What trading system or method do you guys use?

[nkingy2003]

I am just interested to see what trading system or method you guys use and how successful both the systems/methods are as well as how successful you are as a trader.

Do you trade purely price action, a combination of indicators, do you scalp or do you use a system you bought etc?

I am quite new to trading and there are loads of systems/methods out there and many good ones. Some times when trying to find a system that suits me it seems a little like information overload due to the number of systems, methods, forex forums, review sites, etc.

I would like to get maybe 3-5 proven systems to trade on an account and was hoping you may be able to advise me on systems you use. I can only really trade part time so cant really use anything that requires lots of screen time and research.

Some of the systems I have liked so far are:
- Sniper forex, although requires a lot of screen time
- 3 Ducks System, lots of good reviews on here and seems like a solid system
- Forex Retracer EA, lots of great reviews although the cost is $299
- Signal service, I have trialed a few signal services with good results

Have any of you used or do you use these systems? Can you recommend a signal service?

I dont think I will be able to use sniper as it requires too much screen time. 3 Ducks says that you can set trades at the start of the say and then forget about them although Im not entirely sure how this would work as the moving averages may move in a way that may not make the entry conditions (3 ducks) valid but still trigger the trade. There are many good reviews on Forex Retracer EA however I know in general EA's have a bad reputation.

It would be interesting to know what methods you professional traders use.

 

[Vaco]

Nkingy,

profesional traders use none of the above, they are all systems used by retail traders and as you already know all of the above mentioned are used by retail traders with varying degrees of success.

If you want to know what methods members of this site use have a look at the journals section.

The truth is though that you have to do your own research with regards to systems and by that i mean you have to pick a style that suits you, most methods fall in to one of the following.

-support/resistance

-breakouts

-pullbacks on established trend

each has its own risks/rewards

none of them work all of the time

pick the one that suits you best then create rules for entry, exit and stop.

Demo it or back test it untill you are confident that you can use it exclusively without deviating from the plan.

 

[Black Swan]

Nkingy,

profesional traders use none of the above, they are all systems used by retail traders and as you already know all of the above mentioned are used by retail traders with varying degrees of success.

If you want to know what methods members of this site use have a look at the journals section.

The truth is though that you have to do your own research with regards to systems and by that i mean you have to pick a style that suits you, most methods fall in to one of the following.

-support/resistance

-breakouts

-pullbacks on established trend

each has its own risks/rewards

none of them work all of the time

pick the one that suits you best then create rules for entry, exit and stop.

Demo it or back test it untill you are confident that you can use it exclusively without deviating from the plan.

Alright stranger, life treating you OK?

 

[Vaco]

good thanks swanny,

been hiding in my cave working on the above.

 

[Hilarymannah]

nkingy2003,..Have a look at my profile, I've posted one of my 5min charts,..study it ! : )

 

[nkingy2003]

Hey Vaco, you use sniper right? I have read some of your trading journal.

Hilarymannah, I had a look at your profile but the 5 min is chart is very small so its hard to see what indicators you were using on the chart.

 

[Vaco]

i used to use sniper but i've moved away from it as i wanted to develop a system that made use of generic indicators that could be found on most platforms. Relying on sniper alone is risky as you do not have the code. what will you do when mt4 is obsolete or if the vendor stops supporting the product and u wish to change broker?

 

[Hilarymannah]

nkingy2003,....I only use three moving averages, and some pivots,...look at where I placed my trades, and also notice where the moving averages are in conjunction with the trends,(for the day).
"KEEP IT SIMPLE STUPID"! (KISS)
If you want anything explained specifically, just ask ! : )

 

[oildaytrader]

i used to use sniper but i've moved away from it as i wanted to develop a system that made use of generic indicators that could be found on most platforms. Relying on sniper alone is risky as you do not have the code. what will you do when mt4 is obsolete or if the vendor stops supporting the product and u wish to change broker?

Why use indicators ?Why not read the info from price action ,trendlines and candles?

 

[piparb]

True OILY I only need long candles the begin I follow , the end I reverse .....
Its too simple to believe , trading is only following the price action .


Have some nice trades:cheesy:

Why use indicators ?Why not read the info from price action ,trendlines and candles?

 

[Vaco]

each to their own Oily, more then one way to skin a cat and all that. No right or wrong way to go about it. We are each our own judge with regards to failure and success and the goals we set.

 

[wackypete2]

each to their own Oily, more then one way to skin a cat and all that. No right or wrong way to go about it. We are each our own judge with regards to failure and success and the goals we set.

Well said. There are so many people on here that just cannot grasp that concept.

Peter

 

[meanreversion]

Why use indicators ?Why not read the info from price action ,trendlines and candles?

Do you not use any indicators at all?

 

[oildaytrader]

Do you not use any indicators at all?

I look at daily, 4 hour and 1 hour trend lines ,candles and price action to start with .I work just from 15 charts , occasionally glancing at stochastic .

 

[meanreversion]

"Just 15 charts"? Sounds like a lot. Stochastic is an indicator, surely

 

[wackypete2]

"Just 15 charts"? Sounds like a lot. Stochastic is an indicator, surely

Yes, but he in only glancing at it, so that doesn't count.

Peter

 

[Vaco]

Genuine question here OIl, I may be wrong but I thought most of your trading was automated stratagies, if so how do they work if not with indicators?

 

[meanreversion]

I'm sure oildaytrader and new_trader are the same person. I recall having a discussion about something similar a couple of months back. It came down to the definition of an indicator -- I asked if a moving average was an indicator... new_trader replied that of course it was, but he never used any indicators whatsoever. At which point I said "each to their own" and he blew up, like a spoilt 11 year old. He seemed to take great offence to that. His reactions were beyond peurile, but as they say, it takes diff'rent strokes (slightly topical reference there).

 

[meanreversion]

Genuine question here OIl, I may be wrong but I thought most of your trading was automated stratagies, if so how do they work if not with indicators?

Ah you've not been paying attention. Oil has started a trading blog, called something like 1,000% pa mercenary trading.. he is now trading a pure discretionary "system".

I was confused too, as he had spent 1,000 posts extolling the virtues of mechanical systems. But that has all been jettisoned now, in fact he is quite scathing about mechanical trading, saying that it doesn't work when the markets are "irrational".

I asked him to define "irrational" and he replied you can only know after the event, but added for good measure that the markets are currently irrational.

I think you have more chance of finding an MP with morals than getting any sense from ODT, he's a bit of a wally if truth be told.

 

[wackypete2]

Ah you've not been paying attention.

You got that right :clap:

Peter