Simple  End of Day Trading System

How to Make a Living Trading Foreign Exchange: A Guaranteed Income for Life (Wiley Trading)

This system work ! Trust me.Don't bother with all complicated and expensive forex system or software out there. You have to use your brain ! I prefer free easy Forex system like this one.This simple forex system can generates between 40-100 pips per week.A nice manual system. Just try it.

In the next few minutes you are going to learn 11 easy steps to make consistent money in the forex market. Before I go any further I am going to go ahead and tell you that with this system you are going to risk more than you are going to make on every trade. Most traders have the assumption that they are going to find a way to trade where they enter the market with a 20 pip stop and make a 200 pip gain. This simply is unlikely. While a trader may acheive those gains every now and then it is not profitable in the long run. But to be honest that is how most people trade and is exactly why we are going to do it backwards.

1: IT IS OK NOT TO TRADE. This is by far the most important rule for any method of trading. People feel that the market is moving and there is a profit to be made, but that’s not always the case. Do not trade unless the perfect trade has set up.

2: Never enter a market or limit order. I have no idea why people enter market orders and limit orders. With a market order you have about a 50/50 chance of guessing which way the market will go. With a limit order you are getting into a trade as the market is moving against you. Not a smart idea at all. Always enter the market with a stop order. This confirms that the trend you are trading is the correct trend. You will almost never pick a top or never pick a bottom.

3: The only pairs you need to know. The following are the only pairs to trade the Platinum System with because the offer the most volatility and are the most predictable. They are as follows: GBP/USD EUR/USD USD/JPY CAD/USD EUR/JPY AUD/USD

4: The 5:30 P.M. rule. Our trades are performed based on the high and low of the previous day. The Forex day starts at 5:00 p.m. EST and ends at 4:59 p.m. EST. Always wait until after 5:30 p.m. EST to place your trades.

5: The 100/25 rule. Find a pair from above that moved 100 pips or more the previous trading day, from high to low not from the opening price. However the pair must have closed at least 25 pips lower than the high or 25 pips higher that the low.

6: The actual trade. Place a buy stop 1 pip above the high and place a sell stop one pip below the previous days low. Look to make between 8-15 pips and risk around 35-60. I know this is hard to trade like this because one loss would wipe out several days of trading but trust me it really works. Never risk more than 5 times what you are going to make. I like to go for 10 pips and risk 35 pips. Place your orders along with the if then order with the stop loss and the targeted profit all at the same time. Or if your broker will let you place a stop order with a limit and a stop on it that is fine too. If you wish you can place your trade and walk away from your computer and come back the next morning to see that you have made money.

7: Key numbers: Do not get long on a trade above the last two numbers above 85 through 15 or short with the last two below 15 through 85. The whole numbers often time create great resistance and the market typically reaches them and turns around a couple of time before actually breaking through the whole numbers. The closer that the last two numbers are to being 50 the better off you will be with your trade.

8: 7.5% rule: Once you start actually trading this method you will actually be able to go on runs of 12-18 trades. People tend to start leveraging out their account to the max because of how accurate these trades actually are. Never risk more than 7.5% of your account on a single trade.

9: The morning ditch. If your trade has not been executed by 7:45 a.m. EST then cancel all open orders and wait until that evening for the next trade. Too much news and, non technical factors move the market way more than we need it too. I lost a lot of trades due to the fact that I left my order in as all the news from Wall Street was being released.

10: Do not bend these rules. These rules are here for a reason. Do not bend any of them. I have developed the rules to eliminate trades that have cost me money. I have made the mistakes for you, so that you don’t have to make them.

11: Again IT IS OK NOT TO TRADE: Please do not try to force a trade if there is not one there. I know it is hard not to be in the market, but its better than losing money. A good trade will set up soon enough. WAIT FOR IT.
 FXEducator - Forex Trading with Ed Ponsi 
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