Recommended System?

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Recommended System?

Postby newyear498 » Tue Nov 02, 2010 4:56 pm

Would love to here which systems you guys are using from the site and which work the best?

love this site.. looked at alot of the systems, found a few good ones but wanted to know from users own experence which work the best?


Thanks so much!

PS: I have experience in stocks and trading but looking into forex now and for a forex system to paper trade before I risk any real money.
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Re: Recommended System?

Postby spotfx » Wed Nov 03, 2010 5:30 am

Rom wrote:New (real) Helpful Site
new-real-helpful-site-t698.html
Status OK

Rom wrote:Kieran Murphy & Fred Gray (New (real) Helpful Site) is basically using same system as David Harding

Don't forget to inform folks how much they're going to have to shell out for the privilege of accessing this "recommended" system & support information.
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Re: Recommended System?

Postby newyear498 » Wed Nov 03, 2010 8:39 am

Yeah.. I was asking for systems on this website not links to others.. please stop trying to sell me stuff!
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Re: Recommended System?

Postby spotfx » Wed Nov 03, 2010 10:23 am

Rom wrote:Sean Hyman about his education....How would you say you got your “forex” education? Did you learn by demo trading, did you have a mentor? etc.
At first I read things like Currency Trader magazine, etc. but then later on I went study an online forex course at http://www.fxcm.com . That’s where I got my “well rounded” forex education.

Yeah, and I wonder why he just happened to recommend that particular online forex course.
It wouldn't have anything to do with his exclusive (employment) contract with FXCM would it? :roll:

Rom wrote:The software is from CurrencyCompass.net
With that software and the 3 Days webinar, and decent knowledge of long term trend trading and money management, one should be able to capture the main elements. Otherwise one have to pay 60 euros per month or 4-500 euros upfront.

60 euros per month for what amounts to a tired old confirmation exercise using a moving average to validate the trend, run of the mill pivot points for s&r identification (both freely available all over the popular trade forums) + some spurious & comical looking proprietary signal software that you're forced to pay for in order to receive genuine updates etc ??!!

They really do see you guys coming a mile off :lol:
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Re: Recommended System?

Postby spotfx » Wed Nov 03, 2010 10:30 am

Rom wrote:How little time are you going to invest into studying? 200 hours = $1000 - assuming your time is worth $5/hour Let's us be realistic here, professionals go through 3-4 years of learning = an investment of $50.000+.

If you find someone with less learning in "Market Wizards" I am interested in his story.
Your chance of surviving one year in forex is usually cited at %10 ...

the magic about losing and losing in anything is that it will add psychological barriers vs. success

If you believe half the stuff you post on here, particularly the bits relating to long term success, then why exactly do you spend so much time on here?

Half the stuff you post is comical, naive rubbish & the rest (ea & robot nonsense) can just as readily be tossed in the bin.
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Re: Recommended System?

Postby whipcrack » Wed Nov 03, 2010 1:28 pm

Rom wrote:Newbiews don't get much respons here from those who are professionals.
I am not a professional
I rely upon professionals.

Professionals (self financed or those who trade funded accounts) who trade FX via a discretionary model will operate via a simple, basic, straightforward, common sense approach that in the main will pivot around directional bias supplemented with supply-demand awareness.

They identify dominant directional bias according to their preferred model & trade impulse/corrective price action, buying dips or selling rallies in sync with the market rhythm.

Nothing more complicated than that.

No need or requirement for these ridiculous EA's or robots....no complicated technical nonsense cluttering up their charts & definitely no multi-round turn scalping sillyness via high frequency timeframes.

Anyone thinking trading at this level needs to be any more complicated than the above is in for a world of unnecessary pain & disappointment.
Much of the foundational material shared on here;
combination-strategies-t140.html
& here;
http://forums.babypips.com/free-forex-t ... inued.html is all you need to build a workable & sustainable long term model that will allow a trader to adjust to the ever changing cycles that constantly influence the markets.
And the reason is because supply/demand & directional bias observation most accurately represents & mirrors the dominant influences of the mass market psychology that reflects the views & opinions of the trading fraternity.
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Re: Recommended System?

Postby newyear498 » Wed Nov 03, 2010 1:57 pm

the main will pivot around directional bias supplemented with supply-demand awareness


Thanks for the insight, not sure exactly what that quote means tho?

Are you saying usually the price will return to the previous days pivot point? or could you give a little example..

I am going to check out the posts you mention thanks a lot!
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Re: Recommended System?

Postby whipcrack » Wed Nov 03, 2010 2:43 pm

newyear498 wrote:Are you saying usually the price will return to the previous days pivot point?

No, nothing to do with pivots. I guess I should have used another term.
Replace that sentence with this:- .....common sense approach that in the main will be based around directional bias supplemented with supply-demand awareness.

newyear498 wrote:Thanks for the insight, not sure exactly what that quote means tho?

Basically supply & demand is another term for support & resistance or buy/sell pressure.

Directional bias is what it says - a visible & dominant bias or trend.
So if you're looking to take trade then at the very least ensure you're positioning yourself in line with any obvious dominant bias or trend. That will be evidenced by whatever preferred longer timeframe chart reference you choose to align that bias with (4 hour/8 hour/daily etc).

If you then prefer to work off and/or trigger your trades from say a 30 minute or 15 minute or 5 minute timeframe chart, then look to go long on pullbacks/dips on the lower timeframe if the dominant trend is up......& look to go short on pullbacks/rallies if the dominant trend is down.

If you read & peruse those 2 threads it will all slot into place via the many chart examples & explanations.
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Re: Recommended System?

Postby newyear498 » Wed Nov 03, 2010 5:31 pm

Thanks WhipCrack,

I like the points you make because it is basically similar to my approach, I have been trading for years in stocks but new to forex..

with all knowledge I know now I feel the only way to trade profitably is price action since the indicators all lag saying (get in now even tho you missed the move!)

So I like the idea of viewing support and resistance levels along with trading the longer trend.

On the side note tho.. I am still trying to find a system so I can avoid emotional trading.. is there any you suggest or you trade with good success / profitability rate..?

Thanks again,
Ryan
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Re: Recommended System?

Postby whipcrack » Thu Nov 04, 2010 2:50 am

newyear498 wrote:On the side note tho.. I am still trying to find a system so I can avoid emotional trading.. is there any you suggest or you trade with good success / profitability rate..?

I'm afraid not Ryan.
I, & the colleagues I trade with execute discretionary models via the spot market geared to specific objectives.
We need to have total control over each aspect of our strategies due to the constantly changing market conditions.

Rigid & inflexible systems simply don't offer us that essential level of control.

Supply/demand zones & previously significant levels etc, which are directly affected & influenced by the psychology & mood of the market participants, can & do shift focus at the drop of a hat.
We need to be able to accurately adjust & react to that important market positioning, & that wouldn't be possible trading to these inappropriate system or robot parameters.
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