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Forex Training to Achieve 95% Win Rate

McPip · 210 · 48788

McPip

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on: Sep 30, 2010, 02:19 PM
Greetings! I’m starting this thread to be of service to fellow Pinoys who have taken the plunge into the Forex pool.  I’ve read more than 300 books and systems on the subject and studied a lot of MQ4 indicators and EAs. From these, I’ve weeded out the 95% garbage and developed my personal trading strategy and indicators that give me >95% win rate. And now I’m bored so I want to help out. If there’s anything you want to ask, please feel free to do so. I will answer it the best I can. No strings attached.

For newbies, the babypips school of pipsology material is a must-read to provide you with good basics. Pay particular attention on the concept of support and resistance, this is the most important concept to master in trading. Then you might also want to understand the concept of moving averages as we need some means of identifying the short, medium, and long term trend.  Candlestick pattern analysis is also important to give us a real-time picture of who’s in control of the market, the bulls or the bears.
For more forex training materials, I can direct you to free download sites. They’re everywhere.

More to come…..
« Last Edit: Oct 25, 2010, 10:53 PM by FutureGizmo »


Lightwind_99

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Reply #1 on: Sep 30, 2010, 06:58 PM
can you share your money management?


McPip

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Reply #2 on: Sep 30, 2010, 08:42 PM
Yes, money management, the most important element. I divide my capital by 20000 to get lot size, of course rounded down to the lower available lot size. For example, if the capital is 10,000 dollars, I trade a lot size of 0.5 for approximately 5 dollars/pip. In essence, I maintain 2000 pips of rope.


Lightwind_99

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Reply #3 on: Sep 30, 2010, 10:01 PM
thanks for that mcpip, how bout your system? may you share some points of view or findings you have so far after dealing with numerous indicators. much like you i am a technician as well.

Do you use Macd, rsi? custom indicators?


tops5450

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Reply #4 on: Oct 01, 2010, 12:01 AM
can you share sir Mcpip about those free download sites material on forex :thankyou:


Jollighe

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Reply #5 on: Oct 01, 2010, 07:27 AM
what currency pair you recommend for newbies? They say EUR USD is the best pero masyadong unpredictable ang market.


NellyW

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Reply #6 on: Oct 01, 2010, 07:49 AM
So generous of you McPip.

But before everything else, care to share your previous (live account) Statement of Account or any screen shots of your trade?

Just erase those that you perceived too personal to show on public.

TIA


McPip

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Reply #7 on: Oct 01, 2010, 09:15 AM
lightwind_99,
I use
1.   fractals to determine S/R
2.   3 moving averages to determine short, medium, and long term trends
3.   SR indicator to box the daily highs and lows
4.   Bollinger bands and a personalized indicator to tell me if current BB is wider or narrower than previous hour
5.   Other home-made alarms just to alert me if something significant is going on, since I don’t use a stop loss
I don’t use MACD and RSI as they are redundant to the moving averages. After 2 years of experimenting all sorts of indicators, I came to the conclusion that simplicity is beauty; Occam’s razor – if there are many ways to solve a problem, the simplest solution is the best.
Tops5450,
Here’s one download site for starters:
http://downloads-kunfx.blogspot.com/2008/07free-downloads-ebooks-forex-from-net.html
There are many more but you’ll only get overloaded and confused. I highly recommend the BWILC ebook.
Jollighe,
My style of trading is designed for a high volatility ranging pair that’s why I only trade the pound-yen. During my early days of trading, I got burned by EURUSD because it’s such a long trending pair and didn’t go back my way. So it’s a matter of style and preference. You have to choose your own pair based on your personality but the EURUSD is OK if you’re a trend trader and it has the lowest spread.
NellyW,
Later, I’ll provide you with equity curves of my 2 micro-accounts when I started live trading. I have to copy them from my private website. Sorry I can’t share the results of my full account, my wife doesn’t even know about it.
« Last Edit: Oct 25, 2010, 10:54 PM by FutureGizmo »


Jollighe

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Reply #8 on: Oct 01, 2010, 09:53 AM
What's your style? What time frames do you use? Do you sit in front of the computer all day. Thanks  :D


piameg

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Reply #9 on: Oct 01, 2010, 11:35 AM
sir, what can you recommend us to read  that is a must for beginners choosing from the many that you have read from free ebooks/websites/forums that truly helped you in your trading?

did you start doing simulation first for how many days/months?

for your live trading account, how many hours in a day do you spend in your trading and monitoring? what are the recommended hours (philippine time) for the best trading hours? thanks and sorry for the many questions ;)


McPip

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Reply #10 on: Oct 01, 2010, 01:28 PM
NellyW,
Here are the equity curves for my previous micro-accts. Equitycurv1 was my first live account while Equitycurv2 was my next live account. Both are now inactive since I transferred the earnings to the mini-account then to the full account.


Posted on: Oct 01, 2010, 01:07 PM
piameg,

Start with babypips school of pipsology. Then go read the 3 forexfactory threads I mentioned. Backtest your strategy with at least 2 years historical data.

Demo account until you get 20 consecutive wins before you go live on a micro-account of 200 dollars then another 20 consecutive wins before going to a mini-account of 2000 dollars then another 20 consecutive wins before going on a full account of 10000 dollars. Or you can be patient and grow your capital from 200 dollars to a full account. That should take 3-4 years.

London/European sessions are the most active times if you're trading pound or EUR, that's our 3 PM to 12AM. If you get the hang of it, you will need only 2-3 times a day monitor. Watching the charts the whole day will give you a nervous breakdown.


McPip

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Reply #11 on: Oct 01, 2010, 09:16 PM
graphene,

I missed to answer your question on volatility. The common indicators that measure volatility are the bollinger bands and average true range (ATR).


McPip

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Reply #12 on: Oct 06, 2010, 10:09 PM
SirYuri90,

You hit the nail right in the head. Trading is mainly about support and resistance. It's just a battle between the bulls and the bears and the SR levels show where the fighting is the fiercest. I can trade naked devoid of any other indicators, but I just put them in to make the charts more colorful :D.

Apparently, you are hanging around some very powerful friends. It's good to know that somebody else out there believes >95% success rate is achievable. Actually, the only losses I've incurred since my aha moment are when I pressed the wrong trade and lot size buttons. That's what happens when you have multiple accounts of various sizes, can be confusing at times.


SirYuri90

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Reply #13 on: Oct 07, 2010, 09:33 AM
Yes McPip, you're right. Its just a battle of the bulls and the bears and knowing who is going to take over with the use of Support and Resistance. Its simple but not that easy and easy but not simple. Definitely 95% is possible.  :hihi:


McPip

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Reply #14 on: Oct 07, 2010, 09:04 PM
If anyone has not yet downloaded a copy of the candlestick ebook I recommended, you can go to this link: http://www.mediafire.com/?dijuhpxdq3qnbts

The file name is frxcndlstksmd_e-z


 


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