Hello,
Ive been reading forexfactory forums since i started demo trading three months ago. I tried a ton of indicators, learned all about how they were calculated and everything, and tried a ton of different systems. I spend alot of time trying to soak up all knowledge on trading I can, as I can see alot of potential in it. (sorry im not sure which forum to post this in, though as i consider myself a beginner asking for help this seemd logical)
Once I settle in I found fx5_macd_divergence indicator on the mql4 website, which looked really promising. Simply long when pink crosses to the top, and short when the blue line crosses to above. I traded this system for about a month. My demo went from 1000$, to 3000$, to 90$, to 300$, to 85$.
Basically Im a bit discouraged.
My friend who got me into this said that it is entirely possible that (once you know how to "really" read a chart) it isn't outside of the realm of possibility to get like 1000 pips in a day based on price action/etc.
Frankly my goals are far more modest, a very consistent 100 pips a week and you would pretty much be set in life in my mind.
Some things ive learnt/am reflecting on:
-at first I actually bet on all 16 charts availiable to me at once, but minimal mini lots. I learned alot about the differences between them, and often my gains on some charts would help overwhelm losses in others. For a while I was convinced that something like gdp/jpy was the best because it moves so much, while eur/usd was the worst cause it hardly moves at all, but Ive come 180 on that. Much better to bet larger lots on fewer charts, and a chart that moves less, more consistently and predictably like eur/usd is far easier to trade with.
-I can see once you really know whats going on you can say probablistically were good entry points are, but figuring out exit strategies has just been torture for me. Ive simply been puttings stops at atr, and trailing by atr.
-I dont have the patience to check a chart 5 times a day, maybe a couple times max. My macd system only ever actually worked (except for its painful bottoming out draw down) on 4h, but id much rather find some dependable daily system.
-Ive come to accept there is no holy grail, but for finding something that works maybe more than 60% of the time, and sticking with it-with an assumption that on average you will make money. This was a hard one to learn: loss needs to be factored in, nothing is perfect.
-by that same length money management is a key (that my bottoming out taught me)- 1% risk is about right.
-I still dont get news trading, I still dont get the big deal about elliot wave, i still have no real idea how draw your own trendlines and how to use them, and Ive had a sneaking feeling that Im not drawing my fibs right.
My ideal system is trends i think, but ive yet to find a good way to follow them. Good being a system that doesn't bottom me out.
ive read the big Forexfactory name posts, and many of the lesser ones, ive been playing aroudn and thinking about forex nonstop for the last few months.
-So my question ultimately is similar to what most people ask when they come here: based on what ive said where should I go from here?
What else can I learn and where can I learn it?
Is it actually possible to earn my 100 pips a week?
Is this really worth it? im getting kind of fed up and burnt out with forex. Im starting to wonder if its all just gambling and guessing. I suppose painful drawdown will do that to anyone. (when i was up 300% i was feeling super high).
Thank you kindly for your time and thoughts
Ive been reading forexfactory forums since i started demo trading three months ago. I tried a ton of indicators, learned all about how they were calculated and everything, and tried a ton of different systems. I spend alot of time trying to soak up all knowledge on trading I can, as I can see alot of potential in it. (sorry im not sure which forum to post this in, though as i consider myself a beginner asking for help this seemd logical)
Once I settle in I found fx5_macd_divergence indicator on the mql4 website, which looked really promising. Simply long when pink crosses to the top, and short when the blue line crosses to above. I traded this system for about a month. My demo went from 1000$, to 3000$, to 90$, to 300$, to 85$.
Basically Im a bit discouraged.
My friend who got me into this said that it is entirely possible that (once you know how to "really" read a chart) it isn't outside of the realm of possibility to get like 1000 pips in a day based on price action/etc.
Frankly my goals are far more modest, a very consistent 100 pips a week and you would pretty much be set in life in my mind.
Some things ive learnt/am reflecting on:
-at first I actually bet on all 16 charts availiable to me at once, but minimal mini lots. I learned alot about the differences between them, and often my gains on some charts would help overwhelm losses in others. For a while I was convinced that something like gdp/jpy was the best because it moves so much, while eur/usd was the worst cause it hardly moves at all, but Ive come 180 on that. Much better to bet larger lots on fewer charts, and a chart that moves less, more consistently and predictably like eur/usd is far easier to trade with.
-I can see once you really know whats going on you can say probablistically were good entry points are, but figuring out exit strategies has just been torture for me. Ive simply been puttings stops at atr, and trailing by atr.
-I dont have the patience to check a chart 5 times a day, maybe a couple times max. My macd system only ever actually worked (except for its painful bottoming out draw down) on 4h, but id much rather find some dependable daily system.
-Ive come to accept there is no holy grail, but for finding something that works maybe more than 60% of the time, and sticking with it-with an assumption that on average you will make money. This was a hard one to learn: loss needs to be factored in, nothing is perfect.
-by that same length money management is a key (that my bottoming out taught me)- 1% risk is about right.
-I still dont get news trading, I still dont get the big deal about elliot wave, i still have no real idea how draw your own trendlines and how to use them, and Ive had a sneaking feeling that Im not drawing my fibs right.
My ideal system is trends i think, but ive yet to find a good way to follow them. Good being a system that doesn't bottom me out.
ive read the big Forexfactory name posts, and many of the lesser ones, ive been playing aroudn and thinking about forex nonstop for the last few months.
-So my question ultimately is similar to what most people ask when they come here: based on what ive said where should I go from here?
What else can I learn and where can I learn it?
Is it actually possible to earn my 100 pips a week?
Is this really worth it? im getting kind of fed up and burnt out with forex. Im starting to wonder if its all just gambling and guessing. I suppose painful drawdown will do that to anyone. (when i was up 300% i was feeling super high).
Thank you kindly for your time and thoughts
The only stupid question is the one not asked
he he
:...I know the basics but I'm not interested in that particular approach. And I don't like Fibs...but I guess that's ok because there are many theories/studies/indicators/strategies and I don't think I have to use all of them.
(I think that's where most people give up on forex). If you haven't read the sticky posts in the beginners forum then stop right there!! You're missing some very valuable info!!.
. (though not all real traders will be in the 1KT group, since 1000 trades is a hard number to reach if you're a swing trader I guess...).
