Ingot54
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Choice of pairs
Hi Forexsniper - welcome and thanks for adding to this thread mate.
I was recently demo trading the GBPJPY with NVP's (Neil's) Correlation strategy.
I found it was a very volatile pair - the most volatile of all pairs I believe.
As such it was too hot for me to manage.
But on the 4H it may be good. The "noise" - (read: draw-down and whipsawing) is too heady on the 1H TF.
I currently have about 13 pairs I am looking at, but will limit that to Jim's choice of 8 now. Pointless trying to trade everything on the board - and I think your approach is solid, in going with 4 pairs initially. (Not to mention the sparing of CPU resources)
Will get back to this as time permits - but remain committed to getting this working well, and eventually posting trades as they happen.
Best wishes
Ivan
Ivan - I'm in, for sharing experiences with FPM. And thanks for re-starting the thread again.
I started very recently with FPM...after chasing the holy grail for about 6 months - and finding it doesn't exist. From Jim's blog, FPM might just well be the holy grail, but I will need to learn to be patient and follow the rules exactly first.
I'm trading just 4 pairs initially. Want to master the system (and my emotions) before I commit to doing much more. The 4 pairs I'm looking at:
- GBPUSD
- GBPJPY
- EURUSD
- USDJPY
I'm sticking to the 4H time frame, as I know I cannot sustain the 1H time frame with my family commitments, etc. I am looking at mastering one thing and just keep repeating it to make my long terms profits. I am fine to grow my account slowly...but surely.
And I want to stick to the system. No deviations. I don't need maximum pips...I just need to be positive at the end of the month (for most months anyway).
I'm currently in the short for GBPJPY and it looks like its going side ways at present. Who knows where this will end up...but I'm fine either way. Need to stick to the system...so I'm not going to second guess this thing. I'll let you know how this trade pans out.
Hi Forexsniper - welcome and thanks for adding to this thread mate.
I was recently demo trading the GBPJPY with NVP's (Neil's) Correlation strategy.
I found it was a very volatile pair - the most volatile of all pairs I believe.
As such it was too hot for me to manage.
But on the 4H it may be good. The "noise" - (read: draw-down and whipsawing) is too heady on the 1H TF.
I currently have about 13 pairs I am looking at, but will limit that to Jim's choice of 8 now. Pointless trying to trade everything on the board - and I think your approach is solid, in going with 4 pairs initially. (Not to mention the sparing of CPU resources)
Will get back to this as time permits - but remain committed to getting this working well, and eventually posting trades as they happen.
Best wishes
Ivan