Concept FX

[stevespray]

I disagree - Two reasons;

1) It is more important to follow the rules of the system rather than trying to second guess which way the market will move next. Our trade position seems to be in keeping with the overall market trend of late and favours a stronger dollar.

2) By stepping in manually you are inserting the thin end of a very large wedge in terms of your own personal psychology - When you step in once it is easier to do it again and again. Ultimately the odds are not in favour of this approach especially if you are inexperienced since the market will generally manipulate your 'feelings' so that you will make the wrong choice on each occasion. As I write this the position is moving back in our favour. The upshot will be that you will start to alter the effectiveness of the concept system overall. It is far better to consider that ultimately the system is going to make you some nice profits. How it does that does not matter on a trade by trade basis. If you are not careful you could end up placing yourself in a 'no win situation' where you force yourself to make trading choices which the system does not require you to make. Sooner or later you'll make a bad choice which will effect the profit on a perfectly good trade and you'll then feel huge remorse. Far better to just let it do its thing and draw comfort from the bigger picture.

Steve.

 

[SandyW]

Hi Steve,

Don't disagree with you one iota. What you say is entirely in keeping with what I think. I like to think laterally though, and to float ideas and feelings to get people (including myself) thinking. The great thing about Concept as you have said, is that it is an aid to learning trading discipline, and money management. Both crucial to success.

Ultimately there may be scope to adjust and manage individual Concept trades, but only if they are very carefully considered and adjustments consistently applied. That needs genuine experience. If one acquires that experience Concept may become irrelevant.

BTW, what was the problem you raised earlier about the signals? Did you resolve it?

 

[stevespray]

I noticed that the current price shown in the software was miles out on one of the pairs. It resolved itself on the next update. It might have been more significant if we had an open position on that pair since the calculations for the stops / targets might have been effected.

Steve.

 

[SandyW]

I noticed that the current price shown in the software was miles out on one of the pairs. It resolved itself on the next update. It might have been more significant if we had an open position on that pair since the calculations for the stops / targets might have been effected.

Steve.

Yes, for a few days they had the current price of one of the pairs "reversed", I think it was the USDCHF being shown in effect as the CHFUSD! Some of us emailed the Concept guys and were told they had made a mistake when they rebuilt the update server after the update failure they had. Apparently the current price shown by the update server is taken from a different feed to the actual trading analysis prices, so it did not impact the analysis software, or affect the analysis and signals. All has now been resolved it seems.

 

[SandyW]

Free FX Demo Account

I have signed up to a Demo account on CMSFX. Excellent for playing around with charts, indicators etc etc, and for paper trading. Others of you may like to do the same (?)

Open a Free Forex Practice Account and Experience the Forex market today! - CMS Forex

 

[jason0181]

Steve

I agree with you about new traders needing to walk before they can run. I think we have all made some very bad trades to start with. There is so much to learn, and we all want short cuts to mega riches. In most cases this does not come, but am positive that using a system like concept to gain confidence, learn the markets and how the trends work, then in time it will be a great basis for trading.

I know from way back in this thread, there were so many people dismissing concept as a scam, and that is was better to take courses and read books than waste money on this system. I have read the books, and now feel more training would benefit me in the long term to become a better trader. Concept should give me the freedom to earn extra money to take this onto another level. It could be that concept is the way to go, and i should invest more money in the trades to get to a much larger bank and keep going. But then in many ways it is nice to have your own destiny in your hands, and make your own decisions, either good or bad.

Jason

 

[SandyW]

Learning

Steve

I agree with you about new traders needing to walk before they can run........

Jason

There are 4 stages to learning aren't there.

Unconscious incompetence
Conscious incompetence
Conscious competence
Unconscious competence

It's a long haul.

 

[anddy26]

Hi Guys..i dont know if its luck or if i am actually learning some thing from concept..
i have 2 orders which i placed yesterday..one long one short...they both triggered today and both up 60 pips..i have now moved my stops to break even...I also have another 2 trades which if they trigger will be breakouts.... check the GBPJPY chart..ive placed an order for a buy at 214.38...if it hits this i would expect it to continue up...this is how i have viewd concept over the last few months...if it doesnt trigger..nothing lost..I would def say this software has done more for me as a trader than reading books full of jargon which we cannot comprehend ( or at least i cant..i hate reading) Any one else actually learning from the software..or has it changed your trading style??

 

[SandyW]

............ Any one else actually learning from the software..or has it changed your trading style??

Hi Andy,

Yes, definitely. It has finally sunk into my thick skull what people mean when they say "don't chase the market, wait for it to come to you"! That seems to be what you are finding, though without the thick skull I suspect!

 

[anddy26]

No it has taken a lot of knocks this thick skull..........the next lesson now is not to be over confident!!!..i can see it happening now...But my head is firmly fixed with a few self tapers so lets see how long my winning streak..i mean strategy lasts!

 

[jason0181]

Well done with your strategy.

Concept does teach us a lot, especially waiting for the trade, and following it through once the entry and exit points have been placed.

Getting consistent setups is always going to be hard, but as long as the profits are taken, and losses minimised through good risk management, the future will be bright. I am just holding back from my own trading and still watching the markets. I will jump back in with both feet in a few weeks.

 

[jason0181]

Does anyone want to predict the next concept pair to alert??

I think it will be GBPUSD with an entry around 19370. I predict it will be a buy alert, and should be good for 400 pips.

 

[masif1]

I agree a GBP/USD buy is due soon.

I think the open pair are going to hit the trailing stop loss soon :|

need to see what happens when the US market opens, I still think the GBP/USD will go down a bit more around 19450.

Does anyone want to predict the next concept pair to alert??

I think it will be GBPUSD with an entry around 19370. I predict it will be a buy alert, and should be good for 400 pips.

 

[jason0181]

I am hoping that the current open trend does not hit the stop, as it would be good to see a trade go all the way for once.

I will be watching GBPUSD today and see if it does go lower, and try to get in.

 

[masif1]

I predict GBPUSD will hit a low of around 1.9436 today. Fingers crossed!

I am hoping that the current open trend does not hit the stop, as it would be good to see a trade go all the way for once.

I will be watching GBPUSD today and see if it does go lower, and try to get in.

 

[Torran]

Does anyone want to predict the next concept pair to alert??

I think it will be GBPUSD with an entry around 19370. I predict it will be a buy alert, and should be good for 400 pips.

I see the pair has been going up all morning and now above 19500. Do yo still think it is going to drop bacl to circa 19370? Either way if you have gone in, or are planning to where do you plan to set your stop loss and what logic behind that positoning? Am keen to learn from others.

 

[jason0181]

True, the pair has been going up and gaining support today. I think that the news that the interest rates are unchanged, may have been received as a positive, and it will gain more strength today. My entry would have been around the 19370-19450, but it did not reach this mark. This has been its support level for the past 18 months, and as it did not break it, it my indicate that it will gain strength and climb over the next few weeks.

Whether concept decide to go for another 'breakout' on this pair, and 19570 mark and let it run for 300 pips we will find out tonight.

 

[masif1]

the open pair just hit the stop loss

 

[jason0181]

Masif1

What SB firm are you using? Mine is still running, but showing a low of 10542. I think it will stop out soon, but I still have 5 pips to go before I am out.

I am using IG index

 

[jason0181]

I am out of the trade as well. It looked inevitable all day, but at least the exit point was a profit, of 130 pips, but could have been 200 if it was closed yesterday.

The benefits of EOD trading is that it take little time to place the trades, and then let them run. The downside, is that you can not react to changes in the market. The downward trend started about 11pm yesterday, after the concept alerts. At least the stop loss was moved up again to get some extra profit, even if it was a small change.

Hopefully there are lessons we can take from this, but from what I have heard from other guys about concept, they are not going to change their system to cater for changes in the market overnight, and do more updates.

Some you win, and some you lose.