I wrote small report for June and want to continue based on it, so here are my thoughts for July:
Since the previous report I've decided to try my best to stick to the rules with small corrections mentioned. To cut this short, here are the results in term of pips:
I couldn't believe, that this was happening, because it's the first time i got profitable since start of forex trading and not simply profitable, it was a whooping 90% win rate, i had no full SL, i managed to recover from my loss and gain 18.6%. Unfortunately this was on demo
I thought, that this was not simple luck and I "got it" at last. Basically I was simply taking every trade by the rules since london open + 2 hours and nothing more. I didn't do any additional analysis. I had a lot of "belief" trades, which I though would definitely go to SL, but it was at most TS. I've decided, that it's time to switch live on the smallest account.
The first day of live trading was not very successful, because of technical problems. I managed to make only one trade, which ended as TS. The next day I got first SL, which I expected and was ready for, anyways I got another two TP, which covered loss. But SL started to occur almost every day up till now and here is the result:
When I saw, that result is reversing (win rate is 38.5%), I started to be more cautious and took trades, which I didn't take, when traded on demo, but still within the rules. I admit, that made 1 or 2 out of the rules trades due to inattention, but i'm confident, that all others were 100% by the rules. At some point it was obvious, that market is getting very slow and gone on holidays...
Honestly I don't understand how "masters of this thread", which always (like 90% of the time) win, managed to pick almost all the winners even in such tough conditions. As for me it would've made more sense if someone would write: "hey, it's low ADR, market gone on holidays and so do I, bye!". There is always explanation, why something didn't work or shouldn't have worked or worked, but I just can't get "it", at least right now, because it's not always consistent (as I see it).
Anyways, here are my conclusions:
1. if you only follow written rules -> you lose
2. to win, you need to apply uncertain amount of additional unwritten rules and discretion
3. don't trade, when the market is dead, but i'm not sure how to definitely determine this, probably as I mentioned, it's better to not trade during August at all. Time will tell. If I will be able to repeat demo results from September, then it's true.
Concerning the #2 and #3, there are a lot of explanations earlier in this thread, so I won't go into details, but the main points are:
1. no trend = no trade - whatever it means, but I read somewhere, that it's not possible to determine if it's trending or not, because at every moment everything can change
2. low adr/atr = no trade
3. you don't need to follow 1 and 2 to be profitable
in other words:
some rules (probably it is called strategy/system) + ??? = profit
Since the previous report I've decided to try my best to stick to the rules with small corrections mentioned. To cut this short, here are the results in term of pips:
I couldn't believe, that this was happening, because it's the first time i got profitable since start of forex trading and not simply profitable, it was a whooping 90% win rate, i had no full SL, i managed to recover from my loss and gain 18.6%. Unfortunately this was on demo
I thought, that this was not simple luck and I "got it" at last. Basically I was simply taking every trade by the rules since london open + 2 hours and nothing more. I didn't do any additional analysis. I had a lot of "belief" trades, which I though would definitely go to SL, but it was at most TS. I've decided, that it's time to switch live on the smallest account.
The first day of live trading was not very successful, because of technical problems. I managed to make only one trade, which ended as TS. The next day I got first SL, which I expected and was ready for, anyways I got another two TP, which covered loss. But SL started to occur almost every day up till now and here is the result:
When I saw, that result is reversing (win rate is 38.5%), I started to be more cautious and took trades, which I didn't take, when traded on demo, but still within the rules. I admit, that made 1 or 2 out of the rules trades due to inattention, but i'm confident, that all others were 100% by the rules. At some point it was obvious, that market is getting very slow and gone on holidays...
Honestly I don't understand how "masters of this thread", which always (like 90% of the time) win, managed to pick almost all the winners even in such tough conditions. As for me it would've made more sense if someone would write: "hey, it's low ADR, market gone on holidays and so do I, bye!". There is always explanation, why something didn't work or shouldn't have worked or worked, but I just can't get "it", at least right now, because it's not always consistent (as I see it).
Anyways, here are my conclusions:
1. if you only follow written rules -> you lose
2. to win, you need to apply uncertain amount of additional unwritten rules and discretion
3. don't trade, when the market is dead, but i'm not sure how to definitely determine this, probably as I mentioned, it's better to not trade during August at all. Time will tell. If I will be able to repeat demo results from September, then it's true.
Concerning the #2 and #3, there are a lot of explanations earlier in this thread, so I won't go into details, but the main points are:
1. no trend = no trade - whatever it means, but I read somewhere, that it's not possible to determine if it's trending or not, because at every moment everything can change
2. low adr/atr = no trade
3. you don't need to follow 1 and 2 to be profitable
in other words:
some rules (probably it is called strategy/system) + ??? = profit
