I am compelled to write this here in the hope that even just a small handful of you will turn against the common belief here on this forum that the right combination of indicators and clever rules will make you profitable.
For the past 2 years I have dedicated my life to trading. I get up at 6am and trade, read, study, experiment non stop until 6pm and often right into the night. I have been known to average 18 hours per day at times dedicated to this journey. I have tried every system I can find on FF, looked at every indicator and created rule sequences from the simple to the vastly overcomplicated. At times I've thought I had created a masterpiece, a winning formula that will make pips. At times I have felt like giving up entirely. The road has been a long one and paved with highs and lows throughout.
I am here to say that I have finally learned how to open my eyes and see what was staring me in the face all along. I am now a profitible day trader. My average daily account growth so far this year is 1.75% per day per 5 day week. For me that is a triumph. It is consistent. Some days I can lose as much as 60 pips. Some days there are no trades I am willing to take. Other days I make as much as 200 pips.
The reason I am here writing this is to tell you that all these indicator based systems, MA crossovers, Parabolic SARs, Traffic light systems, rainbow scalpers etc etc etc. do not work. Believe what I am saying, or ignore me entirely and carry on beating your head on the table thinking if you can just find the right settings for this Camel Toe Space Rocket v11.6 indicator it will all click into place.
Believe me, I have been there before. And I have been so stubborn in my beliefs that I will come up with a winning combination of rules and indicators
Some of the "genius" strategies I have come up with:
Pip Whipper v10
Mr. Blobby
Swing Ball v1 1m scalper
Bertha v2
Cosmc Ribbon
Eagle Eye v4
Reactor
The Mouth v2
All of them absolute nonsense. Granted, Pip whipper v10 made lots of money for 2 months straight. And then it lost it all again.
There is a two word answer to success and some of you do not want to hear it because 1. You've heard it a million times and all the big guys never shut up about it, and 2. It will involve studying the charts and learning what moves them rather than memorising a rules based robotic system.
The two words are:
PRICE ACTION
This means hgher highs and higher lows, lower highs and lower lows, horizontal support and resistence zones, and significant diagonal channels.
It is not something you can learn a set of rules for and trade like a robot. You need screen time and lots of it. You need to understand what the big traders are seeing when they look at a level that has had price bounce from it 2 or 3 times. You need to find areas on the chart where price is all bunched up in a 30 pip range for 8 hours and there is no support below it for 100 or 150 or 200 pips and short it when it breaks to the low side. You need to be prepared to close for a loss and reverse if it breaks to the upside an hour later and not be married to any one direction.
You can get good at reading charts
You can get good at finding profit exits
But you must become a pro at taking losses.
You MUST look for trades with minimal risk and lots of potential for profit. Find an entry with a small risk and if it goes into profit, let it run until price action tells you it's time to get out as the odds of a reversal are growing.
Most of you who read this will think "hmmmm, he has some pretty ok points. How interesting. But whatever. I need to get back to my Biscuit Licker v38.9 Beta Strategy and finding someone to write an EA for it because wow oh wow this one is going to be THE ONE!"
The candles tell you everything you need to know guys. If even one of you listens to this and goes away and strips all indcators away and just focuses on price action, doesn't give up easily and becomes successful enough to make a modest living, then the purpose of my post has been fulfilled.
People tried to tell me this same thing ages ago and I didn't listen because I wanted a robotic system that would give me trades every day.
I was blind
And now I see.
Thank you.
-Roofx
For the past 2 years I have dedicated my life to trading. I get up at 6am and trade, read, study, experiment non stop until 6pm and often right into the night. I have been known to average 18 hours per day at times dedicated to this journey. I have tried every system I can find on FF, looked at every indicator and created rule sequences from the simple to the vastly overcomplicated. At times I've thought I had created a masterpiece, a winning formula that will make pips. At times I have felt like giving up entirely. The road has been a long one and paved with highs and lows throughout.
I am here to say that I have finally learned how to open my eyes and see what was staring me in the face all along. I am now a profitible day trader. My average daily account growth so far this year is 1.75% per day per 5 day week. For me that is a triumph. It is consistent. Some days I can lose as much as 60 pips. Some days there are no trades I am willing to take. Other days I make as much as 200 pips.
The reason I am here writing this is to tell you that all these indicator based systems, MA crossovers, Parabolic SARs, Traffic light systems, rainbow scalpers etc etc etc. do not work. Believe what I am saying, or ignore me entirely and carry on beating your head on the table thinking if you can just find the right settings for this Camel Toe Space Rocket v11.6 indicator it will all click into place.
Believe me, I have been there before. And I have been so stubborn in my beliefs that I will come up with a winning combination of rules and indicators
Some of the "genius" strategies I have come up with:
Pip Whipper v10
Mr. Blobby
Swing Ball v1 1m scalper
Bertha v2
Cosmc Ribbon
Eagle Eye v4
Reactor
The Mouth v2
All of them absolute nonsense. Granted, Pip whipper v10 made lots of money for 2 months straight. And then it lost it all again.
There is a two word answer to success and some of you do not want to hear it because 1. You've heard it a million times and all the big guys never shut up about it, and 2. It will involve studying the charts and learning what moves them rather than memorising a rules based robotic system.
The two words are:
PRICE ACTION
This means hgher highs and higher lows, lower highs and lower lows, horizontal support and resistence zones, and significant diagonal channels.
It is not something you can learn a set of rules for and trade like a robot. You need screen time and lots of it. You need to understand what the big traders are seeing when they look at a level that has had price bounce from it 2 or 3 times. You need to find areas on the chart where price is all bunched up in a 30 pip range for 8 hours and there is no support below it for 100 or 150 or 200 pips and short it when it breaks to the low side. You need to be prepared to close for a loss and reverse if it breaks to the upside an hour later and not be married to any one direction.
You can get good at reading charts
You can get good at finding profit exits
But you must become a pro at taking losses.
You MUST look for trades with minimal risk and lots of potential for profit. Find an entry with a small risk and if it goes into profit, let it run until price action tells you it's time to get out as the odds of a reversal are growing.
Most of you who read this will think "hmmmm, he has some pretty ok points. How interesting. But whatever. I need to get back to my Biscuit Licker v38.9 Beta Strategy and finding someone to write an EA for it because wow oh wow this one is going to be THE ONE!"
The candles tell you everything you need to know guys. If even one of you listens to this and goes away and strips all indcators away and just focuses on price action, doesn't give up easily and becomes successful enough to make a modest living, then the purpose of my post has been fulfilled.
People tried to tell me this same thing ages ago and I didn't listen because I wanted a robotic system that would give me trades every day.
I was blind
And now I see.
Thank you.
-Roofx
