Simple forex trading system that works

Make sure to read this post to remember how I locate the trade setups and set the stop loss and target orders: I Trade the Daily Chart, But I Am a Day Trader. I am going to show you the same simple Forex trading system here. You just need to add two custom indicators to your MT4 platform:.

Restart your MT4 platform. You can read this post to learn how to install indicators and… to your MT4 platform: How to Install Indicators, Expert Advisors and Scripts in MetaTrader 4. To create the price chart with these indicators, just download and install this template and apply it to each chart.

Forex Trading Strategy • Price Action Strategy

Then locate the template file on your computer, and click on it. Please do your best to follow the above stages precisely. It is very easy. If you are not good enough with computer and you have a hard time with the indicators installation, please ask someone who is good with computers to do it for you. Of course the above video shows all the stages. So watch it carefully.

I sit at the computer , after the daily candlestick close which is at 5pm EST. I check the charts, take my positions in case I find any setups, and then close my computer.

I will share the positions with you. So stay tuned and make sure to follow me. However, you can add it if you want. It will not make any problems. Like my mentor, Chris, I like to keep my trading, business and life , as simple as possible.

I enjoy them more when they are simple and easy to handle. We use RSI and KG-MACD to make the work simpler and safer, not harder and more complicated. One is set to an the other one to That is why you see two moving averages on the candlesticks.

We just use the candlestick breakouts with these moving averages. We can remove it if we want. Stop loss will be around the low price of Click on the image:. We go long at the open of Stop loss is around the low price of The next candlestick hits the TP, and so, our position lasts less than 24 hours I trade the daily chart, but I am a day trader.

The above setups I showed you, are almost continuation setups. I mean, a movement is already started, but we follow it after a few candlesticks that make the indicator go to the situation that we want. The above setups are not fresh reversal setups. These are the fresh reversal setups.

We take the positions at the open of the candlestick that opens after the candlestick that the yellow arrow shows. I think I am done with describing the trading system. In the next posts, I will analyze the live markets, and will show you the formed setups to help you master the trading system. I check the markets after the daily candlestick close which is at 5pm EST, and I will share the formed setups that I locate after that.

I know this system is mechanical, but there are a few things that if you consider, you will have a much higher success rate.

Trading the slow and ranging markets will have a higher risk and you will have a lower success rate. Therefore, the setups are all fake and are not because of the big players participation. For example, when you see such a big candlestick below chart , while all the indicators met a good long trade setup condition, you think you have found a PERFECT trade setup, and so, you take it right away:.

I am not saying all the setups that form on the ranging markets will hit the stop loss. You can make money on the ranging markets too. However, you will have a lower success rate. Below is a trending market. Look how many short trade setups it formed that could easily hit the target:. On all the long trade setups, RSI 9 has to be above the 50 level and RSI 3 above the 70 level which is on the overbought area.

When both of them reach the overbought area and keep on moving on it, then we have a strong trend that can make a lot of money for us. Look at the 4 trade setups I am showing on the blow chart and the yellow areas. When both RSI indicators are like that, we will have the most profitable trade setups:.

Generally, you will make profit as long as RSI 3 is moving on the overbought or oversold area and RSI 9 also joins it. If you pick these setups only, you will have a very high success rate. Please also note that your stop loss will be triggered in some of the positions you take, even when everything looks great. This system can easily make you over-trade, because you see some setups on the daily charts every day. It is not like the other systems that hardly form a setup. However, over-trading is your enemy.

You should not take all the trade setups you find. You should locate and analyze them, and choose the best and strongest one, and forget about the rest. The other thing is, this trading system works on all time frames. I just check the charts once every day, and I am done. You will only spend more time and energy and you can wipe out your account sooner than later.

So avoid the shorter time frames. I use this system on the weekly and monthly time frames as well as the daily. But from next week I will show you the weekly and monthly setups also.

Never take a position without setting a reasonable stop loss, the way I have above. If you trade without stop loss, you will wipe out your account, whether you are a novice trader or you have been trading for one million years.

This is the only thing I can guarantee. Also, this trading system is a set and forget system. Just check the charts at the close of the daily candlesticks , take your positions, set the stop loss and target, and then go and come back the next day.

A Simple Forex Trading System That Works

Almost all trading systems make money, if we master them. Simpler trading systems are easier to master, because they are easier to understand and follow. They also make money. They can even make more money than the complicated systems. So, try to choose a simple and easy to understand system, learn it, and then practice to master it. You just ruin the trading system if you do this. The most important thing that prevents novice traders from making money, is over-trading, and, greed.

You mainly lose because of your greed. Your greed pushes you to make more money, but it causes you to lose more money and waste a lot of time.

So, you and what you have in you, are your biggest enemies. The trading system is your friend, if you follow it properly. Market is your friend if you follow it.

Just learn a simple trading system and its rules. Learn it as easy as it is. Take your position in your demo account, set the stop loss and target as your trading system says. Repeat this until you master the trading system. Repeat your success with your demo account at least for 6 consecutive months. I mean you should become profitable for 6 consecutive months. Then open a live account , as small as possible, and repeat the same thing with this account for 6 more months at least.

When your live account is too small, you can treat it like your demo account, and so, you will not have emotions. So, this live trading is the continuation of your demo trading. It is to help you master your trading system. It is not to make money for you. It helps you trade without any emotions, specially greed. Your job is taking the too strong setups only.

If you learn how to take the too strong setups properly, then money comes by itself. You will become a great trader, if you follow the track I showed you above, otherwise you will not get anywhere, even if you practice and learn for years. I have seen so many traders who cannot make money even after 20 years of trading, because they are still greedy.

They know a lot. Teach your trading system to a 6 years old child, and ask him to trade. Tell him it is just a computer game. He will make profit. But teach it to a 50 years old man and tell him that the system is about making money and can make him a millionaire. Come back 10 years later, and you will see that he is still losing and has not become profitable yet.

Because you taught him a system while you stimulated his greed at the same time.

Unfortunately, it is only in trading that it is like that. In the other businesses, the harder you work, the more money you make. Greed can cause you to lose money in the other businesses too, but in most cases it causes you to make more money. In trading, you will make more money when you are less greedy, or at least when you can control your greed and lower it to an acceptable level. My goal is to make you take the strongest setups only, and avoid the weak and bad ones.

The answer is no. You itch to check the charts after you enter the markets, usually when you take a big risk, and you lose a lot if the price hits your stop loss. So, please be careful about the risk you take.

The other question that you ask is that, suppose we are short based on a trade setup formed on the monthly chart. But, a long trade setup forms on the daily chart while we are still short. Do we take the long trade setup while we are already short, or, do we close our short position and go long?

Of course, a lot of things can happen when you are in based on the monthly chart, because you should hold your positions for such a long time. Then, it is possible that the market becomes slow and goes to range, and then, it forms several reversal setups on the shorter time frames. So, you can take them, even if they are against your monthly time frame position. That makes sense to enter the market, make some money and then close the positions, while you are still holding your monthly position.

Thanks for sharing your knowledge, Kamel, I think this system is great. Do you know what the settings are for the KG-MACD?

• Daytrading and forex training for forex day trading, stock market trading and emini trading

Is the average an EMA or SMA or something else? I ask because I use a non MT-4 trading platform so to use this system I will need to manually tweak their MACD to match the one you use. It is programmed like this. Hi Kamel, interesting system. What are the parameters for the MACD? I want to use this with a non-MT4 Trading Platform. Thanks in advance, Anton. Hi kamel , I really like your posts they are very helpful,they helped me a lot. Great article Kamel, thank you! And, yes, it is mechanical, but only if one uses it as mechanical.

I will try using your system as a confirmation, i. Looking forward to your future posts!

The "So Easy It’s Ridiculous" Forex Trading System - icamaveyi.web.fc2.com

I love the last paragraph of this post! Hi Kamel, Thanks for another great tools and indicators.. Thank you very much kamel. Hi kamel its a great strategy but i have tried to download it without success my laptop says this file is not supported any tips on what to do thank you.

When the candlestick is strong, it usually breaks out of the MA. So we always have the MA breakout with the strong breakouts. Hello Kamel, thanks for a nice strategy. If you use yourself this strategy then could you please tell me how many trades do you take approximately in a month and on how many pairs do you follow this strategy? You can apply the template to have all the indicators on the chart. EURNZD — Pending order. AUDCAD- Doji with confirmation May not be strong enough https: GBPAUD — Strong sell after spinning top and breakout.

Hi, ive installed everything but the fx sniper only has added one moving average to my chart and not 2 like your article shows? Thank you for your quick response. I have everything is like the screenshots black background red and blue candles but only one MA when apply the sniper to the chart.

I will try template again but when I loaded template on the 23 currencies the rsi was there but no moving averages. I have uninstalled template and downloaded again and everytime I get the black background red and blue candles.

The rsi but no macd or moving averages on chart. After template i have to add the kg macd and the fx snipers but when add fx snipers just one moving average. I remember a while back you wrote about a student of yours called Edward,he posted some impressive results on his demo account…just wanted to know if this system is the same one he used to achieve such outstanding results. Thanks and happy trading! Do it once again and make sure all files are in the right place.

Im not sure if theirs a glitch in the files but everything is installed properly the indicators are on the left side and the template with them all is in the template folder when I right click on graph to load template the template is there and when clicked it loads up without the sniper and kg macd.

Price type 0 is close price. Price type 1 is open price. Price type 2 is the maximum price for the period. Price type 3 is the minimum price for the period. The FX sniper MA 1 and FX sniper MA 2 seem not to be on the same chart. Hi Kamel I assumed that you only hold your open position 24 hours more or less if you open position based on Daily Chart.

How long do you usually hold your open position if you based on weekly and monthly charts? Leave a Reply Cancel reply:. Your email address will not be published. Notify me of followup comments via e-mail.

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