I may be reading too much into your first post in this thread, so, please correct me if I am wrong.....
You said a lot of experienced traders, when they are losing, use this method to recover their deposit. You also said you use this method, too, for the same reason. Once the experienced traders (and you, too) have made their deposit back, do they/you abandon this method entirely? If so, can you give any reason?
This method actually looks very good, and looks like it could yield a lot of pips. Is it not good in the long term? There may be something obvious, which I am totally overlooking, since I would consider myself a newbie....
I think I read in another one of your posts, you prefer set-and-forget trading methods. Since I am a slave to a 8-5 jobs (hopefully, with Forex, that will change, someday! ), I probably favor that sort of method, too. Unless I can find a method I can use after work. Or, something with a great EA!
Thanks for the good words.
I am not good trader. Sometimes I am using this system to recover deposit. But when I have deposit enough I am also looking for the other systems trying to get money more easy and trying to find some other systems. And sometimes I failed. And after that I come back to this system once again.
Experienced traders are trading on break out using this system. They are not trading inside the channel. I still can not trade on break out.
newdigital why don't you stick with this system to generate profit beyond just recovering your deposit? I know it is hard to find the system that fits us....but isn't the object to make $$$$? You have found a system that works for you now you need to take advantage of it. I have this very problem myself. I am a big system whore . I have tried a diffrent system every month for the past year. I am not profitable beacuse I never stick with one system long enough to "master" it and become profitable. I am now sticking with channel trading using the shi channel, fib pivots and forecast oscillator. I also like Andrews pitchfork (another channel). I am going to stick to this and practice until I become profitable.
Thanks for all the work you do here and good luck to you.
Not as Easy as It Looks!
Just looking at the past on charts, this seemed like it would be an excellent candidate for set-and-forget trading. I'm finding this is not the case!
I seem to get stopped-out on half (at least!) the trades I've tried.
Granted, I have been entering trades before the High_Low V2 touches one side of the channel, but, I have been entering trades after the bars touch the side of the channel, and are pulling away from the channel, and the 3Line_Break has changed color.
I've been setting my SL at 50 pips away from the channel, and setting my TP many pips before the opposite side of the channel. In theory, it looks like this should still be giving me some big pip gains.
Just looking at the past on the charts, it doesn't seem you would have to be exact on your entry, as long as you are entering the market fairly early after prices are pulling away from one side of the channel, headed to the other side of the channel. Plus, it seems you should have nice gains, if you enter the market fairly early after prices have started to pull away from the channel. I've been trading within the channel, not outside of it, using 4H charts, sometimes comparing them to 1H charts before entry.
I'm obvioulsy doing something very wrong with this method!
m217irr mentioned about it here but I did not understand it in that time.
Hi newdigital this seems to be one of the best thread on this forum . A friend of mine trades with grids fibonacci grids works same
Yes you are right.
But the problem is that there are a lot of good systems here and many good EAs in the forum. When I am lossing money using one system I am always looking to an other one. But it is mistake you are right.
Just one example. I am trading using this system (for example). But as an admin of this forum I should look at all the systems/threads posted in the forum. And suddenly I saw some posts: $1000 in a week or (in a month) or pips or something. I started to read about and find it interesting. And I am thinking: I am lossing at this time using my system, but somebody is winning!
And I change my system to an other one.
You are right: it is mistake.
The system is as a wife: we are changing but up to 3 or 5 time per our life only.
cwave i am not newdigital but this is the first system i have learned for trading and thanks to newdigital for posting it here it is indeed a very good system. i still have that gbp chart you posted here with all the waves it was very good and accurate.
thank you for all the work.
Post is Edited.
i left a message for you check observations thread :=
i try to use channels for trading