Never Blindly Follow Someone's Methods

Morning Everyone,

There are some good emails coming in regarding the experiences of traders and how this has effected their trading now in being cautious.The main one is believing that someone else has the solution for your success.It's so important for you to be in control of your destiny and not having someone else make your decisions for you.The Swap Collector is just that.It can be used so many ways.You don't have to follow the way I use it or the pairs or methods I practice.Be your own master.If you purchase a copy of Swap Collector,start with 10 cents a lot and experiment.You won't get hurt at 10 cents.You also don't need to set trades at 40 trades or 60.Start small to see the workings of the EA and your selections.Use the back tester to show you quickly the results of your decisions.

Here is another email I received and the answer.

David,
A few years back, I was in a managed fund that targeted the swap on the GBPJPY which has good swap rates. The fund did really well while the pair was trending up but all the gains were given back (and more) when the GBPJPY fell off the mountain. This highlighted how dangerous it is to target swap returns alone. One still has to get the direction right to succeed. Does the use of three or four currencies offset the risks in this type of strategy? By your comments below, one has to do a bit of analysis to decide which currencies and the direction. I have not heard of the Murrey Math Lines before. You offer on the blog to include the four currencies that you use. Will this include tips on how to implement the EA and the use of the Murrey Math Lines.

My answer was

I have no problem before you purchase the Swap Collector to send you a couple of versions of the Murray Math Lines and the pdf's so you can experiment with them.I also teach some of my methods of trading to students all over the world.My average trader has 5 years experience or have come from stock trading to forex trading.
One of the first things I discuss with my classes is to have a plan.You should never blindly follow any system until it falls off the earth.Ask yourself what amount of money a month would you realistically believe you could make then divide that by 20 days which are the number of trading days in a month.If it's $5000 a month,you need to make $250.00 a day.That can be accomplished by collecting 250 pips at $1.00 a pip or 25 pips at $10.00 on 1 standard lot.I'm for always taking profits whether I make them in 2 days or 20 days.The hardest part of trading is the discipline to stick with your plan.I hear all the time "I could have gotten a lot more" and I reply "you also could have lost a lot more".
Try out the Murray Math Lines and I trade them from 1/8 line to 7/8 line for the reverse etc.They will often move past the 1/8 and 7/8 lines but that's basically the rule of thumb I follow.

David aka spiritfriends

I hope this helps those with questions about the Swap Collector and trading in general.

David aka spiritfriends