DislikedI agree, this system is primarily a test of psychological discipline. One must have that in order for this to work.
That is why, it might be good to develop a second, side system, that works on the same principal, with a SL of no more than 2, but with a TP of something like 20 pips...it might not make as much money as this version, but the fact that you get more consistent wins, helps the trader stay in the game and not lose hope and confidence in the strategy. I mean, I am going to trade the original version (0SL Classic), and I started this...Ignored
I don't agree that Tony's method is psychologically any harder than any other forex method. Sure, you have a string of losers between wins, but you don't spend much time on trading altogether. You take 5-10 minutes to set up the trade and be ready at the open, and if it's a loser you usually know within 5-10 minutes. Total time spent is under a half hour. (Ok, you have to get up in the middle of the night to watch it fail over and over, that part is a drag, I must agree!) But I stare at my screen every day for several hours waiting for setups, and this would actually be less total screen time.
This method is actually very mechanical, and it also gives me some confidence in statistical numbers rather than my own extremely fallible discretion. I think that would reduce the psychological pressure inherent in all forex trading.
Luck occurs when preparation meets with opportunity.