Hi Lou, Nice you are back on the trail. Had problems with the bad taxman? Good luck with your next trade. Keep us informed.
One of the best peices of advice I can give a newbie is this: Decide what ur going 2 do b4 the trade has been put on .... that is Entry & Exit (Profit Level & Stop Loss). DO NOT wait till the trade is on 2 decide these factors ...... do it sober w/out the euphoria of a winning trade or the greif of a loser. Ironically I follow the same peice of advice as the our friend Baruch (K.I.S.S.) My strategies are systematic and are based upon very simple inputs ..... over time I have refined them a bit but find that the simplier the better (be able to understand everything that u r foloowing and the inputs into those functions) this will help if u find that u have 2 tweak ur system ...... Keep a cool head and whatever u do ,...... dont sit in front of that screen sweating every tic. Life is going on around you and ur trade wont get any better or worse w/ u sitting there screaming at the screen. Good luck to you I wish all the best.............
thanks so much. I would like to know if the strategy i am using is any good. I use MA10 and MA40 and wait for crossovers. Is there anybody out there who thinks that they make tweak this a bit more and make it better!! Let me know about this strategy. What strategy do you guys use?? Thanks gang
Is it advisable to use a 10 min chart using MA40 and MA10 - and wait for a cross over? What time scale charts do you recommend?
I personally like the MA's and after that its really up 2 the user 2 decide what best fits their time frame of interest and the # of confirmation bars etc that go along w/ the strategy... as far as figuring out if ur startegy is a winner or not ... do as much back testing as U can then test it in real time .... that is 2 say allow the system to show u what trades that it would do going fwrd (w/out risking the $) and see if the trades are in line w/ what it showed u over the backtesting period .... I would recomend a 6 mth period going fwrd 2 c if the trades are in line..... u may have already done this u may thnk Im nuts or that it wud impeded ur progress ... this is up 2 u .....I personally tested my program for a year after deciding on the criteria (caveat.... I had the luxury of time and didnt need 2 trade so I waited it out)
No. You will get killed by whipsaws. Use a 30 min chart instead. There is a system called Bunnygirl Cross which uses 5 wma and 20 wma on a 30 min chart. 20 pips filter. Should be profitable, but I am not sure. You are also welcome to use my own system. Our friend jrichman23 (read his comments) just made 350 pips in 3 pairs with it in two days (sunday and monday).