And it’s oveeeeeer… The winner of January’s Best Forex Trading System goes to…
The system may not be a mechanical system, but readers seem to love it. It’s a theoretical system developed by pipcompounder that trades GBP/NZD. From his observations, he has noted that GBP/NZD tends to trade in clear ranges and trends on both the 4-hour and daily charts.
He hasn’t fully outlined the rules and indicators that should be used, but he recommends the DeMark Trend Line indicator as well as looking at the 8 SMA and 17 SMA crossovers to see the trend.
For his entry and exit rules, he said that you can go long or short at the break of trend lines with 50 to 100 pip stops. For the exit, he recommends closing when price retraces back enough to form a trend line in the opposite direction.
Pipcompounder’s galactic-sized prizes:
As this year’s first winner of the Best Forex Trading System contest, pipcompounder’s trading system will be listed in the BFTS Hall of Fame. And get this – it will also be in a badge in the BabyPips.com home page FOR A MONTH!
Forget you must not, humans, that BFTS winners also get to donate $50 to his chosen charity among our list.
Normally, the winner also gets to be backtested but this particular system is very discretionary. The entry and exits are subjective and cannot be replicated amongst different users. Therefore, I’ll be choosing a different system to backtest. Stay tuned for that!
Missed the ship? Join February’s BFTS contest!
If you’re trying out a new or others’ trading system and you think that other trading fans will like it too, then don’t hesitate to share it on the Best Forex Trading System Contest for February. Lucky you are, humans, for I am now officially opening next month’s contest.
Just make sure that you read through the rules and regulations and submit a link of your system on the right thread.