I first started by attending a few webinars and read articles. I briefly tried demo trading but as my results were just 50:50 I figured I needed to learn more -> More webinars, more articles.
I become most interested in Price Action trading and my conclusion was that Price Action is not really a system but instead of rules you try to really understand the reasons for recent Price Action and then use this understanding to make informed and intelligent decisions.
So no system but brain. Did I get a false idea?
I got a sandbox trading simulator (Forex Tester) and tried what I thought i had learned about Price Action. Again I had about 55:45 success. That is not really good, is it?
I tried Price Action with only a 20 EMA on AUDUSD in the 4 hour timeframe. I did not look at other timeframes. I must admit I made not a great amount of trades. Maybe 20-30.
Eventually I would want to write down trading rules before I finally make a statistic to calculate risk of ruin and make decisions about position sizing/money management based on that statistic, but for the moment I thought just trying the information I had assimilated should make the simulated trading account grow steadily... It didn`t, really.
I am generally easily discouraged - I am looking into this psychological issue and I am not frustrated as I would have been 2 years ago before I got material on this. But I am unsure if I am spending my time well if I simply continue. The equity curve is flat - so that`s an indicator that what I have been doing in the sim doesn`t work.
I have read some posts in the trading systems section (those with many reads and replies) but did not yet find one. I was not able to read about many systems all 50+ pages of each of those threads... I cannot spend 1000 hours reading about systems before I even start testing them. I can neither try out all systems. That would kill my motivation and life time is limited. So I try to understand the systems and mostly try to find if it`s plausible for me before I decide. Mostly I read a lot about a particular system before finding it most likely doesn`t fit me. I am willing to spend the time necessary but so far just hours of reading and no results.
One thing that is very particular for me: I need precise step-by-step instructions to understand these things. I get confused easily when people skip mentioning things that they find obvious.
I don`t expect to find something that produces less than at least 25% losing trades and I don`t expect to have meaningful statistics on a system or be experienced enought to go live before trading at least 6 months worth of price data and 50-100 trades for any system and having spent many more hours training.
But I think I did not yet grasp what I have to know before trading (in the simulator) so that I learn and have some modest first success to keep me motivated.
Things that caugt my attention/interest besides Price Action are Pivot Point based trading and Ichimoku.
Any suggestions welcome.
I become most interested in Price Action trading and my conclusion was that Price Action is not really a system but instead of rules you try to really understand the reasons for recent Price Action and then use this understanding to make informed and intelligent decisions.
So no system but brain. Did I get a false idea?
I got a sandbox trading simulator (Forex Tester) and tried what I thought i had learned about Price Action. Again I had about 55:45 success. That is not really good, is it?
I tried Price Action with only a 20 EMA on AUDUSD in the 4 hour timeframe. I did not look at other timeframes. I must admit I made not a great amount of trades. Maybe 20-30.
Eventually I would want to write down trading rules before I finally make a statistic to calculate risk of ruin and make decisions about position sizing/money management based on that statistic, but for the moment I thought just trying the information I had assimilated should make the simulated trading account grow steadily... It didn`t, really.
I am generally easily discouraged - I am looking into this psychological issue and I am not frustrated as I would have been 2 years ago before I got material on this. But I am unsure if I am spending my time well if I simply continue. The equity curve is flat - so that`s an indicator that what I have been doing in the sim doesn`t work.
I have read some posts in the trading systems section (those with many reads and replies) but did not yet find one. I was not able to read about many systems all 50+ pages of each of those threads... I cannot spend 1000 hours reading about systems before I even start testing them. I can neither try out all systems. That would kill my motivation and life time is limited. So I try to understand the systems and mostly try to find if it`s plausible for me before I decide. Mostly I read a lot about a particular system before finding it most likely doesn`t fit me. I am willing to spend the time necessary but so far just hours of reading and no results.
One thing that is very particular for me: I need precise step-by-step instructions to understand these things. I get confused easily when people skip mentioning things that they find obvious.
I don`t expect to find something that produces less than at least 25% losing trades and I don`t expect to have meaningful statistics on a system or be experienced enought to go live before trading at least 6 months worth of price data and 50-100 trades for any system and having spent many more hours training.
But I think I did not yet grasp what I have to know before trading (in the simulator) so that I learn and have some modest first success to keep me motivated.
Things that caugt my attention/interest besides Price Action are Pivot Point based trading and Ichimoku.
Any suggestions welcome.