Advanced system #13 (The Floor Trader System)

Hello. My friend asking about profit exits, find attached below follow up screen-shots to my last post.

This trade was on TF 1H so i also attached the 4H TF to put it in context of the prevailing trend and price channel. Needless to say i have exited my long position before Fib level 161.8 is reached. Hope u find this useful.
Regards
Osahon

I suggest 2 ways of defining profit target - 1) set personal target per trade based on achieving a certain suitable percentage of deposit investment e.g close trade on reaching 3%-5% of deposit per trade. 2) Use Fibonacci retracement to flow with market and exit BEFORE NEXT FIB LEVEL.

Regards
Osahon

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

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.

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

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

Thank you Rahul for this great post. I use the retracements to set mobile stops in a trend (see chart).

God bless.
Osahon

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.

( 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.

Absolutely!

Thanks for the great work!

Best regards,
Edward

Hi Edward,

Hopefully for everyone's convenience, I have paraphrased and collated The Floor Trader System notes from this site AND perused all the comments and added those which I thought relevant.
May I suggest should that those interested should read it and make their own additions etc. I am not recommending this strategy or any other, it is just my way of trying to understand any system. I will also upload Teodosi's strategy in a similar format.

FX_Floor_Trader_Strategy.pdf

Kind regards,

Peter.

Superb strategy. Read the system instructions carefully and practice it with live charts over and over again. Over time, you will be able to spot good setups quickly.
I have used it with Great Success on M1,M3 & M5 with slightly different EMA settings, and it work well. Remember be patience and focus is the key when scalping the intra-day sessions.

Good Luck everyone.

Also, i'd only take the first pullback after EMA crossover or after they separate again after touching, but i looking at expanding this to second pullbacks if the first one was in an area of congestion or very minor

I agree with Rahul, If you only take Level 1 setups, and ones that fit the retracement criteria as in the diagrams, where the bars are the same size, or get smaller as the retracement progresses. This is very effective. I am trading various currencies on 1 5 and 15 min timeframes. accross these 8 currrencies and 20 charts including differing timeframes.. Sometimes there are no setups or only 1 setup, but if you can be VERY strict and dont take anything but the most beautiful of setups, and trade less often, this can lead to profits. at the moment i am getting the most success with GBPJPY and EURJPY on the 5 and 15 min timeframes, thats for this week.. have had 3-4 trades over the past 3 days on those and made 6 times my risk with one loss so up 5 times my total risk.

be careful, get profitable on demo first learn and finesse the technique and its worth it :)

i wish rahul would come back and tell us more detail as to how he trades, because i am not getting the "impossible not to profit" from this