I'm up to something (I think) - MT4/MT5 Resources
Hi,
After years of not being profitable, last year I made a strong commitment to learning how to build a system. I started this journey when I discovered VP on a podcast I listen to and followed his No No Nonsense Forex videos. While I didn't strictly follow his approach to building the system, I did use the framework, and while still in the early stages of forward testing on my live account, I'd be happy to discuss and possibly help others build a system that works for them. I believe this is the key. The information below is just what I've found works well for me, I love discussing it with others in hopes of shortening their journey, and I'm sure I'll get some help along the way too!
According to the VP's advice, it's important to find a few indicators that work for you through trial and error of manual backtesting. I firmly believe that it is impossible to successfully forward test unless you complete it piece by piece on manual replay such as the trading view. This allows you to experience what you have seen before and gain buy-in and feel confident hitting the buy/sell button.
You need to personalize the following metrics:
- Direction indicator
- Entry indicator
- Auxiliary (confirmation) input indicator
- Exit indicator (can be the same or different from the entrance)
- ATR for Stop Loss and Take Profit (14)
Before going crazy with indicators, it is recommended that you pull up a blank daily chart and use the directional indicator you want to try. For a 6-month manual backtest (I use Trading View), set 1 x ATR for TP and 1.5 x ATR for SL each time a direction is indicated. Just let it run until it hits one of them. If you're profitable within 6 months, it's time to move on to the next step!
I'd love to have some discussions with anyone who wants to try this and see what progress we can make. I'd love to see if my trades line up with the others in a timely manner and hopefully we can share some success together. In order to make it a learning thing, I won't share my indicators, but I will be happy to post the trades for reference. If you are interested, please let me know!
After years of not being profitable, last year I made a strong commitment to learning how to build a system. I started this journey when I discovered VP on a podcast I listen to and followed his No No Nonsense Forex videos. While I didn't strictly follow his approach to building the system, I did use the framework, and while still in the early stages of forward testing on my live account, I'd be happy to discuss and possibly help others build a system that works for them. I believe this is the key. The information below is just what I've found works well for me, I love discussing it with others in hopes of shortening their journey, and I'm sure I'll get some help along the way too!
According to the VP's advice, it's important to find a few indicators that work for you through trial and error of manual backtesting. I firmly believe that it is impossible to successfully forward test unless you complete it piece by piece on manual replay such as the trading view. This allows you to experience what you have seen before and gain buy-in and feel confident hitting the buy/sell button.
You need to personalize the following metrics:
- Direction indicator
- Entry indicator
- Auxiliary (confirmation) input indicator
- Exit indicator (can be the same or different from the entrance)
- ATR for Stop Loss and Take Profit (14)
Before going crazy with indicators, it is recommended that you pull up a blank daily chart and use the directional indicator you want to try. For a 6-month manual backtest (I use Trading View), set 1 x ATR for TP and 1.5 x ATR for SL each time a direction is indicated. Just let it run until it hits one of them. If you're profitable within 6 months, it's time to move on to the next step!
I'd love to have some discussions with anyone who wants to try this and see what progress we can make. I'd love to see if my trades line up with the others in a timely manner and hopefully we can share some success together. In order to make it a learning thing, I won't share my indicators, but I will be happy to post the trades for reference. If you are interested, please let me know!
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