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New Powerful MT5 EA Video of the Week
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Back With an MT5 Prop Firm! |
New!Rich Lazy Channel Trader Make 20% per Trade or 1.5% Prop Firm! Part of the 2024 Rich Lazy Trader |
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New Rich Lazy Trader 2024 - MT4 ONLY Trading conditions are very difficult at the present time and so I have completely revised Rich Lazy Trader to cope with these unusual conditions. End of Day, longer term trading is the way to go for profits, simplicity and less stress but we now use a smaller TP because markets are no longer trending the way they used to but we now trade 4 instruments. Gold, the GBP/JPY, AUD/USD and the EUR/JPY. The Guide is a comprehensive, illustrated, 26 page pdf that also includes the all-important information on the psychology of becoming a successful trader. Rules are simply not enough without the right mindset. The Buy/Sell buttons shown below open a trade with one click to include the correct SL and TP and, if needed, a Trailing Stop. The Daily charts are traded End of Day and need only a few minutes so it is suitable for those with a day job.
The flagship trading method of the new Rich Lazy Trader is still the incredibly profitable Long Term End of Day Trading but we have now reduced the TP to 300 and the SL to 100.This makes for very relaxed trading over several days and we need not be concerned with retraces that knock the normal trader out. For shorter term trading, the addition of the new Rich Lazy Channels indicator is combined with the old BuySell indicator arrows together with the tried and tested Rich Lazy Trend indicator, the TCON (Trade Confirmation) as shown below. This is based on Larry Williams famous trading method when he turned $10,000 into $1,100,000 in just 12 months! We know that it involved buying at the low and selling at the high - probably the 40 day high and low, but the problem is that this can only be known after the retrace. A 40 day high or low is OK when we have 100 Stocks but the Rich Lazy Channel Trader indicator shows a 7 hour high and low on the 15 Minute chart (everything is scaled down) and we just trade two instruments. Gauging the retrace is done by the colour change of the tried and tested Rich Lazy TCON and/or the Buy/Sell arrows as shown below.
The High and Low is determined by the upper and low channel lines so when the price bounces off this and the Trendline colour changes, we open the trade. We trade just Gold and the GBP/JPY as shown above so we can easily pocket 50 pips per trade with a relatively small 15 pip Stop Loss. Of course, there are a few rules to follow which improve results but the basic principle is a scaled down version of Turtle Trading that works today on Forex. Signal 1 is outside trading hours. At 2 the price bounces off the lower channel and we would open a buy when the Trendline changes colour on 3. We would also also trade on the Buy arrow 3 since it is very close to the lower channel. Lastly, we trade on arrow signals that straddle the centre line as shown at 4. So here we had two 50 pip winners in the morning. In fact, we average 3 trades a day with an over 80% win rate. Prop Firm Trading Both these methods have very effectively be used for Prop Firm Trading, preferably on a $25,000 MT4 account with our recommended Crypto Fund Trader. See the Prop Trading page for details, Manual trading is always more reliable than autotrading so this is an excellent alternative to our Prop trading EA.
Recommended Brokers In order to maximise profits it is essential to use a broker with 1:500 leverage. N1C has everything we could want, good reviews, accepts US clients with no restrictions and it's regulated. Up to 1000:1 leverage, tight spreads and the normal end of day time. Choose their ECN account with the highest leverage. Best to deposit and withdraw using bitcoin as the charges are minimal and it works extremely well. Withdrawals usually only take a couple of hours. Many other deposit and withdrawal methods available. They also have an MT4/MT5 for MAC. Very fast support via Telegram.
Fusion Markets is a good choice for non US clients as it is fully regulated, has tight spreads and many deposit/withdrawal methods including PayPal which makes life very easy. Tried and tested with good reviews, high leverage and over 20 different deposit/withdrawal methods available. Choose an MT4 Classic or Zero account.
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