Any chance of an ovenstone EA
Since thius system is highly touted just wondering if someone wants to try making it into an EA?
I wish I could trade it but still have a J O B
In this thread I shall introduce you to the best system in FOREX world. I shall do this free of charge. Before I do that, please let me allow into these secrets (if I may call them):
1- FOREX trading is one big lie. It is a gambling game. No more no less. It has nothing to do with trading. Those guys out there want you to believe that, so they make as much money out of you.
2- Indicators are another big lie. This is a game driven by news and rumors, so why the hill use scientific approach to a game that has nothing to do with science.
3- Those boys and girls, who claim to have a successful system/formula, think foolishly that they have discovered the FOREX crystal ball. The fact is they are relying on crossover system (which is a part of the many components that make up their system/formula) which is really all there is to FOREX. They can discard all other components and still make the same rate of success.
4- After a while your eyes will get trained in catching good opportunities and that is due to much practice (practice makes perfect). Those boys and girls mistakenly think that the credit goes to the clever indicators they have developed. Not realizing the fact that they have spent enormous hours in front of their screens that their eyes are well trained for spotting good opportunities.
5- All you need is two simple moving averages system to alert you when the market sentiment changes. Unfortunately some times this sentiment changes very rapidly and that is why we get loosing trades.
The system: I use the following EMAs:
12/89 for 15 minutes time frame.
9/30 for 60 minutes timeframe (this is my favorites).
5/13 for daily time frames.
Enter long when the fast EMA crosses above the slow EMA. Vice versa for short.
Use the last swing high/low as your stop loss point.
Exit at the first sign of reversal.
THAT IS ALL TO IT. No need to make a simple game so complicated.
There are no hard and fast rules for exiting the position. As said before it is a gambling game. Practice those simple crosses and you will soon find out the best exit for your position.
I hope that you post somemore, alot more. What you have to offer actually works, which is why i still can't figure out why is it that you are helping people here. There are many good traders here, you being the best one in my opinion, but. If there's a private forum, or chatroom, i'd like to be privileaged to it. Why waste value, exspensive info if it will go in one ear and out the other to ignorant people?
Take a look here
Have a look at this site of free forex E - Books - http://my.hn8868.com/forex/
The site does occasionally go down but then reappears - maybe being updated or something. There is a wealth of info on trading ideas and links to other docs etc.
One of the E Books which I have found useful in my quest to hopefully make money out of FOREX is called ' Forex for Everyone'.
The essence of it is based on trading the price 'waves' as it moves with a 21ema or moves to / from a 75 or 200 sma in an M5 timeframe. The 200 sma is also used to identify the trend direction (if there is one).
Crosses aren't involved, although I'm sure they can be useful, nor other indicators, just price action as it is happening, which is I'm sure the only reliable 'indicator' that there is !
Entries and Exits are made at price retracements to the relevant MA or points of resistance / support which could be pivots or Fibo levels, trendlines, etc, and double tops / bottoms, together with what is called a 'Valid reverse candle'.
I couldn't help but add a couple of indicators as I sort of feel naked without any, so I have a 3,10,1, MACD to identify divergence ( good but not infallible)and a 1 hour Stochastic on the M5 screen to give me a good idea of overbought or oversold condition. Also a good old Bolli Band to confirm volatility and possible limits.
It is I believe a good method, but does invlove working hard for your money in terms of screen watching and drawing trend lines and support / resistance on your chart. In demo I make quite a bit more than I lose. I lose mainly because I'm a little impatient and hunt the market instead of waiting for it to come to me.
Re Dr X's thoughts on gambling, I think in a way he's right. The market is driven by economies, but the traders at the exchanges are human and therefore driven by human nature. Big investors are just trying to protect their capital. The market moves in different directions, but not at the toss of a coin. If we can gauge the market, we can learn to react to it. Educated gambling perhaps.
Learn to ride the waves !
Many thanks to all contributors to and administrators of this Forum. It makes burning the midnight oil all the more bearable, besides marvelling at their wisdom.
In my opinion, one of the best if not the best methods or systems to trade Forex and win consistantly is through effective hedging. It won't make you a quick millionaire and it takes some decent capital, but it works. The best indicators, MA's, etc., and even knowledge of price action won't really and truly tell you what's going to happen next when you're standing on the hard right edge. Nobody knows.
Yes if you know which one to close first and when!!!
See the PDF Document attached
Being able to read chart patterns I believe gives everyone an edge irrespective and mutually exclusive of moving averages, or anyother indicators for that matter.
There are many professional traders who trade strictly off price patterns.
I don't think trading forex is like gambling, Suppose it's true : A good gambler will quit off the table after logical win or loss, Using this only will give you an edge trading forex.
The use of indicators (also filters) is very subjective (I can show you at least a dozen of methods to use MACD). Use any system you desire as long as it is prifitable. You have to educate yourself while trading to be able to trade 3 or 4 systems at the same time (remember diversification). Do not forget the good gambler attitude.
N.B: I don't think it is useful or funny to trade demo accounts, it's like sleeping with robot woman. you can trade forex with 5$ account.
i like this posted... very genuiene forex trader..
I think that all traders who stick with the trading game long come to realize that all the indicators they've spent years of their life analyzing the markets with are no more predictive than the price itself. Its not the indicators themselves that create the trading opportunities as most people see them but its their display of the price movement that gives the trader a better view of what the market participants are doing. Less is definitely because averages and indicators smooth price and show a soft fuzzy picture of what the market is REALLY doing. Traders like this soft fuzzy picture because its less complicated and easy to follow but...IT LIES. Thats why the quest for the holy grail of indicators is an endless journey that gives satisfaction during the search but not in the result. Some indicators are very useful but only to the extent that they give the trader a better picture of what market participants are doing. Never believe that an indicator can tell you what the minds of millions of people are going to do.
You forgot to post the indicator for I can try it.