Good Evening All. I decided it was time that I begin testing a new money making opportunity. Last week I got word that a new product called the Instant Forex Profit System was to be released at noon today by Stephen Wilson. The fact that it was new and untested attracted me to this product. I am skeptical as usual, especially with a name like "Instant Forex Profit System". I haven't been trading Forex long but long enough to know that profits typically aren't "instant".
This product is software along the same line as the Forex Killer. Trades are placed manually. I've learned my lesson and now plan to test this product on a demo account.
I hope to begin testing when I get some free time next week. I will plan to keep you all informed with my progress.
Craig
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4 comments:
Hi Craig,
Keep us informed. I'm interested in some more "hands on" help in managing trades.
Am waiting on the NFP before resuming FAPS. I think there is more downside. Since the FAPS seems to prefer long positions, I'll wait for a little more confirmation about direction and a little less market action.
I will also use hedging if things get hairy like these past two weeks.
Jim
The following question will reveal that I'm no computer wiz.
Can you run more than one Metatrader platform with Demo on the same computer?
Hi Jim, I am also keeping my live account sidelined until we see what happens. I was disappointed to see that my demo account closed out the losing trade on 5/1 and proceeded to open another long position which is now floating another significant loss.
As for running multiple instances of MT4...You can download another version of MT4 just don't overwrite your existing files. Change the name of the destination directory when downloading.
Craig
Hey Guys,
The past week saw 2 important data releases, FOMC interest rate decision and Non-Farm Payroll. These are arguably the 2 biggest market movers with USD.
A technical analysis trader, especially a novice, would stay on the sidelines during data & interest release periods.
Regarding other potential assistance in managing trades. Now we're venturing into my territory.
I have found support & resistance, Fibonacci, as a vital primary tool. Staying in a trade has multiple facets.
Fairly recent developments with Fractals and Heiken Ashi candlesticks (HAS) has been of great assistance to me.
The fractal is a pivot tool, which can be used in short and long-term charts for entry and exit.
HAS is the greatest new tool for me. I have a "smoothed" version that I imported into my MT4. HAS calculates the average price action within a candlestick. It takes away the up and down colors during a trend. That up/down is what makes traders jumpy and exit too early.
Now, here's my idea and request:
For all of you out there, there must be a programmer or someone you know that is a programmer. The one guy I know is too busy.
I would like to see a plug-in HAS EA. This would be programmable to exit an existing trade or trigger on pending trade, if an opposite color HAS candlestick closes.
It would be a smarter alternative to a trailing stop. It would be more scientific than a simple trailing stop.
If you insert the HAS, you'll see that it will stay the same color longer during a trend. Believe me, it will change your trading results for the better!
Fawzi had mentioned that he was to deploy a programmer. I'll contact him to see if he is willing to come up with such a plug-in.
There are other tools that I use to predict where the move will stall or end. But that's for another site or thread.
Craig, as usual, keep up the good work and keep us informed with the new product. Thanks.
Hi Craig,
I'm still checking in.
Let us know how this works when you have time.
Jim
P.S. FX-Island
Keep us informed about your projects too.
I've been reading up on HAS and Fractals. They (fractals) seem to appear quite often. Trying to zero in on the valid ones takes some experience.
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