For fored on M15 charts. If your broker does not use MT4 then you can sign up at any number of brokers for a demo account.
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This way you can determine trades using the MT4 platform and place your trades separately with your broker. Wait until price makes a move before placing a trade, or use tighter stops. In trending markets see how the price often bounces off the moving averages — these are high probability trades taken in the trend direction after a bounce from the MA. The steepness and direction of the moving averages show you the direction of the high probability trades. Look for re-entries of the trend. Occasionally you may find that you have entered a trade only to find that there is a signal in the opposing direction.
BullPips Trading Strategy
If this happens then close your existing trade and reverse as the market and momentum may be turning. While BullPips works excellently in trsding markets you will find that it handles ranging markets well too which is not common for many strategies. You may find during ranging days there are not many trading opportunities. Be patient as trades will soon come! Occasionally the CCI takes a while to refresh from blue to red and vice versa. For this reason I recommend that just before it looks like you are about to enter a trade, ensure that the CCI is displaying the correct information by refreshi ng the chart.
You can do this in two ways: Go short on the close of the set up bar for the first trade in a trend.
A little further on and price strahegy down. Here we see the price test the moving average and is rejected. Stfategy on the opening of the following candle. Here is the first trade again, zoomed in for clarity. The stop loss is set approximately 5 pips above the recent swing high or low in a buy trade. This can be adjusted to suit your risk tolerance. Here is the second chart from above, zoomed in.
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Again the stop loss is set above the recent swing high. The take fore is calculated as the same. If you were trading 3 lots here the second and third take profit levels were achieved quite quickly if scaling out. Again with stops set above recent swing highs, entry on the BullPips criteria and minimum 1: Some traders who always like to catch tops and bottoms will find this part of the method hard to follow through on. However, this is probably where a method like this will make its money.
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With the initial profitable trades and initial loses canceling each other out. The document tradding with the system contains some example trades although I feel the actual method is very easy to follow and most traders tradjng be able to pick up the concept within minutes. More experienced traders maybe a little disappointed in the fact that the method is based on freely available indicators albeit maybe not in this format but I feel Bullpips makes it clear you are buying the method rather than the indicators. Whilst this system is designed with MT4 in mind you could probably take the method and find indicators to replicate it on another trading platform. So how does it perform? Given that it is not purely mechanical it makes it difficult to make an absolute call on whether you WILL make money with this trading method.
You definitely could make money using this method.
I quickly saw that you will have to make some trade selection choices but overall you should get a decent number of winning trades. But the key Bu,lpips all trading systems is trade management. And whilst you could say you will have more winners than losers with a 1: This is because the target price is based on the stop level which is based on the chart rather than a fixed amount. So in short, different trades will have different stop and target levels. Again this is nothing new in trading but it is worth noting as this is what will determine how much profit you make.
The one thing I did note is that you always seem to want to be in the bar before you get a signal. Again this can happen with systems that filter out noise by using multiple indicators.
This shows me there may be further improvement one can make to the system. It is certainly something Traading would look at and you could definitely take what is in the Bullpips method and turn it into some completely mechanical with a bit of time and a lot of historical chart crawling. MT4 is perfect for demo trading so make the most of it.