15 pip trigger system - I've "got it" to
In the spirit of giving back, which seems to be a theme on this forum lately, this post will explain how I trade. I haven't been on the forums much over the past few years due to the same things and experiences JohnW and Phillip Nel say in their posts, so rather than repeating them, read their posts and you'll "get it" too. By the way, spending too much time on forums can sabotage your trading because they distract your trading mind from your goal - which is to make a profit…
Mentors are hard to find, and I've been lucky enough to meet a few who have helped me tremendously over the 3-4 years I've been in this business, but most are either snake oil salesmen or can't explain in understandable language how their strategies work...and the ones who actually make money don't go to the forums at all, or rarely, often.
While I was showing some other people how to trade, I stumbled across John and Philip's posts and browsed the forums for some interesting content for the people I teach to read, mostly from a psychological perspective.
Their topics are here:
JohnW's topic:
http://www.forexfactory.com/showthread.php?t=59460
Philip Nel's theme
http://www.forexfactory.com/showthread.php?t=14630
In the long run, I trade very similarly to Phillip Nel and have been doing so for several years (I'm pleasantly surprised at how similar our approaches are and use his documentation as a guide for people I'm training) - I'm quitting my job in a few months, so it's working out great.
I mostly trade cable - and momentum/volatility on the 4 hour chart as a separate strategy - the attached pdf should show it nicely. This pdf is gold - it really is, there are a lot of strategies you can take from it, but the one I use is the "15 pip trigger" part of the cable on the 4 hour chart and the 96.4% hit rate at 20 pips - which feels right to me (haha), especially when going with the trend.
I use the 21EMA of the 4 hour moving average to understand the trend, i.e. if the price is below that average, I set a limit order to sell 15 pips from the new 4 hour bar open and automatically set a price target 18 pips south of that line. The opposite is true for bulls.
Good luck!
Mentors are hard to find, and I've been lucky enough to meet a few who have helped me tremendously over the 3-4 years I've been in this business, but most are either snake oil salesmen or can't explain in understandable language how their strategies work...and the ones who actually make money don't go to the forums at all, or rarely, often.
While I was showing some other people how to trade, I stumbled across John and Philip's posts and browsed the forums for some interesting content for the people I teach to read, mostly from a psychological perspective.
Their topics are here:
JohnW's topic:
http://www.forexfactory.com/showthread.php?t=59460
Philip Nel's theme
http://www.forexfactory.com/showthread.php?t=14630
In the long run, I trade very similarly to Phillip Nel and have been doing so for several years (I'm pleasantly surprised at how similar our approaches are and use his documentation as a guide for people I'm training) - I'm quitting my job in a few months, so it's working out great.
I mostly trade cable - and momentum/volatility on the 4 hour chart as a separate strategy - the attached pdf should show it nicely. This pdf is gold - it really is, there are a lot of strategies you can take from it, but the one I use is the "15 pip trigger" part of the cable on the 4 hour chart and the 96.4% hit rate at 20 pips - which feels right to me (haha), especially when going with the trend.
I use the 21EMA of the 4 hour moving average to understand the trend, i.e. if the price is below that average, I set a limit order to sell 15 pips from the new 4 hour bar open and automatically set a price target 18 pips south of that line. The opposite is true for bulls.
Good luck!
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