Good evening everyone,
Today I have picked up my virtual pen and want to share my system with you.
First, I will give you an overview of my story (keeping it short for you) and then dive right into how the system works.
PS: This system is very subjective. It doesn't not rely on fundamental analysis nor technical analysis. I will explain later.
ACKNOWLEDGEMENT
First, I want to thank you all of the members in Forex Factory. I can get to where I am today because of all the knowledge you share on this forum. There are many people I considered to be my mentors and I want to thank you one particular person, pipEASY.
http://www.forexfactory.com/showthread.php?t=245149
This is the his post that I have read over and over again for the last few years.
Just for your inspiration.
MY STORY
I started trading stocks when I was 16, grade 11. An uncle introduced me to the FOREX market half a year later and I have never changed ever since. Over the years, I have always had one goal. It's to earn a lot of money with FOREX and achieve financial freedom early on. To this date, my goal is still the same. Regardless of my personal goal, I want to share with you what works and what doesn't work over the last 5 years.
At first, I want to make fast money. I tried a wide range of systems and possibly all the indicators you can find on Metatrader. You may be surprised by how long it takes for one to try different combination hoping it will all work and make money. Personally, I know programming as well, but over and over again, I was unable to create a system that would generate a significant amount of money. So then I pivot.
Lesson: Indicators didn't work for me.
As I move from 5 minute to day chart, I start to gain more success. I start to be able to double my account in a reasonable amount of time. But I can't sustain the growth without bombing it at least once or twice. At least, the stress level decreased and I am able to manage between full university workload, all the volunteering I do and trading FOREX at the same time. Instead of seeing trading as a get in get out system , I see it as a half year bond with a significant amount of return. Once you expand your view on the trades' life, it takes the stress away.
Lesson: Long term trades is less stressful than short term
There are some traders that try to find the system or the signal that gives them the perfect entry. This is who I used to be. I want to make my next trade successful. I want the next one to work. I don't want to lose. But that only caused me to lose money, lose focus and lose time. Instead, I learn to give myself a range to succeed within. It will be further explained in my system. You may hear this over and over again, but you can't win every trade. Good traders have a lot of small losses and have big wins. This also compliment with the view that seeing your trading position as a half year bond. So here I propose an alternative, what if out of the next 20 trades, you only need to win 2 to 4 of them? Would that be easier? That gives yourself air to breathe and room to make mistakes and adjust. The best part is that these 2 to 4 winners will be able to cover your losses and then some.
Lesson: Give yourself a margin to adjust.
Over the years, I have hopped between different kind of systems. From MACD to EMA, from Rainbow to just naked eye ball trading, but none proved to be successful consistently for me. Then, I realize it doesn't really matter what system it is. Maybe my focus has been wrong all along. But then, I never gave up because I believe this is my ticket to financial freedom. Even if I never achieved my goals, the skills I learn here will be beneficial for the rest my of life. If someone has done it before, I can do it too.
Lesson: If someone can do it, you can do it too
Tomorrow, I will dive into the process I go through in making a trade. I have already shared some lessons above on how I view trading. In the end, it's not so much about the technique I use but the mindset of managing the risk. The faith that 4 out of 20 trades will succeed and cover all your losses and then some.
Happy pipping!!
Today I have picked up my virtual pen and want to share my system with you.
First, I will give you an overview of my story (keeping it short for you) and then dive right into how the system works.
PS: This system is very subjective. It doesn't not rely on fundamental analysis nor technical analysis. I will explain later.
ACKNOWLEDGEMENT
First, I want to thank you all of the members in Forex Factory. I can get to where I am today because of all the knowledge you share on this forum. There are many people I considered to be my mentors and I want to thank you one particular person, pipEASY.
http://www.forexfactory.com/showthread.php?t=245149
This is the his post that I have read over and over again for the last few years.
Just for your inspiration.
MY STORY
I started trading stocks when I was 16, grade 11. An uncle introduced me to the FOREX market half a year later and I have never changed ever since. Over the years, I have always had one goal. It's to earn a lot of money with FOREX and achieve financial freedom early on. To this date, my goal is still the same. Regardless of my personal goal, I want to share with you what works and what doesn't work over the last 5 years.
At first, I want to make fast money. I tried a wide range of systems and possibly all the indicators you can find on Metatrader. You may be surprised by how long it takes for one to try different combination hoping it will all work and make money. Personally, I know programming as well, but over and over again, I was unable to create a system that would generate a significant amount of money. So then I pivot.
Lesson: Indicators didn't work for me.
As I move from 5 minute to day chart, I start to gain more success. I start to be able to double my account in a reasonable amount of time. But I can't sustain the growth without bombing it at least once or twice. At least, the stress level decreased and I am able to manage between full university workload, all the volunteering I do and trading FOREX at the same time. Instead of seeing trading as a get in get out system , I see it as a half year bond with a significant amount of return. Once you expand your view on the trades' life, it takes the stress away.
Lesson: Long term trades is less stressful than short term
There are some traders that try to find the system or the signal that gives them the perfect entry. This is who I used to be. I want to make my next trade successful. I want the next one to work. I don't want to lose. But that only caused me to lose money, lose focus and lose time. Instead, I learn to give myself a range to succeed within. It will be further explained in my system. You may hear this over and over again, but you can't win every trade. Good traders have a lot of small losses and have big wins. This also compliment with the view that seeing your trading position as a half year bond. So here I propose an alternative, what if out of the next 20 trades, you only need to win 2 to 4 of them? Would that be easier? That gives yourself air to breathe and room to make mistakes and adjust. The best part is that these 2 to 4 winners will be able to cover your losses and then some.
Lesson: Give yourself a margin to adjust.
Over the years, I have hopped between different kind of systems. From MACD to EMA, from Rainbow to just naked eye ball trading, but none proved to be successful consistently for me. Then, I realize it doesn't really matter what system it is. Maybe my focus has been wrong all along. But then, I never gave up because I believe this is my ticket to financial freedom. Even if I never achieved my goals, the skills I learn here will be beneficial for the rest my of life. If someone has done it before, I can do it too.
Lesson: If someone can do it, you can do it too
Tomorrow, I will dive into the process I go through in making a trade. I have already shared some lessons above on how I view trading. In the end, it's not so much about the technique I use but the mindset of managing the risk. The faith that 4 out of 20 trades will succeed and cover all your losses and then some.
Happy pipping!!