The Forex Traders Ten Commandments

so you want to be a trader huh…? A successful one i hope.. Well if so you then want to pretty quick write down some really important rules.

These rules if used correctly will always have you ahead. However if you cannot follow them to the tea then you will always run into problems. I call them the ten commandments of trading because once you can fully learn to follow them then you will always make money no matter what, however if you choose to risk one or the other you are gonna have issues that is for sure..

This is by the way for the Forex market.. Not for other markets.

Forex Traders Ten Commandments

1. Always look at overall trend. If the overall trend is up then simply put only look for buys, don’t trade both ways unless you are sure you are at major top like a daily resistance. It is just not worth the risk otherwise. Make sure to identify the overall trend and then stick to it until the overall trend line is fully broken..
2. Always know your Risk First.
3. Always know your attainable Reward.
4. Keep Account draw down to less than 20%. Draw down is fine, but not at the expense of your whole account so keep it in check..
5. Sell at highs ( retracements )
6. Buy at lows ( retracements )
7. Keep to your own personal exposure rules to limit risk in the market.
8. Use a stop loss that is where you are definitely wrong.. It is always better to focus on winning trades rather than losing trades, so either hedge the bad trade ( optional advanced money management ) or cut losses when you know you are wrong.
9. Lock in profit when a trade goes your way more than a 1 to 1 risk to reward.. This can be a small lock in of around 5 to 6 pips if you are going for a desired target, but either way lock it in, it is better to risk profit than to let a winning trade go into loss.. would you not agree?
10. Let your winners run as far as you can handle while locking in as you go.. To lock in, simply keep adjusting your stop loss into the profit zone.. If the market is moving quickly, adjust your stop loss quickly, if the market is moving slowly then adjust it slowly.

GOLD TRADING SYSTEM 90% WIN

I have become disillusioned by automatic trading systems and sought to find a viable manual trading system or at least piece one together, test it, and become proficient in it enough to make steady money with it - this is what I have done with this system.

It is used on a 1hr spot gold chart and takes time into consideration for opening a successful order to take advantage of cyclical price acceleration at the given time. In the this case, during my observation and manual testing (with real money) for the past 6 months, this time is 30 minutes before the new york open at 9am EST (1400 GMT). At that time price has sufficient buying or selling power behind it to make great profit quickly and with minimal risk, given the conditions below are followed. This has worked unbelievably well for me and I would like to share it with all of you because this community has helped me throughout these years of my forex journey.

I will try to post trades I take with some frequency and answer any questions. Enjoy.


From Today: By the way Spot Gold does not calculate in pips and the volitility is much greater than that of the usual forex pair. So if you took this trade today like I did at 1 mini-lot (.1 - one dollar) and got out at the blue pivot line you would have made an easy $109 with very low risk 



Conditions for opening Trade:

For Buy

1. price above buy zone fib, blue rsi chart bar 

2. William's percent range indicator gold line entering or inside blue area 
above -25.00

3. RSIOMA clearly crossed up

For Sell

1. Price below sell zone fib, red rsi chart bar

2. William's Percent Range Indicator gold line entering or inside red area 
below -75.00

3. RSIOMA clerly crossed down


Exceptions for opening a Trade when above conditions are met:

1. When a bar within the last 4 hours before 9am EST (1400 GMT) is extended 1000 points or more in the same direction the conditions indicate. In this case it is my experience that there is a great pobablility that even with all the trade conditions met, by 9am EST (1400 GMT) the selling or buying would have been temporarily exhuasted because of this extended candle and this trading method is dependent upon this time.


Conditions for closing Trade:

Safest

1. When price hits next pivot point line in direction of trade.

Moderately Safe

1. When the RSIOMA blue line touches the purple line again attempting to cross in the opposite direction of trade or a red or blue dot shows on the RSIOMA indicator in the opposite direction of the trade - whichever comes first.

Attached Files

•   GOLD SYSTEM.zip