Ashraf's Book: Currency Trading and Intermarket Analysis

jacek

I appreciate your reply. At least I know that it's not just me !

As you say, there is no 'magic bullet'. I was already starting to 'just treat a signal service like an advisory service to help identify opportunities which then you trade yourself.'

I still have issues with timing and patience and picking the right trades. However, I'm not losing money, just not making any !!!! When I say that I have probably executed more than 500 trades since I started 6 months ago, I must be making money - am just giving it to the broker. LOL.

I think you have helped me answer my own question. Instead of blindly entering trades, I am going to combine AL's ideas with some technical analysis and only when I get a confluence between the two will I enter a trade.

I think also that AL bases his trades on known fundamentals but sometimes market sentiment changes and this can have a profound impact.

Like last night for example, I nearly got stopped out EURJPY but I dropped my SL by 10 pips (don't normally do this but saw downside momentum had slowed seriously around 103.8) As a result I rescued it, and got out around breakeven. But I had to stay up late nursing it.

I also had a order setup for AL's short EURUSD but it never activated. AL's EURUSD short 'worked' because his lowest entry point was 1.3450 and the market only just spiked it. This is a great example where AL can say 'hit all targets' but many subscribers who set this up to automatically activate would probably have set the level higher than 1.3450 and missed the entry. If they were monitoring the market closely, they might have seen the market reverse and activate it manually at a price close to 1.3450.

I made up for it by managing a quick scalp of GBPUSD for the final 30 pips push up to 1.57.

Comments on Trading using Premium Signals

I wanted to ask forum members what tactics they use for picking their entry and exit levels for Premium trades......

I don't want to nurse my trades, just set and forget. However, the method I adopted (see below) consistently loses money ......

I was trying to go for Minimum risk (i.e. Short from the max price in the range or Long from the minimum price). I ended up catching too many trades that stop out. The other problem with this method is that I'm missing entries for profitable trades that are either trending in the right direction or trades that have entered the range and then reversed, before they hit the end of the range.
What can I do to mitigate this? Enter 2 orders per trade, at each end of the range for half my overall position? Anybody got any suggestions?

Or is the best option to monitor the market and watch for technical signals where trades look like they are going to work - at which point jump in !!!! Obviously, this won't work with the set/forget idea..... The other problem is living in Oz, most of the action happens overnight, not easy to jump in at the right time !