Just bought a new system

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.

 

02-23 @ 11:57 am EST

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


Update:

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

 

Is this the long-awaited, miracle "hedging" system the masses have been clamoring for? OR should we be on shill watch?

 

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.

 

The abbreviation of this system doesn't happen to be FR ?

 

What kind of stops does this system use, if any? I can't see letting something run -200 pips?

 

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.

 

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.

 

a system without stops...hmmm...recipe for a disaster sooner or later

 

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