John please could you train me? I need a mentor.
- Joined Feb 2006 | Status: Blah blah blah | 1,410 Posts
The breaking of a wave cannot explain the whole sea.
Your own HOLY Grail (and how you know you've found it) 19 replies
Developing the "Holy Grail" Trading System 4 replies
I may have found the Holy grail 75 replies
I think I found a holy grail. 17 replies
DislikedThe Holy Grail……..Found
I have been live trading forex exclusively for the last 4 years and losing consistently. I have spent thousands on what must be at least a hundred courses/systems. I even paid $2000 for a mentorship program from a trader that eventually was proven to be a fraud (I personally did the investigation). Nothing I ever tried worked consistently enough to generate the promised steady stream of income. I have read books from Douglas' "Trading in the Zone" to Horner's "Trading Forex" to Williams' "Trading Chaos". Nothing worked. I slowly have come to the decision that all forex system vendors/gurus are frauds (Birdwatching in Lion Country comes to mind).
Several months ago I purchased another valueless system that after purchase was found to be based on moving averages, Fibonacci, and divergences. Literally, at the same time that I felt duped again by purchasing this system, I had that famous "Ah-ha" moment that psychologists have talked about (and I never believed in). Quite suddenly I realized the correct way to trade. This epiphany was massively overwhelming. Since that day six months ago, I have solely traded my method, which incidentally uses only one indicator. Forget Fibonacci, forget pivots. How many more traders must proclaim that lagging indicators don't work before failing traders, like I was, believe them? I, for one, have passed that hurdle. I have had 6 losses in the 240 trades taken since I started using my method. Unquestionably, it is the Holy Grail (and they say it doesn't exist - HA!). It is both profoundly logical and simple. It is the result of subtle input from many systems that fail because they ignore the simple truth of who drives prices and they attempt to predict price movement. But these systems each had a kernel of truth behind them, and I suspect that these kernels of truth finally reached a critical mass in my brain that resulted in my epiphany.
For the first time I am consistently profitable using an approach that I did not have to buy and is way more logical than anything I have ever seen. I now trade without fear, quite a novelty. I needed to be exposed to (and fleeced by) trading mentors/gurus until I discovered that the Holy Grail does exist but no vendor will sell it. No vendor/mentor that I have come in contact with has anything even close.
The purpose of this post is not to tease readers into buying a system that I will be selling at a later date (the only valid way to train a student to trade a system is to do it 1-1 in person with a live account). Its purpose is only to let them know that the Holy Grail does exist and can be found by all that persist. I am no genius. Here is some advice to facilitate its discovery.
I have never found a system vendor or mentor that could prove he traded live. Think about that.
There is only one reason why a vendor/mentor won’t divulge a live account statement.
Monitor posts daily at the forex factory forums. Many have helped because they have stimulated thought. Think about what should work and why. Never stop thinking.
James16 forum is worth the money if only for one month. Of all the systems that I studied, his is closest to the Holy Grail. His forum could put you on the right path. Sorry, Dial, but PIN bars are not reliable enough for me, but PA is king.
The more expensive the system, the more money spent on its marketing than its content. The most expensive system I bought was a fancy 5/13EMA crossover with an RSI filter. It had very nice packaging, though.
The primary requirements for successful live forex trading are courage and patience. The market is made up of traders with varying strength. This last statement is the key.
I hope this post was helpful. There is light at the end of the tunnel, but it is only for the determined few. With persistence, just when you get completely fed up with discretionary systems, arcane indicators, and blowhard fraudulent vendors/gurus, the fog will clear and you, too, will find the Holy Grail.Ignored
Disliked
You have said you have tried 4 years long ...
... after hard work by losing 42 months??Ignored
Disliked
Look dude,
Do you really think you have found a holy grail? I think you have not found it yet!Ignored
Disliked4 years would be 48 months.
There are 12 months in a year, and 4 x 12 = 48Ignored
DislikedAngel, many people in my country think the same thing about forex :- "if it seems to good..." The reason why they think it is because they do not know. One fund manager here pays out an average of 10% per month to his clients and has never had a month of loss since 9/11. Now if that is not the holy grail then it is still good enough for me. So while others argue in disbelief I just allow this trader to trade my money and I have been enjoying the fruits of his labour. At the same time I am trying to learn the forex to be able to do the same thing. Now about JohnW's holy grail. I belive if it is possible to have 234 out of 240 trade successful. It is quit easy if you use incorrect risk proportions like 10 pip target to a 500 pip stop loss. the probability of your target getting hit before your stop loss is hit is very high. However it will take 50 successfull trades to make up one loss that will inevitably come. So can it be successful in the short term? Absolutely! Can it be successful long term probably not. And that is the point, we want something that will pay the bills month after month as full-time traders.Not mearly a great month or great weeks. I personally know a trader who is right on his trading entries only 20% of the time and he makes close to $100,000 a month consistently. So success is a function of the risk to reward ratio, he uses 1:10 so even though he has many loses they are small while he lets the winners run like horses. That takes strong guts! I am still learning.Ignored
DislikedCraig -
Like many, I spent years looking for something that worked. My method uses primarily S/R levels and long term trends. S/R levels are determined by swings and trend lines. As David suggests, I trade intraday. I typically find 2 -4 trade setups per day, and sometimes all are triggered, sometimes none. I enter on the 30M exclusively. I never look at anything under 30M. I have been successful on all the major pairs (the 6 majors & EUR/JPY - I don't trade the GBP/JPY).
The golden truth is that trading with multiple indicators is doom. Multiple time frames are important. That's why I highly recommend taking off all indicators except maybe (big maybe) one or two moving averages to measure bias. My trigger is based soley on price action. PA & S/R IS ALL YOU NEED (plus common sense, courage, patience, and an eye on fundamentals/news items).
You need courage to risk $$ (even my method has losses) and patience to wait for good setups. BTW, I NEVER EVER enter a market order (that's a clue). I use only stop orders.
When you look at a chart, do you need an indicator to tell you if its trending?
As I said in my post, reading many of the posts in this forum is great because they make you think. Take a look at any chart 30M or larger time frame. Ask yourself this: where will price NOT go? Why not? Where do you think the stop orders are?
I could lay out exactly what I do, but here's the problem: its accepted by most that 2 people given the same method will have very different results. The fact is that there is no substitute for thinking and discovering what works in trading. This forum has tons of resources (folks like James16) that taken in context are very useful.
So throw out all the elegant colorful indicators. Get used to a "naked" chart and trade (demo) off it. You will probably find after a few weeks that indicators hide more than they reveal and that they can only be useful as weak guides.
I am now attempting to train 2 people in this method. I train them in person with my live account up and running. I don't believe that truly successful traders should charge for a method (I am not charging my students), and if they are successful, I will consider making a .DOC file available for those on this forum who are interested. In teaching my 2 students, I will learn which concepts are grasped readily and which are difficult. They have no prior trading experience.Ignored
DislikedI'd like to clear up one misconception - "more buyers than sellers".
There are always an equal number or buyers and sellers. There has to be. If someone buys, there was a seller, and vice-versa.
Now, if there is a BIG player for example, with a very big limit order to sell the GBP/USD at 2.0310, then you'll get something like what we saw on 12/5 and 12/6. When price reaches that level, market orders are filled at that price, and until that big order is fully filled, price can not go above that level.
Obviously, it can also be many smaller orders lined up at a price the market agrees is a good one.Ignored
DislikedHi...
Lets not get confused here about someone claiming to have the Holy Grail of trading.....and someone who is a successful trader...
The claim here is a system/trading method that almost never fails.....Ignored
DislikedHi..
A
In this Section of the Forum you find the beginners...the inexperienced traders all looking for a way to make money...as mentioned before...why put it here...OH...maybe to attract those inexperienced people....just a thought...
Hope your trading goes well...Ignored
Disliked. Nothing worked. I slowly have come to the decision that all forex system vendors/gurus are frauds (Birdwatching in Lion Country comes to mind).
I needed to be exposed to (and fleeced by) trading mentors/gurus until I discovered that the Holy Grail does exist but no vendor will sell it. No vendor/mentor that I have come in contact with has anything even close.
With persistence, just when you get completely fed up with discretionary systems, arcane indicators, and blowhard fraudulent vendors/gurus, the fog will clear and you, too, will find the Holy Grail.Ignored
Disliked.....I belive if it is possible to have 234 out of 240 trade successful. It is quit easy if you use incorrect risk proportions like 10 pip target to a 500 pip stop loss. the probability of your target getting hit before your stop loss is hit is very high. However it will take 50 successfull trades to make up one loss that will inevitably come......Ignored