Breakout - 15 Minutes a day - 10-20 pips - Every day - 95% profitable trades

Trader member 7

Thank you for your support. Making the first step to quite daunting for a newbie.

Being time poor due to work commitments, I am trying to get started with a trade method I can set, leave and then check later in the day. Only looking to use a demo account until I gain a bit more of an understanding as to how and why this method works.

I am presuming this for the London session, so order should be set before 7am each morning.

Good luck to anyone else trying to make this Forex thing work.
 
Trader member 7

Thank you for your support. Making the first step to quite daunting for a newbie.

Being time poor due to work commitments, I am trying to get started with a trade method I can set, leave and then check later in the day. Only looking to use a demo account until I gain a bit more of an understanding as to how and why this method works.

I am presuming this for the London session, so order should be set before 7am each morning.

Good luck to anyone else trying to make this Forex thing work.


Not a problem, Clarkie.

It is difficult to focus on what you need to learn while having to work another full-time job. I was extremely fortunate when I first started out in that I was able to spend my time doing full-time research. That singular fact was an enormous boost for me. The more you can focus the brain, the better it works on solving problems and deriving creative solutions.

Keep cracking as best you can and try to be as disciplined around the house as you can. Family, if you have one, really does need to have an agreement with you about your study time and be ok with no disturbing you when you at work. They will need to understand that what you do at home, is equally as important as what you do in full-time job.

If Family won't respect your at home work schedule, then it will be very difficult to find the focus. So, try to work a deal with them to keep the peace in the house - there is nothing more precious than having Family Peace and Family is always more important than Career.

If you are single, then the same holds true for friends that like to pop-over unannounced or phone calls that interrupt your train of thought. You need to work out deals with people so that they know you need time to work at home. Having time to focus on this stuff is extremely important because it is what enables creative thoughts to flow. Without the creativity, you will end up like so many others - stuck in a mediocre rut, unable to get out and never understanding WHY.

Focus and Creativity is the WHY. There are tons of cool ways to trade the currency markets and many of them will emerge in your mind during the most creative periods which come through having the time to focus on problem solving.

All the best. :)
 
...If a Newbie wanted to AND was creative enough, he or she could make a living from the ADX alone. Hands down - just trading the Break-Out NOT of Price, but of specific levels of both the +DI and -DI ...For those with ears to hear, eyes to see and the creativity to bring it all together.

Very nice cue 7th ;) since the ADX +DI and -DI have characteristics similar to TCD's (there's even a "dominant" +DI or -DI just like in TCDs)

BTW, it seems like you are done posting for 2010. "We" will be on the lookout for you here in 2011. Until then, take care and best of luck in your many projects (y)

Chuck
 
Unfortunately this strategy is flawed.

If you place an order to open, and the previous day high/low is breached through slippage, then the order opens outside specified level.:innocent:
 
Unfortunately this strategy is flawed.

If you place an order to open, and the previous day high/low is breached through slippage, then the order opens outside specified level.:innocent:

Innocent????????????????, you called hem innocent????????????:mad:.
Who said dreams were banned here? :cry:
 
Just had a quick look through this , It appears that this strategy is less than 1:1 risk to reward. This has to be a Forex broker advising this. 2 Years ago I attended an Expo, one of the traders/brokers there had a strategy to dive into a trade as soon as it hit the bolly bands as he claimed they nearly always carried on for 20 pips. When asked about stop management he said he did not put one in because he was always out of the trade before time. He was a stupid self centered Irish Fekcwit who is still on the circuit selling his wonderful strategies. The only person to make money using this strategy is a broker, just like the original poster.
 
Last edited:
entire thread wasn't interesting You know I have researched all sites books ,... but it seems that real traders are not going to share their knowledge! every thing that I've found till now is worthless everything such as Moving average RSI MACD , ... are lieing to you no one of them is profitable!
but I've read some books of Bill Williams they are good to understand the market but I want something better. You know I think William Delbert Gann Had found it because he kew exactly where the price is going, I've read his books too but I think he didn't say all the thing that he dicovered.
 
entire thread wasn't interesting You know I have researched all sites books ,... but it seems that real traders are not going to share their knowledge! every thing that I've found till now is worthless everything such as Moving average RSI MACD , ... are lieing to you no one of them is profitable!
but I've read some books of Bill Williams they are good to understand the market but I want something better. You know I think William Delbert Gann Had found it because he kew exactly where the price is going, I've read his books too but I think he didn't say all the thing that he dicovered.

If you understand what the market is and how it works......, you will easily realize that nobody can say for sure where the market is going to....
If you learn to read trends, if you have a good R/R and administration procedures you can be succesful....

You are right....., nobody who has struggled and worked hard to develop a metod will tell you exactly how it works....., nobody will give you the result of a many years of studying and work......

And another thing at which you are partially right, is that many people here pretend to speak with the authority of success and they have not had even a demo account in their life.
 
Maybe it would make a difference to the results if you only traded the break out in the direction of the previous day. So..if yesterday price closed above its open then you will only trade a break of yesterdays high etc.
 
This is an extremely simple breakout system and it works as follows:

If previous day high is exceeded by 3 pips + spread = buy TP = 5 pips SL = 10 pips
If previous day low is exceeded by 3 pips + spread = sell TP= 5pips SL = 10 pips

Works on the principle that once a breakout occurs,its most likely to travel quite a bit in the direction of the breakout due to the sudden surge of market orders and other entry orders pilled up at these levels.
5 pips is conservative,the price may and does travel much further but this is a very easy way to make consistent profits - almost every day.
Due to the tight stops I use extreme amounts of leverage,I risk as much as 5% of my account per trade.

Stick to the pairs with the lowest spreads for obvious reasons.

Happy piping!

Yup great strategy
 
A possible refinement occurs to me - if the pair is in a nice clean trend, then the target could be a little more ambitious, maybe?

Given enough data, this could be backtested. I don't even know where to get the data for back testing these days, any suggestions?
 
Top