Hi there folks, long time lurker and first time poster here on FF. I've been trying different methods in trading in the foreign exchange markets for 6 months in a demo account and frankly it was very irritating and disappointing for me. I was always on the losing end of the trades for the first 3 months and even blew my account once just trying to figure out different methods and it not working for me. There were even times I just lost all hope and just quit it altogether but I got my act and started working on it again night in and day out non-stop. Then something hit me, if I lost all these trades in the 5 min, 15 mins, 30 mins and 1 hour charts using fibs, stochastics, MACD and other bunch of indicator mumbo jumbo wasting my time on the net, shouldn't I focus on the dailies instead and use just simple methods like resistance and support when trading and leaving your trades on the market for the whole day using automated stoploss and take profit techniques? Wasn't trading supposed to be fun instead of wasting your time always on the CPU?
As soon as I tried out this simple method, I tell you, I've been on the winning side of trading for the whole week. In fact its been so effective that this week alone, I garnered a $4,000+ on profits from FXCM's demo account alone (I've been down to $46,000 but I recovered it in one week using the dailies) and I in fact have yet to lose on my MGForex's demo account. I'm not saying that my system is fullproof though because really its not. But my winning trades when I started out in FXCM when using the dailies were quite high. I won as much as 80% while I only lost 20% most of the time when using this simple method. I just use my own version of Andrew's pitchforks (For many here I don't really know much how to draw a proper Andrew's Pitchforks but whatever works I'll stick with it) when trading in the dailies and leaving it alone at home to work in the morning and later get back home at night if I have the time and liquidate my Equity if the profit is high enough.
But I've also encountered people saying that trading in the dailies is very risky and shouldn't even trade in that timeframe unless you have the capital and guts to actually do it. But I ask you, what's more dangerous, trading in a very volatile situation in the 5 min - 1 hour timeframes or the dailies where you can predict and catch where the next price levels would be with just simple support and resistance and a bit of technical indicators? In fact, I was very surprised just how much of a winner I can really be by just trading in the dailies alone.
As soon as I tried out this simple method, I tell you, I've been on the winning side of trading for the whole week. In fact its been so effective that this week alone, I garnered a $4,000+ on profits from FXCM's demo account alone (I've been down to $46,000 but I recovered it in one week using the dailies) and I in fact have yet to lose on my MGForex's demo account. I'm not saying that my system is fullproof though because really its not. But my winning trades when I started out in FXCM when using the dailies were quite high. I won as much as 80% while I only lost 20% most of the time when using this simple method. I just use my own version of Andrew's pitchforks (For many here I don't really know much how to draw a proper Andrew's Pitchforks but whatever works I'll stick with it) when trading in the dailies and leaving it alone at home to work in the morning and later get back home at night if I have the time and liquidate my Equity if the profit is high enough.
But I've also encountered people saying that trading in the dailies is very risky and shouldn't even trade in that timeframe unless you have the capital and guts to actually do it. But I ask you, what's more dangerous, trading in a very volatile situation in the 5 min - 1 hour timeframes or the dailies where you can predict and catch where the next price levels would be with just simple support and resistance and a bit of technical indicators? In fact, I was very surprised just how much of a winner I can really be by just trading in the dailies alone.
