I have been trading since 2003. Its been a long road and I have definitely learned alot of trading methods and techniques over the years. I'm sure for those in the same boat, you know what I am talking about. You read about a system here, a book there and every now and then you get a crazy idea that you want to test out to combine different styles or methods.
So far, I have not had success in growing my account. One week I will do something that is profitable, the next I will give it back trying something else or trying to improve the original plan. Other times, I simply place stop losses that get hit so I siwtch to non stop losses only to find myself in draw down, but with small position sizing, I get myself out of the situation and my account grows.
I guess my question goes to those out there that ARE making it and making it consistently. What makes you successful? What method of trading do you prefer? Do you like taking large lots and small targets and stops or smaller position sizes with larger targets and stops? Do you prefer hedging to plain stop loss?
I have been trying pretty much everything in my forex tester software. It seems many techniques simply do not work or are too slow or requires alot of baby sitting due to market reversals etc....
The only thing I have found to be consistent is to take breakouts and close for half position size while moving stops to break even and then allowing the trade to ride out. Many times the second half of the position gets stopped out and I only earn half the profits, while the next trade may get stopped out completely for a full position eating previous half profits away.
Its a bit frustrating. I understand risk to reward, but earning 3 times the reward to risk in many cases doesn't pan out and I find myself stopped out more times than I hit my targets.
I'd like to leave this thread an open discussion to discuss any insight or successes you may have found if traveling down a similar path...
If you are successful, what would help provide as a confidence builder is how long you have been using your method and what you do to stay consistent and stick with the rules.
So far, I have not had success in growing my account. One week I will do something that is profitable, the next I will give it back trying something else or trying to improve the original plan. Other times, I simply place stop losses that get hit so I siwtch to non stop losses only to find myself in draw down, but with small position sizing, I get myself out of the situation and my account grows.
I guess my question goes to those out there that ARE making it and making it consistently. What makes you successful? What method of trading do you prefer? Do you like taking large lots and small targets and stops or smaller position sizes with larger targets and stops? Do you prefer hedging to plain stop loss?
I have been trying pretty much everything in my forex tester software. It seems many techniques simply do not work or are too slow or requires alot of baby sitting due to market reversals etc....
The only thing I have found to be consistent is to take breakouts and close for half position size while moving stops to break even and then allowing the trade to ride out. Many times the second half of the position gets stopped out and I only earn half the profits, while the next trade may get stopped out completely for a full position eating previous half profits away.
Its a bit frustrating. I understand risk to reward, but earning 3 times the reward to risk in many cases doesn't pan out and I find myself stopped out more times than I hit my targets.
I'd like to leave this thread an open discussion to discuss any insight or successes you may have found if traveling down a similar path...
If you are successful, what would help provide as a confidence builder is how long you have been using your method and what you do to stay consistent and stick with the rules.