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5 years and still no strategy

  • #161
  • Apr 17, 2017 1:29pm Apr 17, 2017 1:29pm
Quoting Mingary
{quote} Yes, I have. This whole thread makes me sad.
Why, there are more than enough threads on this site that show the evolution of traders. I think it is pretty interesting watching this trader learn about his inability to pick direction. When he stops doing this, he will catch on.
If you are good at something, never do it for free--Joker
  • #162
  • Apr 17, 2017 1:30pm Apr 17, 2017 1:30pm
Quoting thodie
{quote} BTW, i made the observation every time i start a fresh account it often has 70% accuracy but as longer older the account gets the profitability shrinks somehow. {image}
I think that is inevitable as you grow in size.
If you are good at something, never do it for free--Joker
  • #163
  • Apr 17, 2017 1:46pm Apr 17, 2017 1:46pm
Quoting BlackNapkins
{quote} some time ago red all CP writing here on FF( several times in fact) and I know it is a cheetah... :-)
Fair enough. so his not only a croucher waiting for his kill but super fast..7

Maybe I need to ask david attenborough
It's in fear when people show what they truly value.
  • #164
  • Apr 17, 2017 1:52pm Apr 17, 2017 1:52pm
I'm just gonna lay some mistakes i made and i think every trader does once in a while.

Hype train

I used to hangout to chatrooms while trading.
Quote
GOLD IS GOING UP IN 2 HOURS
.
Quote
NO, IT'S GONNA CRASH
I always fell for it because i didn't want to miss "the big move" and needless to say it never works. It never works no necessarily because they are wrong but because you have no confidence in your position and the moment it goes the other direction you panic. You either sell too soon or you hold too long because you are blinded.

Focus

I used to look at all major pairs and commodities trying to identify a pattern. Unless you're a robot then it's hard to keep up and easy to make a mistake.
For me it became easier to understand the market flow when i started trading 3 instruments. I made less trades but with bigger rewards since i could feel when the market was about to make big moves just because i was watching the same chart every day.

Discipline

No matter how good a strategy is, it's useless if you don't follow it. Train yourself very hard to remember the rules you have set for yourself, make it an instinct rather than an afterthought. For example, every time i think of jumping the gun i get a flashback with all the money i lost jumping the gun.

There are countless more mistakes but these are the ones that come to mind right now.

In other words, as soon as you understand that the biggest liability and problem in the room is YOU the fastest you can start making money.
  • #165
  • Apr 17, 2017 2:51pm Apr 17, 2017 2:51pm
Quoting jmn5611
{quote} I think that is inevitable as you grow in size.
my hypothesis is, someone design a system in the past an want it to trade in the future (automated) it works good in the beginning, but the further the market morphs away from the past the "worst" the results get.
just do it
  • #166
  • Apr 17, 2017 2:56pm Apr 17, 2017 2:56pm
Quoting thodie
{quote} my hypothesis is, someone design a system in the past an want it to trade in the future (automated) it works good in the beginning, but the further the market morphs away from the past the "worst" the results get.
Nice way of looking at it..
It's in fear when people show what they truly value.
  • #167
  • Apr 17, 2017 3:46pm Apr 17, 2017 3:46pm
Quoting CrucialPoint
Tell me... 1. WTF are you doing with candlesticks/trading to predict the future price of a currency (Forex), which has nothing to do with a cyclical or seasonal pattern? 2. WTF are you doing using a trading approach designed for a single entity like commodities and shares. Where Forex is a duality of 2 entities (2 countries currency) where one country may/can affect the other, in any instances day/time of the year? 3. WTF are you doing trying to predict the future price when the tool you are using wasn't even design to predict? 4. Supply and Demand...
Hi CP.

Your statement make sense.

You have said...."It was a lost cause since the beginning... because of knowing too much, but understanding very little.", then how to change and what is the relevant resources/platforms and tools we should use to trade forex?
Game of Probabilities.
  • #168
  • Apr 17, 2017 3:58pm Apr 17, 2017 3:58pm
Quoting BlackNapkins
{quote} some time ago red all CP writing here on FF( several times in fact) and I know it is a cheetah... :-)
I still think its a Jag
  • #169
  • Apr 17, 2017 4:06pm Apr 17, 2017 4:06pm
Hello everyone,
I too was very much like the Original thread starter, in the sense that I contemplated many times in quitting. Although many factors ultimately led me to stay, I'd say that realizing, that this market is ALGO based is what makes me think it can be "beat". I actually took the time to read all of the presiding pages and someone mentioned exactly what I hold to be true, "Set rules and keep your 'system' simple" and that has made the world of difference for me thus far.
Many people have said within this thread what we already know to be true as far as the market having "different conditions" which can make the best system, fail in the future. Yet, what if we identified "All of the market conditions" and found similarities between them? That would cause you to focus on the different "variations" and lead you to the system which works well for you. Let's be honest, most of us, when we fail just as when we succeed, do so NOT following our system. Many of us see a massive spike and right away jump in, when our "system" would have directed us not to. We has humans lack consistency and that spills over to the construction of our system.
So although many posters have given excellent feedback, I think realizing that the market has a "sweet spot" and just as Elliot traders believe in "waves", any of the 5 waves can lead to a 100% correction of the last move. Most of us don't have the patients in waiting for the 5th wave, but clearly EW traders see something that normal traders don't. So try to find what the market "DOESN'T EVER DO" and that is how you can figure out "What will happen next". Try building your system around questions and the chart will always give you the answer.
  • #170
  • Apr 17, 2017 4:07pm Apr 17, 2017 4:07pm
Quoting Mingary
Why do people keep on believing that retail forex profits are possible ? Should they not know better by now ? I wonder what's in the mind of someone who believes in such strange ideas without a single piece of "workable evidence".
Loool I would think being a high impact member would refine your response a little bit but alas. If you are not profitable in retail forex that's fine and okay but don't bring your dark cloud along with you
Read in between the price!!!
  • #171
  • Apr 17, 2017 4:11pm Apr 17, 2017 4:11pm
Quoting Mingary
Why do people keep on believing that retail forex profits are possible ? Should they not know better by now ? I wonder what's in the mind of someone who believes in such strange ideas without a single piece of "workable evidence".
I wished there were more examples but here is one evidence running longer than 1 year that such a thing is possible for retail traders.
  • #172
  • Apr 17, 2017 4:35pm Apr 17, 2017 4:35pm
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Trading is not difficult ,infact it is stupidly easy ,the problem is people in general are ridiculously lazy and are looking for the drive through ! ! !
IMPROVISE ADAPT OVERCOME
  • #173
  • Apr 17, 2017 4:49pm Apr 17, 2017 4:49pm
Quoting freakout
So... I have 5 years of experience, I know price action, I know how to trade with trend, I know how to manage risk, etc., but I still don't have a strategy. Is this normal or it's a waste of time? I'm not looking for a holy grail, but for something really simple with 50% accuracy at 1:2 ratio. 3-5 trades per day during EU session and that's all. I tried to trade H1-H4 pullbacks, pivots, breakouts and many other strategies but without any success... Should I continue my searches or it's time to leave it?
https://www.forexfactory.com/showthr...14#post9745214
IMPROVISE ADAPT OVERCOME
  • #174
  • Apr 17, 2017 5:32pm Apr 17, 2017 5:32pm
Quoting pampaq
{quote} Dear trader: Great traders say, they are 10,000 hours to be masters. You're very close, now, I ask, are you keeping a trading journal? Are you entering the reasons for entering the trade, before entering? Because if you are doing it, it is difficult to enter into despair, you will see quickly where you made a mistake, and thus the strategy is being built.
Your contribution here is really helpful. I must say that many traders just enter trades without having them in journals. I strongly believe that some traders don't even have trade journal. Without journal it's not possible to have strategy. With journal one would be able to build strategy, know the weakness and strength of the strategy -success/failure of the strategy. Great thanks to you.
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -1.6%
  • #175
  • Edited 5:55pm Apr 17, 2017 5:36pm | Edited 5:55pm
Keeping trade journal can really be stressful at the beginning, but rewarding. Keeping Journal helps to check your greed and fear. And so you learn from the mistakes
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -1.6%
  • #176
  • Apr 17, 2017 6:01pm Apr 17, 2017 6:01pm
Positive thinkers are not only helpful to themselves, but to others as well. Whereas negative thinkers are not only dangerous to themselves, but also helps to spread their negativity to others.
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -1.6%
  • #177
  • Apr 17, 2017 6:24pm Apr 17, 2017 6:24pm
Quoting Ghost Walker
{quote} https://www.forexfactory.com/showthr...14#post9745214
That is a picture of a pearl? how the bleeding f**k does that help the OP lol this FF is something else really. To the OP the solution to your SL is to use the highest high of the last 3 candles for a short trade or the lowest low of the last 3 candles for a long trade. There I have solved your SL problem, trust me if it goes against you then it was meant to never let a losing trade linger.

For further MM move your SL to BE + 2 after price moves 5 pips in your favour, yea the market does not belong to you, take what it gives and say thank you. A BE is better than -20. I also advise you to trade on renko bars not range bars (humans tend to think they can correct the person giving the advise).

For strat that is up to you mate, if your strat works at all the MM I have outlined above should make you profitable.

Peace
Read in between the price!!!
  • #178
  • Apr 17, 2017 6:40pm Apr 17, 2017 6:40pm
I have been trying to learn to trade for 5 years as well, I actually gave up for a few years out of frustration but for last few weeks have started getting back into it again.
Over the last few weeks I have been trying to identify why nothing has worked for me and I have learned a lot, Mostly about myself.
My advice would be is have a break for a little while as you may have some bad habbits, I certainly did.
Once you feel less stressed about trading come back and start reviewing all the strategy's again and try to identify why its not working.
Hope I have been of some help.
  • #179
  • Apr 17, 2017 6:53pm Apr 17, 2017 6:53pm
Quoting calebfx
{quote} That is a picture of a pearl? how the bleeding f**k does that help the OP lol this FF is something else really. To the OP the solution to your SL is to use the highest high of the last 3 candles for a short trade or the lowest low of the last 3 candles for a long trade. There I have solved your SL problem, trust me if it goes against you then it was meant to never let a losing trade linger. For further MM move your SL to BE + 2 after price moves 5 pips in your favour, yea the market does not belong to you, take what it gives and say thank...
Learn to read dood ,you might discover and learn something instead of trying to give advice to somebody who has passed your poor achievements,proof is a wonderful thing,joy to ya friend,GW.
IMPROVISE ADAPT OVERCOME
  • #180
  • Apr 17, 2017 6:55pm Apr 17, 2017 6:55pm
Taking break from trading will not solve any problem. One is just postponing the evil day. Stay with the Forex problems and find your strategy.
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -1.6%
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