Anyone making money by using MCFX!

Forgive me if I am a little out of context
I would really love to know if anyone is makes money by using MCFX.
I have been using it for a couple of months (trading forex nearly a year) but haven`t been able to stop loosing money yet. Being an active trader, for some strange reason I am still attracted to MCFX and hoping that it will take me into profit soon.

Yes i am, actually its the only one I have made decent money with, the ability to put indicators from different time frames on the same chart has helped me tremendously. I used fx-trek before and I do a whole lot better with mcfx

Yes i am, actually its the only one I have made decent money with, the ability to put indicators from different time frames on the same chart has helped me tremendously. I used fx-trek before and I do a whole lot better with mcfx

MCFX does have a big advantage over other FX software by virtue of it being extremely customizable, feature rich, and providing alternatives to time-based charts that no one else has. However, until they solve the broken candle issue (esp. in the Point compressed charts), anyone using a count-based strategy such as EWT or something simular is screwed. I stay with MCFX because, although it isn't yet the ULTIMATE charting platform in terms of being the best product it can be, it IS the BEST one I've found.

My congrats to the gentleman above. Consistent profitability isn't an easy thing. I've studied markets (stock and FX) since late 2001 and I'm still losing dollars. I hope your success continues, but I'm curious to know a few things...

What indicators are you using? and how, in an environment where the definition of the word "trend" constantly changes (ie. trends run the gamut in terms of size), can your indicators filter out insignificant trends (whipsaws)?

If your answer to the above is that you enter when your indicators signal an entry but you employ a close stop loss on entry, then how do you deal with whipsaws that take place near your stop? Pre-planned stop spans are arbitrary in relation to the market and really, from what I've seen, any span a trader chooses can work against him (by stopping him out of significant trends with a little local whipsaw) as easily as for him.

terminal7, I will rephrase my answer. I use only one indicator in trading on a couple different time frames. I dont have years of experience and I am no computer wiz by any means, Have only owned one for a couple of years. I have been trading in the forex market for roughly a year, before that I was trading futures options and not very sucessfully, didnt lose much but didnt make much either. Of course as anybody knows the adds for trading fx are plastered all over the net and any trading site so I tried a demo acct and done all right with that, but as everyone learns real acct. platforms dont work like the demos and using real money changes your thinking. Well in my fx trading adventure the systems and plans did not work in the real mkt like they did on the demos it did not matter what I did it seemed to be wrong and I was losing. I gave everything ample time to work and I tried a lot of different trading systems, same results, a few trades would make money and then you lose everything you made on the next one. Tried the breakout systems, the fibo retract and expan systems the blackbox software systems, trend following etc.. Falling into that flawed way of thinking that because a line crossed another line or because priced reached a certain level it was going to do this or that cost me thousands + all the software I had foolishly spent money on. My charts were so cluttered up with indicators and moving averages that I could not hardly make out the price. All those things work for some people, didnt work for me. I had pretty much given up, but when you look at the money available in the fx market every day and constantly losing, it just works on a person. Went back to common sense thinking and at the bottom of your post says it all, want to be a better trader study price behavior. Price is the best indicator you got, buying and selling is what moves it. If there is more than one of the other thats the way the market is going and it dosent take into acct support levels or resistance levels or fibo or any of that. Those levels are good to watch for buyiny and selling but to take a positions because the price is there kind of goes against common sense.With all that being said the only indicator I use is the rsi, one of the oldest ones in the book. This part is going to sound real goofy to all the pro traders but it is not just the divergence that I look at, in fact dont look at hardly at all, it is the shape or design of it and whether it is above or below the 50 line, That with price behavior tells me all I need to know. As crazy or goofy or ridiculous as it sounds, in the last 4 months using that method and with the ability of mcfx to put the rsi from different time frames on one chart has got me back every penny I lost and spent on software plus. The whipsaws you asked about are just trading opportunity's to me on the smaller time frames. I have days where I will take 4 or 5 20-30 pip trades as opposed to sitting there waiting for something bigger, as far as stops I never use more than a 25 pip stp. When I 1st started using this, yea I got stp out quite a bit but now I have my time frames syncronized the way I understand whats happening in the mkt and in the last month I have been stp out 4 times and each time it was because I got in a hurry and just did not wait for the complete little cycle that plays out time after time. You mentioned trends, with all the option players and all the big boys going at it and the speculaters and importers and exporters and banks etc there is no trend that is going to go directly one way or the other for very long with out some good moves the opposite way at different points in time and I guarantee you they will not all be at a support or resistance level or a fibo level. Look at the Canada dollar pairs. That is a strong currency rt now but there has been a couple of 100 or 120 pip moves against that trend in both the eurocad and usdcad. Bottom line is to be successful everyone that trades has got to find something that works for them and more often than not it will be something that tells them buying or selling and involving looking at price behavior. Whew long post for a couple of common sense points especially when you cant type, but that has been my trading journey and I wish everyone that attempts trading a successful trip of their own

Almost forgot, it would be a lot more difficult for me to make money without mcfx. These people have been great, they have helped me when ever I have had an issue with something, and not all have been related to mcfx- some computer questions, remember I dont know anything about these things and they have always answered my questions and it has been greatly appreciated. Yea the data problems are frustrating at times but that has been getting better all the time> You would be hard pressed to find a better value for the money, just my opinion.

Falling into that flawed way of thinking that because a line crossed another line or because priced reached a certain level it was going to do this or that cost me thousands + all the software I had foolishly spent money on. My charts were so cluttered up with indicators and moving averages that I could not hardly make out the price.

I had to laugh at that last statement. I think a lot of traders fall into that mindset of 'the more indicators I have the better' or somehow that they're just a more advanced trader if they use all that stuff... I think everyone goes through that phase when they first start because there's just so much technical eye candy out there and it's all new and fascinating.

As for support/resistance levels I'd have to agree with you to a great extent. There is a memory in the market and so past movement does affect future movement but attempting to judge the strength of any particular level is guesswork at best and whether price reacts to a level or ignores it is mostly dependant on where it happens to be within its own internal count.

The same goes for technical patterns. I used to read books and magezines that would claim that certain patterns could forecast direction. But I never found technical patterns to be realible for that.

in the last 4 months using that method and with the ability of mcfx to put the rsi from different time frames on one chart has got me back every penny I lost and spent on software plus.

That's quite impressive. I'd consider 4 months to be a significant track record, esp. with those kind of results. I fiddled with RSI a little back when I was studying the stock market but it seemed to me that the indicator mostly just followed price. If the stock was trending upward RSI was moving up and vice versa...

This part is going to sound real goofy to all the pro traders but it is not just the divergence that I look at, in fact dont look at hardly at all, it is the shape or design of it...

Interesting. I'm not a pro trader but that sounds sensible to me. There's definitely quite a bit of weird geometry happening in markets. Is there any chance the shape you look for resembles any of these?

http://www.reactionaryeventmodel.info/#02

My recent research has focused on understanding how trends are percieved and how that perception changes with changes to chart resolution. I've found that trend perception passes through stages as outlined in the graphic, beginning with a simple LINE and proceeding to greater complexity as resolution is increased. Two of these patterns are the same as those Elliott used to support his market model. But there are 6 stages so he was only seeing a small piece of the larger picture... The simpler stages are simply low-res manifestations of the last two valid structures (5 and 6) - of counting sequences playing out in the market. It seems to me that how movement is percieved is at least as important as what is really happening. The reality is the constant repitition of counting sequences which can produce all sorts of geometric structures. The way that reality is percieved follows the stages of perception.

One rather interesting observation that comes from seeing perception as chopped up into segmented blocks in the market is the realization that noise is confined to its own block. I've always heard traders talk about noise but I never really put much stock in it. It turns out they were right.

http://www.reactionaryeventmodel.info/#01

Overall the main goal of my studies has been to find a way to pinpoint primary trend terminals or turning points. I have yet to translate what I've covered above into a practical no-fault trading strategy. That's what I'm working on now... If I can do that I think it will be a very powerful strategy, but until then, I continue to feel as you stated below...

but when you look at the money available in the fx market every day and constantly losing, it just works on a person.

Man, can I ever relate to that!

Anyway, sorry to take you on such a long detour but I always find market movement an interesting topic... Now maybe I'll go play with RSI a little...

Terminal7, Well, since there appears to be those frustrating data gremlins again, and I have got my 60 pips for Sunday using what I could remember + some free charts I will practice typing some more. The rsi info you showed is part of it, I dont count the different waves tho, it does follow the price but it is the way it is following it that tells me what to be expecting I basically look at the design and where it is according to 50 line on the rsi chart and also the price in relation to the 85 and 35 price level of the currency. Sounds a lot more complicated than it really is Those two levels have been a lot more accurate for me more so than any others I cant tell you how many times I got taken at support and resistance levels because the price went thru them enough to take a position according to most breakout systems just to get stped out about 10-15 pips before it reversed again. Then you turn around and do it the other way too There is nothing worse than getting picked of at both ends for 30 - 40 pip losses. Now the way I have my timeframes synchronized I am catching those 30-40 pip moves both ways instead of losing them and from my longer time frames I can tell if I should be working range type trades or working just the upside or the downside. whether i should hold or not. The good ole rsi- the oldest one in the book is the only one that tells me up to the minute what i should be looking for. Everything else lags way to much for me to be consistent and I did way to much guessing. I dont know if this will keep working or not, but while it is I am going to take every pip I can get

So you're doing some range trading, that's cool. I have looked at RSI a bit and am impressed with how tightly it follows price as far as turning points go. Have noticed though that it doesn't always top/bottom with price, which I think is interesting. For example, in the 23 Point chart of AUD/USD RSI topped on 4/12 but price didn't top till 4/18. In this case RSI was a leading indicator.

I would imagine that, if there were some repeating pattern (it wouldn't even have to be geometrical or shape related, it could be a counting pattern) that you could isolate in the RSI, that would be helpful, and perhaps a sound basis for a trading method. However my studies indicate that, given any stretch of price movement at any given resolution, the forms that make up that stretch will change (see links below). This would imply simular changes in shape in the RSI curves.

http://www.reactionaryeventmodel.info/changingFaces.gif

http://www.reactionaryeventmodel.info/c ... Faces2.gif

The natural delima here (for RSI as well as for price) is that if any one of half a dozen forms can end a trend, how do we know which one will? How do we know that in resolution X form Y rather than forms L, M, N, O or P, will end that trend?

I haven't been able to answer that yet... BTW, thanks for the PM.

so I tried a demo acct and done all right with that, but as everyone learns real acct. platforms dont work like the demos and using real money changes your thinking. Well in my fx trading adventure the systems and plans did not work in the real mkt like they did on the demos it did not matter what I did it seemed to be wrong and I was losing. I gave everything ample time to work and I tried a lot of different trading systems,

Hi
Many Thanks for your postings and all the responses to that. Regarding Demo practice accounts, let me share my recent experience.

I have been trading FXCM demo for the last 3 weeks and managed to turn 50k in to 72K as of now. I followed Vantage point software for this strategy. Did you have any similar experience! My plan is to to let it run for a good three months before putting real money at stakes