What strategy to use? | Forex Factory

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What strategy to use?

  • #1
  • First Post: Nov 27, 2019 6:08am Nov 27, 2019 6:08am
Hello everyone.

So I created this post only because im seeking for some guidance/advices.

I'm 26 years old and and I work 12 hours a day, my job is not hard but is to many hours and I can always bring my laptop which is great so I use those 12hours to study a little. I have been trading LIVE for 8 months, because I believe you are not using your real emotions when you trade demo, so since I could afford to invest some money to learn I did put around 300€ on a brooker , so I can play with it.

I have studied S/R trend lines strats, FIBS, Price Action, I have tried EA's, I have read books, Price trap/smart money which I kinda liked better than the other, I have spent to much hours studying from youtube and other websites... but I can't decide what strategy to use , because with every single one of them I win some and lose some...I dont feel confortable with any of that. Like they are not my thing, Like when you find something that is exactly what you looking for. So I'm just asking if you guys could share some experiences with me, maybe some have been in the same place I'm right now and could share like some opinions on what should I do or some very good courses like that really could change the way I think. I don't know ...I just want to absorv every info that you could offer me.

Thanks and sorry for my english.
  • #2
  • Nov 27, 2019 9:44am Nov 27, 2019 9:44am
Its the nature of the beast you win some you lose some. I scalp and swing i have about 50% rate over 800 trades with most winners hitting 1 to 3 RR
I think the best way to gain confidence in a system is data, screen shot every trade you trade with notes when you have 100 for trades analysis your be able to see how the system your trading performs its also good to grade the trades you might find you have 25 B grade trades and 75 A grade trades. you can set your screen saver to loop the A grade pics train your eyes. no system wins all the time when you find a system that has an edge the best you can do to better is to cut out any b grade trades and possibly scale out of loses.
Turn your wounds into wisdom
  • #3
  • Nov 27, 2019 9:55am Nov 27, 2019 9:55am
I also was in that situation. So I tried to plot on the screen what I didn't understand, give these points a visual. When you see what you don't understand then you will understand it. It's as funny as this ;-) But it is a real quest to do this I can tell you...
  • #4
  • Nov 27, 2019 10:34am Nov 27, 2019 10:34am
Quoting jun2005
Hello everyone. So I created this post only because im seeking for some guidance/advices. I'm 26 years old and and I work 12 hours a day, my job is not hard but is to many hours and I can always bring my laptop which is great so I use those 12hours to study a little. I have been trading LIVE for 8 months, because I believe you are not using your real emotions when you trade demo, so since I could afford to invest some money to learn I did put around 300€ on a brooker , so I can play with it. I have studied S/R trend lines strats, FIBS, Price Action,...
s
I dont think a $300 live teach anything about emotions if your using good risk management your risk per trades probably $3 to $6 now i dont know your circumstances maybe $3 risk will test your emotions its different for everyone example John has a risk of $100 per trade on a 10k account where he feels comfortable and sleeps well but as his account grows he compounds risk this would test trader emotions.
Turn your wounds into wisdom
  • #5
  • Nov 27, 2019 11:24am Nov 27, 2019 11:24am
Personally I find best edge you give system is scaling in and out of positions when done right you can add to a position using the markets money keeping your risk down your find a few more break even trades across the board but winners will yeid good RR

example of a trade im in bellow adding using markets money i wont let it lose now i will cut if drops to break even
Attached Image (click to enlarge)
Click to Enlarge Name: example live 444.png Size: 250 KB
Turn your wounds into wisdom
  • #6
  • Nov 27, 2019 1:59pm Nov 27, 2019 1:59pm
Quoting THD
I also was in that situation. So I tried to plot on the screen what I didn't understand, give these points a visual. When you see what you don't understand then you will understand it. It's as funny as this ;-) But it is a real quest to do this I can tell you...
Thanks, Ill try!
  • #7
  • Nov 27, 2019 2:00pm Nov 27, 2019 2:00pm
Quoting Bk55
Personally I find best edge you give system is scaling in and out of positions when done right you can add to a position using the markets money keeping your risk down your find a few more break even trades across the board but winners will yeid good RR example of a trade im in bellow adding using markets money i wont let it lose now i will cut if drops to break even {image}
Okay, Ill take a look at it. Thanks for everything you said, I really apreciate it!
  • #8
  • Nov 30, 2019 1:44am Nov 30, 2019 1:44am
Quoting Bk55
Personally I find best edge you give system is scaling in and out of positions when done right you can add to a position using the markets money keeping your risk down your find a few more break even trades across the board but winners will yeid good RR example of a trade im in bellow adding using markets money i wont let it lose now i will cut if drops to break even {image}
How many trades??!! Why these trades are without any SL position? What’s the money management rules of your trading?
  • #9
  • Nov 30, 2019 5:57am Nov 30, 2019 5:57am
Quoting GeorgeBaile
{quote} How many trades??!! Why these trades are without any SL position? What’s the money management rules of your trading?

What he is doing is practically a grid. In this case scaling in works because the initial trades are in profit. But this trading style is an account killer when price goes against you. I wouldnt recommend this type of strategy.
  • #10
  • Nov 30, 2019 8:08am Nov 30, 2019 8:08am
Quoting GeorgeBaile
{quote} How many trades??!! Why these trades are without any SL position? What’s the money management rules of your trading?
The trade started out with under 1% risk now both are trades are winning i added as many as positions i could to balance the profits with resistance zone. I had zero risk at this point adding using the profit from first positions.
as you can see the new positions where just under the 61.8 i was watching it the price did break the 61.8 i closed manually breakeven
Turn your wounds into wisdom
  • #11
  • Nov 30, 2019 9:14am Nov 30, 2019 9:14am
Quoting Bk55
{quote} The trade started out with under 1% risk now both are trades are winning i added as many as positions i could to balance the profits with resistance zone. I had zero risk at this point adding using the profit from first positions. as you can see the new positions where just under the 61.8 i was watching it the price did break the 61.8 i closed manually breakeven
True; using more than 1% would be really dangerous; since newbie’s are trading with an ordinary success ratio of their trading strategies!
  • #12
  • Nov 30, 2019 10:12pm Nov 30, 2019 10:12pm
Quoting Bk55
{quote} The trade started out with under 1% risk now both are trades are winning i added as many as positions i could to balance the profits with resistance zone. I had zero risk at this point adding using the profit from first positions. as you can see the new positions where just under the 61.8 i was watching it the price did break the 61.8 i closed manually breakeven
That’s the reason of not using SL? Initially did you use SL position?
  • #13
  • Dec 1, 2019 7:23am Dec 1, 2019 7:23am
Quoting GeorgeBaile
{quote} That’s the reason of not using SL? Initially did you use SL position?
the 2 trades that have entry on 25th where made on weekly chart have stops with profit locked in. the added trades where on 27th on 15min chart i was watching them i worked it that if the trades made on the 27th broke the black box res on my chart i could close out at break even
Turn your wounds into wisdom
  • #14
  • Dec 30, 2019 8:01am Dec 30, 2019 8:01am
Quoting Bk55
{quote} the 2 trades that have entry on 25th where made on weekly chart have stops with profit locked in. the added trades where on 27th on 15min chart i was watching them i worked it that if the trades made on the 27th broke the black box res on my chart i could close out at break even
Wow; now I got the full scenario. Thanks for your long detail answer! Have a great week.
  • #15
  • Dec 30, 2019 8:15pm Dec 30, 2019 8:15pm
Quoting jun2005
Hello everyone. So I created this post only because im seeking for some guidance/advices. I'm 26 years old and and I work 12 hours a day, my job is not hard but is to many hours and I can always bring my laptop which is great so I use those 12hours to study a little. I have been trading LIVE for 8 months, because I believe you are not using your real emotions when you trade demo, so since I could afford to invest some money to learn I did put around 300€ on a brooker , so I can play with it. I have studied S/R trend lines strats, FIBS, Price Action,...
Based on my experience, I recommend you trade the levels of support and resistance (But to determine them not by the exact value as 123.123 but by zones). And also switch to high time intervals H4-D1 and consider transactions with a risk ratio of 1k3 or more.
Example order in the picture.

Good luck and Happy New Year
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 872 KB
  • #16
  • Dec 31, 2019 8:28am Dec 31, 2019 8:28am
That is pretty good advice, thank you!
  • #17
  • Dec 31, 2019 12:19pm Dec 31, 2019 12:19pm
Quoting mlawson71
That is pretty good advice, thank you!
I was glad to help =)
I trade every day and spend an incredible amount of time in front of my computer.
If you need ideas \ want to discuss something .... I can help a little with any cryptocurrency pairs \ majors \ metals and even some indices.
  • #18
  • Jan 1, 2020 2:02am Jan 1, 2020 2:02am
Quoting ZikriIrfan
{quote} True; using more than 1% would be really dangerous; since newbie’s are trading with an ordinary success ratio of their trading strategies!
success ratio on newcomers strategy
is very low and volatile , they win one or two times and after that faces loss hugely due to over trading and emotions.
  • #19
  • Jan 1, 2020 9:13am Jan 1, 2020 9:13am
Quoting MarkFxAnde
{quote} success ratio on newcomers strategy is very low and volatile , they win one or two times and after that faces loss hugely due to over trading and emotions.
The ratio of risk to profit is very important, but I think you should not go too far with this.
When you come to the market there are only 2 options: this is your hobby and you want to understand the market or you want to make money. As a rule, everyone starts from point two, merges and half of the survivors continues from the first point. =)
In my trading, I look more at how correctly I worked out the market entry, according to the strategy and how many points I took. I'm not worried about the r \ r ratio. I can have it from 0.5 to 1 and right up to 10 to 1 or even more.

Still very often, newcomers put TP on the amount of profit .... an example of $ 100.
Probably the main advice that I can give, when you open a new account - imagine that they want to take money away from you - first of all, place stops for the amount that you are ready to say goodbye, when you have BreakEven, consider that you have already achieved a small victory and can start see where to pick up your prize!

Good luck and successful trading!
  • #20
  • Jan 2, 2020 4:50am Jan 2, 2020 4:50am
Quoting MarkFxAnde
{quote} success ratio on newcomers strategy is very low and volatile , they win one or two times and after that faces loss hugely due to over trading and emotions.
And it’s very natural since, newbie’s are trading with an ordinary trading skill.
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