Winning Strategy
This is the most important portion in
any Forex or Stock trading. You have to have winning strategy with rules
and setup you follow every day in order to trade and earn profit from
your trading. You may be using long or short term strategy on multiple
currency and many different timeframe. In general, you need to have
winning strategy.Manual trade
Once you have a winning strategy, you
have to try it out by manual trading. This portion of manual trading is
more paper trading using paper money. Once you try a few trades, do
review and refine your trading strategy and try again. Within weeks, you
will have a refined trading strategy that works and gain profit for
you.
Back ward testing
Next is back ward testing your strategy
using historical data and chart. I would suggest at least back test up
to 12 months of historical data to really fool proof your strategy.
There are many Financial news through out the whole year which can
affect the price of the currency and is important that your strategy can
withstand those hugh trends and spike of price.
Code yourself
Once you have revise and refine your
trading strategy by manual trading and backward testing, you are now
ready to proceed to the next step is to automate your trading strategy.
For programmer and self help trader, you may want to do the programming and code it yourself. You can use MT4 MQL to code it and there are many forum and blogs out there helping you to create your own Expert Advisor.
Hire a programmer
If you are not a hard-core programmer,
you can always outsource the programming part to others. You can check
out at elance.com or any other out-sourcing website where you can post
your job and hire experience programmer in MT4 to handle your codes.
This process will take a bit of time as you will need to run and check
if the software is working according to your manual trading and backward
testing.
Join a Forex Academy
The next alternative is to join a Forex
School or Teaching Academy. Once you proof your strategy to them, they
will help to automated your strategy and start offering to their
students. In this way, you will ride on the school resources and gain
passive income via rights or loyalties.
Post if out for partnership project.
This is the last suggestion and it does
work wonders. MT4 programmer will know about it and help to program into
software codes. They can help you run, test and debug the simulation
results. You can work with them to develop other software with other
strategy, a win-win situation.
source http://currency-trading.ezinemark.com/how-to-change-profitable-strategy-into-auto-trading-income-7d352ff61c53.html
A practical guide to profiting from institutional trading trends
The
key to being a successful trader is finding a system that works and
sticking with it. Author Al Brooks has done just that. By simplifying
his trading system and trading only 5-minute price charts he's found a
way to capture profits regardless of market direction or economic
climate. His first book, Reading Price Charts Bar by Bar, offered
an informative examination of his system, but it didn't allow him to
get into the real nuts and bolts of the approach. Now, with this new
series of books, Brooks takes you step by step through the entire
process.
By breaking down his trading system into its simplest
pieces: institutional piggybacking or trend trading (the topic of this
particular book in the series), trading ranges, and transitions or
reversals, this three book series offers access to Brooks' successful
methodology. Price Action Trends Bar by Bar describes in detail
what individual bars and combinations of bars can tell a trader about
what institutions are doing. This is critical because the key to making
money in trading is to piggyback institutions and you cannot do that
unless you understand what the charts are telling you about their
behavior. This book will allow you to see what type of trend is
unfolding, so can use techniques that are specific to that type of trend
to place the right trades.
- Discusses how to profit from institutional trading trends using technical analysis
- Outlines a detailed and original trading approach developed over the author's successful career as an independent trader
- Other books in the series include Price Action Trading Ranges Bar by Bar and Price Action Reversals Bar by Bar
From the Inside Flap
The key to being a successful trader is finding a system that works
and sticking with it. Author Al Brooks, a technical analysis contributor
to Futures magazine and an independent trader for twenty-five years,
has done just that. Over the course of his career, he's found a way to
capture consistent profits regardless of market direction or economic
climate. And now, with his new three-book series—which focuses on howto
use price action to trade the markets—Brooks takes you step by step
through the entire process.
In order to put his methodology in
perspective,Brooks examines an essential array of price action basics
and trends in this initialbook; moves on to provide important insights
on trading ranges, order management, and the mathematics of trading in
the next book, Trading Price Action TRADING RANGES; and then
discusses trend reversals, day trading, daily charts, options, and the
best setups for all time frames in the third, and final, book of this
series, Trading Price Action REVERSALS.
Written with the serious trader in mind, Trading Price Action TRENDS skillfully addresses how understanding price action and effectively reading price charts, bar by bar, can help you follow unfolding patterns, which are all initiated by institutions, helping you to profitably piggyback onto their trades by setting up early entries with tight stops. Engaging and informative, this reliable guide:
Trading is a rewarding endeavor, but it's hard work and requires relentless discipline. To succeed,you have to stick to your rules and avoid emotion—and you have to patiently wait to take only the best trades. Trading Price Action TRENDS is your first step in achieving this goal. With this guide, and the other two books in the series, you'll discover how to develop the patience and discipline to follow a sound system, and reap potentially huge financial rewards in the process.
Written with the serious trader in mind, Trading Price Action TRENDS skillfully addresses how understanding price action and effectively reading price charts, bar by bar, can help you follow unfolding patterns, which are all initiated by institutions, helping you to profitably piggyback onto their trades by setting up early entries with tight stops. Engaging and informative, this reliable guide:
- Discusses how to trade trends, trading ranges, breakouts, and reversals
- Examines the basic tools of trend lines and trend channels, which can be used to highlight the existence of trends and trading ranges
- Provides a detailed description of the significance of each type of candle, as well as the mathematics that traders need to know when placing trades
- And much more
Trading is a rewarding endeavor, but it's hard work and requires relentless discipline. To succeed,you have to stick to your rules and avoid emotion—and you have to patiently wait to take only the best trades. Trading Price Action TRENDS is your first step in achieving this goal. With this guide, and the other two books in the series, you'll discover how to develop the patience and discipline to follow a sound system, and reap potentially huge financial rewards in the process.
From the Back Cover
"Al Brooks has written a book every day trader should read. On all
levels, he has kept trading simple, straightforward, and approachable.
By teaching traders that there are no rules, just guidelines, he has
allowed basic common sense to once again rule how real traders should
approach the market. This is a must-read for any trader that wants to
learn his own path to success."—Noble DraKoln, founder,
SpeculatorAcademy.com, and author of Trade Like a Pro and Winning the Trading Game
"A
great trader once told me that success was a function of focused
energy. This mantra is proven by Al Brooks, who left a thriving
ophthalmology practice to become a day trader. Al's intense focus on
daily price action has made him a successful trader. A born educator, Al
also is generous with his time, providing detailed explanations on how
he views daily price action and how other traders can implement his
ideas with similar focus and dedication. Al's book is no quick read, but
an in depth roadmap on how he trades today's volatile markets, complete
with detailed strategies, real-life examples, and hard knocks
advice."—Ginger Szala, Publisher and Editorial Director, Futures magazine
Over the course of his career, author Al Brooks, a technical analysis contributor to Futures magazine and an independent trader for more than twenty years, has found a way to capture consistent profits regardless of market direction or economic climate. And now, with his new three-book series—which focuses on how to use price action to trade the markets—Brooks takes you step by step through the entire process.
In order to put his methodology in perspective, Brooks examines an essential array of price action basics and trends in this initial book. Page by page, he skillfully addresses how understanding price action and effectively reading price charts, bar by bar, can help you follow unfolding trends usually initiated by institutions and allow you to profitably piggyback onto their trades by setting up early entries with tight stops.
Throughout the book, Brooks focuses primarily on 5 minute candle charts—all of which are created with TradeStation—to illustrate basic principles, but also discusses daily and weekly charts. And since he trades more than just E-mini S&P 500 futures, Brooks also details how price action can be used as the basis for trading stocks, forex, Treasury Note futures, and options.
Over the course of his career, author Al Brooks, a technical analysis contributor to Futures magazine and an independent trader for more than twenty years, has found a way to capture consistent profits regardless of market direction or economic climate. And now, with his new three-book series—which focuses on how to use price action to trade the markets—Brooks takes you step by step through the entire process.
In order to put his methodology in perspective, Brooks examines an essential array of price action basics and trends in this initial book. Page by page, he skillfully addresses how understanding price action and effectively reading price charts, bar by bar, can help you follow unfolding trends usually initiated by institutions and allow you to profitably piggyback onto their trades by setting up early entries with tight stops.
Throughout the book, Brooks focuses primarily on 5 minute candle charts—all of which are created with TradeStation—to illustrate basic principles, but also discusses daily and weekly charts. And since he trades more than just E-mini S&P 500 futures, Brooks also details how price action can be used as the basis for trading stocks, forex, Treasury Note futures, and options.
About the Author
AL BROOKS is a technical analysis contributor for Futures magazine and an independent day trader. His approach to reading price charts was developed over two decades in which he changed careers from ophthalmology to trading. Brooks graduated from The University of Chicago Pritzker School of Medicine in 1978 and received a BS in mathematics with honors from Trinity College in 1974. His website, brookspriceaction.com, outlines his trading approach and views as well as hosts a subscription-based daily trading chat room in which Brooks talks with other traders about the market.
Trading Price Action Trends: Technical Analysis of Price Charts Bar by Bar for the Serious Trader (Wiley Trading) Click here to read amazon customer reviews and rating...
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