alan5616
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The members area did start but, there was a glitch with the password access. I hope that this will be resolved and the members area is back online in the near future.
fx 53 trend following system
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The members area did start but, there was a glitch with the password access. I hope that this will be resolved and the members area is back online in the near future.
Alan,
I 've just installed my fx53 and eager to start. Due to my day job, I can only trade in the evening...any suggestion appreciated. i'm considering starting with 4h chart. However, I notice very few signal was generated in 4h or 1h for GBPJPY? Also, is IGindex good for the purpose? Tfg
I 've just installed my fx53 and eager to start. Due to my day job, I can only trade in the evening...any suggestion appreciated. i'm considering starting with 4h chart. However, I notice very few signal was generated in 4h or 1h for GBPJPY? Also, is IGindex good for the purpose? Tfg
I'm a newbie with fx53 and saw your email to Alan. IG Index is fine but does not have a practice feature - instead it permits you to bet at a small amount for the first month, increasing each week until after 4 weeks the minimum bet is 50p per point. I advise that youy should download their info pages and digest them first whilst you are also getting to grips with fx53.
Long period charts will produce fewer arrows and also call for larger stops, thus needing a larger initial bank to stay within the recommended percentage at risk. So I suggest watching the 5 minute GPBJPY in the evening as an economic way to start.
Alan has the experience, so weigh his advice more heavily than mine!
Good Betting!
alan5616
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Hi tfg,
As you correctly say, there are not too many signals generated on the 4hr chart. One of the difficulties which you face is that the longer the time frame, the greater your stop loss needs to be. If I was trading the 4 hr, at the moment, I would be setting my S/L @ around 500 pts. You can see just how volatile this market is from today's moves.
If you can only trade in the evening, I would consider looking for a CA2, CA3 opportunity on the 1 hr chart. However, as you are based in Canada, you should be able to take advantage of some of the Tokyo activity. Try following the 5 min chart for a few days, without putting money at risk, and see whether this could yield some profitable opportunities. You might find that it may be worthwhile to trade for 2-4 hours off this shorter tf.
IG is as good as any of the SBs. But, as Javelin says, they don't offer a practise account facility. You could try Paddy Power as they do.
Good luck
Thanks, Alan and Javelin. I might have got my member profile wrong....I am based in London.
What is the best strategy to trade GBPJPY on 5min tf with fx53? Can I use CA2 with tight stop clearance (10-20pips) to trade 5 mins? Do you use the feeder arrow 5 mins strategy? Cheers.
tfg
jasonfxtrader
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I'm an fx newbie - not an expert! I am too risk averse so far and have been stopped out several times because of too tight stops.
I check the GBP/JPY at about 0900 each day, (I'm retired! otherwise more fruitfully at 0700 I suspect). Today I saw that there had been a strong uptrend, still continuing, so at 0856GB time, 0356 prog time bought at 14134.5 after a pull back, with a 30 point stop-loss. After breakfast I saw there had been a nice run but no further arrows to lift my stop-loss. When I saw the congestion building at around 14290 and a handy profit I moved to the 1 minute chart (to get more arrows) and finally adjusted my stop to the shoulder of the green arrow at the 0504 and was stopped out at 14289.1.
I find it hard to give away a profit after a good run and have found that changing to a shorter time scale will get me out in time to conserve a profit - even though on many occasions a wider stop would have brought a greater profit eventually. As I said, I'm too risk averse (aka 'timid')! My aim is to lift myself by my bootstraps to a bank of say £3,000 when I can happily set 300-400 point stops and need to check the 60 minute charts infrequently.
Hope this helps!
Overcome your sticky mattress and and breakfast - they are clearly injurious to your financial health. Forget 1min charts too - you're far too close to the music...........
If you use a 5 min chart on the beast you will find the best entries to be an extended RSI. Try it.....
If you use a 5 min chart on the beast you will find the best entries to be an extended RSI. Try it.....
Scanjet,
Can you explain a bit more on how to use extended RSI on 5mins for entry? Thanks.
Tfg
alan5616
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Hi tfg,
I thought the Canadian flag was displayed under your name. Perhaps, I need to get myself down to Specsavers a.s.a.p.
I use the CA2 strategy on a 5 min chart but, tend to have my stop 60-100 pts. away. The reason I would advise against a tight stop is because you have to wait for the arrow to print. Therefore, you may need to enter at Market Price and 10-20 pips is not enough. Any slight retracement will stop you out. The stop loss should be above/ below the base of the current arrow. I tend to opt for about 30-40 pts from that base.
The feeder arrow is relevant on all time frames. I have, also, recently, added a 1 min chart and this is proving to be a useful extra.
One thing you will need to do is to trust the system and let the trades come to you. You will have some losing trades but, the winners more than compensate for those. The real secret, if there is one, to making money with FX53, is to let winning trades run until you get a reverse which closes above/below the base of the current arrow.
Hope this helps
alan5616
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Hi Scanjet,
The early bird catches the worm, particularly today!!
I find the 1 min chart to be a useful extra but, the 5 min is my main chart to select trades from.
By "extended RSI" do you mean overbought/oversold? If so, I'm, also, finding that divergence patterns on the RSI in ob/os territory are very profitable if, accompanied by an Up/Down arrow. The beauty of these is that you can enter a trade with a tighter stop than usual.
Happy trading
alan5616
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I've been using it for the past 5 months. I believe I'm one of about 50 users. The vendor, Kevin Adams, withdrew the product from sale about a month ago.
I trade full time, successfully, and feel that FX53 has been an essential factor in transforming my previous below average performance. I still, occasionally, miss trades that I should be in but, more importantly, I now don't try and second guess the markets as I used to do.
The software has paid for itself several times over so, I am, certainly, a satisfied customer.
Hi - I purchased FX53 near the end of last year and I've just started trading (for the first time I might add) using a demo account. What market / time frame do you think FX53 is most suited to, if any ?
alan5616
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Much depends on the time that you have available to trade.
I only trade GBP/JPY and no other pair. That's just personal preference. The downside of trading this pair is the spread, which is approx 8 pts, although some SBs push this out to 14 (bandits!!). The 1 hr tf is a good place to start but, you will need a wider stop loss than if trading off a 5 min chart. Being a full time trader, I prefer to trade off the shorter tf. There are, usually, at least, one or two good trades to be found each day.
Fwiw, I have daily, 4 hr, 1 hr, 15 min, 5 min and 1 min charts running simultaneously.
I'm certain that FX53 can be applied to all forex pairs. It's essential to choose one, perhaps, two markets if trading on a short tf. However, there's no reason why you can't trade several pairs using the daily chart. There's one difficulty with running several charts; VT Trader gets slower and slower the more charts you add!!
Thanks for the info. I'm using CMSFX for my demo account. Should I use them for my live account when I start trading FX53 for real ? Do I need any special type of account for Spread Betting ?
alan5616
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The best reason for opening a live account with CMS is to get the live trading feed instead of the demo. The demo platform, sometimes, goes on the blink.
Insofar as a trading account is concerned, I would suggest you use one of the reputable SBs such as IG or ODL. In my experience, they're both good companies to deal with.
