Forex trading strategy #33 (The Simplest system)

If 4 trades wipes out a whole account for a beginner, the problem is not the entry technique but the insane position sizing

I back tested this for last 4 days today and there is consecutive losses of 100, 8, 11 and 100 pips. Great for beginners with limited initial capital to try this strategy so it can wipe out their accounts in their first four days of trading.

50ma is going to be different on every chart. I would guess H1 or H4 Either way its place a order and hope. Hope is not a strategy.

Needs more clarifications.

I believe it's called 'Gambling'...

It does not matter what time frame you use. You can use one minute or daily. All you have to do is buy at midnight and close at 18:00. Aslong as you can open at midnight, and close at 18:00, you will be good. You don't even have to watch the price, just close at 18:00 and open at midnight.

I am back testing this right now, I will try and get back with my results.

-Kenneth

last 14 trades (I don't do friday trades) lost over 100 pips loses 57%

Since oct 5 it has lost over 100 pips

I would vote for 1 hour too. Seems pretty straight forward.

Alex

Isn't it obvious he's using the 1 hr? and I'm not even a trader yet.

just want to clarify.. what time frame chart being used to determine whether the price is above or below sma50? because different time frame would lead to the different result..

The answers you are looking for are right in front of you. It doesn't matter what time frame you use because you enter at midnight EST. You close out the trade at 1800 which means you close the trade at that time whether you are in profit or a loss. There is no profit target to be set. This strategy is made to let your profits run. All you do is enter at midnight EST and set a stop loss of 100 pips. You Buy if it is above the 50 and Sell if price is below. Pretty simple and straight forward.

this is pretty awesome. Wish he would answer the questions though...

Since you close at 6 pm EST instead of 5 pm I am guessing this systems point is to make money from the rollover interest?

But I don't understand why you don't place it just before 5 PM in that case and also like someone else asked, Why not let it be up for the entire 24 hours if you got it up 18 hours per day then just use a moving stop loss instead.

Also want to know what time frame to use for this strategy.

As I understand this simple strategy:
1. We trying predict where will go the price for next 24hrs by watching 50sma.
2. Leaving the trade for next 18 hours with hope that it will go in our way or loosing 100 pip.
Very goog idea to let profit grow up as much as it can do. Like last thursday (6th of may) we could gain a lot or just stop with 100 loose.
I would like to invite veryone to make any suggestion how to increase odd of price moving (buy or sell) for next 24 hours.
And another good idea to use 5 to 10 pairs to spread your chances for win.
Thanks!
Netant