I have been struggling for 6 years in trading....

You see, I have been struggling for 6 years in forex trading. I surfed the internet, forex fourms, everything. Nothing helped me. Whenever i would ask someone to help me, they would be saying something like,

For You to be trading profitably, You have to listen to the market, and it will tell You what to do. Or, something like, trading is your responsibility. Or, be patient, or You will lose.

How is that going to help me in trading!? Or, whenver I buy a book from the internet ( about forex trading ), they would say something like :

Secrets of Forex Trading of a Millianre mind.

That is a huge lie! I don't belive that anymore. Nobody would share anything with me, or anybody else. Unless they are good people. This is why I posted this thread.


I WOULD REALLY LIKE IT IF SOMEONE WOULD HELP ME IN FOREX TRADING, LIKE TELLING ME WHAT SYSTEM THEY TRADE, AND HOW THEY TRADE IT, PEROSNALLY. I WOULD REALLY APPRECIATE IT. THANK YOU,
DAN.

Thank You,
Dan.

P.S. Please send me private messages. Again, Thank You.

Well Dan, I think the best thing now for you is to find a system, use it consistently taking losses and winnings with it and use it for a good deal of time. The losses don't matter. The thing is, with proper risk control and money management, a system that wins just 51% of the time can make you profitable too.

Anyway, pick a system, there are so many out there like Bagovino's method, Vegas, etc. Follow it religiously, then start making your own tweaks to the system and fully adapt it to your own style of trading. Do not jump systems then moment you hit a losing streak. Follow it. You'll find a huge improvement if you do just that. =)

Dan it seems to me your weakness now is not in what system you trade, but if you can trust yourself and the system itself when things go bad for a period of time. I would not be looking for a system, I would be looking for some info on mindset and money management.

Just try this. Wait for a 200 pip run by gbp/usd or 150 for eur/usd with no more than a 15 pip retrace during the run. Wait for the pair to stop and base... then take the opposite direction.

Just try it... grab 10 pips profit then be happy with that. It will only get you 50 pips a month or something but it will be a start.

I'm a fairly new trader...with a highly successful system...but none of that matters although the system yields a 60+% win it means nothing...I still lost lot's of demo accounts...why?? fear, maybe?, greed?, MM, ....I wondered and then I talked to a very successful futures trader on the plane and he tole me something which has been said before(by many trader books)....trading(forex especially) is like holding up a mirror in front on you.....

my daily pips average is 40+....I'm rebuilding a drawn down account(demo) with medium success..

basically this is part of my study learning more about that image staring back at me....

Dan,

It is not about the system. It is about mindset and money management. The system is just a place to hook those other two things on to.

It is also not about how someone else trades a system. It is about how YOU would trade that system.

Here is how I define "system". it is:

An entry and exit methodology

PLUS

A money management strategy

PLUS

The trader!

All three of these things combined make up a "system". You can't ask someone to share their system with you because you are a different person than them.

There are plenty of entry/exit methods around. Pick ONE method and get married to it. Forsake all others. Pick ONE currency and get married to it. Forsake all others.

Go back a couple of years on your historical charts and start MANUALLY backtesting the system one bar at a time. This allows you to inject yourself into the backtesting process while at the same time building your confidence in the method that you can make it work for you. You must do this MANUALLY. Automated backtesting is BS because it does not allow you to inject yourself into it, and you will get nothing out of it.

Get the book Trading in the Zone by Mark Douglas and read it repeatedly until it falls apart in your hands. Then buy another copy and start reading it again.

Do the above for one year. If at the end of the year you find that your trading is no better than it is now, then face the music and admit that trading is not for you. That may sound harsh, but there are some people that are simply not cut out to be traders no matter how hard they try.

If it turns out that trading is not for you, then please don't despair. It only means that your gifts and talents are better suited to something other than trading. Something that can enrich your life and make you happy. If you find that trading is not that something, then drop trading and continue your search elsewhere for something that fits you. And don't give up until you do.

Dial

I have been trading for just over three years, here is what I do.

2hr,4hr,and daily chart.
apply the 21,40,and 100SMA's

50% Fibb retracment.

and good old price action.

Even numbers work well also.

When using the SMA's wait for the candel sticks to rise above or below the SMA's, I like using this with the 4hour chart, works good.

And most of all forget news trading! Do your trades around the news.

Use at least a 100+pip stoploss, if you cant than your account is more than likley too small in the first place. Always trade during the first and last half of the trading session...this is when things move the most.

Let your trades run by using a trailing stop, set your trade and stop looking at the computer screen all day it will just make you a nervous nut.

Just know you cannot win all of the time and that the simpler the system the better it works,always use larger time frames.

cobra:
is 50% fib retracement = cobra pattern retracement... ?
I checked a few things it seem to be true.

Wow!

You are the perfect candidate to sell your trade signals! They’re all just like you!

Congratulations!! You’ll be rich in no time at all.

Seriously, maybe try buying Aud/Jpy on a 1:1 basis and be happy with 3% a year. Who knows?

http://static.forexfactory.com/forex...1&d=1247367193
Undeniably a crucial element of all successful trading strategies.
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.
.
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Do the fixed/term deposit pay less than 3% p.a. in your country Here in India banks pay above 8%, after tax you will get roughly above 6% p.a.
And investment (A) grade bonds yield is 9.5-10%. So my target is to generate above 10% a year, less than that I do not have to trade at all.

Looks good, amazing...do you have an EA for it yet? Please send

Dan,

On a more serious note, read what the people have posted above. Dialist has hit the nail on the head in that the system plays a small part of your overall strategy. Your 'make up' as a trader i.e. your mindset and the way in which you approach it (attitude) is what pulls you through time and time again, not the system alone.

You have to find a strategy that suits you and then you HAVE to make it one with yourself and only then will you get into the 'zone' so to speak. It does not help to try system after system, that leads to eventual failure. You need to get a system and stick to it as mentioned above. If it does not work then so be it, but I can almost guarantee you, you would have learned more and be on the right track and have the right mindset to learn more.

There is no such thing as a good or a bad system. I know a trader who trades with only a 20EMA on his charts and you will not hear him complaining for a lack of money. I myself trade with a clean chart, and the next guy will trade with 20 indicators. So we all find our comfort zones and a system that works for us.

All of us however have one thing in common and that is that we have done the screen time. There is not one successful trader I know of who did not sit and stare at charts for hours on end trying to figure things out. It takes dedication and a willingness to learn. You need to spend so much time with your 'system' and trading that it all becomes second nature. Trading without thinking.

If you look at a chart and cannot decide whether to take a trade or not then you do not have a system or you do not trust that system. If you do not trust it there is no way in which you will make it your own, and that will result in you just slipping further into the traders void.

Best advice I can give you is to start from scratch. Forget everything and start over. Go back to basics, forget about a system, that comes last. Once you can grasp the basics of trading you will see that any system can and will work for you.

Best of luck.

Did you guys notice that good old Dan posted this over 3 years ago? Either he's gone on to find FX riches or he's got a job in Mickey D's

Lux

True it won't let you inject yourself but will it really do nothing for you?

no disrespect meant at all Mr diallist, i'm just trying to understand why you consider back testing to have absolutely no value at all.

or he is still struggling for about 9 years

Yes, but gravedigger jspain0001 got it back to life and came up with the perfect timing for daytrading.

So, what is the problem with the way I trade? Did you make 682pips from GBP/JPY last week? Also, I dont just use sma's they are used only to help confirm the trade.

Nothing wrong with that, you gave us the perfect reciept for trading at the right moment.