Hi All
my first post on this forum was a year ago to the day, i would just like to say profx has again produced profits month after month for two years now (it works)
BMB
Hi Bearmarketbull
Firstly congratulations on reaching that elusive goal of trading for a living.
I recognise ProFx as a very profitable strategy, in terms of pips to be made simply by following the system. In fact, even on days when I was unable to get "in" at the correct entry as called for by the indicator setup, I have still made pips.
That's the beauty of this method.
Originally I intended to trade only the GBPUSD as per the system's main recommendation, but the author of the system also states on the web page, that "GBPUSD, EURUSD, USDCHF and USDJPY" can be traded. Not only that, but I have found that probably the GBPJPY would possibly be a better choice in any line-up of 4 pairs, displacing the USDCHF.
Having said that, the inclusion of the USDCHF does add some diversification to the stable of four pairs. So where is this leading ... ?
It seems to me that there is no problem with having up to 8 pairs on a watch-list, providing, as you mentioned in an earlier post, you are committed to no more than 4 pairs at one time. Indeed, I found that I could not manage even 4 pairs well.
What I have done now, is create a profile, where I have the charts of 8 pairs displayed simultaneously on my screen, and as soon as I receive an "alert", I can make a trading decision. Having a profile created like this serves another purpose: I can scroll through them every 15 minutes, and look for pairs that are setting up possible trades, and focus on them.
But while I mention the above as what I have set up ... the reality of what I am doing trading wise, has to remain more reserved than that ... for now.
The task ahead of me for this month, is to learn to trade the GBPUSD ... and maybe the GBPJPY ... as well as I can. The idea is to demo trade this month, catching every possible trade and begin live trading on a small account in June.
What I would like to ask you is this:
a) Because you have been trading this for a living for a couple of years now, which approach would you favour:
i) The ONE currency Pair, ONE trade per day, trading in only ONE session ... or ...
ii) Several pairs, taking trades in whatever session they occur, and making trades as opportunity affords ... or ...
iii) Trades limited to the London/Euro and/or US sessions, and perhaps further refined by restriction to a maximum number of trades ... or ...
iv) Adding structure to your plan, by aiming for a defined number of pips per session, using a limited number of pairs.
The above is very broad, and of course may look nothing like something you might recommend.
My point here, is that beginners need to be aiming for some kind of outcome that can help identify progress towards a professional goal, and at the same time afford some encouragement, that they are indeed on the right path.
Setting out to trade 4 or 6 pairs simultaneously is not the way to go ... at least that has been true for me at this point in my learning.
I would rather be able to trade one or two pairs extremely well, and increase the pip value as warranted by a measured account growth.
I would appreciate your thoughts and ideas on how best to manage the use of ProFx as a trading method, giving space to the fact that some traders reading this will have absolutely no experience trading live, and others will be seasoned traders, who are still dissatisfied with their current method.
http://clip2net.com/page/m0/5697438
Kind regards
Ivan
