Winner: September’s Best Forex Trading System

Now that it’s October, it’s time to conclude our contest for September’s Best Forex Trading System. Let us all give a galactic round of applause to September’s winner…

The London Statistical Breakout system

Way to go, pipcompounder!

The system is actually rather simple. It uses the 1-hour time frame, with the trader focusing on the opening candle of the London session.

When there’s 5 to 10 minutes left before the close, you place two orders:

  • A buy stop 3 pips above the candle’s high, with take profit point of 4 pips above entry, and with a stop loss set at the candle’s low or at 30 pips, whichever is less.
  • A sell stop at the low of the candle with a take profit target of 7 pips, and a stop loss of 3 pips above the candle’s high.
  • Once one of these orders is triggered, cancel the other order.

Pipcompounder suggests that you leave the orders open until it hits either the stop loss or take profit points, but don’t leave trades open over the weekend.

For humans who are more ambitious and want a better reward-to-risk ratio, pipcompounder suggests splitting your orders into two, with the first half targeting the original take profit targets, while letting the second half run to hit bigger targets.

Let’s all give a big robotic high five to pipcompounder! Aside from making his momma proud (Big Pippin taught me this expression last week), pipcompounder’s name will be on the Best Forex Trading System Hall of Fame. Not only that, but his system will also be featured on the BabyPips.com homepage badge FOR A MONTH.

I haven’t even gotten to the best part yet. In accordance to our You Trade, We Aid campaign, pipcompounder gets to donate $50 to his chosen charity among our Golden List of Charities. As we say in my planet, “beep-boop-boop-breeeep-broop.” Big Pippin’s translation: “That’s awesome!”

If you want to get the chance to give something to your chosen charity, all you have to do is to send an idea for a trading system for next month. That’s right, October’s Best Forex Trading System contest is now officially open! All you have to do is follow the simple rules and regulations and you’re in!

I know you’re more than capable of handling trading systems, humans, so submitting an idea should be easy for the human race. I’ll be retreating back to my pod so I could start mechanizing and backtesting pipcompounder’s system, but my monitors will keep close tabs on your entries.

Good luck and have a great day, Earthlings. Till next week!

7 comments

  1. Mills

    Hi this is my first posting, just joined Baby Pips and just love the format and content. Thanks for sharing. I am sorry if I am asking a silly question but it does not specify which market? Its for FX and for Open of the London session, is this for all FX pairings that have GBP e.g. Cable? Many Thanks, I look forward to paper trading it.

    Reply
    • Joshua Pearce Gibson

      Quoted directly from the very end of the article you -just- finished reading.

      “I’ll be retreating back to my pod so I could start mechanizing and backtesting pipcompounder’s system, but my monitors will keep close tabs on your entries.
      Good luck and have a great day, Earthlings. Till next week!”

      Don’t be a dum-dum; bring your gum-gum.
      :DDD

      Reply
      • bill56

        Sorry I think you missed the point, it’s already won the accolade so for that to happen surely it has to have been tested in some way. Another classic example of the blind leading the blind… dum-dum

        Reply
  2. His Name is Robert Pipson

    Looks like a pretty plausible way to rake a few pips. I’d probably play
    this with a T1-T2 approach though like Robopip says. Let those profits
    run!

    Reply
  3. Mills

    Please ignore my question below, I did not realise the heading was the link to the main article! As I said I am new and learning the format to apologies for the stupid question.

    Reply

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