Advanced system #1 (Midnight setup)

Hi Jason,

No, never tried, although wanted to.
Seems like an interesting study.

Regards,
Edward

Greetings, all!

Great information. So close to my own thoughts. Happy to not need wheel reinvention. I am an experienced equities and commodities trader (not my "profession"), who is making the switch exclusively to FX, for all the usual reasons. I have read all the posts and it is exciting to be here. I hope the forum grows and helps displace all the FX junk.

I have settled on using Advanced 1a and Advanced 3 in a demo account. Maybe #4 later. Here in Dallas, it will mean a very late evening or very early morning. I expect to make this a full time occupation within 90 days. I have made daily gross profit goals, and active daily trading is, for me, appropriate.

To the heart of my questions:

Which of the seven strategies here would YOU (Edward, Thomas, Mohammed, etc.) prefer to use for daily trading, if you only had these seven?

Would YOU rotate among these strategies, or just use one consistently? I think that running two concurrently, though possible, would require a considerably larger account and obviously more time?

Are any of YOU trading for a living, i.e. primary occupation or source of cash flow?

Please comment on the effectiveness of so-called "expert systems" (i.e. set and forget), versus the strategies here. ((I reviewed the EA competition and it is interesting that there are no repeat winners among the top five finishers)).

I see that everyone here is very polite and positive! So, in that spirit...
One person posted an enormous amount of trading activity in the USD/JPY pair.
End result of...about $2100 (210 pips)for a day. While I commend the gross profit, those amount of trade incurred a very large spread/commission cost.
My point is, that person who posted seems to have accepted(?) what for most folks would be an unacceptable level of risk on his size account. I stick with no more than 5:1 leverage (account size to full-size trades).

Lastly, for now, if Admin would prefer I post this in a different area, feel free to move it or advise me to do it myself.

A more clear understanding of Advanced #1, please. I currently have a short GBP/USD that is 'losing' by about half the previous day's run (the sell order triggered at the suggested pip level -5 from previous day low. If the trade gets stopped out (for a real loss of $2,250), and moves just 5 more pips, it will take the second of the two orders (i.e. BUY) placed at midnight. Is this flipping the correct action? How often, generally, would you see both orders from the same day stop out with back-to-back losses? I understand that when a real loss is taken, you need 2x the profit to return to break-even. Conversely, with a real gain, only takes 1/2 of a loss to return to net of zero. Thx.

Greetings Texas Bruiser!

Nice to have you here.

Which strategies would it be if I had to choose 7?
(No strategies available makes users unhappy, too many strategies available makes choosing difficult. I understand :))
My 7 would be:
scalping #4,
simple #13, 14, 17
advanced #3, 4, 5
That makes it 7. Plus I like divergence trading. On this website so far there is a bit of divergence explained in complex strategy #3.

Rotating among the strategies is difficult. I'd take one as a base and stick to it, and then work to improve it over the time as I trade.

Do I/we trade for a living? :) I'm personally close to that goal, but the need for financial stability and well being of my family still keeps me going to work every day.
Edward's family, however, does, as far as I'm informed.
They trade and also run a small private business.

Expert advisers (EAs) or Expert systems must be an excellent way to automate ones trading. As about myself, I haven't reached that stage of my trading advancing yet.
In my opinion, one should have programming skills to be able to code the system for himself, because if you don't, each time you want to add or change system rules you need to call a programmer again.

You also mentioned someone who was able to get 210 pips a day while trading actively and thus paying lots of commissions/spreads. It was probably a full time scalper. Scalpers initiate large amount of trades for the sake of taking few pips in each trade. By the end of the day if to calculate their spread cost, it looks enormous, but that is not a problem if a day brings +200 pips profit.
I'd say, unlike in any other market, in Forex as long as you make profit day after day, spread cost becomes of less concern.

:) Good luck!
Thomas Andreas

Yes, that flipping would be the correct action. During sideways price patterns which we observe now with GBP/USD such back-to-back losses may take place.

The biggest break through would be if we could identify and avoid such range-bound conditions.

I'm working on one concept now, which should detect upcoming ranging markets; once tests prove it, I'll gladly share it with you.

Currently the other ideas to try out are:
(here we start using indicators, although my initial goal was to make this Forex system indicator-free)
1. Placing ADX (10) and avoid trading while ADX stays below 20 mark.
2. Or placing MACD (12, 26, 1) indicator and draw two horizontal lines at +30 and -30 levels, let's call it 30/30 corridor. When MACD histogram is inside the 30/30 corridor, we expect some price ranging activity. Outside the corridor the sky is clear.

I'd welcome any comments and ideas about further strategy development.

Regards,
Edward

Thomas,
thanks for helping me out with replies.
I greatly appreciate it.

Regards,
Edward

hi Edward,
your tehnik works very2 nice to me. i also add TS 45pip for my safety.
thanks.

Great Edward
I must confess, this work is wonderful I mean your strategies.My major problem about this strategy is setting stoploss, incase the pips is over 200pips, is it mean the stoploss will be 200pips?