Concept FX

[SandyW]

Looking at the latest losing trade does anyone think that by the current trend reversal, breaking the upward trend line, as well as the 50 and 200 EMA lines was an indicator that it was going to keep going down. I did not look at the charts last night when I placed the trade (stupid of me), but will be more diligent in future trades.

Yes I do, but this sort of situation will occur again and again, because no two systems will always be in agreement. I think you have to go with Concept, but if you find you are more often right than Concept you may lose confidence in Concept and have to bail out. You will have arrived at being independant. I guess ideally we want to be in agreement with Concept. But are we really able to distinguish between Concept's good trades and its bad trades with foresight?

The EURJPY is the most wild of the pairs Concept trades. Historically it has a very high proportion of losses, compared with the other pairs. But some of its profitable trades have been spectacular. I think we always have to expect a majority of losing trades on the EURJPY, but if we abandon trading it, we could lose out on the big'uns. So what I am saying is, don't judge this trade too harshly. Plug away.

 

[SandyW]

Sandy,

Thanks for those links. Have decided to try out Sniperforex in parallel to Concept. Have pair my dues and waiting for system so will let you know how I get on.

Torran

Hi Torran,

That will be very interesting. I will take no credit and expect no blame!!!

 

[jason0181]

sandy

still plugging away, and will be looking at the results after a year and not the 6 weeks I have been using concept. That is the big lesson to take away is that no one knows the concept setups, and we have to keep trying.

Bring on the next one

 

[anddy26]

sandy

still plugging away, and will be looking at the results after a year and not the 6 weeks I have been using concept. That is the big lesson to take away is that no one knows the concept setups, and we have to keep trying.

Bring on the next one

Jason the next one is pending...and getting closer....ur thoughts from your crystal ball.lol?

 

[griffb23]

hi guys
concept yesterday sent me the monthley newsletter with a round up as to what i would have made
if i had the money to buy,
starting with a 3000k account it would now be £22,200 but if you look it would have took 9 trades
to get really into the black,
just saying "u got to keep the faith"

 

[griffb23]

sorry that was from 1st of jan 08

 

[pvisser]

This is the most useful thread I have ever read! it has taken me about a week to get through all the pages. I am buying concept tomorrow and cant wait to start using it.

I remember looking at this thread about 2 or 3 months ago and eveyone seemed so sceptical and negative about it. Glad to see that it proved otherwise so that there is something out there which isn't just a scam.

 

[anddy26]

This is the most useful thread I have ever read! it has taken me about a week to get through all the pages. I am buying concept tomorrow and cant wait to start using it.

I remember looking at this thread about 2 or 3 months ago and eveyone seemed so sceptical and negative about it. Glad to see that it proved otherwise so that there is something out there which isn't just a scam.

Thank you for your kind words Pvisser

Its nice to get others views even the negative ones..I have faith in the system but for some in here it must be waivering as this is a particulary bad time..I know the good times are a round the corner..

I know concept were concerend about this thread putting people off and giving too many bad 'vibes' but im sure there are more who bought it than put off it.

 

[SandyW]

................I am buying concept tomorrow and cant wait to start using it...................

Hope it works for you, and you let us know how you go.

 

[masif1]

It's a real shame this trade got stopped out for its going in the direction Concept had predicted. The stop out was a freak move probably triggered by news.

I have just spoken to concept..they say it is def stopped!! so im on my own..woohoo 20 pips and i will take profit.lol..actually im going for 165.38!! if it doesnt get stopped
There was chatter amongst a few about taking into account the spreads..and making a 100 pip stop into 103...but NO....its just the way it goes..so im afraid deep breathe and move on..Im glad i joined at the good times!!..getting close to B.E. now

Graham

 

[SandyW]

It's a real shame this trade got stopped out for its going in the direction Concept had predicted. The stop out was a freak move probably triggered by news.

This is always going to be a problem with Concept. The system takes a guess as to where the reversal will occur. Sometimes it misses completely because the reversal comes early (so no trigger). Sometimes the price overshoots and goes as far as stop out. This problem obviously only applies to reversals not break outs.

It would be the height of folly if, when trading manually, you did the same. Good practice is to first see the reversal established, then put on the trade. It seems to me there is no way round this. Concept trades are set up days in advance. If Concept waited for the reversal (giving higher probability of success) and only then gave the setup signal, the "trigger price" would possibly have been hit intraday before Concept could even generate the setup EOD, let alone trigger. Is it Concept that is gambling with the trigger price for the sake of the EOD method?

So, if as a general rule, Concept gets the direction right, but the timing wrong, should we open before the trigger and also widen the stop on every reversal setup? Ah now, that would be departing from the proven system!

 

[anddy26]

your right...it would be departing from the system..how ever as a newbie trader..i saw the price action and went back in at 162.21 because there was a great pinbar...the only mistake ive made with this is to reduce my £/pip as i had lost some of my confidence..but im still up 130 pips as we speak..this time its going to be left ive 2 or 3 trades which i am long on and i think they are going to be swing trades and let them run.....gold , dow and gbpusd along with eurjpy...all placed yesterday when things turned at the same time...i know its not a concept theme sandy sorry.

 

[SandyW]

your right...it would be departing from the system..how ever as a newbie trader..i saw the price action and went back in at 162.21 because there was a great pinbar...the only mistake ive made with this is to reduce my £/pip as i had lost some of my confidence..but im still up 130 pips as we speak..this time its going to be left ive 2 or 3 trades which i am long on and i think they are going to be swing trades and let them run.....gold , dow and gbpusd along with eurjpy...all placed yesterday when things turned at the same time...i know its not a concept theme sandy sorry.

Excellent stuff! I think being independant and doing your own thing is different from departing from the system, by which I really mean I suppose, tweaking it.

I lost my nerve completely recently and have virtually abandoned all attempts at independance for the time being. Makes me sick seeing stuff going the way I wanted, but there are times to just back away and recover mentally. I am just letting Concept do the job.

 

[stevespray]

http://bigpicture.typepad.com/comments/files/turtlerules.pdf

The above link will take you to a webpage where a PDF file can be downloaded which covers the 'Turtle Traders'. I have mentioned the 'Turtles' before in this thread because I feel that what they achieved is very relavent to this thread. Most of the document is taken up with outlining the various trading rules and markets etc and is not applicable. However, the first few sections are worth reading because the cover some interesting points and statements. What I'm trying to get across is the importance of following the system rules as closely as can be achieved.

It would seem that the Turtles who failed and left the group were people who could not bring themselves to stick to the rules.

Again on this thread I feel that people are starting to run before they can walk. For most the system has only been running a month or two and already there is talk of modifying trading methods. I cannot see the logic in this. I guarentee that this will lead to failure in the longer term. If peeps want to try something out then feel free to do so but my advice is to always have the Concept system running on one account where you exactly follow the rules. If you want to trade 'ad-hoc' then trade on another account and the compare results periodically (every 3 months or so).

Hope this helps,
Steve.

 

[jason0181]

Steve

I have read the book by Curtis Faith about being on of the Turtle Traders and is a great read. They followed a very simple system, and it worked for may of them.

The concept system is very simple to follow and should not be messed with. Place the trades and see what happens. There are so many other ideas to learn that it would take a long time to get expert at them, and for me, the concept system has allowed me to get a great understanding of trading, and to follow more study to get better. If concept can provide the results that they promise, then we should all get some extra cash to fulfil some more trading.

Jason

 

[jason0181]

Steve

I have read the book by Curtis Faith about being on of the Turtle Traders and is a great read. They followed a very simple system, and it worked for may of them.

The concept system is very simple to follow and should not be messed with. Place the trades and see what happens. There are so many other ideas to learn that it would take a long time to get expert at them, and for me, the concept system has allowed me to get a great understanding of trading, and to follow more study to get better. If concept can provide the results that they promise, then we should all get some extra cash to fulfil some more trading.

Jason

 

[anddy26]

steve i dont think people are tinkering with the system..i certainly am not...but you as a trader must have looked at that last trade and seen what the price action was?? if you didnt see it what did you see....genuinly interested...

 

[stevespray]

steve i dont think people are tinkering with the system..i certainly am not...but you as a trader must have looked at that last trade and seen what the price action was?? if you didnt see it what did you see....genuinly interested...

I cannot say that I saw much as I have no real experience in trading the currency pair which we are discussing. Ultimately, as I was trading with Capital Spreads, my trade did not trigger when most peoples did. When it did trigger it was after everyone else was stopped out. In the end I manually closed the trade for half the loss of anyone else and counted myself lucky because I'd saved £350.

I understand where you are coming from with regard to all this. Your thinking is that, if we have 'spare time' in the day when we can watch the markets, we will be able to seriously improve our results via the means of active trade management. I can see the logic behind this - ie take and EOD system and then improve it by operating it on an intra day basis. The problem that I have with this is that I know all to well how 'human intervention' can screw things up. This is clearly shown in the Turtles book - nobody alters their entry or exit on a trade with the intention of losing money or reducing profits yet this is so often the outcome when human emotion gets involved.

Steve.

 

[avtarsaini]

Steve/Andy

I havent traded currencies and dont realy understand what makes them move. Looking at the current GBP/USD trade concept suggested the price has moved away from the trigger. Does anyone think its worth buying now? Concept must have their reasons for thinking it was moving up, now its down more than 225pips from their trigger its presumably an even better buy at this point? This is obviously an independant trade and not in the concept account. Any thoughts anyone.

Avtar

 

[Stuart14]

It doesn't really work like that Avtar. I suspect Concept works off key area's of support / resistence etc, not fundamentals. If it had bounced and got up through the first area of resistence, the expectation would have been for it to continue to rise. Without getting to that area first the downtrend is still intact. Don't fight the trend.