, please could someone let me know more about Money Management with this method. Is trading 5% safe? Is 1% more than enough? Any help would be great.
Thanks,
Stuart
Hey Stuart, I think 1% of risk is enough, max 2%. Every strategy will experience a losing streak one time or another and the 5% will wreck your confidence when this happens. You will probably make alot of cash with the 5% risk per trade, but what's the rush? Remember, even the best traders that trade hedge funds etc are more than happy with a 30% return ANUALLY. This is because of a very good reason, they have extremely strict money management. Take it easy, even with a risk of 1% you could do more than 30% a month if you trade the system properly. and then by compounding your profit you can reach your trading goals. This is only my opinion, hope it helps.
Good Trading
Coenraad Lubbe,
Hi All, This site is Brilliant!!!!
I have set up the Floor trading strategy on the (Scalping system #11 (The Center of Gravity) I use as indicator for TP, direction and early warning overview. IE: the entire strategy is an indicator and visa/versa. Both are retracement-continuation trading methods. (Add Fractals and Stoch 6,3,3 for swing and trigger bars to make it even clearer) TF 5M.
Thanks for this site, your comments and for sharing. Good Trading to all.
Brad
Here is another helpful indicator to use (with all trading strategies) Fibonacci pivots/support/resistance lines.
TFFibonacci_Pivots.ex4
Regards
Brad
does anybody use this strategy on the TF emini with small time frame of 1min or less?
a good strategy, thanks for sharing it guys - i am a little unclear on the best way to exit trades though, what indicators to use etc - is anyone able to shed some light on this? would be appreciated
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