An introduction to the Turtle trading system - a big and ...
An introduction to the Turtle trading system - a big and ...
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So you wanna trade Forex? - tips and tricks inside
Let me just sum some stuff up for you newbies out there. Ive been trading for years, last couple of years more seriously and i turned my strategies into algorithms and i am currently up to 18 algorithms thats trading for me 24/7. Ive learned alot, listened to hundreds of podcasts and read tons of books + research papers and heres some tips and tricks for any newbie out there.
Strategy - How to... When people say "you need a trading strategy!!" Its because trading is very hard and emotional. You need to stick to your rules at all times. Dont panic and move your stop loss or target unless your rules tell you to. Now how do you make these rules? Well this is the part that takes alot of time. If your rules are very simple (for example: "Buy if Last candles low was the lowest low of the past 10 candles." Lets make this a rule. You can backtest it manually by looking at a chart and going back in time and check every candle. or you can code it using super simple software like prorealtime, MT4 ++ Alot of software is basicly "click and drag" and press a button and it gives you backtest from 10-20-30 years ago in 5 seconds. This is the absolute easiest way to backtest rules and systems. If your trading "pure price action" with your drawn lines and shit, the only way to truly backtest that kind of trading is going in a random forex pair to a random point in time, could be 1 year ago, 1 month ago, 5 years ago.. and then you just trade! Move chart 1 candle at a time, draw your lines and do some "actual trading" and look at your results after moving forward in the chart. If you do not test your strategy your just going in blind, which could be disaster.. Maybe someone told u "this is the correct way to trade" or "this strategy is 90% sure to win every trade!!!" If you think you can do trading without a strategy, then your most likely going to look back at an empty account and wonder why you moved that stop loss or why you didnt take profit etc.. and then your gonna give up. People on youtube, forums, interwebz are not going to give you/sell you a working strategy thats gonna make you rich. If they had a working strategy, they would not give it away/sell it to you.
Money management - How to.... Gonna keep this one short. Risk a small % of your capital on each trade. Dont risk 10%, dont risk 20%. You are going to see loosing trades, your probably gonna see 5-10 loss in a row!! If your trading a 1000$ account and your risking 100$ on each trade (10%) and you loose 5 in a row, your down -50% and probably you cant even trade cus of margin req. Game over.. Now how does one get super rich, super fast, from risking 1-3% of your account on each trade?? Well heres the shocking message: YOU CANT GET RICH FAST FROM TRADING UNLESS YOUR WILLING TO GO ALL IN! You can of course go all in on each trade and if you get em all right, you might get 1000%, then you go all in 1 more time and loose it all... The whole point of trading is NOT going bust. Not loosing everything, cus if you loose it all its game over and no more trading for you.
Find your own trading style.... Everyone is different. You can have an average holding period of 1 month or you could be looking at a 1 min chart and average holding time = 10 minutes. For some, less volatility helps them sleep at night. For others, more volatility gives them a rush and some people crave this. There is no "correct" timeframes, or holding periods, or how much to profit or how much to loose. We are all individuals with different taste in risk. Some dont like risk, others wanna go all in to get rich over night. The smart approach is somewhere in the middle. If you dont risk anything, your not gonna get anything. If you risk everything, your most likely going to loose everything. When people are talking about trading style, this is kinda what that means.
There are mainly 2 ways to trade: Divergence and Convergence. Or in other words: Mean reversion or trend following. Lets talk about them both: Trend following is trying to find a trend and stay with the trend until its over. Mean reversion is the belief that price is too far away from the average XX of price, and sooner or later, price will have to return to its average/mean (hence the name: MEAN reversion). Trend following systems usually see a lower winrate (30-40% winrate with no money management is not uncommon to see when backtesting trend following systems.. You can add good money management to get the winrate % higher. Why is the % winrate so low? Well a market, whatever that market is, tend to get real choppy and nasty right after a huge trend. So your gonna see alot of choppy fake signals that might kill 5-6 trades in a row, until the next huge trend starts which is going to cover all the losses from the small losses before the trend took off. Then you gotta hold that trade until trade is done. How do you define "when trend starts and stops"? Well thats back to point 1, find a strategy. Try defining rules for an entry and exit and see how it goes when you backtest it. For mean reversion the win % is usually high, like 70-90% winrate, but the average winning trade is alot smaller than the average loosing trade. this happens because you are basicly trying to catch a falling knife, or catch a booming rocket. Usually when trading mean reversion, waiting for price to actually reverse can very often leave you with being "too late", so you kinda have to find "the bottom" or "the top" before it actually has bottomed/ topped out and reversed. How can you do this you ask? Well your never going to hit every top or every bottom, but you can find ways to find "the bottom-ish" or "the top-ish", thens ell as soon as price reverts back to the mean. Sometimes your gonna wish you held on to the trade for longer, but again, back to point 1: Backtest your rules and figure that shit out.
Read these 4 points and try to follow them and you are at least 4 steps closer to being a profitable trader. Some might disagree with me on some points but i think for the majority, people are going to agree that these 4 points are pretty much universal. Most traders have done or are doing these things every day, in every trade. Here is some GREAT material to read: Kevin Davey has won trading championship multiple times and he has written multiple great books, from beginner to advanced level. Recommend these books 100%, for example: Building winning algorithmic trading systems" will give you alot to work with when it comes to all 4 of the above points. Market wizards, Reminiscences of a stock operator are 2 books that are a great read but wont give you much "trading knowledge" that you can directly use for your trading. Books on "The turtles" are great reading. Then you have podcasts and youtube. I would stay away from youtube as much as possible when it comes to "Heres how to use the rsi!!!" or "this strategy will make you rich!!". Most youtube videoes are made by people who wanna sell you a course or a book. Most of this is just pure bullshit. Youtube can very harmfull and i would honestly advice about going there for "strategy adivce" and such. Podcasts tho are amazing, i highly recommend: Better systems trader, Chat with traders, Top traders unplugged, We study billionairs, to name a few :) Also, on a less funny note.. Please realize that you are, and i am, real fucking stupid and lazy compared to the actual pro's out there. This is why you should not go "all in" on some blind stupid strategy youve heard about. This is why this is indeed VERY FUCKING HARD and most, if not everyone has busted an account or two before realizing just this. Your dumb.. your not going to be super rich within 1 year.. You can not start with 500$ account and make millions! (some might have been able to do this, but know that for every winner, theres 999 loosers behind him that failed... Might work fine first 5 trades, then 1 fuckup tho and ur gone.. And lastly: Try using a backtesting software. Its often FREE!!! (on a demo account) and often so simple a baby could use it. If your trading lines and such there exists web broweser "games" and softwares that lets you go "1 and 1 candle ahead" in random forex pairs and that lets you trade as if its "real" as it goes. A big backtesting trap however is backtesting "losely" by just drawing lines and looking at chart going "oh i would have taken this trade FOR SURE!! I would have made so much money!!" however this is not actually backtesting, its cherry picking and its biased beyond the grave, and its going to hurt you. Try going 1 candle at a time doing "real and live" trades and see how it goes. Bonus point!! many people misunderstands what indicators like the RSI is telling you. Indeed something is "overbought" or "oversold" but only compared to the last average of xx amounts of bars/candles. It doesn't tell you that RIGHT NOW is a great time to sell or buy. It only tells you that the math formula that is RSI, gives you a number between 1-100, and when its above 70 its telling you that momentum is up compared to the last average 14 candles. This is not a complete buy/sell signal. Its more like a filter if anything. This is true for MOST indicators. They INDICATE stuff. Dont use them as pure buy/sell signals.. At least backtest that shit first! Your probably gonna be shocked at the shitty results if you "buy wehn rsi is undeer 30 and sell when RSI is above 70". Editedit: Huge post already, why not copy paste my comment with an example showing the difference in trend following vs mean reversion: The thing about trend following is that we never know when a trade starts and when it ends. So what often happens is that you have to buy every breakout going up, but not every breakout is a new trend. Lets do an example. Check out the photo i included here: https://imageshost.eu/image/image.RcC THE PHOTO IS JUST AN EXAMPLE THAT SHOWS WHY A TYPICAL TREND FOLLOWING STRATEGY HAVE A "LOW" WINRATE. THE PHOTO IS NOT SHOWING AN EXAMPLE OF MY STRATEGIES OR TRADING.
We identify the big orange trend up.
We see the big break down (marked with the vertical red line) this is telling us we are not going higher just yet. Our upwards trend is broken. However we might continue going up in a new trend, but when will that trend come?
We can draw the blue trend very earyly using highs and lows, lines up and down. Then we begin to look for breakouts of the upper blue line. So every time price breaks upper blue line we have to buy (cus how else are we going to "catch the next trend going up?)
As you can see we get 5 false breakouts before the real breakout happens! Now if you could tell fake breakouts from real breakouts, your gonna be rich hehe. For everyone else: Take every signal you can get, put a "tight" stop loss so in case its a fake signal you only loose a little bit. Then when breakout happens as you can clearly see in chart, your going to make back all the small losses. So in this example we fail 5 times, but get 1 HUGE new trend going further up. This 1 huge trade, unless we fuck it up and take profits too early or shit like that, is going to win back all those small losses + more. This is why trend following has a low winrate. You get 5 small loss and 1 big win. Now lets flip this! Imagine if your trading Mean reversion on all the same red arrows! So every time price hits the blue line, we go short back to the bottom (or middle) again! You would have won 5 trades with small profits, but on that last one you would get stopped out so hard. Meaning 5 small wins, 1 big loss (as some have pointed out in comments, if you where trading mean reverting you would wanna buy the lows as well as short the tops - photo was suppose to show why trend following strategies have a lower % winrate.) Final edit: sorry this looks like a wall of text on ur phones.
Hello comrades! I've been in this trading world since december, reading quite contrasting opinions about styles of trading and recommendations and as almost anyone i came to the conclusion of what trading style i'm adopting. Here's what so far i've been trying and what i think is working for me, up to this week i succesfully read price action on EURUSD and got just in time before the trend reversal, at least it is short for now, but i think im in the right path.
Adopting and developing trading in higher timeframes, trace your patterns, or system in 1D chart and find your entry point in 4H chart. You can adjust this on your trading style. For me , it is all about developing patience, and focusing on being in a stable mindset.
Discipline is key, not only in trading but also in your lifestyle.
As per redditors suggestions, i've read Trading in the zone, the complete turtle trader, and i've personally found that Japanese Candlestick Charting Techniques by Steve Nison, it is a great book to read and find context in candlestick patterns, a little bit pricey but worth reading. Also i've read some books that are on amazon by Damir Laurentiu , specially Price Action Breakdown. He focuses on the understading on price action, he also has short ebooks about techniques easy to follow, but i've choosen to craft my own.
So as the i'm greatly interested on price action, and i want to ask the forex community about any useful suggestions you guys have. Thank you! Also, english is not my native language, so, sorry for the poor grammar if it is the case.
Anything like the Turtle Trading Rules for Forex? Or would the Turtle rules work for forex too?
I'm just getting started looking at forex, and I'm mostly interested in rules-based trading since it can be automated (I'm a programmer and am trying to make something to automatically trade currencies). I am reading a little about the Turtle rules, but I read somewhere that they're not meant for forex. Are there any good, FREE, rules based systems for me to look at when trying to tell my program when to buy/sell? Thanks!
The turtle trading system is an interesting idea to explore both for the trend follower and for the breakout trader. The aim of “the turtle” is to enter trends at the early stages – it uses range breakouts to time these entries. In this post we’ll look at a simple example of how the turtles timed their entry into a trend and would track that trend as it evolved over time. The ... Mit dem Turtle-Trading-System haben die erfolgreichen amerikanischen Futures-Händler Richard Dennis und William Eckhardt das Trading einfach und glasklar definiert. Es regelt wichtige Punkte wie . Basiswerte; Positionsgröße; Einstiegssignale; Stoppkurse; Ausstiegssignale Der Name Turtle-Trading beruht auf der Annahme der Star-Trader, dass sich erfolgreiche Händler wie Schildkröten auf ... The Golden Turtles a trend momentum trading system is very simple and very profitable provided you trade according to the rules. the system is for intraday trading. Itis also designed to be traded only on the h1 time frame. it is set upfor taking 20-30 pips each trade. you will easily find more than 5 best trading opportunities per day. The turtle trading system is a rule-based system developed by Richard Dennis where the turtles became successful traders. The system includes every aspect a trader needs to know, including how to trade, how much to buy and sell, and importantly when to get out of a trade. What Markets Did the Turtle Trade? In general; the turtles traded large and liquid markets due to the size of the trades ... Beyond any doubt, the Turtles Trading System 2 has a positive edge. It is profitable and applicable to the Forex markets (you can test it on other currency pairs as well). Although profitable, the method is psychologically hard to trade. The hardest part is letting profits run indefinitely without a predefined profit target. That factor explains why some Turtles were not profitable in spite of ... Forex Strategien in der Akademie; Zuverlässige Auszahlungen; Jetzt Forex handeln! 75 % der Konten von Privatinvestoren verlieren Geld beim Trading von CFDs bei diesem Anbieter . Wer denkt, dass er oder sie für das Traden komplett ungeeignet sei, sollte sich die Turtle Strategie genauer anschauen. Aber auch Fortgeschrittene User können von ihr noch das ein oder andere Detail lernen. Der ... Trend Following System’s goal is to share as many Forex trading systems, strategies as possible to the retail traders so that you can make real money. Special Links » XM Broker » Exness Broker » FXOpen Broker » JustForex Broker » RoboForex Broker. Important Links » Install System in MT4 » Install Indicator in MT4 » Forex No Deposit Bonus » Best Forex Trading Strategy » Importance ... The Turtles had two systems: System One (S1) and System Two (S2). These systems governed their entries and exits. S1 essentially said you would buy or sell short a market if it made a new twenty-day high or low. What is the risk aversion of the trader or client? Risk management was not a concept that the Turtles grasped immediately. For example, if they had $10,000 in their account, should ... 1 – The short-term system based on the 20-day breakout. “The turtles” entered the market when the price broke the 20-period high or low. The breakout was confirmed with 1 pip above the 20-day high/low. The 20-day breakout entry was made only if the previous breakout failed. This belief is called a “contrarian rule” and it means that the crowd expects the same thing to happen again ... The story of the commodity trading Turtles has become one of the most famous in trading history. Their success has stirred the interest of many new traders and helped Richard Dennis become one of the most famous commodity traders of all time. “The Turtle Trading System was a Complete Trading System. Its rules covered every aspect of trading, and left no decisions to the subjective whims of ...
Turtle Trading Webinar Featuring Russell Sands - YouTube
The Turtle Trading System has been proven for more than 30 years and has produced multiple millionaires! You're signed out. Videos you watch may be added to the TV's watch history and influence TV recommendations. To avoid this, cancel and sign in to YouTube on your computer. Cancel. Confirm ... The Turtle Trading System was first introduced by a famous personality, Richard Dennis. The commodity trader introduced the system in the year 1983. It is a ... Turtle Trading System presented by Steve Ruffley of InterTrader. In 1983, commodities trader Richard Dennis bet with his business partner Bill Eckhardt that ... www.americanagmarketing.com Few people associate Eddie Murphy, Dan Ackroyd and the 1983 movie "Trading Places" with one of the greatest trading stories of al...