Looking for simple Forex Trading system

[brownie3]

Hi all,

Can anybody recommend a simple but effective system for day trading the Forex. I have read some reviews on the book, 'Trade Day by Day' written by Chick Gosling, does this book recommend a system for day trading the Forex or is it just for Futures trading.

I am currently using the ADX/DMI to trade during the day. This is ok and a simple system, but often I am waiting for long periods for ADX/ DMI to rise above certain levels before I can place a trade.

Thanks in advance for any advice/recommendations.

 

[rog1111]

brownie3

You could do a lot worse than to take a look at JonnyT's "spot on" systems, discussed at length on these forums, although some of the posts have been removed. Do a search for spot on and you should find plenty.

GL

rog1111

Hi all,

Can anybody recommend a simple but effective system for day trading the Forex. I have read some reviews on the book, 'Trade Day by Day' written by Chick Gosling, does this book recommend a system for day trading the Forex or is it just for Futures trading.

I am currently using the ADX/DMI to trade during the day. This is ok and a simple system, but often I am waiting for long periods for ADX/ DMI to rise above certain levels before I can place a trade.

Thanks in advance for any advice/recommendations.

 

[brownie3]

Thanks rog1111,

Will do a search over the weekend and see what there is.

Brownie3

 

[options]

Also take a look at our own Newtron Bombs posts. He has a site for free techniques. http://www.trading-forex-systems.com/
That should give you a few ideas.

 

[neil]

and
http://www.moneytec.com/forums/_forumdisplay/_s-bd14f2f3765454f35b8263c953bd8e03/_forumid-47

All FREE

 

[brownie3]

Thanks Options, excellent stuff. The MA systems look simple and straight forward enough with potential for some good profitable trades. Also some very useful links. Thanks again.

brownie3

 

[Baruch]

Hi all,

Can anybody recommend a simple but effective system for day trading the Forex. I have read some reviews on the book, 'Trade Day by Day' written by Chick Gosling, does this book recommend a system for day trading the Forex or is it just for Futures trading.

I am currently using the ADX/DMI to trade during the day. This is ok and a simple system, but often I am waiting for long periods for ADX/ DMI to rise above certain levels before I can place a trade.

Thanks in advance for any advice/recommendations.

Look at this: http://www.tradecurrency.ca/daytrade.htm

I don't know if it works - and I could like to se some comments. :cheesy:

 

[fxmarkets]

Baruch of course it will work some of the time. Its how you react when it doesn't. How many losing trades will you take a hit on ? Often when we are searching for a method of entry , hundreds of them to analyse you can go through a phase of switching. all quite normal i suppose because we want to find the best method/s that highlight best opportunities for trading risk, There is so much information out there that it can take many months/years (depending on how much time you can expose yourself to actual market experience) to settle on a method/s that fit in with your personality. Unless you develop your trading personality to fit in with the markets. When you are observing price action what do you naturally feel you should be doing but maybe perhaps do not do because of doubts? is there any type of price action that triggers this in you ?

 

[Baruch]

Baruch of course it will work some of the time. Its how you react when it doesn't. How many losing trades will you take a hit on ? Often when we are searching for a method of entry , hundreds of them to analyse you can go through a phase of switching. all quite normal i suppose because we want to find the best method/s that highlight best opportunities for trading risk, There is so much information out there that it can take many months/years (depending on how much time you can expose yourself to actual market experience) to settle on a method/s that fit in with your personality. Unless you develop your trading personality to fit in with the markets. When you are observing price action what do you naturally feel you should be doing but maybe perhaps do not do because of doubts? is there any type of price action that triggers this in you ?

If a system is profitable, and you can automate the trading, it will be like a moneymachine. I doubt if they exist in the real world, but maybe I am wrong.

 

[fxmarkets]

If a system is profitable, and you can automate the trading, it will be like a moneymachine. I doubt if they exist in the real world, but maybe I am wrong.

Program yourself baruch, you can be the system that you search for, you can be autonomous you are the holy grail, can you believe that ?

 

[TheWolf]

If a system is profitable, and you can automate the trading, it will be like a moneymachine. I doubt if they exist in the real world, but maybe I am wrong.

Yes there are profitable auto systems. =) I can assure of that.

 

[Baruch]

Yes there are profitable auto systems. =) I can assure of that.

OK. Any links?

 

[TheWolf]

OK. Any links?

The group I'm with unfortunately don't allow any new registrations now. But strategyfx forum has some programmers and some of their systems are there. You can learn to program here: http://www.metaquotes.net/

 

[Baruch]

The group I'm with unfortunately don't allow any new registrations now. But strategyfx forum has some programmers and some of their systems are there. You can learn to program here: http://www.metaquotes.net/

It must be nice to have such a money machine. No working hours, no stress. You can go to the beach every day, and when you come home, the machine has made all the pips. :cheesy:

 

[TheWolf]

It must be nice to have such a money machine. No working hours, no stress. You can go to the beach every day, and when you come home, the machine has made all the pips. :cheesy:

Hehe indeed!

Another site : http://finance.groups.yahoo.com/group/MetaTrader_Experts_and_Indicators

 

[Baruch]

Thank you, Wolf. But you trade your own news-system? Is this the NFP system, which I read about in another forum?

 

[TheWolf]

Thank you, Wolf. But you trade your own news-system? Is this the NFP system, which I read about in another forum?

Nope. I don't trade auto with news.

 

[Baruch]

Nope. I don't trade auto with news.

No, but you trade the NFP number as a system?

 

[Glenten]

brownie if asking me about systems for day trading ok u can find them but dont know where.. I recomend u to learn suport and resistens and trade them only Nr 1 reason u get in at the right time nr 2 reason u know better where to set stop and dont ever forget to set ur stop that should be eaasy system for use
learn diferent candlepatterns dont make trading to be a science i think if u learn the above u will succes...start with small lots in the beginning for example 0.01 lots (miniaccount) gain yourself some confidence when its gained start trade 0.02 lots might be a good idea to take profit for half position and let other run and set stop to breakeven thats a strategy find a software like for example metatrader and find sup res levels from daily chart after that easy just zoom down the levels still there..

wish u happy trading and profits

 

[SOCRATES]

It must be nice to have such a money machine. No working hours, no stress. You can go to the beach every day, and when you come home, the machine has made all the pips. :cheesy:

Just imagine what it could be like if you were the fortunate owner of such a machine.

Now how could you be persuaded to part with it or even share it ....?