Watch me rise or see me fall | Forex Factory

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Watch me rise or see me fall

  • #1
  • First Post: Dec 15, 2015 10:27am Dec 15, 2015 10:27am
I’ve been in forex for some time, in and out. I’ve been winning small and losing big until I finally quit. I was one of those guys who would jump from one strategy to another and always hope, yes this is it until I hit bad trades again and lose even more. Strategy might have been good but my MM was horrible. I would chase the losers, hoping it will turn around to become a winner or at least break even and this is a recipe for disaster.
I have tried EA, and they are good while they work and optimized but they don’t last long. 2 of those have killed my account, and yes, I have tested them on Demo account and by the time I went live with them, they started to underperform and… you know the feeling. This story has been told to many times. Then, I have quit trading but I didn’t quit learning. Now I am back again “just a little wiser” and will give it a try.
Maintain a positive attitude no matter how much you lose!
  • #2
  • Dec 15, 2015 10:30am Dec 15, 2015 10:30am
Quoting jbegic
Now I am back again just a little wiser and will give it a try.
Why not save yourself the time and money and don't start until you are very wise and absolutely certain of success?
  • #3
  • Dec 15, 2015 10:35am Dec 15, 2015 10:35am
Quoting Atokys
{quote} Why not save yourself the time and money and don't start until you are very wise and absolutely certain of success?
You can never be absolute certain. Progress can only be made through trial and error. The more you are "absolute certain", the harder you will fall.
  • #4
  • Dec 15, 2015 10:42am Dec 15, 2015 10:42am
Quoting Robertk
Progress can only be made through trial and error.
It is much cheaper to first perform research and planning.

Trial and error is expensive when it comes to trading.
  • #5
  • Edited 3:07pm Dec 15, 2015 11:00am | Edited 3:07pm
About my strategy:
This is a Manual strategy, pure price action, trend following, little bit of candle patterns. My charts are almost Naked. The only indicator I have is Stochastics for entry confirmation. I feel that indicators on the chart are destructing and since they are all lagging (well, at least most of them), and by the time you get confirmation, you are already late in a trade. Dont get me wrong, this is just my point of view. I have followed some of the traders who use A LOT OF THEM and they are successful, but it didnt work for me. More indicators on the chart, more rules to follow and at the end of day, you are still confused whether you had to be in the trade or not. Then you see the price went the right way, which would be in your favor if you have entered and you start banging you had why you didnt enter. The next time you are in the same situation but now you enter the trade and it went the wrong way... This is where most of the people struggle! I have decided to keep it as simple as it could get. This doesnt come natural, you have to learn your eye, mind and emotions to think alike. You have to devote a lot of time studying charts a lot of screen time. Watch price action, make a clear decisions whether the price is trending up or down... and you know how they say "trend is your friend". Also always know your entry and exits before you take your trade. Look left, structure leaves clues. Look for those SRs levels. Learn money management, dont risk more than 2% of your account and this applies ONLY when you know your strategy ins and outs. My suggestion is to risk 1% up to 1.5%. Not all the trades are going to be perfect, and I know I will hit bad trades eventually. But I also know know that I am not going to lose more than 1.5% of my account EVERY TIME I enter the trade and my entries are usually, 1:2 RR ratio.
I spend a lot of hours on tradingview (https://www.tradingview.com) studying charts and you can even get inputs from other people what do they think about any particular pair but that doesn't change my perspective of what I think about it and when should I enter/ exit the trade.
Maintain a positive attitude no matter how much you lose!
  • #6
  • Dec 15, 2015 11:04am Dec 15, 2015 11:04am
you are relying on others:
-you mentioned, you used an EA
-tradingview.com input/insights

get a better plan.

check D1/W1 only, 1H for entries:

pick weak / strong currencies - swap between each other.

example:

strong currencies: USD, GBP
weak currencies: NOK, SEK, JPY

this should give an idea...
  • #7
  • Edited 3:09pm Dec 15, 2015 11:11am | Edited 3:09pm
And this is where "Watch me raise or see me fall" comes in. I have started live trading with small investment and with small profit goals in mind which is 5% a month. I know this number may look way too small to some people while on the other hand, to some more experienced, it may look way to big. But this the number I have decided to be decent enough based on my demo testing and to be honest with you, I have averaged more than 5% a month with this strategy. Based on my MM approach and future outlook, my goal is to double up my account (100%) by 2/15/2017 and this is if I keep averaging 5% each month. I understand that I will hit many losers in a row but if you read above, I have a plan that I am going to stick with.

Here is my record so far: https://www.myfxbook.com/members/CRO...rategy/1451199
Maintain a positive attitude no matter how much you lose!
  • #8
  • Edited 12:09pm Dec 15, 2015 11:12am | Edited 12:09pm
Quoting Atokys
{quote} Why not save yourself the time and money and don't start until you are very wise and absolutely certain of success?
I did for long time and now I am back
Maintain a positive attitude no matter how much you lose!
  • #9
  • Dec 15, 2015 11:13am Dec 15, 2015 11:13am
Quoting Robertk
{quote} You can never be absolute certain. Progress can only be made through trial and error. The more you are "absolute certain", the harder you will fall.
Agree, in this market you never know what's going to happen.
Maintain a positive attitude no matter how much you lose!
  • #10
  • Dec 15, 2015 11:17am Dec 15, 2015 11:17am
Quoting Atokys
{quote} It is much cheaper to first perform research and planning. Trial and error is expensive when it comes to trading.
Did quite a bit of learning and I gave up on all indicators strategy. I am going "naked" into the market and my studying and demoing has proven that this could work. I am not going to say "it's going to work", but I have strategy, I have Money Management, I have learned how to stick to my plans.
Maintain a positive attitude no matter how much you lose!
  • #11
  • Dec 15, 2015 11:22am Dec 15, 2015 11:22am
Quoting openyoureyes
you are relying on others: -you mentioned, you used an EA -tradingview.com input/insights get a better plan. check D1/W1 only, 1H for entries: pick weak / strong currencies - swap between each other. example: strong currencies: USD, GBP weak currencies: NOK, SEK, JPY this should give an idea...
I use to rely on others (wit EA's)... I don't use EA and will never use EA again. Robots can not replace human mind.

I didn't say I rely on others based on their input from tradingview.
I spend hours a day in front of the chart(s) doing my own research and making my own decisions. I just said, anyone new interested in leaning, they could get input from tradingview and this way they can learn a thing or two. All my entries and exits are based on my own work and research.
Maintain a positive attitude no matter how much you lose!
  • #12
  • Dec 15, 2015 1:47pm Dec 15, 2015 1:47pm
Winston Churchill once said:

"Success consists of going from failure to failure without loss of enthusiasm"

And,

"Success is not final, failure is not fatal: it is the courage to continue that counts"

Just words, I know, but they helped me through the losses, and hours or learning...hope they can help you and others.
Regards, and green pips.
Paul.
  • #13
  • Dec 15, 2015 3:14pm Dec 15, 2015 3:14pm
Quoting liamg4x
Winston Churchill once said: "Success consists of going from failure to failure without loss of enthusiasm" And, "Success is not final, failure is not fatal: it is the courage to continue that counts".
Wise words from the wise man
Maintain a positive attitude no matter how much you lose!
  • #14
  • Dec 15, 2015 6:17pm Dec 15, 2015 6:17pm
I think you still have more work to do. You trade trends so how do you plan to cope when the market gets very choppy and range bound and taking lots of losses? Jum to another system because this one isn't working? There is a big psychological requirement required when trading trend I think I don't know. Maybe you have done but I don't really clearly see how you have an edge here. How do you know this isn't the same as flipping a coin, do you have some track record of 6months of these trades maybe?
All posts are my personal opinion
  • #15
  • Dec 15, 2015 6:33pm Dec 15, 2015 6:33pm
Quoting Rtm
I think you still have more work to do. You trade trends so how do you plan to cope when the market gets very choppy and range bound and taking lots of losses? Jum to another system because this one isn't working? There is a big psychological requirement required when trading trend I think I don't know. Maybe you have done but I don't really clearly see how you have an edge here. How do you know this isn't the same as flipping a coin, do you have some track record of 6months of these trades maybe?
Very possible... I learn something new every day.
I don't trade when market is ranging... I have to be clearly in a trend and only then wait for my opportunity. If I take 1 trade a week, that's perfectly fine with me.
I wait for trade to come to me instead of chasing trades around. I only trade major pairs and don't bother with anything else.

I have tested my strategy on esignal (back testing)... I did forward testing on demo account for 4 months and did good there. Maybe it is flipping a coin trade but I don't feel it to be that way. The time will tell
Maintain a positive attitude no matter how much you lose!
  • #16
  • Dec 15, 2015 8:44pm Dec 15, 2015 8:44pm
Quoting jbegic
{quote} Very possible... I learn something new every day. I don't trade when market is ranging... I have to be clearly in a trend and only then wait for my opportunity. If I take 1 trade a week, that's perfectly fine with me. I wait for trade to come to me instead of chasing trades around. I only trade major pairs and don't bother with anything else. I have tested my strategy on esignal (back testing)... I did forward testing on demo account for 4 months and did good there. Maybe it is flipping a coin trade but I don't feel it to be that way. The...
Well I think you have a good start! How many trades did you take in that 4 months?
All posts are my personal opinion
  • #17
  • Dec 15, 2015 10:13pm Dec 15, 2015 10:13pm
Quoting Rtm
{quote} Well I think you have a good start! How many trades did you take in that 4 months?
I think was about 60 trades
Maintain a positive attitude no matter how much you lose!
  • #18
  • Dec 15, 2015 10:19pm Dec 15, 2015 10:19pm
Quoting jbegic
{quote} I think was about 60 trades
Best wishes. Fundamentally, the two things which helped me IMMENSELY were having 'one' thing which I knew worked nearly all the time, which I could rely on and fall back on and build on; and not taking losses personally, which is easier said than done.
  • #19
  • Last Post: Dec 15, 2015 10:38pm Dec 15, 2015 10:38pm
Quoting Rob Mondave
{quote} Best wishes. Fundamentally, the two things which helped me IMMENSELY were having 'one' thing which I knew worked nearly all the time, which I could rely on and fall back on and build on; and not taking losses personally, which is easier said than done.
Cheers to that and thank you
Maintain a positive attitude no matter how much you lose!
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