Advanced strategy #10(Trend Line Trading Strategy) - ENJOY !

[Pharley]

Hi,

Myronn certainly did very well in demo and for real, but he also took quite some time in analysing the charts and how to do it. I'm now making money with it as well - not as good as Myronn did, but the more you practice, the better you get at spotting setups and trusting the system. No system wins all the time, but this one seems to generate good profits on a regular basis.

You can see from some of the posters the pips that have been gained. If you equate that to 1 lot, or 0.1 lot, or whatever, you can see the potential.

I suspect Myronn would say (and correct me please if I'm wrong!), keep practising looking for setups and drawing the trendlines. If you're unsure, then post it on here and people can have a look and comment whether it's a valid one or not. From what I've found, Simpleforex is always happy to help out and point you in the right direction.

Even if your results are half as good or a third as good as Myronn's, then it's a terrific strategy and there are big gains to be had. Don't try and replicate the original results - I was looking at those too and volatility was much higher back then in 2008 for different currency pairs. But the principle is still valid and the same. I seem to be generating about 3% to 5% average growth of pot per day which I'm very, very happy with.

Like Myronn, I also tried umpteen different things with forex and busted my account about 3 times. Now I've found this one, I'm sticking with it. Now when I look at charts starting at the big picture then working down towards the 1hr and 15m, I also see the trendlines and can see why price turns at certain levels - something I never understood before.

Thanks to Myronn for bringing this strategy out in to the open. Focus on getting it right and the rewards will come.

Hey Myronn, I'm still up in Thailand with the wife and kids currently enjoying Songkhran - the water festival. These Thais are as mad as hatters! But I love it here, and that's what forex can do for you. As long as you have internet access, a pc and can make money from a good strategy, you can live anywhere in the world. Never listen to the naysayers who reckon you're gambling (I've had plenty of those!), just put all your efforts into learning it and getting as good as you can get at identifying and drawing trendlines, be patient and employ correct money management.

To be able to pack in work with suit and tie and the daily grind of commuting and swap it with tee-short and shorts every day of the year, work when I want on forex, live where I want. Wow, I just can't go back to the 9 to 5 routine and Dilbert cubicles. You've just got to make to happen.

Good luck trading everyone.
Cheers
Phil

[youngtraders]

@ FSRuser

look at the amount myroon risked on every trade. that was amazing. he started his demoaccount with 5000 $, and traded with 1-standard-LOT everytime. Therefore he doubled his amount in this short period of time. So on demoaccounts there is not this psychological effect when big drawdowns start. But I know, later he risked the same amounts on real account. You know, perfect moneymanagement is so important. This actions were very dangerous, but I think myronn knew what he did. respect.

greetings

christian

[Kessity007]

I need help with entry on this strategy and exactly when and where to place stop,i ve already lost 3 in row i.e. Immediately after i am in. Please help fellas.

[il brigante]

"I seem to be generating about 3% to 5% average growth of pot per day which I'm very, very happy with...."

To me that seems a lot.

Cheers

[Pharley]

Hi,

Yes I suppose 3% to 5% per day does sound a lot, but I should have qualified what I said. Please don't think I trade everyday - I don't want to be stuck at the charts all the time and quite often real life gets in the way - Wife and 2 young kids see's to that! Typically I rarely trade on a Monday as I want Monday to come and go so I see directions of pairs established. Friday - sometimes, but I find it a slower day.

I keep an eye on MATAF volatility for pairs which shows me that normally Tues, Weds and Thurs have more volatility, so I tend to trade those. Plus I don't trade when it's a public holiday in the UK or USA.

If you take a 20 day month at 3% per day, yes for sure you'll get around 80% growth pm. But I don't trade 20 days, more like 12 to 14 days. Plus some of those days don't give me any setups, or I'm in a couple of trades already and don't wish to enter another until current ones are completed which can take a couple of days. But I'm not too interested in % per day, week, month - I'm after enough to live where I live. I only mention it because someone was asking if anyone had made the big gains as orginally posted.

I don't actually have to make a lot to be where I am which is Thailand. It's cheap as chips here, the food's great and the weather mostly warm. That's one of the reasons I came here - I don't want to be 75 yo and wishing I'd have given it a go! Anyway, sometimes if I'm in a trade and it's in profit, I may close it altogether and just take the pennies off the table if I'm happy with the amount of $, irrespective of %. Other times I'll let it run. I'm not after making millions - just enough to live here where I want with my family. It sure beats the office job. My trading pot is only modest so I'm not getting massive $ per day, but it's growing and able to provide enough to live and save.

I tried to have realistic goals that are achievable. If I had a goal of having $50m in the bank, yeah great, but goodness knows when I'll get there if ever! So my goal was to pack in the day job and live where I wanted to live. That's something that can be reached. It's taken a few years to come to fruition with lots of bad errors and losses along the way and tons of learning.

My family also thinks 3% or so is impossible ("but you only get 5% per year in a bank"). I just point out that I'm living in Thailand and if it were'nt possible, I wouldn't be here.

Let's hope we get some good trades this week!

Cheers
Phil

[Pharley]

Hi,

I just had a quick look at Myronn's original results from his demo account. $5k to $330k in 21 trading days, which averages out at about 22% per day.

Also, take a look at Daily FX trading contest. Winner for March got 1711%, Feb around 690%, Jan about 1180% - all on live accounts. Yes they're using big leverage and goodness knows what risk/reward looks like, but they're doing it and getting results. I used to think - I'll never be able to get 1% per day. And I think because I believed that, I never did. Now I don't think about a limit and I can't do it, I just get stuck in and try to do it. I like to stay positive!

Cheers
Phil

[il brigante]

Pharley, thank you for your comments.

I think anybody can make 1000% in a month, but they also can lose 2000% the following month. The key is consistency.

If a trader makes 3% a month on average (36% yearly) he is a good trader. (World class top trader make 100% yearly)
He will find somebody to fund him. One particular business man pays 30% of the profit, he keeps the 70%. If he only funds the trader with $1,000,000,
the return will be $360,000, the trader will make $108,000 per year. The trader with that consistent return will easily be funded with $5,000,000.You do the sum.
Myself I return on average of 5% a week since I caught the "Zone". But that does not mean anything yet because I need to keep the records of my return for much longer time. Minimum 6 month, two years is preferable.

Cheers

[Pharley]

Hi il Brigante,

Hey 5% per week is terrific! Yes, you're right - get the consistency and you know you've got something right. Yes it would be very interesting to see the guys who win those competitions after another 6 months to see how they've done. I've been keeping a trading journal for about 3 years now and the early trades were just awful. I had so much to learn. Even now I'm still learning and I suppose you never stop.

I was offered a position at a wealth mgt business about 8 months ago, but I turned it down. I really don't want to work for anyone anymore. Salary was good, but I find it hard to do the office hours I used to do. I got into trading so I could cut back on the office type jobs, not start another career. Every now and again I do work a short term contract - the last one was for 3 months ending in November. It's not too bad if they're short term like that and I can put some in the pot, see my family back in Aussie and put something else away for the kids, car, house, etc.

I've seen some of your results on here and you're doing really well with the pips, as are a few others too. Hope it all keeps going well. By the way, the 3% per month is just over 42% pa. If you can keep getting your target of 5% per week, that's about 950% pa, which would be really superb.

It is really achievable - I think the thing that most of us suffer from is the greed side of things. I'm guilty of it myself and I tend to forget sometimes that if you can get just 1% growth per day and traded say 150 days a year, that's a 344% return for the period. Get 1.5% per day and it's 833% pa which is a massive difference for just 0.5% more. Wow, it sounds so easy! But I know it's not. Many times in the past I've been for example 2.5% up and thought, just a little more to get me to 3% or 4%, only to see it go against me and hit SL. Or I've been up 5%+ for the day, only to trade again (greed!) and lose all the gains. Stupid of me - now I try to remember my goals and the long term view.

Nowadays I don't think about % so much, but $. It's because I know how much I have to get on a monthly basis to cover costs - house, car, bills, food etc. I try to get that plus some more to grow the pot and because I'm trying to do that, I've become less greedy, more willing to take small profits when they present themselves and it allows me to achieve this goal of mine. The next goal of mine is something else, but I always have them and try to make them as realistic as possible. It keeps me aiming at something and focussed.

Cheers
Phil

[il brigante]

Hi Phil

I think you are right there, trading is also very much knowing yourself.

I also understand the office business, but if you are consistent and you make 36% yearly return, you can also borrow from the bank: let say you can borrow $500.000 from the bank, you return will be $180000, you pay $50000 interest (10% in Australia) and you make $130000 on the bank's money.

Cheers

[simpleforex]

[quote="Pharley"]Hi,

Hey Myronn, I'm still up in Thailand with the wife and kids currently enjoying Songkhran - the water festival. These Thais are as mad as hatters! But I love it here, and that's what forex can do for you. As long as you have internet access, a pc and can make money from a good strategy, you can live anywhere in the world. Never listen to the naysayers who reckon you're gambling (I've had plenty of those!), just put all your efforts into learning it and getting as good as you can get at identifying and drawing trendlines, be patient and employ correct money management.

Pharley!

the man from Thailand! Mate, just got back from Manila Philippines 3 wks ago and now its back to business again. I don't knw where I will head next.

Cheers