I became a profitable trader when I spent less time on trading, sounds weird but it works. Created an EA base on my system rules, monitor a couple of minutes a day, make money, simple.
I remember when I first started out, I uses to spend hours looking at charts, trying to find patterns, reading other people's analysis, reading Forex article, keeping up with the news, reading and learning other peoples system, and yet was still not making a lot of money. I think most new traders will go through this phase.
Turning point was when I stopped all of that and kept it simple(KISS). I realized that almost all strategies and indicators work. The hard part is choosing the one that fits your trading style best. So I choose the strategy I was most familiar with, candlesticks and pivot points, did a lot of paper trading and forward testing to make sure my system was solid and profitable, made a couple of tweaks along the way, until I can simplify it as much as possible without being to over simple, if you know what I mean.
Then I realized that my system had such defined entry and exit rules that even a robot could trade it. Which is what I did next, created an EA based on those rules.
And here I am now. I just let the EA trade and only monitor it a couple of minutes a day just to make sure everything is working correctly and that there are no sudden price change. Some people will say EAs dont work, but if you think about it, EAs are only as good as the system it was based on. If the EA isn't making money, chances are the system wouldn't have made money even from manual trading.
Best advice I can give to new traders? K.I.S.S
Try to find a strategy you like and stick to it and improve upon it. Don't make it so complicated that you need 10 indicator confirmations to place a trade, lol, you want to be able to look at a chart, check your system entry rules and be able to place a trade in an instant if entry criteria is met, without second guessing your entry, same with exits. That is what a good system should be like.
Hope that little rant will be useful to someone out there.
I remember when I first started out, I uses to spend hours looking at charts, trying to find patterns, reading other people's analysis, reading Forex article, keeping up with the news, reading and learning other peoples system, and yet was still not making a lot of money. I think most new traders will go through this phase.
Turning point was when I stopped all of that and kept it simple(KISS). I realized that almost all strategies and indicators work. The hard part is choosing the one that fits your trading style best. So I choose the strategy I was most familiar with, candlesticks and pivot points, did a lot of paper trading and forward testing to make sure my system was solid and profitable, made a couple of tweaks along the way, until I can simplify it as much as possible without being to over simple, if you know what I mean.
Then I realized that my system had such defined entry and exit rules that even a robot could trade it. Which is what I did next, created an EA based on those rules.
And here I am now. I just let the EA trade and only monitor it a couple of minutes a day just to make sure everything is working correctly and that there are no sudden price change. Some people will say EAs dont work, but if you think about it, EAs are only as good as the system it was based on. If the EA isn't making money, chances are the system wouldn't have made money even from manual trading.
Best advice I can give to new traders? K.I.S.S
Try to find a strategy you like and stick to it and improve upon it. Don't make it so complicated that you need 10 indicator confirmations to place a trade, lol, you want to be able to look at a chart, check your system entry rules and be able to place a trade in an instant if entry criteria is met, without second guessing your entry, same with exits. That is what a good system should be like.
Hope that little rant will be useful to someone out there.
