On Monday, I outlined my reasons for not trading the Accelerator Trade anymore and I also mentioned my desire to start trading a method that is a little more stable and easier to manage.
I still like the Counter Trend Trade that I learned from Rob Booker and I am actually in the process of getting more programming done to automate the backtesting process because I feel that there are other pairs that will respond well to that trade.
Even with the automated order stacker, it takes awhile to test each pair manually. But this trade is a higher risk trade and I don’t want to be trading like that all the time.
What I am looking for is a lower risk trade where I can leg into the trade, set my stops, have a beer, possibly leg out and trail my stop every so often. Oh yeah, and still make a lot of money when I am right!
So I started looking around for some ideas and stumbled upon this guy named Craig Harris. Now let me just say something up front, I don’t know anything about this guy and I don’t even know if he is legit or not. I do not get paid anything for mentioning him here, I just think he has a good idea.
He was supposedly a construction worker before becoming a full-time forex trader. One of the videos I watched had some gratuitous slow-mo shots of his S-Class Mercedes driving out of the driveway. That was pretty funny…yeah, we get it dude.
One thing I found interesting in that introductory video was the fact that he mentioned that he got to the point where he got so frustrated with everything he learned that he just wiped the charts clean and started from ground zero. Then he started to make is own observations and added a couple of indicators and that is when he became successful.
What made me stand up and take notice was that I heard the same thing from several of Rob Booker’s students. They only became successful when they started over and followed their own path.
I watched a few of his other free videos and I liked what I saw. His method can generate trades every day and is very simple. It is along the lines of what I wanted in a trading system and I could probably make a few minor tweaks to make it more hands off.
If you are an absolute beginner, then you might not understand what he is doing. You have to understand some of the basics of the indicators he uses.
However, if you have been trading for awhile, it is something that may appeal to you. I’m going to be trying it out in demo trading and back testing to see how it goes. Of course he is pitching a training program and holds some stuff back (which is completely understandable), but if you can read between the lines and get the general concept, it looks promising.
Click here to check it out. Again, I have nothing to gain by sharing this, but I liked what I saw. There is a lot of great free information in the videos.
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rob definetly changed my outlook on trading and i bought raghee horner’s book that helped me look at just mva’s and how they draw back to a certain point like the 618, 786 and 800 without adding the pivots. i need to structure myself and concentrate on a few currencies to get the hang of it. of course i love gbp/jpy, it moves!! it’s summer and my time is with my family right now. i feel like i will have to start all over.
hugh you are a great author. thanks so much.
Hi Linda,
Thanks for the kind words.
I bought Raghee’s book too and it is a good book. I have no doubt that her method works because it is very simple. Somehow it just never stuck with me, but I may revisit it in the future.
Yes, starting with 1-3 pairs is the best thing to do in my opinion. EURUSD, GBPUSD and one of the volatile GBP pairs seem like the way to go.
Well, enjoy the Summer with your family and let me know how you are doing when you start up again.
Hugh