hello all.. Nice to be in a new forum.. It's almost like a breathe of fresh air to see a 1k+ page. It's also great that you are all making pips using these correlations and strength/weakness systems.
I come from the forex factory where I first started learning relative strength not too long ago.. (less than a week)
But I can see that it has improved my trading 100 fold. I barely even get excited when I see all those pips float my equity up to a new level it hasnt seen before.:clap::clap:
I am incorperating the faizumi v2.2 system with the ccfp indicator to place my trades. I only take trades based off of the daily correlations and the rules of faizumi, so at 5pm est. I get a new daily bar, the version of indicator I have places +'s, and -'s for the strong and weak currencies. I then wait for the first 4 hr candle to close since it's not during a strong session and take my +'s and -'s and insert them into a spreadsheet which tells me which pairs offer which trades. IE. Eur offers a - (which it is right now) usd offers a + (same as right now) etc. etc. so on this spreadsheet the EURUSD would be highlighted red with a sell. I place a basket order of all the pairs that are in line with both systems then I set a 100 pip stop per trade and let it run over the london and us sessions, If my faizumi system tells me to keep the trade on then I do so and let it run over the next day or whenever I feel like the market is going to start turning. +30 pips in and I set my SL to BE. I've seen traders posting that they use this system on the 4Hr and they take a new basket every new 4H candle, but the 4HR is still missing the daily picture if they just take every trade that the 4HR is offering, Hence the reason they're losing pips on a huge drawdown that's got them shaking in their boots. I take a trade only off the daily but yet it still offers me 24 hours to get in the green and set my SL to BE.
I have a 1k live account so I place no more than 10 different trades in a basket with a 100 pip SL using 10cents/pip so if I were to lose the entire basket (which isn't likely) I would be down 10%
I have only been trading live since sunday and I am in the green by +140 pips with 380+ floating as we speak.
Some of you may have read the article based on the growth of the trader where they go through different stages. Well I've been through all of it, buying indicators/systems/subscriptions/theworks....Well after stumbling upon relative strength I feel like I have graduated to the next level of trading. I place my trades with confidence and let them ride until either my SL is hit or I am in the green by a massive amount to set my SL to BE and let her take a ride over the next couple days.
I know i will see some losses along my way but I can't stress how much MM and R:R are important. It took me 9 long grueling months of seeing my demo accounts fail time after time before I realized I was over leveraging and doubling up my lot size to see huge gains. But that's not how I wanted to trade live so I feel like demo is just a setup to see decent traders lose their shirts because the live market isn't like demo.
Slow and steady wins the race
Just wanted to share the story of my progression since March of this year. I have been working extremely hard to learn as much as I can and it has really paid off. (not really but you know what I mean) Maybe one day I can say it has paid off.
and to only think I'm just 21 years of age with a huge strive to succeed. That's all it takes really. I even taught myself to use photoshop and now I run a clothing company.. If you're willing to put in the work, you can do anything you set your mind to. Yes I know it's cheesy
but I know school didnt teach me to code a website or design something that catches somebodies eye. :smart: THE INTERNET IS SO ABUNDANT WITH INFORMATION one would be a fool not to take advantage of it. Well besides the videos of people busting their balls trying to skate off of a roof
I wish you all good fortune!!
Cheers,
Kyle
