Best Trading Strategy or System? Opinions??

[~RRR~]

Hi,

So I was interested in the First Hour Trading and started looking it up and apparently (like most things) is not really what is cracked up to be according to a lot of people. I am looking for something similar or some sort of strategy or system that is like that that really DOES work.

I wanted to toss this question out although I am sure I will get a lot of different responses depending on personalities but I'm just looking for a good starting point. I'd appreciate honest feedback and real testimonials.

Thanks all!

 

[Lord Flasheart]

Hi,

So I was interested in the First Hour Trading and started looking it up and apparently (like most things) is not really what is cracked up to be according to a lot of people. I am looking for something similar or some sort of strategy or system that is like that that really DOES work.

I wanted to toss this question out although I am sure I will get a lot of different responses depending on personalities but I'm just looking for a good starting point. I'd appreciate honest feedback and real testimonials.

Thanks all!

a simple system can pay good rewards,but often its the person who operates it that fails. There are many stategys on these forumns that are similar to what you want.If you hope to find one and operate it straight away with success you are probably in for a shock. You will have to suffer drawdowns such as 8 losing trades on the trot,are you ready for that? on the live call thread i use a strategy that began on nov 29th and was 160 pips down by 17th dec, but is now ahead.Any strategy you chose will never produce instant results so get your mind in the right place first. Good luck

 

[tomorton]

I make one trade a day based on a breakout from the high or low of the first hour's action on the FTSE100. Having started 5.5 months ago, the system has made a predictable profit over the last 4 months. See my thread http://www.trade2win.com/boards/uk-indices/101982-big-ben-ftse100.html and feel welcome to comment of course.

 

[Lord Flasheart]

I make one trade a day based on a breakout from the high or low of the first hour's action on the FTSE100. Having started 5.5 months ago, the system has made a predictable profit over the last 4 months. See my thread http://www.trade2win.com/boards/uk-indices/101982-big-ben-ftse100.html and feel welcome to comment of course.

have followed the thread,can you give us some stats on whats happened if poss,thanks

 

[tomorton]

Hi Flash - off the top of my head. Discount a couple of days per month when either the 0800-0900 range I'm trading now is excessive, making a breakout and retracement very likely.

After that, 40% of trades break out and make target, 25% break out and don't make target but are still positive at 4:30; 20% break out, then fail and hit the stop, while the remaining 15% break out, fail and don't hit the stop but still are negative at 4:30.

This gives a 65% win rate, with a 1:1 r:r. The important win rate is the trades that hit target against trades that are stopped out, 66.7%.

Performance so far in 2011, including today, is better than the above - 5 hit target, 7 expired positive, 2 stopped out, 2 expired negative. 6 days with no trade.

 

[ILikeCCI]

I think looking at the recent points where price has just bounced off would be a good place to start and then you can expect something to happen at that price again, since price has a memory. You could for example see a bullish candlestick pattern at a previous support level and decide to go long.