I have failed at being profitable in forex for 2 years and I have trained my self to follow rules because if I don't I blow my account. I cant say I would have taken that trade based on my own desire to stick to the rules. But I must say, it was a great trade for whoever took it!
Trend Follower 5 Minute System
Mr.the wicker or.....someone else...
I've lost many trade on live account using this method...
thinking positively...It's my learning cost...and at mini account.
I always set my SL 50 points at first execution and follow all the rules
just like in this attachment,but the price always hit SL....
Maybe I must learn more on this method on demo account...
(or maybe demo server is a little different than live server...)
Thanks TheWicker
I understand your frustration. I went through that earlier myself.
This is an excellent system. Yet, like any other forex trading strategy, it's not perfect. There is no holy grail that never fails. Believe me, I have looked for a long time.
(But just in case you happen to find one be sure to PM me.
)This system works best when the market is trending. The problem is, it's hard to tell the difference sometimes until after the conditions change. But that applies to any trading strategy. This one does help to point you in the right direction.
I agree with what pilatus said earlier, and here's my 2pips worth:
Avoid bad trades by looking at the H1 chart first, and then back at the M5 chart. For instance, if the H1 is CLEARLY trending up then ONLY take long setups. Step back across the room and look at your monitor if you can't tell which way it's been going.
Yes, there are times where you watch the market skyrocket, and you will say "that was just about perfect and I should have jumped in -- look at all that money I could have made." That's true, but there were even more times when this system kept you out of false breakouts that would eventually blow your account. Don't forget about those times.
Personally, I only go with the high probability trades. Sometimes that means I don't get a good trade setup that day. It's hard to pass up the marginal setups when you have waited for hours, but if you only take the good ones you will do much better. That's where patience is needed.
Try hard to understand that you are trading a concept here. That concept is that you are just trying to place a trade in a pair that is trending, as early as possible -- but no earlier. There are ways to do that, like entering on a break through resistance, picking tops and bottoms, and ones like this. We are entering on pullbacks to the longer MA's and using the indicators to confirm that the price has pulled back as far as it wants then resumes the trend. Statistically this is lower risk entry than some other ways, but again it's not perfect as there are times when the price will decide to say to hell with your rules and do what it likes. It happens.
If you take only the high probability setups indicated by the system you will be a net winner. But the outcome of any one trade is unknown. It's still a numbers game.
The bottom line is, you have to find a system that you understand first, and learn to trade it properly second. Take your time. Demo trade until you think you have seen it all -- then demo it for another month. It takes time to see enough setups to tell the good from the bad. Stick with it and you will learn. Rush the learning curve and you will just be paying the others who have already learned.
Good trading to you,
PistolDave
Sorry for my English, you can to some of the Forum change EA trend follower to reverse the open positions, or Buy with sell and vice versa, as i would like to use it to take the ritracciamenti subsequent to the signal.
Thank you
This is a TREND FOLLOWING system. You don't take countertrend retracements with this type system. It will not produce profitable trades that way.
This system identifies a low-risk point to enter a trend.
You will be more likely to make money trading with the trend. Wait for the correct signals with this system and you will do better.