DislikedCloggie, can you give me any clues to a good daily strategy, I've tried the 'miracle' attached but not great, any advice much appreciated.Ignored
For starters, you will never make money using someone else's strategy or methods.
You need to do your own work and find a style that suits your personality and character. I spend last weekend with some other traders and inevitably the subject of trading style came up, we are all profitable and we all use different styles and methods. We all agreed that none of us could make the other's strategy work for us.
You need to start at the basics, get rid of those indicators you got on your chart now, keep some basic momentum ones that you like and that suit you and then focus on one aspect of trading that "talks" to you, whether it is fundies, techs, SR trading, divergences, and on and on.
You need to demo trade a system/method/strategy, document it. And I mean each and every trade, what were you thinking when you entered, what were you seeing, what happened in the market around it, what are your stops, etc.
You need to pick a strategy and get 1,000 trades documented using that strategy while finetuning it to see what the statistical edge is for you. Don't go flopping back and forth between strategies, don't go looking for strategies/methods on the interwebby, you won't find any.
You got to put the time in, after 8 months you must have an inkling roughly what method suits you, or which one is at least a bit clearer then the rest, which one is talking to you. There are 1,000's of different ways to make money in this business, you just need to find the one for you.
So throw away what you have found on the web, focus on what you like, start a journal and go to work. It may take you a year, it may take you 10, but eventually you will master this. Most fail because they just give up too early and don't have the commitment it takes to make it in this business.
Once you got it figured out on demo and have analysed each and every trade and have a documented statistical edge, then you can start with real money.
I still demo trade new strategies after 20 years of trading. I take at least a year of paper trading a new setup/idea/ thought process, then I start a small live account and trade it for another 6 months before I incorporate it in my trading. Even then I still discard setups and ideas that are not quite right for me.
ONe big hint I can give you is stay away from fundies, there are only 2-3 here that fully understand them and know how to trade them, that takes a very long time to use in your trading style, start of with the techs. The second hint is, only trade one pair, get to know that one inside and out before you start looking at trading other pairs.
^^
viel Spaß
