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What is your most profitable trading method?

  • #21
  • Nov 18, 2009 7:17pm Nov 18, 2009 7:17pm
Quoting AndsX
How do u handle false breakouts. I am been trying a similar strategy but got whipsawed a lot

I remember a statement made on this forum by Merlin some time ago.. He said "Never trade a breakout unless it follows a previous breakout." That statement resonated deeply with me and led to some research. I discovered that a number of very successful traders in interviews said the same thing from Jesse Livermore to present day greats! Wait for the pullback following a breakout. That works for me. Try to find the thread "Break Out Trading Strategy" by Phil Newton. He had some great videos on how to avoid false breakouts.

Cheers!
forexnetworth
www.forexnetworth.blogspot.com
  • #22
  • Nov 18, 2009 7:31pm Nov 18, 2009 7:31pm
Quoting TiaForex
Price action at support and resistance levels. Best outlined in the James16 chart thread but also practiced by a lot of people on the factory.

I heard it said once that of the 5% who succeed in this business, pretty much all of them come back to an understanding of naked price action.

I also think simplicity is the core to any method. Jacko's style of buying with trend on pullbacks to the 50% retracement or with round number confluence will make it very hard to go bankrupt in the long run. Trend trading is great. I'd rather run with the horses...
I agree 100% that naked price action is the way to go! Whats interesting is that some trade the bounce off support and resistance levels, while others trade the breakout of those levels. Either way, trading with the trend offers great safety. It just goes to show that profits can be made either way. The key is to find what suits ones personality, develop a plan and the discipline to adhere to the plan. Risk/Money management is also key. Well said TiaForex.

This is a very interesting thread because it may show that all methods work. The secret then lies not with the method, but with the trader!

Cheers!

forexnetworth
www.forexnetworth.blogspot.com
  • #23
  • Nov 18, 2009 7:46pm Nov 18, 2009 7:46pm
I stopped listening to the nay sayers and started doing what I felt was right for me. Its no good trading anyone else's perfect method if it doesn't suit you.
I love what EOHater started "trade what you see, not what you expect" and I so wanted to grasp it, but it didn't work for me.
  • #24
  • Nov 18, 2009 9:08pm Nov 18, 2009 9:08pm
Patience, patience, patience....
and
trading price patterns that occur at support/resistance levels...
skype: ststroud. let's talk trading.
  • #25
  • Nov 19, 2009 12:38am Nov 19, 2009 12:38am
Quoting tyler812
Patience, patience, patience....
and
trading price patterns that occur at support/resistance levels...

Give that man a cigar for an excellent answer. !!!
  • #26
  • Nov 19, 2009 2:04am Nov 19, 2009 2:04am
Quoting BenScoobert
I love what EOHater started "trade what you see, not what you expect" and I so wanted to grasp it, but it didn't work for me.
Someone please start a thread of Useless Phrases that gets churned out with all the rest of the guru bull shit
  • #27
  • Nov 19, 2009 3:57am Nov 19, 2009 3:57am
Quoting mathematician
Yep, me too. Trend trading. Actually, Jacko, I do find it kind of exciting...because it works.
Hi mathematician

Yes, it most certainly does.

.
  • #28
  • Nov 19, 2009 4:10am Nov 19, 2009 4:10am
Quoting Porkpie
Someone please start a thread of Useless Phrases that gets churned out with all the rest of the guru bull shit
Hi Porkpie

I think I have seen one or two threads that have all the pithy trading maxims in them. But you may be surprised by the fact that most of the really well known one are the best rules you could ever trade with.

For example, "Cut your losses and let the profits run" is probably the best known and.... "gets churned out with all the rest of the guru bull shit".

Yet the biggest killer of traders is the fact that traders believe that a trading axiom is "guru bull shit" and so they do not put a Stop Loss in place and get destroyed by their first loss trade that goes against them.

So before you are too scathing and critical of established and proven trading axioms, you should take a look at them more intelligently. They could save your account.

They are trading axioms because they work.!!!!
.
  • #29
  • Nov 19, 2009 4:56am Nov 19, 2009 4:56am
Quoting jacko
Hi Porkpie

I think I have seen one or two threads that have all the pithy trading maxims in them. But you may be surprised by the fact that most of the really well known one are the best rules you could ever trade with.

For example, "Cut your losses and let the profits run" is probably the best known and.... "gets churned out with all the rest of the guru bull shit".

Yet the biggest killer of traders is the fact that traders believe that a trading axiom is "guru bull shit" and so they do not put a Stop Loss in place and get destroyed...
yes, there are the big ones which are more trading laws imo. I guess a lot of the others are down to interpretation and can be misleading. At the end of the day, if they get you to think about what you are doing then they have served their purpose and its for you to make your own decision. But if you don' think about what they are saying and just blindly do and say what some of the 'gurus' say then that will blow your account also imo.

For example "Trade what you see. Not what you expect". For a newbie this is highly dangerous. Again, its down to interpretation.
  • #30
  • Nov 19, 2009 6:05am Nov 19, 2009 6:05am
Scalping predictable volatility on M1 charts for 3-pip winners. Over and over and over....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #31
  • Nov 30, 2009 1:34pm Nov 30, 2009 1:34pm
I trade with Sniper Forex. It is a trend following system on the 1 hour chart. I use also MACD 5/35 and depending on the market, ranging or trending, I change the sniper line settings from 30 to 40.

I traded different systems and smaller time frames, but Sniper and the 1 hour chart is the only system and time frame which is working for me.

Holger
  • #32
  • Nov 30, 2009 1:54pm Nov 30, 2009 1:54pm
Patience!

Patience to enter a trade and knowing when to bail out of a trade. Besides patience definitely money management.
  • #33
  • Nov 30, 2009 2:07pm Nov 30, 2009 2:07pm
A good Money and Risk Management , some pateince
close your eyes and follow the trend
keep doing this for a year and you will be amazed by the results
totally agree with everyone in here said that trend following is the place to make money
good luck all
  • #34
  • Nov 30, 2009 3:19pm Nov 30, 2009 3:19pm
Trade with the daily trend and choose my entry points based on the hourly chart so that I don't experience a lot of drawdown. If need to, scalp the 5 min chart using the same system and only in the direct of the daily trend. Money management plays a key role with the ability to read pricing reversal on the small timeframes. With this set up, you will need a lot of patience.
  • #35
  • Dec 3, 2009 5:43am Dec 3, 2009 5:43am
A good money management is key to success. I never risk more than 3 % of my account, maybe I can do some hedging (my broker is Swiss acm) but I never exceeded 5 %. Also I think is important is not to let bad trades affect you. If you have an ego, the following trades are just gonna be bad
  • #36
  • Dec 3, 2009 10:55am Dec 3, 2009 10:55am
Hey PC---long time no talk! Hope all is well with you and yours. My most profitable method? Well let's assume everyone knows about moneymanaement and will be careful. I know that is a big assumption, but it allows us to get to the actual method. No method will work if you are risking too much per trade! So I do the following:

1) Is there a clear trend on the daily chart? Minimum 25 bars, more comfortable with 50.

2) Do the fundamentals of the currency support what is happening with the trend?

Yes to 1 and 2--- I have a tradeable pair!

3) Indentify a swing high (or low, depending on trend direction)... wait for a retracement... then pull the trigger!

4) If retracement continues, look to pull trigger again at some fib or S/R line on lower time frames.

5) pull double trigger if previous swing low (or high) is challenged.

6) Take profits when new swing is achieved in the direction of daily trend.

7) If old swing is violated (in opposite direction of trend), hedge.

8) If next swing is violated (in opposite direction of trend), abandon ship... trend change is likely upon us.


Sometimes I hold trades for a day or 2, sometimes a few weeks.

Hope that helps some newbs out there!

Hope to talk to you soon, PC.

Regards,
  • #37
  • Dec 4, 2009 1:43am Dec 4, 2009 1:43am
Quoting FX-Petra
Hey PC---long time no talk! Hope all is well with you and yours. My most profitable method? Well let's assume everyone knows about moneymanaement and will be careful. I know that is a big assumption, but it allows us to get to the actual method. No method will work if you are risking too much per trade! So I do the following:

1) Is there a clear trend on the daily chart? Minimum 25 bars, more comfortable with 50.

2) Do the fundamentals of the currency support what is happening with the trend?

Yes to 1 and 2--- I have a tradeable pair!

3)...
Hey Petra! It has been awhile, hasn’t it? I am doing okay and hope you are too. Thanks for your contribution to the thread!

  • #38
  • Dec 4, 2009 10:53am Dec 4, 2009 10:53am
"What is your most profitable trading method?"


It's scaling out from losing and adding to winning positions.
That means one average winning trade often can compensate 3-4 losing trades.
  • #39
  • Dec 6, 2009 3:50am Dec 6, 2009 3:50am
every trading system provides buy and sell signals, but the most important thing we have to do is, buy at support and sell at resistance


-----------------

map your chart with support resistance
  • #40
  • Dec 6, 2009 4:02am Dec 6, 2009 4:02am
Very Risky but extremely profitable.
Escobar's method

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