Alpari Demo Managed Account (by PeterFM) Quick Stats
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Alpari Demo Managed Account Discussion
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PeterFM

Member Since Sep 05, 2009  90 posts PeterFM Oct 11 2009 at 09:18
I am making this demo account completely transparent to give anyone who is interested an insight into the way I trade. I am becoming increasingly annoyed by the ramblings of stephanusR who seems to delight in trying to prove that it is impossible to trade profitably without some hidden agenda on this site.

My reasons for joining this site was to provide ME with the analytical functionality that my own mental limitations can't. It is also here to prove to new traders that it is possible to build a small account relatively quickly without going down the route of over-leveraging their accounts in the rush for glory. It also shows that simple Support and Resistance trading, combined with a conservative money management regime can prove more profitable than a screen full of MAs, Oscillators etc.

I look forward to constructive criticism or posts that are seeking a clearer understanding of this technique, the trolls can go pedal their vitriol elsewhere.

All I need is Support and Resistance
compuforexpamm

Member Since Aug 20, 2009  264 posts kennyhubbard (compuforexpamm) Oct 11 2009 at 10:37
Well said!grin

Wealth Creation Through Technology
bizWiz

Member Since Aug 06, 2009  397 posts bizWiz Oct 11 2009 at 11:23
don't mind him peter!

your trading is excellent, thank you for sharing it smiley.

Sleep is for the weak.
FlyerLV

Member Since Oct 07, 2009  1 posts FlyerLV Oct 12 2009 at 09:05
Hello Peter.
First thread i read from start to end on FF was - Help to newbies ;]
That was ~ 2 years ago.
I am realy happy that You provide us with possibilitie to see how You put orders and talk about Your trades !

Thank You for Your help us who wants to learn..

Best,
Tom

All i need is Price and Volume.
PeterFM

Member Since Sep 05, 2009  90 posts PeterFM Oct 12 2009 at 09:38
FlyerLV posted:
    Hello Peter.
First thread i read from start to end on FF was - Help to newbies ;]
That was ~ 2 years ago.
I am realy happy that You provide us with possibilitie to see how You put orders and talk about Your trades !

Thank You for Your help us who wants to learn..

Best,
Tom

Woohooo... Looks like another success story for PeterFM. It must have helped if you're still around after 2 years.

Don't stop - lol

All I need is Support and Resistance
bizWiz

Member Since Aug 06, 2009  397 posts bizWiz Oct 12 2009 at 09:48
you've been following him for 2 years? that's what i call loyalty.. grin

peter, you should open a fan club! wink

Sleep is for the weak.
PeterFM

Member Since Sep 05, 2009  90 posts PeterFM Oct 12 2009 at 12:57
So far there have been 77,679 views of the thread and I've heard back from about 50 new traders who have found it useful. I'm not sure about the rest of them - maybe they didn't like what I had to say - or maybe each one of them read it 1550 times each.

Sheesh - that's enough punishment for almost anyone grin

All I need is Support and Resistance
kk007

Member Since Oct 12, 2009  4 posts kk007 Oct 12 2009 at 14:56
Hi PeterFM,

Although it looks it is impossible for me to achieve the level of performance that you have shown here, from what I have known you, I trust what you have shown.

At the end of the day, if someone don't believe that, they have their own opinions. It is hard to and may be not necessary to convince them.

Best Wishes for you.

kk007

P.S. How can I have 'a clearer understanding of this technique'? Or, this technique has been completely presented somewhere on FF?

PeterFM

Member Since Sep 05, 2009  90 posts PeterFM Oct 12 2009 at 15:05
Hi KK

Support & Resistance is as old as trading itself. Someone else asked this morning if I could give any hints on how I trade. Although the answer is a bit more complicated than 'do this' or 'do that' the basics of how I approach trading is as follows:

Hint #1: Open a Monthly chart on any pair
Hint #2: Switch to the Line chart
Hint #3: Zoom out as far as you can
Hint #4: Go back in history as far as you can
Hint #5: Start looking for all the major areas where price has made a DRAMATIC reversal
Hint #6: Note the CLOSING price
Hint #7: Draw a horizontal line along that price point
Hint #8: Wait for price to meet those price points and wait for confirmation that the S/R lines you have drawn have either held or failed; if it fails wait till price meets the next S/R line and wait for confirmation - wash and repeat until you find the S/R that does appear to hold
Hint #9: Trade the trend (Monthly - Weekly - Daily - in that order)
Hint #10: Trade based on price action around the Daily - 4hr chart
Hint #11: Stops below next S/R line
Hint #12: Use minimum position on entries and add in as the direction is confirmed
Hint #13: Prospective Take Profit area is next S/R area above/below your entry but be ready to get out if price stalls for too long before it gets there
Hint #14: It takes time to learn this so don't rush to make money too fast
Hint #15: Remember: All S/R areas are only potential turning points so be prepared to be wrong
Hint #16: Practice on one pair on demo for a couple of months to get a feel for how this works
Hint #17: You'll pick this up quicker if you have NO indicators on the chart and learn to read what price is doing around these areas
Hint #18: Always wait for price to make at least one Daily close above a Support area or below a Resistance area before entry on a new trade or closing an open trade. This means you'll have to hold for a much longer time than you are probably used to, that's why you enter with the smallest position size you can use and add in as the trend returns in your favour.
Hint #19: Always remember the old maxim - previous Support should become Resistance and vice versa

All I need is Support and Resistance
bizWiz

Member Since Aug 06, 2009  397 posts bizWiz Oct 12 2009 at 15:13
hint #20: combining hints 1-19 will form a trading system grin.

as a side note, i agree with peter. his system is not automated but manual so there is a lot of discretion involved. even if he would give us the exact rules he uses, no one will get the same performance as he does.

Sleep is for the weak.
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