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EP184: How to Find a System that Fits Your Lifestyle
In this episode of Truth About FX, Walter dives into finding the “perfect” system that fits your lifestyle and beliefs. And is it really possible to trade while doing a 9 to 5? According to Walter, there are a lot of ways you can work around this but it all comes down to doing this one thing that every trader should learn by heart. You will also learn these 3 key components that you need to be a successful trader no matter what time frames you choose.
Download (Duration: 04:35 / 10.5 MB)
In This Episode:
00:40 – pretty simple system 01:36 – what makes sense to you 03:17 – adjusting expectations 04:05 – hazy decisions
Tweetables:The key is testing
@TruthAboutForex http://fxtr.co/at" rel="noopener noreferrer">[Click To Tweet].Be patient [Click To Tweet].Wait for the market to trend [Click To Tweet].
Announcer: Sometimes, forex trading is a wild and wooly place to be. That’s why Hugh is here, to post your questions to Walter, the naked forex guy. Hugh’s got questions and Walter’s got the answers. Here at the Truth About FX Podcast.
Hugh: Hi, Walter. Somebody wrote in and asked about finding a system that works for them. They can scalp on the one-hour successfully. However, due to a job, they need to find something on the daily or weekly. What should they do?
Walter: Typically — not always but typically — if you have a pretty simple system, it should work on the higher time frames. I don’t know exactly what kind of… Unless this trader is using some sort of order flow thing or something like that or just some kind of looking at small, little movements.
If it is a technical system. In theory, it should work on a higher time frame. If you’re trading like a pullback to a moving average or something like that and it’s popular with the scalping group, I would do that.
The key is going to be to test it. I would recommend that you go to the daily and just test it in Forex Tester or whatever sort of thing you use to test it and see if it works. Now, alternatively, you could trade something completely different.
If you are scalping and it is working pretty good on the one-hour and for whatever reason you think it might not work on the daily or you don’t want to trade the same thing on the daily, what you might do is just find something that makes sense to you.
If you like following the trend, you can wait for the market to trend and print a box and then use the last key strategy where the market comes back to the box and bounces off of the box and it goes to the direction to trend again. Or, you could use a trending kangaroo tail where the market prints a trending kangaroo tail after a little bit of consolidation and then it continues to the direction of the trend.
If you like counter-trend strategies, you could go with double tops, double bottoms, the webby and the moolah. Or, the ones that I’ve used which are basically the double tops and double bottoms. Special case situations of those are if you want to trade those turning points or if you’re more of a swing trader.
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By Walter Peters (FXJake) and Hugh Kimura (Trading Heroes)In this episode of Truth About FX, Walter dives into finding the “perfect” system that fits your lifestyle and beliefs. And is it really possible to trade while doing a 9 to 5? According to Walter, there are a lot of ways you can work around this but it all comes down to doing this one thing that every trader should learn by heart. You will also learn these 3 key components that you need to be a successful trader no matter what time frames you choose.
Download (Duration: 04:35 / 10.5 MB)
In This Episode:
00:40 – pretty simple system 01:36 – what makes sense to you 03:17 – adjusting expectations 04:05 – hazy decisions
Tweetables:The key is testing
@TruthAboutForex http://fxtr.co/at" rel="noopener noreferrer">[Click To Tweet].Be patient [Click To Tweet].Wait for the market to trend [Click To Tweet].
Announcer: Sometimes, forex trading is a wild and wooly place to be. That’s why Hugh is here, to post your questions to Walter, the naked forex guy. Hugh’s got questions and Walter’s got the answers. Here at the Truth About FX Podcast.
Hugh: Hi, Walter. Somebody wrote in and asked about finding a system that works for them. They can scalp on the one-hour successfully. However, due to a job, they need to find something on the daily or weekly. What should they do?
Walter: Typically — not always but typically — if you have a pretty simple system, it should work on the higher time frames. I don’t know exactly what kind of… Unless this trader is using some sort of order flow thing or something like that or just some kind of looking at small, little movements.
If it is a technical system. In theory, it should work on a higher time frame. If you’re trading like a pullback to a moving average or something like that and it’s popular with the scalping group, I would do that.
The key is going to be to test it. I would recommend that you go to the daily and just test it in Forex Tester or whatever sort of thing you use to test it and see if it works. Now, alternatively, you could trade something completely different.
If you are scalping and it is working pretty good on the one-hour and for whatever reason you think it might not work on the daily or you don’t want to trade the same thing on the daily, what you might do is just find something that makes sense to you.
If you like following the trend, you can wait for the market to trend and print a box and then use the last key strategy where the market comes back to the box and bounces off of the box and it goes to the direction to trend again. Or, you could use a trending kangaroo tail where the market prints a trending kangaroo tail after a little bit of consolidation and then it continues to the direction of the trend.
If you like counter-trend strategies, you could go with double tops, double bottoms, the webby and the moolah. Or, the ones that I’ve used which are basically the double tops and double bottoms. Special case situations of those are if you want to trade those turning points or if you’re more of a swing trader.