Wealth Building System - Set and forget
Nice and simple breakout system.
I would advise to trade it mainly at pairs with strong trends and breakouts, such as the GBPUSD and GBPJPY.
Who are going to give this a try this week? Lets do it guys.... we can compare results 
Hi all!
First of all thank you for sharing your strategy bossxero!
At second I want to inform you that since today I'll start to test this strategy. I'd placed the pendings order on EURUSD,GBPUSD,AUDUSD, AND USDCHF with 30 pips sl as it follows:
-EURUSD
Buy at 1.5059
Sell at 1.4828
-GBPUSD
Buy at 1.6694
Sell at 1.6231
-AUDUSD
Buy at 0.9328
Sell at 0.9112
-USDCHF
Buy at 1.0228
Sell at 1.0034
These prices are based on the last week high/lows as you recommend in the strategy explanation. Hope to the price reach it and go far beyond 
...
We'll keep in touch during the week!
I'm back, and I have a question for you boss..
If a pair reach the the price then get back to the sl , do we have to place another order again same as the first placed at the top/bottom of the last week, or we will ignore the future movements on this side for that currency pair?
I'm back, and I have a question for you boss.. If a pair reach the the price then get back to the sl , do we have to place another order again same as the first placed at the top/bottom of the last week, or we will ignore the future movements on this side for that currency pair?
After we place the orders, we close the terminal and we will open it again only on friday night.. whatever happens, we dont care... we dont play with the orders etc... this is the current strategy as is, however, anyone is free to bring modifications to it if they deem it necessary to do so. I am testing the system as well and currently, i do not know about the current trades and how they are doing as I closed my metatrader and will look at it only at end of the week, will then update the thread with some results hopefully.
From when u have been testing it? what about the reliability?
From when u have been testing it? what about the reliability?
I am testing it just by this week... I have no stats yet... you guys should test these systems as well...
Bossxero,
What kind of results did Tkimble achieve with this system? As I am looking for something that I can set and forget due to my work schedule.
i'm confused, you say place short and long at the weeks close price, is that correct. ERRE12 has placed short and long at the weeks high and low?
If the gbp/usd closes fri night at 1.6500 do you go short at say 1.6490 and long at 1.6510? and when do you place it , sun night when market reopens ?
get back to me i like the sound of it. Does it work on the daily close also?
i'm confused, you say place short and long at the weeks close price, is that correct. ERRE12 has placed short and long at the weeks high and low? If the gbp/usd closes fri night at 1.6500 do you go short at say 1.6490 and long at 1.6510? and when do you place it , sun night when market reopens ? get back to me i like the sound of it. Does it work on the daily close also?
Thanks for this remark... Infact I missed this post of ERRE12 totally and read it just now after you made this post... It is true his trades do not follow the rules set by the strategy above... We should place the orders calculating from the CLOSE of the last week and not the High/Low. These trades can be placed as soon as your broker OPENS on Sunday night. This is how I did it.
As for the example above, you are going long and short just 10 pips above/below the close which is not close to the rules for this strategy. The strategy says, we should place pending buy and sell orders 30 pips from the previous close. For example, if close of GBPUSD was 1.6500, we place pending buy order at 1.6530 with SL 60 pips at 1.440.. we place pending sell order at 1.6470 with 60 pips SL at 1.6560 .. Hope this help you get a better and clearer idea about the system...
As for the same strategy on the daily close, then I have no idea about it and it should be tested to see if it can work or not, but I think it will be working... however, good money management must be used and the account should not be over-traded.
Thank you
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This method is for those who do not have enough time in hand to stare at charts for hours or babysit their trades. Those who are too busy with their day job which they cannot (should not) quit or busy with family affairs ... if you are among this category of people, then this system can suit you very well.. The system is very easy and straight forward.
Firstly, open a weekly chart then place a pending order ABOVE and BELOW the CLOSE of the previous week's CLOSE. You should use a fixed stoploss of 30pips and no profit target. Now, after these pending orders are set, there are only these possible outcomes:
1. Buy position get triggered and keep going in favor (100s of pips)
2. Buy position get triggered but later retraces and hit stoploss (-30 pips)
3. Sell position get triggered and keep going in favor (100s of pips)
4. Sell position get triggered but later retraces and hit stoploss (-30 pips)
5. Whipsaw in the market causes both position to get triggered and hit their stoplosses causing a maximum loss of -60 pips (-60 pips)
6. Buy get triggered, then hit SL, then Sell get triggered and run in profit (guaranteed to cover the -30 pips lost earlier)
7. Sell get triggered, then hit SL, then Buyget triggered and run in profit (guaranteed to cover the -30 pips lost earlier)
These are the only outcomes that can happen, however, most of the time, you will see the weekly trend re-establishes itself and get control of the direction the pair is heading. This is why we do not use any profit target (takeprofit/tp) and we keep the trades running till the END OF THE WEEK... we will close the trades only 30 minutes before the brokers shut down their platform on Friday night. In this way, if the weekly trend is bullish, and the buy gets triggered, the profit potential can be huge, compared to the maximum loss (-60 pips) that our account can suffer. Therefore, if we compare the risk/reward ratio of this method, we can safely conclude that this system can be a potential wealth builder.
You need to use this system on volatile pairs which are the GBPUSD, USDCHF, GBPJPY, EURUSD etc...
The most important part to make this system successful enough is to use a good money management technique alongside so that, you control your risk in a way that is healthy to your account... no matter how many lots you are using per trade, just make sure that you account is prepared to handle -60 pip loss for a few weeks consecutively and adjust your lots according to this scenario. Of course, such a scenario is very unlike to happen and most of the time, you will close your trades in profit.
The best part in this system is that it does not need any complex technical analysis or tons of charting time. It is a 'set and forget' type system and just need less than 10 minutes of your time each Monday of the week to set the trades, and each Friday to close the trades. As the label says on the tin... you set it and forget about it. You can close your platforms, shutdown your computer and turn all back on just on friday to close the trades. This system should really be stress free as you would not be exposed to the ups and downs of the market rolling in front of your eyes every hour and thinking 'my SL is going to get hit.. my SL going to get hit..' .. NO, you do not need to think about these... just set it and forget about it.
One thing which this system with definitely prevent you from doing is over-trading.. YEAH! Over Trading the market is a real kill, both for your health and for your balance as well. Keep it simple and keep it coming. As with any system, make sure you practice this on a demo account for a while. This is a 100% mechanical system and does not need any analysis etc, so it will not be a problem practicing on a few pairs as well. After some time, then you can decide whether this system is good for you to trade on a live account or not.
Would like to hear back comments and suggestions... Good Luck.
Thanks to TKimble for exposing this method.