Just bought a new system

Discussion in 'Forex' started by trader4pips, Feb 22, 2007.

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  1. Well I went ahead and decided to try another system, hoping this would be the last one I needed.

    Yesterday I received a Buy signal for the GBP/JPY at 5:50am ses. Today that trade was closed and reversed at 12:40pm est for a profit of 198 pips!

    The reversed position is currently down a bit, but this is a great start. I am in a couple other trades currently that are both down 15 pips or so, but I will keep you posted when they are closed.
  2. 02-23 @ 11:57 am EST

    GBP/USD long +53 pips
    GBP/JPY short -7 pips
    USD/CHF long -60 pips


    02-26 @ 11:08 am EST

    GBP/USD +42
    GBP/JPY +110
    USD/CHF -78

    Got a signal to reverse the GBP/JPY position, coming out with a profit of 103 pips. Now, if the swissy would just get it's act in gear.

    Now I am

    GBP/USD long +36
    GBP/JPY long -16
    USD/CHF long -63
  3. Chood


    Is this the long-awaited, miracle "hedging" system the masses have been clamoring for? OR should we be on shill watch?
  4. I don't think the basis of this system has anything to do with hedging, though I am not sure.

    I am just going by what I read on their site. Anyway, today:

    Last night at about 7pm est my GBP/JPY signal closed and reversed and I lost 9 pips. Today, up about 380 pips on it.

    My current positions:

    GBP/USD long +78.7
    USD/CHF long -205
    GBP/JPY short +380

    That damn USD/CHF is really starting to bug me though, the software still hasn't reversed the signal for it.
  5. virgin


    The abbreviation of this system doesn't happen to be FR ?
  6. What kind of stops does this system use, if any? I can't see letting something run -200 pips?
  7. Just closed my GBP/JPY position for a profit of 600 pips, in less than 24 hours.

    I still have many more trades to make, hopefully it stays consistant.
  8. Virgin, no it is called ProgressiveFX.

    It does not indicate stops, but I have used my own. Very loose ones, but I still have some in place.
  9. virgin


    a system without stops...hmmm...recipe for a disaster sooner or later
  10. I have to agree. A system without stops will destroy your account regardless of how big or how small it is. A good suggestion would be to place your stop either above or below the Average True Range for the past 3 days. Atleast you can stay out of the way of the volatility in the market. Another suggestion would be to place a stop based on 10% of your remaining accoutn balance. This is old hat. Example: Account size - $10,000. Stop Loss - 1,000. Account size - $250 (mini fx account). Stop Loss - 25-30 pips. Notice how the stop gets bigger the larger the account is. You could adjust this by exiting on the Close each day at 5:30pm EST. Just some suggestions.

    Good Luck
    #10     Feb 28, 2007
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