The KoF approach is definitely consistent and profitable long term as long as you:
1) Keep lot sizing and order distance in check.
2) Avoid reacting to news events and price shocks.
3) Avoid going heavy near the 200 EMA.
4) Have an equity stop loss at all times.
Patience and prior knowledge of market structure is certainly required as @Donny3rd suggests. If you are compulsive, impatient and/or perfectionist you'll have a bad time trading it.
The main caveat of using cost averaging by itself is that it forces the trader to use very conservative lot sizes to prevent a blown account, which also reduces the overall profitability. I believe that a well developed hedging structure may allow the trader to use bigger lot sizes and get increased profits/compounding rates while maintaining a similar risk profile.
1) Keep lot sizing and order distance in check.
2) Avoid reacting to news events and price shocks.
3) Avoid going heavy near the 200 EMA.
4) Have an equity stop loss at all times.
Patience and prior knowledge of market structure is certainly required as @Donny3rd suggests. If you are compulsive, impatient and/or perfectionist you'll have a bad time trading it.
The main caveat of using cost averaging by itself is that it forces the trader to use very conservative lot sizes to prevent a blown account, which also reduces the overall profitability. I believe that a well developed hedging structure may allow the trader to use bigger lot sizes and get increased profits/compounding rates while maintaining a similar risk profile.
5
... waiting patiently 
