50 pips best trading system ever.
I am very much new to forex and currency trading.
Mainly interested to trade in Eur/Usd.
I use my own trading style and strategy to pick a constant 50 pips (in any type of market movement)
Now i am practicing with a Demo Account .
Please find the attachment for my demo trading report for the duration 02/04/2012 to 24/04/2012 (17 trading days).
Also i am new to Mt4 platform too, that's why i cant able to read (understand) the report fully.
Please suggest and explain me weather my 17 days trading report seams "Excellent or Good or Bad"
what is your trading style and strategy?
I will explain it soon
Please tell me using my attachment weather my trading report is good or not.
I know that my trading out put is good, because i made my account double with in 17 days, but what i need to know is what the report says (again i am telling that i am new to Mt4 that's why i cant able to understand what the report says)
A quick look at your report reveals that this is very good! You Max drawdown is less than 15% (.. if you can get it anywhere in the single digit % that would be excellent but overall your entries are good since you drawdowns (trades going against you) are being controlled). You win rate is 70% and as long as you can control the average loss per trade and make sure it is around or less than the average profit per trade then you will have a winner!
One thing to consider is you use some sort of stoploss EA, like Swiss Army EA, which will prevent a large loss in the event the market severely goes against you. This is can be gotten for free just google "Swiss Army EA forex" and several forums should come up where you can download it..
Hello pippimp. thanks.
I understood and agree with you that i will try to keep control my average loss.(presently loss average is more than profit average because i was initially struggle with my new strategy and got 2 losses in a row . that's why. but now i am clear with my strategy ).
Also thanks for your "Swiss Army EA forex" suggestion, but presently my strategy is purely "Indicator free. Ea free. stress free. ", but definitely i will plan to combine the Ea with my strategy.
I am trading using the combination of the Charts and the Indicators. Which is why i will say that i do not prefer to use any EA based trading and more inclined towards the manual system of trading.
Yesterday market moved good.
But i cant able to make profit because i was struck in between(center) the market wave. (always my target is 50 pips)
Today i got 50 pips .
Hello All. find the attachment for my (fully not mine) strategy.
I use 50 pips target instead of 20 pips mentioned in the attachment.
Top 5 Most Successful Forex Traders Ever
If you want to be the best, you must learn from the best. The same goes for the Forex market. Here are the 5 most successful traders in the foreign exchange market that you should know about.
1: Bill Lipschutz
Born in New York, Bill has always excelled in mathematics and was a bright student overall. He earned a B.A. in Cornell College in Fine Arts and then a Masters degree in Finance back in 1982. Apart from academics, Bill enjoyed reading whatever he could find regarding the stock and Forex market. It is said that during his stay at Cornell, he invested $12000 in stocks, which he turned into $250,000 in only a couple of months, largely thanks to his extensive knowledge of the stock market business. However, he soon lost all his money to stocks due to the erratic nature of the business; after this loss he shifted to a more stable form of trading: the forex.
Today, Bill is a well known forex trader in the financial sector. He is known to have made over $300 million in a single year from trading on the forex market alone.
2: George Soros
A graduate of the LSE (London School of Economics), George has broken records in the financial sector. He made $1 billion dollars in just one day from a single transaction. This gained him a lot of press and he was branded as the man who “broke the Bank of England”, having shifted over $10 billion dollars worth of sterling out of Britain. He has written many books on investing, and is also a philanthropist, having donated over $7 billion in charity of personal savings over the course of his existence.
3: John R. Taylor, Jr.
A graduate of Princeton University, John started in the financial sector as a political analyst for Chemical Bank. Just one year into the job, he became the forex analyst for the bank which proved a wonderful opportunity for him to build a network in the foreign exchange world.
John is the proud owner of FX concepts, a currency managing firm, and operates it successfully to this day. He is also considered a pioneer of computer-aided forex trading systems, developing forex models for effective online trading.
4: Stanley Druckenmiller
Stanley started out as an oil analyst for the Pittsburgh National Bank. Having graduated from Bowdoin College, Stanley changed many jobs. First, he left PNB to create Duquesne Capital Management in the year 1981, and then he started to work for George Soros in 1988. Working with George Soros proved excellent for Stanley, because not only did he garner over 30% return in the Quantum Fund, he also contributed to the deal which earned both him and Soros over $1 billion; this was the deal which “broke the Bank of England”.
He returned to Duquesne in 2000 and now works full-time there; he has also started a non-profit organization dedicated to educating people of all ages.
5: Andrew Krieger
A graduate of the prestigious Wharton Business School at the University of Pennsylvania, Andrew grew to fame when he sold New Zealand currency called Kiwi in between the value of $600 million to about $1 billion which exceeded the money supply in circulation in actuality within New Zealand at that time. Andrew ended up garnering $300 million in revenue from this transaction alone in 1987 while working at the Bankers Trust.
Andrew moved on to work for Soros Management Fund in 1988, later switching to Northbridge Capital Management. He is also involved in philanthropic work, having donated over $350,000 for a relief fund for the 2004 tsunami victims.
The 10 Best Forex Strategies
Let me show you:
The 10 Best Forex Strategies I've found in over 10 years of trading…
When it comes to selecting strategies to trade, you have the choice between buying one off-the-shelf or trawling the Internet for freebies. The trouble with free forex trading strategies is that they are usually worth about as much as you pay for them. They haven’t been tested, and there is little evidence of their reliability.
The strategies covered here on the other hand, are ones that either I or successful traders I know have used in a consistently profitable fashion…
The Bladerunner Trade
The Bladerunner is an exceptionally good EMA crossover strategy, suitable across all timeframes and currency pairs. It is a trending strategy that tries to pick breakouts from a continuation and trade the retests.
Daily Fibonacci Pivot Trade
Fibonacci Pivot Trades combine Fibonacci retracements and extensions with daily, weekly, monthly and even yearly pivots. The emphasis here is on using these combinations with daily pivots only, but the idea can easily be extended to longer timeframes incorporating any combination of pivots.
The Binomial Strategy by Lukka Semenov
The Binomial strategy is perfect in a ranging market. Many traders use it in combination with confirming signals software, to great effect. If Bollinger Bands and fibonacci appeal to you, this one is well worth a look.
Forex Dual Stochastic Trade
The Dual Stochastic Trade users two stochastics – one slow and one fast – in combination to pick areas where price is trending but overextended in a short term retracement, and about to snap back into a continuation of the trend.
Forex Overlapping Fibonacci Trade
Overlapping Fibonacci trades are the favourites of some traders I have known. Used on their own, their reliability can be a little lower than some of the others strategies, but if you use them in conjunction with appropriate confirming signals, they can be extremely accurate.
London Hammer Trade
The extra volatility you get when London opens presents some unique opportunities. The London Hammer Trade is my take on an attempt to capitalise on these opportunities. Especially effective during the London session, it can be used at any time when price is likely to be taking off strongly in one direction, and possibly reversing from an area of support/resistance just as strongly.
The Bladerunner Reversal
As mentioned above, the Bladerunner is a trend following strategy. The Bladerunner reversal just as effectively picks entries from situations where the trend reverses and price begins to trade on the other side of the EMA’s.
The Pop ‘n’ Stop Trade
If you’ve ever tried to chase price when it bounds away to the upside, only to suffer the inevitable loss when it just as quickly reverses, you will want the secret of the pop and stop trade in your trader’s arsenal. There is a simple trick to determining whether or not price will continue in the direction of the breakout, and you must know it in order to profit from these situations.
The Drop ‘n’ Stop Trade
The flip side of the pop and stop, this strategy trades savage breakouts to the downside.
Trading The Forex Fractal
The forex fractal is not just a strategy but a concept of market fundamentals that you really need to know in order to understand what price is doing, why it is doing it, and who is making it move. This is the kind of inside info that took me years and many thousands of dollars to learn. It’s yours here for free, so make use of it.
HAVE ANY STRATEGY I SHOULD KNOW ABOUT?? LEAVE A COMMENT, SEND ME THOSE STRATEGIES!
About Erron Adams:
Like most traders who eventually succeed I have spent my fair share of nights lying awake in bed staring at the ceiling
I’ve been trading over 10 years now, and a few years back made the decision to set down all I knew and had learned, in an effort to help other traders, as well as crystallise ideas and the market’s many instructive lessons, in my own mind. Most of all, I wanted to pinpoint…
WHAT WORKS AND WHAT DOESN’T WORK IN FOREX TRADING!
From all the courses, seminars and so on I had done, and most especially, the many thousands of hours spent sitting in front of charts trading, I began to distill the essentials. By this stage I was well armed for the task, having progressed through those stages surviving traders endure. Each stage had layered its many lessons in a sequential and building manner.
But the one WATERSHED moment came when I threw away everything I’d been told was essential and just concentrated on what I’d learned about RAW PRICE ACTION!
Most teachers of Price Action Trading preach that it’s all about simplicity, i.e. stripping the indicators from your charts (although they usually substitute them with their own half-baked indicators or magical candle formulas.) They are at best, only half right.
The sort of Price Action I’m talking about is what I trade – and teach – these days. This is where you strip all the non-performing baggage off your charts and – armed with a detailed knowledge of what actually drives the market – trade the raw movements of price:
1) At the right time
2) Using the right currency pairs
3) With the right risk parameters etc.
4) And most especially, trading off the secret levels where the Big Dog traders hunt! (And just a note here: the Paleo indicator that comes as a bonus to the Price Action Engine course automatically plots these on your MetaTrader charts!)
When I first adopted this approach it felt like invisible chains that had been wrapped around me, fell at my feet. As I emptied my mind of all the parameters, signals and triggers that were jumping out of all the indicators I had choking my charts, and incorporated the fundamental price action knowledge I had gained, price revealed how it moved in an organic manner, and how it acted and reacted throughout a trading session.
In a relatively short space of time I began to feel I had finally entered the world of the market as an activeparticipant in control of my destiny, rather than the confused and locked-out observer I’d always felt like in the past.
That is the way I want YOU to feel when YOU trade, and I am certain that if you take all you can learn from this series and QuickFXupdate generally, and apply it correctly, it is how you WILL feel!
I wish you all the very best in your own career as a forex trader. And if you are reading this at one of those times when nothing seems to go right and you’re about to give up, remember that I’ve been there, and it is possible to pass through to the other side. I can offer no better encouragement than the immortal words of Winston Churchill:
When you’re going through hell, keep going!
I trade mostly the AUDUSD, and mostly during the Asian session, as these represent the bulk of trading opportunities available to me during my waking hours. The strategies presented here however, can be traded across all time zones and all currencies.
I have used and developed many strategies over the years, and I teach the essentials of the best of these in this short course.