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Haven't posted in a while, since I've been trading in a slightly different way lately and haven't been doing much classical TA. Just wanted to share my thoughts on a system I thought I'd try a few months back: Rob Booker's Trifecta system. Now, Rob runs the tfl In very basic terms, he teaches a simple strategy, and then coaches people to use it.
His following is not massive - about 2, traders using it he says. At first I was very sceptical, because he seemed like an internet snakeoil salesman. But his honesty in being a sleezy internet salesman is refreshing. He shares his losers as well. The strategy, and Rob doesn't mind us teaching it to other people if we really want to is as follows:.
It sounds a bit dangerous, and it can be if used improperly, but all you do if a trade moves against you is that you wait for another setup, usually on the 15m chart, and when that happens you take the trade again in the same direction, same size. Once it goes against you, the only concern is getting out with no loss.
So far, so good. I saw good consistent gains the first 2 months I used it. But that was really my own fault. There's no reason I should have ended up in a position where I had a loss so big I couldn't manage my way out, if I had been following the rules.
Anyway, I encourage you to check it out, or ask any questions. If anyone's interested I can post a chart with what a setup looks like. The indicators are free you can find them on his website , and technically there is no reason you can't use his strategies without paying him money. Watching his videos and talking to other Trifecta users has a lot of value though. Rob himself is quite active in the community and always happy to answer questions.
In general he seems like a really nice guy, if sometimes annoyingly enthusiastic. He'll happily give you advice on a trade, even if it's not one of his. Not doubling down, keeping trade size constant.
And only up to a max of 4 times. There's a bit more logic in it than just that. But increasing exposure only when it trades against you is doubling down literally on the 2nd position, and in the 'averaging down' sense there after.
Everything you do after the first trade entry is just a betting method, the original signal has long since faulted. I don't like plans like this which aim to avoid a loss..
I'd rather just take a loss up front. I wonder if anyone has taken his entry method and removed the averaging down part Oh, yeah lots of people do it. In fact, he encourages you to do it, if it makes you more comfortable. Included in the strategy is a way to calculate a stop, if you want to use one. R of about 1: Generally he advocates using a stop, but setting it miles away to give you time to work your way out of the trade.
That means the initial position is very small. Personally, it's worked very well for me, except for twice when I traded too large. I've had positions run pips against me that I've closed for a small profit. The market usually just comes back. And if it doesn't, well that's what your "disaster stop" is for. But that will generally only happen in like 1 out of every 80 trades or so.
Just because the initial signal didn't pay off, doesn't mean the idea of the trade is always bad. Because of the way the divergence indicator works, it tends to get more likely the more false positives it throws. I've almost never seen it not work out by the 2nd or 3rd entry. So usually how I do it is I plan out where my entries might be.
If the trade moves against me right away and then I get another signal too close to my original one I ignore it. I read his book.
It was hilarious because it his attempts at newbie trading sounded exactly like me. They're not used as support or resistance, just as general targets. Not necessarily because of the significance of the level, but because they represent an "equilibrium" point that price will tend to move back towards after a strong trend.
I also do combine Trifecta with more conventional analysis. I find that this gives it a bit of a better shot. The important thing for me is not how accurate or reliable the system is. But rather than it's well known to work, and there's a group of other people doing the same things so you can get their feedback on your trades. That, to me, is very valuable and helps a huge amount with the psychological challenges.
I am only vaguely acquainted with Rob Booker's Perfecta system, but Rob Its a phase you need to get through, some go through it quick, and rest remain stuck forever.
Call it snake oil if you will, but it works better than any manual system I've tried. I guess the benefit for me is not the win rate - it's the psychological edge of knowing I'm basing my trades on something proven.
It's a little more involved than this but yes, that's basically it. It's slightly more like how some EAs trade, and it's a lot more like how the banks trade. She uses the same risk management rules but obviously a different entry system. To be clear the reason I tried it out was because I was great at doing TA, but I had no system or strategy, and even though most of my trades were based on sound analysis and used good R: R, I was losing money.
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This is an archived post. You won't be able to vote or comment. Forex submitted 3 years ago by NormanConquest Live Trader. The strategy, and Rob doesn't mind us teaching it to other people if we really want to is as follows: Get his custom indicators. There's 2 of them. These are important, because he noticed ages ago that when price misses a pivot because it is moving strongly in one direction, it has a tendency to retrace towards that pivot when that driver runs out of steam.
Relative to the time frame we're talking about The other indicator is basically a combination of several oscillators. It prints a signal on the chart when price is divergent from all three.More...