gedward3
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gedward3
Established member
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Which do you find best. The london open or the sniper.
I can guess the London open is a breakout strategy but whats the
sniper system based on.
Cheers
Ged
Hi,
I use both as I believe in diversification, eg if one performs bad then the other will kinda make up for it - hopefully. Sniper is based on one hour and to begin with you find yourself being around the screen quite a lot but after a bit, well, in my case I spend about 30 mins a day screen time. Their is a review of both of these systems at Systems For Traders - thats where I came across both of them.
Any q's just ask and I will try and help.
W
I use both as I believe in diversification, eg if one performs bad then the other will kinda make up for it - hopefully. Sniper is based on one hour and to begin with you find yourself being around the screen quite a lot but after a bit, well, in my case I spend about 30 mins a day screen time. Their is a review of both of these systems at Systems For Traders - thats where I came across both of them.
Any q's just ask and I will try and help.
W
Hi bedsit.
Hope you are well - Which system London Forex Open or Sniper Forex ?
I had no signal on either of them and thats what they reported in the Trading rooms at www.systemsfortraders.com so I am a little confused on your trade today - especially as I missed out on 30 pips
W
Hope you are well - Which system London Forex Open or Sniper Forex ?
I had no signal on either of them and thats what they reported in the Trading rooms at www.systemsfortraders.com so I am a little confused on your trade today - especially as I missed out on 30 pips
W
Hi W
Thanx - I'm ok. Didn't trade Cable because of the elections. Just used simple break out of 12:00-14:15 range. I noticed a down trend and liked the set up (good not to follow it blindly). Afterwards I entered one more short (it was not difficult to see the price direction today). So far as other systems are concerned - I don't use them. I follow the price action - lower lows, lower highs etc.
I may be wrong, but I wouldn't trade break today. IMO good to be selective, and todays range from 12:00 till 14:08 has been more than 90 pips. Although the trend is down it looks too extended to my liking.
Anyway good to do a bit of analysis and give it a miss if not happy about it.
Anyway good to do a bit of analysis and give it a miss if not happy about it.
It was a good decision. Eventually broke down, but if I entered the trade I would have been stopped (unless I put more than 40 pips stop). One of those things.
IMO Good to follow your feelings. If not happy better to miss profit than to suffer a loss. About today's price action - I don't know. If I go for a mental stop, I may hope and let it run wild. Through my experience it's much better to have an idea where to put the stop and where is the potential target before entering a trade. Today I was not sure, so didn't trade that break.
Hi
I had a look at this today and put in a buy order at 14591 with 20 SL looking for 20 points. Now I am very new to this so was only on 50p per point.
After my order opened the market dropped to 14569 and then shot back up again and at the time of writing the market was at 14627 which would have been beyond my exit point.
This is the 2nd time today I have been caught by a couple of points of my SL and lost trades that then went on to win.
I only have a couple of hundred pounds in my bank and I know that my money management is wrong so maybe this is restricting where I put my SL.
What can I do in order to help myself? I don't think my bank is big enough to handle decent sized trades. Is leverage the way to go? Who should I use instead of IG? Are there other people who would let me use smaller than 50p per point stakes?
Cheers
Colin
I had a look at this today and put in a buy order at 14591 with 20 SL looking for 20 points. Now I am very new to this so was only on 50p per point.
After my order opened the market dropped to 14569 and then shot back up again and at the time of writing the market was at 14627 which would have been beyond my exit point.
This is the 2nd time today I have been caught by a couple of points of my SL and lost trades that then went on to win.
I only have a couple of hundred pounds in my bank and I know that my money management is wrong so maybe this is restricting where I put my SL.
What can I do in order to help myself? I don't think my bank is big enough to handle decent sized trades. Is leverage the way to go? Who should I use instead of IG? Are there other people who would let me use smaller than 50p per point stakes?
Cheers
Colin
gamma
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Thanks... I will do just that
I normally trade sport and stick rigidly to my %age risks. I have not been doing that in forex because of the minimums imposed and me being poor
Hi Purepest.
Try with smallest possible amounts - like 10p per pip. That way biggest loss (if there is no slippage) could be £5 if you put a 50 pip stop (for GBPUSD anything less than 20 pips is bound to be stopped more often than not even if you are right eventually). After winning consistently for at least 3 months go for higher stakes.
PS There are some companies that offer that sort of sizes for new traders (only at the beginning, afterwards minimum stake changes to usually £1 per pip)
At www.fxstreet.com/fundamental/economic-calendar/
PS On their calendar time is GMT. So if you are in London you need to add 1 hour (GMT+1) - summer time
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I had a problem with my non trading laptop (I use for t2w) - hence late reply.
I was not sure which way is going to break, so I avoided trading (it was an up trend but the range was too big - round 90pips). Anyway the system was ok with the break up today and so far could have been at least 35 pips.
I was not sure which way is going to break, so I avoided trading (it was an up trend but the range was too big - round 90pips). Anyway the system was ok with the break up today and so far could have been at least 35 pips.
I usually put 20 pips stop for this system only ( 20 pip stop is quite a small stop for GBPUSD). The idea behind it is if it breaks out of the range shouldn't pull back too much (otherwise it's a false break). At the same time I put 20 pips target (or if there is near by some round number like 14500 I'll go for it, or if it's a strong momentum I'd try to use it as long as pos)
TBH I haven't used it too much lately. Some time ago was much better success rate. Anyway that's the case with more or less all the systems. Sometimes they are OK, sometims they fail miserably. Depends on market behaviour (trading, ranging, choppy etc.)
That's why I think you shouldn't follow any system blindly. It's always good to assess the current market conditions and see if you can apply it.
TBH I haven't used it too much lately. Some time ago was much better success rate. Anyway that's the case with more or less all the systems. Sometimes they are OK, sometims they fail miserably. Depends on market behaviour (trading, ranging, choppy etc.)
That's why I think you shouldn't follow any system blindly. It's always good to assess the current market conditions and see if you can apply it.
