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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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CROSS-BACK:
Here I believe are the sentences to define what it means;
"...4. Watch the market action at the current days' high. Drop down to a smaller timeframe - the 2 minute chart, if day trading indexes.
5. If the market makes a new high, then "crosses back" under """THIS""" price, watch the low reached on this downwave..."
I think """THIS""" refers to current day's high, therefore a cross-back means reaching a 'new' high (or low) and then crossing back through what WAS the day's high.
Steve T.

Sorry to labour the point but the confusion is caused by a hyphenated word construction defining 2 separate actions: 'CROSS' the old high or low, then come 'BACK' through it.
Steve T.

This makes so much sense, Steve!
Thank you for an excellent work. I think we should stick to your version of CrossBack Top/Bottom.

Best regards,
Edward

Rahul said, "I used to make 2 hundred pips a day to double my account and it worked everyday"

Did you get this by going after 20 pips 10 times a day?

Hi all,

Well on the first time of trying I managed to get 69 pips with this strategy going long - I'm really pleased with that. I used the original strategy and traded EUR/USD on a 5 min chart from UK time about 7am for a couple of hours. I did keep my eye on the 15m and 60m charts to check the overall view. I used a EMA9 EMA20 as the prime action indicators and an EMA75 to help with trend direction. I started with a small position and added to it as per retracements. I can see it would probably work for GBP/JPY and USD/CHF as well - and probably most of the big movers. I'm going to try it on my other fave GBP/JPY and see how it goes and probably the USD/CHF tonight.

I'm really happy with the results so far (I did test in a practice account first). As I'm based in Thailand it means cheap living so to get 50+ppday is terrific! One advantage I have is that I can trade the morning Asian session (Thai time 7am) for a couple of hours, then the Europe session (Thai time about 13:00) 2 or so hours then the US at 20:00 Thai time, plus the overlaps. Great time zone to be in! I didn't trade the long drop this morning, but if I did probably would have got another 40 or so pips. Wonderful!

Great site as well - I've learned so much from this one and babypips. Thanks to all for sharing information - I'm a relative newbie to forex (done shares & CFDs before). but I think forex suits my style of trading better and so does this strategy.
Cheers
Phil

Great to hear your feedback, Phil.
Thanks a lot and happy trading!

Edward

hi rahul thanks alot

Hello all,

I am new to forex and i tried this system on EURUSD London open till 12:00. It did work well for a while; however, over the last days i blew up my account ;-) great experience, though!

I am not sure whether the market was not good for this system, very choppy, or it is me who is messing everything up - overconfidence.

Did anyone trade this system successfully over the last week? Personally i believe the best would have been to have stayed aside but i just want to know some other people experiences.

Thanks and keep up all the good work,

Chisco