Stop searching for the 'Holy Grail', work on yourself!

Just musing

Focus on how you could capitalize on what the market does rather than worrying about what the market does.

KP

Just Sharing

Are you caught up in the needless argument on whether or not to use indicators? To be honest with you, it's really a recurring argument and it reared its head yesterday on one of the major FF threads I like. But, don't get yourself involved in such an argument. Your strategy is more important than any indicator. And in fact, more importantly, are your skills and mindset. I use indicators, but sparingly and in a strategic sense: to increase the probability of trapping the markets at pre-determined zones I am interested in. However, to achieve the results I want, I rely more on my patience and trading skill—which are largely discretionary factors.

KP

Just musing

As you grow in trading skills and experience, you would be in a position to have, and use, a few trading rules, including the first thing to look for when you open a chart and what you would do next if the first condition you expect is not met. Besides, you would know when to stay out of a market and which market to trade among equally attractive ones. When you get to that level, you would be seeing more consistency in your trading results.

Trade safe, and prosper.

KP

Basically, you would realize that this is more important than using a complicated trading journal. Don't get me wrong, I have and use a trading journal. But I rely more on a few trading rules, particularly my trade entry criteria (excerpted from the longer trading journal).

KP

Quoting KeenPips

Disliked

Just musing As you grow in trading skills and experience, you would be in a position to have, and use, a few trading rules, including the first thing to look for when you open a chart and what you would do next if the first condition you expect is not met. Besides, you would know when to stay out of a market and which market to trade among equally attractive ones. When you get to that level, you would be seeing more consistency in your trading results. Trade safe, and prosper. KP

Ignored

If you would go far in this business, avoid the temptation to follow the crowd. And the 'crowd' may include popular ideas on trading forums.

KP

Instead, get yourself skilled enough to be critical of the crowd.

KP

Quoting KeenPips

Disliked

If you would go far in this business, avoid the temptation to follow the crowd. And the 'crowd' may include popular ideas on trading forums. KP

Ignored

Just Musing

Do you give yourself adequate time to review your trades and plan on how you could improve as a trader? You would find such a practice far more beneficial than jumping into the market.

Stay safe, trade safe and prosper.

KP

@KeenPips My weekends are mainly reserved for reviewing the previous weeks trades and preparing myself up for the fresh week. There's no better time to reflect than weekends, it helped me a lot.

100% in agreement mate.

Stay safe, trade safe.

KP

Quoting alisoncummin

Disliked

@KeenPips My weekends are mainly reserved for reviewing the previous weeks trades and preparing myself up for the fresh week. There's no better time to reflect than weekends, it helped me a lot.

Ignored

Hi,

Why do you think everyone has the same view on "the holy grail".

For me, the holy grail is a system that works.

The "system" is just half of the reason profitable traders are profitable.

The first thing you need to know is --> WHERE IS THIS ASSET'S MAIN LINE GOING, UP OR DOWN?

As long as you don't know this, your system is failing.

This post can be the most profitable thing you have ever read if it sinks in...


Hint: Maybe you should stop trading FX and start trading stocks instead, main line is goin' up.....?

With you mean the overall trend?

If so a "system" should have a rule or indicator included that can give you a bias on whether you are looking for buys or sells.

And is not true, you can give your profitable "system" to a trader that has developed no mental skills at all, and he will still end up losing money.

No, you are trying to simplify something that can't be simplified with indicators and technical analysis. You will fail if you do this...

The money is not in that system alone, you need to know where the underlying asset is going (the main line)...

I didn't think so. I never said so.

KP

Quoting supdemfx

Disliked

...Why do you think everyone has the same view on "the holy grail"...

Ignored

Sorry, I assumed you thought this because you said stop looking for the holy grail. In my perspective it sounded like stop looking for a working system.

Once you found a system that works for you, fits your trading style, and you are a master of it, why would you be searching for another system? Avoiding systems hopping - that's the message and overarching thrust of this thread. What you need do is make yourself a better and an increasingly successful trader; meaning work on yourself - another thrust of this thread.

KP

Quoting supdemfx

Disliked

Sorry, I assumed you thought this because you said stop looking for the holy grail. In my perspective it sounded like stop looking for a working system.

Ignored

The biggest problem with people searching for a holygrail is that they believe the holy grail is the system that will work 100% which is not at all possible. Moreover, The biggest part that is often overlooked by these “holy-grail questers” is that forex trading has many different elements that need to be worked on. Having one aspect in place won’t help you in winning.

I agree @nourhanfahmy, I believe the system can definitely help you succeed in trading but only combined with the mental skills needed to succeed in this business.

But let's consider that the holy grail is not something with a 100% winrate because as we all know this is impossible in a game of probabilities. So by thinking in this way the holy grail can be considered as a working system combined with a proper mindset.

IF you still think that the holy grail is a 100% winrate system, you don't have the mental skills in trading. Therefore I would agree that you should stop looking for the holy grail. Unless your "holy grail" definition has changed.

For example:

Mark Douglas had a good example in his presentation:"As a kid you encountered a dangerous dog, that caused you to experience a traumatic event with that dog. You think that ALL dogs are dangerous. So when you encounter a dog you assume that that dog is dangerous because of what happened in the past. If you grew up as a kid with different experiences with dogs. You know that SOME dogs are dangerous or NO dogs are dangerous."

This way we all live in different realities with different perspectives and expierences even though we are in the same environment. So what is your perspective about "the holy grail"?

100% in agreement.

KP

You are changing the definition and you are not agreeing with @nourhanfahmy. The main reason people are hopping systems and looking for the 'holy grail' is that they don't want to lose at all.

KP