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Please help me help myself

  • Post #1
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  • First Post: Jul 8, 2013 9:09pm Jul 8, 2013 9:09pm
I'm so sick and tired of trying so many trading systems and non of them ever producing good, consistent results.

I've spent so many hours and many thousands of real dollars trying to learn, but in the end, it seems like it is all a waste.

I just don't know what to do anymore.

My preferred style is lower TF (15min), and I enjoy trading using S/R.

Can you guys recommend a PROVEN strategy that you truly believe to be profitable ?

I really just want to learn and SEE RESULTS FOR THE WORK I PUT IN, but it seems like no matter how much I follow strategies, in the end, they never work out.

I have no problem putting the effort in. I just want something that is going to show me consistent results for my learning.

I'd really appreciate some help. Perhaps some mentoring, if any of you could spare the time..

Thank you.
How long you been trading and how old are you?
Quoting explor359
How long you been trading and how old are you?
About a year. I don't have any commitments at the moment, and wish to make trading my career.

I spend at least 15 hours a day in front of the charts, all throughout the beginning of the asian session, to the end of NY.

I sleep, but my full focus is on trading. I want to succeed at this so much, but its just so disheartening. It feels as though I can't trust any of these systems.

I just want something solid I can trust, and build on.

Currently 20 years of age.
So far from experience, I know a general idea of what I am best suited towards:

-Lower TF (15 min charts).
-Tight SL (Do not enjoy drawdowns).
-Trading off of S/R (monthly pivots, weekly pivots, Round numbers).
-Setting Predetermined TP at a good R/R ratio. I find I like to take decent profits, and get out of the market, ASAP. Even if it means missing more potential pips, I want to lock in the profits.
You have to focus on SL. I you can control it well, you won't lose too much.
Could you show the details?
Hi Tok,

It seems that you believe having a good trading system / indicator will give you a good profit..... but that is not the case in forex trading....
success in forex trading depends on the trader not the system.....

understanding Money Management, Price Action, Trend, S/R and momentum are of great importance to forex trading.

look at Higher TF chart to get a feel of the trend, the higher the TF the stronger the trend.... but if it is too far your trading TF then it might not be valid.....
it is recommended to see H1 TF for trend spotting if you are trading in M15 TF

find a good / strong S/R on Higher TF, for S/R you can check on every Higher TF to identify S/R, and you can also use fibonacci levels, camarilla pivot points, daily pivot points, etc

then the next key is to find confluence:
just an example, if price is trending down, and pullback to trendline and Pivot points, then bounce back down with a good momentum, then you have a high probability trading...... but of course anything can happen in the market, you can still be wrong, so Stop Loss is of great importance

Define your risk before you take any trade, spend chart time to see how PA behaves especially around S/R

once you can define a high probability set up, be discipline and patience to wait for the set up, if there is no high prob set up or if you have missed one, then don't be sad or angry, market will not go anywhere, the set ups will appear again for sure..... so move on and wait for another set up

Do demo to be confident before you go live

Stop spending so much money on seminars or other people systems, everything is available online, you can just google it.

if you are looking for systems here are some for you, and it is updated regularly:
http://forexwinners.net/forex/category/systems/

you can use any system you want, but remember when the system generate signal, check the PA, S/R, and trend (usually the signal from trading systems like genesis matrix trading system, would mean it has good momentum, so no need to check momentum anymore, or like in Genesis they double confirm with stochastic) on your trading TF and higher TF, when you see everything in confluence then you can be confident.
Find a system that suits you and stick with it, do not spend your time to go from system to system

The more commonly use the indicator, the more valid it is.... logically, more people looking and acting at the same indicator or S/R levels, the more valid it is. therefore no need to use fancy indicators, just use simple ones like MA, Stochastic, etc will do

This is the journey where you need to find the way on your own, hopefully you can make it,

please remember: PA, S/R, Trend, momentum, Higher Time Frame, Confluence, Money Management, Stop Loss, Take Profit, Hardwork, Discipline and Patience

Happy pipping
Failure leads to Success if one learns from mistakes and never give up
ok thats fine, how do you usually go about finding strategies? and where did you learn trading from?
Quoting jinchu
Hi Tok, It seems that you believe having a good trading system / indicator will give you a good profit..... but that is not the case in forex trading.... success in forex trading depends on the trader not the system..... understanding Money Management, Price Action, Trend, S/R and momentum are of great importance to forex trading. look at Higher TF chart to get a feel of the trend, the higher the TF the stronger the trend.... but if it is too far your trading TF then it might not be valid..... it is recommended to see H1 TF for trend spotting if...
Thank you for taking the time to post all of this. I will read it all right after I post this, but I just wanted to state, that I am NOT looking for any of this fancy indicator rubbish.

In fact, I MUCH prefer using Price action, and DEFINITELY want to trade off of S/R primarily.

I don't mind adding in an indicator if It helps with filtration, but as they are lagging, I will never use them primarily.
  • Post #9
  • Quote
  • Edited 10:54pm Jul 8, 2013 10:37pm | Edited 10:54pm
Quoting Tok
I'm so sick and tired of trying so many trading systems and non of them ever producing good, consistent results. I've spent so many hours and many thousands of real dollars trying to learn, but in the end, it seems like it is all a waste. I just don't know what to do anymore. My preferred style is lower TF (15min), and I enjoy trading using S/R. Can you guys recommend a PROVEN strategy that you truly believe to be profitable ? I really just want to learn and SEE RESULTS FOR THE WORK I PUT IN, but it seems like no matter how much I follow strategies,...

Read "bird watching in lion Country"

Real money iS on swing traDING
h4 ,daily,weekly chart
Hint
Build a position with reduced lots and patiently wait.
Trade price zones not specific number.
Seek and you will find.
Read this article to get a clue.
What Crocodiles Can Teach You About Trading
One of the greatest Traders ever lived and my favorite was Jessy Livermore
( Read "Reminiscences of a Stock Operator" a must book to read)
He would spend weeks reading a tape until he would spot critical pivot points (he invented the whole idea of pivots) and started building a position and if direction was correct he would unleash his orders in systematic way.
Point is he was not in the market all the time!But keenly waiting for great opportunity.
Think of surfing is every wave surfable?Nope! So why do people insist surfing every ripple and expect to get a ride!
Trading is about timing.Its all about right timing right direction.

I have both books on PDF format plus more.Sent your email PM to me and I will send them to you
In trading, you have to be defensive and aggressive at the same time
Quoting Mr Alum
ok thats fine, how do you usually go about finding strategies? and where did you learn trading from?
I finished babypips when I first started. I also wrote the whole school/program down as I went along.

I have been through a plethora of systems. Enough to know what I like and don't like (what is suited towards me). But I struggle to find a system/strategy that I can truly trust and be confident in when placing orders.
This is a good post, you can read this one:

http://www.forexfactory.com/showthre...34#post6803834
Failure leads to Success if one learns from mistakes and never give up
Quoting Davit
{quote} Read "bird watching in lion Country" Real money iS on swing traDING h4 ,daily,weekly chart Hint Build a position with reduced lots and patiently wait. Trade price zones not specific number. Seek and you will find. Read this article to get a clue. What Crocodiles Can Teach You About Trading

I have tried my hand at swing trading before, and made very good profits off it.

The issue is, I usually always lose most of the profits. It just does not suit my personality.

Or, there is news that changes the direction of the trend completely/wipes out my profits/takes out my SL.

Just don't enjoy the style in all honesty.
I got my resources from, www.forextrainingworldwide.com all the resources are free and it is taught video by video every thing you need to know. The money management videos are great and the spreadsheet is superb.

They do have some strategies which they use and also have a trader reviewing it every week.

Have a look there, it should be of some help to you.
Quoting Davit
{quote} Read "bird watching in lion Country" Real money iS on swing traDING h4 ,daily,weekly chart Hint Build a position with reduced lots and patiently wait. Trade price zones not specific number. Seek and you will find. Read this article to get a clue. What Crocodiles Can Teach You About Trading
Great reading...... definitely, patience is a must in trading.... wait for High probability set up (Confluence) then you strike and win the battle
Failure leads to Success if one learns from mistakes and never give up
Quoting Mr Alum
I got my resources from, www.forextrainingworldwide.com all the resources are free and it is taught video by video every thing you need to know. The money management videos are great and the spreadsheet is superb. They do have some strategies which they use and also have a trader reviewing it every week. Have a look there, it should be of some help to you.
Thank you so much for your input in this thread. I very much appreciate it and will most definitely study these links you have provided.
Quoting jinchu
This is a good post, you can read this one: http://www.forexfactory.com/showthre...34#post6803834
What is your personal opinion/experience on this method?
example of confluence:

http://www.forexfactory.com/showthre...24#post6702624
Failure leads to Success if one learns from mistakes and never give up
it is a great method, the signals are very sensitive to price movement, if you trade on every signal, there will be many false signals......

RJ is using M15 TF to filter the noise in M5 TF plus some other indicators.... (Daily Pivots, Arrow, Stochastic, Heiken Ashi and 5 EMA)
some other traders add 60 Close simple Moving Average to filter noise

I have been sticking to it since the beginning, and I am about to use it on real account soon

The keyword of high probability set up is : Confluence
sorry to have been repeating this again and again
Failure leads to Success if one learns from mistakes and never give up
Quoting jinchu
it is a great method, the signals are very sensitive to price movement, if you trade on every signal, there will be many false signals...... RJ is using M15 TF to filter the noise in M5 TF plus some other indicators.... (Daily Pivots, Arrow, Stochastic, Heiken Ashi and 5 EMA) some other traders add 60 Close simple Moving Average to filter noise I have been sticking to it since the beginning, and I am about to use it on real account soon The keyword of high probability set up is : Confluence sorry to have been repeating this again and again
I really appreciate your posts. I am very thankful for the more experienced guys who are willing to help out people like me. Thank you.

I will start studying the strategy. It looks very interesting.
some good reading:

http://www.forexfactory.com/showthread.php?t=211973
Failure leads to Success if one learns from mistakes and never give up
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