[piptaker]

Thx jaturner...........I look forward to hearing more from you about the success your having using ProFx.

thx,
todd

[j.holloway]

Jaturner thanks for sharing your insights! I wanted to ask you about when you exit a trade though... once you enter, will you always let it run to either SL or TP or will you close the trade if conditions look unfavourable? Or on the session close, etc?

[ForexEASystems]

Cable is today sleepy. Still no entry signal.

Will keep you updated !

[leto]

Hello guys,

My question is for everyone:

when do you enter the trade?

You wait for the candle close, or you enter when "you see everything" including the arrow?

Because if you enter at the arrow you will get a lot of false signals as it repaints.

How does Alex making the trades then????

[coastie]

Originally Posted by ForexEASystems

Cable is today sleepy. Still no entry signal.

Will keep you updated !

Hi Alex, thank you for your post, looking at the screen and was almost going to enter.
Cheers mate
Kane

[ForexEASystems]

Originally Posted by leto

Hello guys,

My question is for everyone:

when do you enter the trade?

You wait for the candle close, or you enter when "you see everything" including the arrow?

Because if you enter at the arrow you will get a lot of false signals as it repaints.

How does Alex making the trades then????

Hi leto,

as all indicator uses close prices you can be sure non from the indicators repaint.

However, the close price is a variable value as long the bar is open which means that the indicator value can change as long the bar is open. Same as with every other indicator.

To avoid false signals it is important that you follow the trading rules strictly and enter only fully confirmed signals.

[ForexEASystems]

Originally Posted by jaturner

Hello Guys,
First Post here so be gentle with me. I purchased the system about a couple of months ago and here are some of my observations so far. I am lucky to be able to trade full time and I currently use another system, I wont mention it here out of respect to Forex EA Systems. I just started with PRO FX on Friday April 30th.


I started with a $7,000 Account so with proper MM I am able to trade about 4 to 5 Mini Lots per Trade. I am going to post my rules so you guys can help me pick holes in them. I risk 2% per trade.

2% risk per trade is a very good choice.

Originally Posted by jaturner

I only trade one pair, the Cable. Personally, I have found that understanding the details of the way a pair moves is far more valuable to me than focusing of 4 or 5 pairs. I only enter one trade per day, if I get a signal that meets the criteria, If I don't oh well. If I get a win or loss on that trade, I am done until the next day. I trade the European and US Session. I live in the US so I will get up on the London Session if I get an alert. I will not take a trade before 2AM EST or after 4PM EST.

I follow the rules in the Manual except that I do not get confirmation on the Higher Time Frame. I have found that the Cable can easily Move 100+ pips without the higher time Frames budging. I use a 50pipSL and a 100 Pip TP. That 2 for 1 ratio is important to me because it keeps my expectation above 1(for those who know Statistics). I am not taking profits early and I am moving my SL to Break even at 75 Pips. Like I said, I am looking for a full 100 pips on this system because I have another day trading system that I am using for larger lots with smaller moves. So it keeps me disciplined with the PROFx to look for much larger gains.

When I get a signal I look to verify if all the signals are the same color, If they are, I enter at the opening of the following bar. If they are not, I will wait until the bar after the setup bar closes and enter on that bar. If the indicators are still not lined up at that point, Im done with that entry and do not take the trade. Do I miss out on some trades, Absolutely. But it keeps me out of trouble. So to be clear Once I see an arrow, I enter on the next bar or 2 bars after the Setup bar depending on the indicators. I NEVER enter early (On or before an arrow).

Dont see any holes in here. Rules are very close to my personal trading rules. One pair, one trade per day is absolutely enough to trade for a living.

The main advantages: You have more time for other things and it is a very good time filter for sideway periods.

Originally Posted by jaturner

That is it for now. I know some of you guys have different rules, etc. and I have enjoyed reading your trading styles. I have been blessed to do what I love for a living and the best advice that I can pass on to you guys is to practice proper Money Management and Learn the Power of Quitting. Whether its 1 win and done or 2 wins and done or 1 loss and done. You always want to live to fight another day

This is the best part from the post. Everybody should print it out and put it directly next to his computer screen.

At least every trader should read that 10 times.

Originally Posted by jaturner

...the best advice that I can pass on to you guys is to practice proper Money Management and Learn the Power of Quitting. Whether its 1 win and done or 2 wins and done or 1 loss and done. You always want to live to fight another day

Originally Posted by jaturner

Please provide some guidance as to what you think I am missing with this system. Also please look at my Trade Logs and Equity Curves for the PROfx system.

I think this system is very robust and it is performing very well for me right now.

I am going to attach a copy of my Spreadsheet so you guys are able to see my statistics. The second spreadsheet shows my trade dates and times but the Dollar amount assumes that I was using a full lot, which I was not. . I was using 4 Mini Lots instead of 1 full lot.

Thanks,

Jim

I just looked close to the spreadsheet and for now i cannot see anything you could do better. Every information is there and you see all important numbers with a single view.

By the way, you outperformed me for the shown period .

Really great. It is a very big pleasure to see.

For those who did not take a look to the attachments:





The numbers:
>> 550 Pips in 2 weeks.
>> 31.40 % profit with 2% risk per trade.
>> 54.20 % profit with 3% risk per trade.
>> Profit Factor: 4.67

Tells us what? "Jim is a forex killer with a killer system"

Continue trading like this Jim!!

[leto]

Originally Posted by ForexEASystems

Hi leto,

as all indicator uses close prices you can be sure non from the indicators repaint.

However, the close price is a variable value as long the bar is open which means that the indicator value can change as long the bar is open. Same as with every other indicator.

To avoid false signals it is important that you follow the trading rules strictly and enter only fully confirmed signals.

Hello Alex,

Thank you for your reply.

I think I may have described my problem wrong.

I have run over your trades on your website, and I've noticed that you have entered many trades at the price levels when the arrow candle was not closed.

Therefore (I suggest) you didn't waited for the candle to close.

So here is an example:

1. every indicator is on the same color and I wait for the arrow
2. the arrow comes up anywhere in the 30 min timeframe and I enter the trade at the exact price when the arrow comes up.

BUT! A few minutes later, price action changes and the arrow dissapears.

So... after that, my trade is not valid anymore, in fact, I can end up in a stop loss a lot of times.

So my question is: how can I "beat" this problem? How can I pick a safe entry? If I wait for candle close, I can miss a lot of pips sometimes as cable moves fast...

By the way: CONGRATULASIONS jaturner! Very nice results! Maybe you can help me too, or Alex please?

I really like the idea of trading one pair, and one (or maximum two) trades per day to make a living, and I think ProFX has the potencial for this. I just want to finetune this method, and clearly the dissapearing arrow gives me some problem at sometimes.

Any ideas?

Thank you guys!

[j.holloway]

Leto this has come up a few times in this thread and there was much debate.. but to save you trawling through dozens of pages, I think the upshot was just that it's okay to enter before close of the candle if the price is moving quickly.

[wanelad]

It would be good to know when it is actually locked in, and not just testing. As we do not know what sets it off can often get tricked. (arrow being referred to)