Good day to you all.
I'm still a rookie in this Forex game, and have been demo trading for less than a year. I have tried various systems and methods using the most weird and wonderful indicators known to man, however I found that they all had one thing in common: they consistantly lost me more money than I made!
One may argue that it is partly the trader's mentality that loses the money, and not the system, and while this may be true, I argue that the ever changing market itself has no respect for man and his systems and indicators. If you are consistantly making money using a variety of indicators, then more power to you, but this is not a road I personally wish to travel on any further.
Thus we come to the wonderful world of the Igrok method. For those of you not familiar with this, I suggest you get yourself a copy of the excellent book 'Beat the Odds in Forex Trading' by Igor Toshchakov (Igrok). Once you have completed reading this, visit the thread where the author himself was kind enough to answer questions from mere mortals such as ourselves. How many authors/traders have made time to do this, over a 3 year period, I ask?
The method basically teaches you how to trade on the principles of the Average Daily Trading Range, Trendlines, and Patterns. The book contains templates which can be applied to specific price setups and helps to take a lot of the emotion out of trading. However, it still requires a lot of time, study, dedication, and practise to master, as spotting patterns and other setups is an art which can only be gained through experiance.
As you read through this thread, you will see that we mainly use Trend Lines, MACD to spot divegence and use as confirmation of price target, and also statistical data based on Average Daily and Weekly Range. Apart from that, there are no moving averages, bollinger bands, SARS, candles, etc. Occasionally we may use RSI to check overbought/oversold levels, but that's about it.
Price action and trendlines are our best friends here
This journal has been started so I can keep track of all my winners and losers, and be able to analayse what went wrong. Hopefully this can help all the other Igrok rookies out there to.
So with that, peace and good trading to you all.
I'm still a rookie in this Forex game, and have been demo trading for less than a year. I have tried various systems and methods using the most weird and wonderful indicators known to man, however I found that they all had one thing in common: they consistantly lost me more money than I made!
One may argue that it is partly the trader's mentality that loses the money, and not the system, and while this may be true, I argue that the ever changing market itself has no respect for man and his systems and indicators. If you are consistantly making money using a variety of indicators, then more power to you, but this is not a road I personally wish to travel on any further.
Thus we come to the wonderful world of the Igrok method. For those of you not familiar with this, I suggest you get yourself a copy of the excellent book 'Beat the Odds in Forex Trading' by Igor Toshchakov (Igrok). Once you have completed reading this, visit the thread where the author himself was kind enough to answer questions from mere mortals such as ourselves. How many authors/traders have made time to do this, over a 3 year period, I ask?
The method basically teaches you how to trade on the principles of the Average Daily Trading Range, Trendlines, and Patterns. The book contains templates which can be applied to specific price setups and helps to take a lot of the emotion out of trading. However, it still requires a lot of time, study, dedication, and practise to master, as spotting patterns and other setups is an art which can only be gained through experiance.
As you read through this thread, you will see that we mainly use Trend Lines, MACD to spot divegence and use as confirmation of price target, and also statistical data based on Average Daily and Weekly Range. Apart from that, there are no moving averages, bollinger bands, SARS, candles, etc. Occasionally we may use RSI to check overbought/oversold levels, but that's about it.
Price action and trendlines are our best friends here
This journal has been started so I can keep track of all my winners and losers, and be able to analayse what went wrong. Hopefully this can help all the other Igrok rookies out there to.
So with that, peace and good trading to you all.
Exited 81 pips on the long trade, -52 pips original loss = +29 pips profit. I actually used RSI oversold level to decide when to exit the trade, didn't want to get greedy waiting for PA to move up further, plus we already at 102% on ADR.
. Right now lower TL on larger triangle is still being tested, don't know wether to buy or sell yet
