Successful strategies

hi,
please forgive me if this is a too newbish question, but iam really hot to know what the most successfull strategies are (i think it doesnt matter if they bring only a few pips. Isn't the point that they make pips on a constant level?):
As i read and think it is:

-EJ_4h
-vegas wealth builder
-Forex Over Easy

What other strategies are very successful for quite a long time? Maybe i could make a list ?

Hi Mike,

I think you might find the responses to this type of question a little disappointing. The reason being what you have probably heard before. It depends on the Driver. In other words, if Fernando Alonso let me drive his F1 Renault, would you expect me to beat David Coulthard's Ferrari?

No... I wouldn't either... But I'd rrrreeeellly like to try.

I hope you understand my point here.
I think possibly starting with a little more general question of "What type of system do you prefer?" might just net some better clues for you.

TA
1) Breakout.
2) MA Crossovers.
3) Momentum.
etc etc...

FA
1) Interest Rates.
2) Political Stature.
3) Ecconomic Inflation/Deflation.

Hope I didn't steer your thread in a direction you didn't want to go but....

VRRRROOOOOOMMM

4th gear... I'm alright...

Bemac gave a GREAT answer, so I'll only add this:

Successful Strategies are all in your head.

Any strategy that has a positive expectancy can be successful IF your mind is right.


Dial

P.S. No question is too "newbish" so be bold and ask whatever you want!

Hi all seasoned and successful traders,

As BEMAC mentioned , please let us know what types of trading system do you prefer ? And why ?
Thanks alot all of you.

I'm a seasoned trader.....seasoned with salt that is!

I prefer trading systems that make money. Why? Do you really have to ask?

Fryes

P.S. Dial is right. It's all in your head, and if your head happens to be a lightbulb, then it's just a "filament" of your imagination! (I crack me up!)

im a noob to fx but have been trading for stock for about a year.....I prefer hedging; it allows me to profit (for the most part) no matter which way the market turns, but its risky.....:-)

As usual.

Hey Fryes!

What is that in your avatar? A woman, or a mermaid? I can't quite tell if the thing sticking out on the right is a tail or just a couple of fries.

I can see that she has boobs...... Like Me!! UU

Michele UU

I'm a trendline bouncer so watch out!

Seriously I think you can start with any of the EJ_4H or Vegas systems (the third one never heard of), they are both good systems. But please don't trade real money first and if you eventually come to trade live any of these systems then trade money that you afford to lose. And never stop doing researching on your own, any idea you have think about it throughly, test it, dump it in the garbage and start again. All this process will lead you to some realisations and "Aha!" moments that will eventually lead you to what Dial said.
Of course I'm not saying that you wouldn't be successful from the start trading these systems, so please go ahead and trade baby!

P.S. I'm not a winning trader! But I'm not a losing trader either! I'm a breakeven trader and I'm proud!

Hi soso,

Good on you! You should be proud. It takes a lot of hard work to move from beginner to breakeven trader. In a few more months, I'd like to hear you say you've moved into consistent profits. I dare you.

Dial

You will be the first one to know!

Well I have to say, I am pretty happy with my trading. I trade a modified knife and also a trend following method, which is still the knife or the 4 hour Vegas.
Those before me are so right. I just do not enjoy trading reversals, so I stay away from the Vegas Daily. It is a good method, but not for me.

I owe my consistency to 4 things.

1. help from others more knowledgeable then myself
2. practice, practice, practice
3 realizing that sleep is way over rated. Ya gotta put the time in.
4. education is not cheap. pay for quality materials and read.

Any method will work with good money managment. You can take a system that only wins one out of three times and with a reward to risk of 2:1, you can loose twice and win once and still break even. And that is with a system
that is not as good as tossing a coin to place a trade. Imagine what can be done with a coin toss or better..

everyone talks about risk/reward ratios but they dont make sense to me. How do you figure it out.

From what i have seen people say they have a stop of 20pips and 40pip limit so they are a 2:1, that isnt a 2:1 ratio because it is 2x as hard to get 40pips, so its actually a 1:1. Everything would be 1:1. 50stop 150limit = 1:1

is there something i am missing?

Yes, you are mixing up probability with reward to risk.

If I am willing to risk $10 to make $20, that is a reward to risk of 2:1
In a seperate issue, what is the likelyhood of making $20 is a question of probability and is independent from the first statement.

I went and bought the book probability for dummys (me) and it explains this very well.

When I found day trading on a search engine a little over 2 yrs ago, I thought, no way am I gonna be able to learn this stuff. I didn't even know what ask/bid meant. I got a demo account and started clicking on things and learned what the definitions of all the words meant with out reading anything. I was using tick charts to say ok now it is gonna start to go down or up. I did that for about 9 months and went through many demo accounts. I thought there is no way of this happening. I then thought I had to go to office depot or a place like that to buy some charting software so I could do it (I never did). If I could get +10 pips on a trade, I was estatic. Then, one day, I decided to type in forex on a search engine and STARTED TO READ. Things started to fall into place a little. I dug some more and some more and some more. FINALLY, I found forex factory and things really started to click (had to put that part in). I check into forex factory every hour unless I am sleeping. Once you have read everything, go and read it again. Don't think you can get it figured out in a day a week or even a year. This stuff takes alot of time. I spend at least 16 hours a day working on forex and learning. It will never end. Don't think you can take all the information and put it down on paper and make it work right away. It will never happen. Start small. I could go on and on about this stuff. Just don't give up. I have been discouraged so much. I think I am too stupid to learn this stuff. Watching these other guys and how smart they are with the way they trade and their schooling and jobs. I have come very close to giving up. I have had people shke their heads at me when I say I trade foreign currencies online. I have had my computer give up on me and die making me go buy another one. But, you know what. It will happen. In the last 4 months, I have spent close to 1,800 hours learning, no joke. Practice, Practice, Practice. Open up a chart and put one indicator on it. Look at when price starts to do something and what your indicator does. Anyone that wants something given to him/her will have a very hard time making it. It is no differant than a person without a job going around asking people for money day after day. A person has to go out and do the work. I have so much to learn yet but, I am learning and I will tell ya, when I can make my account frow day after day, I am gonna be so proud of myself. I accomplished what I thought I couldn't, I did what they all told me I couldn't. I am so motivated to succeed. That is what you need, you don't need us to give you a system, you need motivation to go out there and get it. Each one of us could give you a system that makes money but, it will not work for you like it works for each of us. I hope I haven't said anything offensive in this but, it is the truth. Ok, I'll shut up now cause I am sure this is getting really long winded. Forex is one big puzzle. When we think we are gonna be putting that last piece in, we realize that the last piece is missing.

:Applause: :Applause: :Applause:

Good for you 'Dad. Great post. Made want to stand up and cheer for you.

I can't make my account grow day after day but it grows overall and I'm happy with that.

Well, here is a good lesson. http://www.tradeology.com/lessons/ch.../channels.html

And here is a good read.
http://www.tradeology.com/rateofchange.html

It's good to see I'm not the only wacko in north america that follows F1.

Sorry to interupt...

Got my gold seat pit pass tickets for July in Edmonton. Me 'n' ma boy.

Hi RENASDAD,
Your suggestion and advice are well posted .
Newbie like me will learn from you well.
Thanks