The IGROK files - Adventures of a rookie using the Igrok method
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Thread: The IGROK files - Adventures of a rookie using the Igrok method

  1. #1
    Fantastic day to you .

    I'm still a newcomer in this Forex game, and happen to be demo trading for less than a year. I have tried different methods and systems employing the most weird and wonderful indiors known to person, however I found that they all had something in common: they consistantly lost me much more money than I created!

    One may assert it is partly the trader's mentality that loses the cash, rather than the platform, and while this may be true, I assert that the ever changing market itself doesn't have regard for guy and his egies and indiors. If you are consistantly making money by means of various indiors, then more power to you, but this is not a street I wish to travel on any farther.

    Hence we come to the Superb world of this Igrok method. For people who are not acquainted with this, I recommend you get yourself a copy of this superb book'Beat the Odds in Forex Trading' from Igor Toshchakov (Igrok). Once you've finished reading this, visit the ribbon where the writer himself was kind enough to answer questions from mere mortals such as ourselves. How many authors/traders have made a decision to do this, over a 3 year period, I ask?

    The method basically teaches you how to trade on the principles of the Average Daily Trading Range, Trendlines, and Patterns. The publiion includes templates that can be applied to specific price setups and helps to take a lot of the emotion from trading. However, it still requires a lot of time, research, dediion, and practise to learn, as spotting patterns along with other setups is an art that can only be obtained through experiance.

    As you read through this thread, you will observe that we mostly utilize Trend Lines, MACD to identify divegence and utilize since confirmation of price goal, along with statistical information based on Average Daily and Weekly Range. Aside from that, there are no moving averages, bollinger bands, SARS, candles, etc.. Sometimes we may use RSI to check overbought/oversold levels, but that's about it.

    Price action and trendlines are our best friends here

    This diary was started so that I can keep tabs on my winners and winners, and also be in a position to analayse what went wrong. Hopefully this can help all of the additional Igrok rookies out there to.

    So with that, peace and good trading to you .

  2. #2
    Quote Originally Posted by ;
    Here's a 19.10 I found earlier:



    I beleive I've a MACD div that ought to give me the goal I want.
    Well, it came close to my goal, but has moved off. Seems like I will hit break , not willing to risk my proper SL below lower TL:


  3. #3
    Quote Originally Posted by ;
    Well, it came close to my goal, but has moved off. Looks as though I will strike break even, not inclined to risk my correct SL below lower TL:

    Strike my SL at rest, but price now looks like it's moving upward again. Bugger, hate it when that happens. Now that's a good arguement for not messing up with SL, also providing PA space to breath. My main issue is that I entered the trade a little tad too late in the first position, therefore did not like the R:R.

    In any case, PA is on top of a major TL, and the next touch will be the fourth, ideally kiss of death. Sell Order is prepared and waiting for a potential 20.4 play.


  4. #4
    Here is another one from this morning. Sell Order triggered by a sort of flat surface. Price moved down about 30 pips before hitting and turning my SL. Now this could happen a lot from the early Euro/late Asian semester, therefore I need to become more vigilant in the long run, and take whatever profits are there before PA reverese.

    My SL and Buy order got triggered, and that I dropped around 52 pips on the first trade. Need to pay more attention to time and entry so that I can decrease the R. In fact, need to become awake at the of the morning, therefore I do not enter such high R:R trades at all. On the other hand, the Buy Order has been shown to be a winner, and we are already over 100% over the ADR:



    that I believe I'll take my money now please Exited 81 pips on the lengthy trade, -52 pips original loss = 29 pips profit. I actually used RSI oversold level to decide when to exit the trade, did not wish to get greedy awaiting PA to move up further, and we already at 102 percent on ADR.

  5. #5
    Fantastic fortune to you!
    I'm with fantastic curiosity and pleasure to read your journals.

  6. #6
    Quote Originally Posted by ;
    Good luck to you!
    I will be with fantastic curiosity and pleasure to read your books.
    Thank you fxairy to your kind words. Fantastic luck to you to

  7. #7
    Quote Originally Posted by ;
    ....and another touch are the fourth, hopefully kiss of death. Sell Order is prepared and awaiting a potential 20.4 play.

    Well, I'm at the trade now, but it is more of a 20.6 compared to a 20.4, that is a horizontal face daily chart template.

    As we're inside a bigger triangle that may be understood on the 4hr/daily charts, my target is set outside of the lower triangle TL. If it bounces off the lower TL I will take my profits and also set off an order at another direction, that's if I'm still awake


  8. #8
    Quote Originally Posted by ;
    Well, I'm at the trade now, but it's more of a 20.6 than a 20.4, which is a flat face daily chart template.

    As we are inside a larger triangle which can be seen on the 4hr/daily charts, my target is set outside of the lower triangle TL. If it bounces off the decrease TL I will take my profits and also set an order in another direction, that is if I'm still awake

    Trailing stop hit on Sell order, made an easy 24 pips. Could've been more if I simply left the SL be. At this time lower TL on larger triangle is still being tested, do not know wether to buy or sell yet

  9. #9
    Nicely, lower triangle TL seems broken to mepersonally, so Sell order now implemented. Target is plogical degree of 90.00 because I don't have any other goals or TLs to aim for at this time.



    I could have avoided all of this if I followed one simple rule:
    DON'T MESS WITH YOUR STOP LOSS!!!

    I keep doing it and doing it. But the dilemma is if price is approaching a major TL, it'll either split it, or bounce off it, both at rate. What exactly do you do to protect your profits? Trailing stops are OK to an extent, but mine got struck earlier fairly fast. Well at least I didn't eliminate anything I suspect

  10. #10
    Quote Originally Posted by ;
    Nicely, lower triangle TL looks broken to mepersonally, so Sell order now executed. Target is plogical degree of 90.00 because I have no some other goals or TLs to target for at this time.
    SL hit on Sell order, PA moving away from reduced TL for now. Could be a false break. Hope it's as I finally have a Buy order activated. If I lose on this, I'll call it a day.

    Remember children, overtrading is bad for your health .

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