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Joined May 2013
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Status: Conscious Incompetence
|127 Posts
I've been trading forex for 14 years since 2006.
In between I've blow up 5 accounts and wasted $50k.
Never profitable until I change to buying index for pound like FXB and FXA and GLD. Buying double bottom and getting out of spinning top or doji on daily chart if it continues to tank.
If I'm wrong. I hold. If I'm right I hold.
What worked for you?
You're going to pay a price for every bloody thing you do and don't do
I've been trading forex for 14 years since 2006. In between I've blow up 5 accounts and wasted $50k. Never profitable until I change to buying index for pound like FXB and FXA and GLD. Buying double bottom and getting out of spinning top or doji on daily chart if it continues to tank. If I'm wrong. I hold. If I'm right I hold. What worked for you?
Ignored
It’s nice to hear that you are making profits. To me, major trading pairs of Forex still seem special because I hardly trade index pairs. I have 14 years of experience like you but my short trading experience says context-less trading leads to nothing. You mentioned the name of two patterns but these patterns seem very much challenging.
If you consider the market backdrop and run both technical and fundamental analysis over it, you can come to a solution. But what I think is pattern-based trading without any major context is worthless. Even I am not accustomed to this indeed.
I too traded for many years with no real success. I changed my trading style and system. I moved from price action/fundamentals to indicator-based/technicals. It has completely turned around my trading. I think it is important that traders try various styles and methods to find the right fit for them. I feel like trading forex is a "custom" fit to each trader and what works for one may not work for another because at the foundation of it all is psychology.
