Recommended System?

[newyear498]

Thanks for your insight, sounds like you have a good team together.

I think if I develop a system based around one or some of the following: Fibonacci, time frame breaks outs, trendline breakouts. They should be able to sustain the markets ever changing conditions..

but I'd like to hear your opinion on that concept, or which ones you think can stand the test of time.

I'm also considering putting together my own team (possible intelligent students from my college) and developing a trading method.. this website is such a good motivator..

[whipcrack]

I think if I develop a system based around one or some of the following: Fibonacci, time frame breaks outs, trendline breakouts. They should be able to sustain the markets ever changing conditions..

We don't observe or utilize fibonacci or trendlines Ryan so I'm no good to you on that score.
Breakouts are fine, as are continuation moves away from the typical price areas mentioned in those threads.

Anything based around price moving away from & back to levels of supply & demand (from whichever timeframe you choose to trade off) will always offer you a regular array of good value opportunities.
Those are the levels where you'll locate the better value & lowest risk ratios.

I guess you can wrap whatever you like around that concept if you're executing on & around the levels that offer the keenest value/risk ratio options.

[newyear498]

Thanks to everyone for the contributions,

as you know I am still working on finding a decent system to follow.

Was wondering what your thoughts are on money management... I find a lot of times the systems I find require risking 100 pips to gain 40-60 pips.. it seems like such a bad risk to reward in the long run.. I am trying to set up a more favorable system 2:1 like risking 10 pips to gain 20 pips.. what are your thoughts on this?

I am also feeling that price action is very important.. for example: if the price has moved 20 pips per hour than go for 10 pips.. if its moving 40 pips go for 20 pips.. seems like a more solid idea then most systems always going for a set level of pips.

Thanks for the insights.. its definitely helping me narrow down better trading methods, please keep sharing any ideas that come to mind.. and if you want to share any solid systems that would be great to see.

[fxdude]

Hi Ryan,

I have an EA that i have been following, it certainly needs some tweaking, if any of your team are coders, then I'm sure we could help each other along.

[newyear498]

Hi Ryan,

I have an EA that i have been following, it certainly needs some tweaking, if any of your team are coders, then I'm sure we could help each other along.

I actually know some programming, although I have never worked with EA, don't know the first thing about that.. but hear people talking about them (guessing they are trading bots)

which language do you program them in?

Thanks

[manus168]

Should you try SRDC(Support Resistance Daily Candle). 1 by Orange Roshan (from Japan)

For 5 pips at every trade (EUR/USD) = its OK !

[SharpForex]

Update!
I have been testing the Midnight Setup on my live account since 17 Jan 2011, and can confirm that this strategy offers excellent potential. To date I have made 18 trades resulting in 4 losses and 14 winners, for a 17.8% increase on my account funds (2.22% per trading day). I have been employing this strategy across all currency pairs using ATR to calculate range and using 50% of this as my profit target. If you are looking for a simple and effective startegy, Edward is definitely on a winner with this one.
Cheers!

[ForexLion]

Any system that one is trying to use or even the one currently in use should answer 3 basic questions:

1) Where and When do I get into a trade?
2) Where should I place my Stop Loss?
3) Where is my Take Profit?

Most System I know cover the first two questions well, but the third one is usually tricky and a times vague. That is where Money Management becomes very important.

In any trade, one should try and focus more on how much would I lose?

I suggest newbies should try and master ONE currency pair at a time instead of dabbling into many pairs without understanding the behaviour of any.

FL

[Leighto]

Hi,
I have an ea that i have been following it certainly needs some tweaking, if any of your team are coders then I'm sure we could help each other along.