The Holy Grail - What is it? - page 3
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Good point niceguy777, mindset is a huge point often overlooked, of course if trading is not based on a consistent system that won't work either !
Imo
Let's say the system was 85-90% accurate with winners much bigger than losers.... across all markets and timeframes
That is one of the problems, IMO. You don't need 85-90% perfect.
If its 40% winner and you have a 2.5/1 ratio, your making a ton of money. So my thought are to focus on good entry's. Run the numbers and you will see that's over 900 pips per month, with a win ratio most traders would say is bad.
Good point bluewhale, win ratio is not everything but it helps psychologically I don't know many people which could trade a system which only had 30-40% winning trades even if winners were 4 or 5 times the size of loses as it is disheartning to have losing trade after losing trade and often these kind of low percentage winning systems mean if you miss out on one trade that could be the big one.....
I don't know many people which could trade a system which only had 30-40% winning trades even if winners were 4 or 5 times the size of loses as it is disheartning to have losing trade after losing trade and often these kind of low percentage winning systems mean if you miss out on one trade that could be the big one.....
Quite. Why would anyone go into a career with those odds!?
I'll just keep doing what I am doing. The collective beliefs in trading often pull you down and lead you to expect far less than you can have, simply because most people fail. Why not go for 100% positive? I did that for three months, before I tired myself out and my mindset veered off. Time then to simply take a break and get back in when I'm clear and present.
Yep
Good point bluewhale, win ratio is not everything but it helps psychologically I don't know many people which could trade a system which only had 30-40% winning trades even if winners were 4 or 5 times the size of loses as it is disheartning to have losing trade after losing trade and often these kind of low percentage winning systems mean if you miss out on one trade that could be the big one.....
I absolutely agree that having that many losing trades hurts the heart. However, it's far better to have a system of trading in which you KNOW that your not going to lose forever, 2 have it set in stone what happens each time you hit the button, I have a goal of 25 pips and if not I am out at -10. Whatever your numbers may be as long as they are better than 1:1. What's disheartening is losing your whole account because you let the losers run and kill the winners. In hopes of the big one......
I think the main problem in forex is to set the SL............as if it is set to 30pips many trades are washed out and if it is set to 100 or 50 then the risk to reward ratio is not satisfactory.......Can anyone give any suggestion about this ?
My system is ok but I am not interested to use more than 40 pips as SL............more and more observation is necessary...............
ok
Well the answer to that question is the deepest of all in this business.
1) What is your ultimate goal? Income, Wealth Building, or Gambling for the big win.
2) What is your account size? Lets say we have the 25/10 set up, (Need 40% win ratio) If your trading .1 lots per trade, and you lose the first 60 trades could you stand it? (Odds are so against you losing 60 straight, you can throw a dart a sign that says buy/sell and beat that.)
3) Do you have a clear system that makes sense to you and you trust? Lets say you have a good system but sometimes it only goes up 15 pips and comes back, well when you get in the positive set a break even stop on your entry. Yea, you didn't make any money on that one, but you didn't lose either. I know the next response will be....... I made the trade, got stopped out...and it went the way I thought and made a trillion pips. well ok, if you have a system you trust and its a hick up in the market, get back in.
4) What pairs or time frame should I trade? Well IMO, USDJPY,EURUSD and GBPUSD, from 4 am up to 12 noon NY time. Where do you live and what are you willing to do to become successful?
I know most of you have heard this .........I am going to make the sacrifices today and do the things most people will not, so I can live tomorrow like most people can't.
What other questions do you the trader need to answer before your ready to go, assuming you have the basic knowledge of trading.
Well the answer to that question is the deepest of all in this business.
1) What is your ultimate goal? Income, Wealth Building, or Gambling for the big win.
2) What is your account size? Lets say we have the 25/10 set up, (Need 40% win ratio) If your trading .1 lots per trade, and you lose the first 60 trades could you stand it? (Odds are so against you losing 60 straight, you can throw a dart a sign that says buy/sell and beat that.)
3) Do you have a clear system that makes sense to you and you trust? Lets say you have a good system but sometimes it only goes up 15 pips and comes back, well when you get in the positive set a break even stop on your entry. Yea, you didn't make any money on that one, but you didn't lose either. I know the next response will be....... I made the trade, got stopped out...and it went the way I thought and made a trillion pips. well ok, if you have a system you trust and its a hick up in the market, get back in.
4) What pairs or time frame should I trade? Well IMO, USDJPY,EURUSD and GBPUSD, from 4 am up to 12 noon NY time. Where do you live and what are you willing to do to become successful?
I know most of you have heard this .........I am going to make the sacrifices today and do the things most people will not, so I can live tomorrow like most people can't.
What other questions do you the trader need to answer before your ready to go, assuming you have the basic knowledge of trading.Money management can save.my all losing trade is now in profit.I am washed out with 30 and 40 pips SL but they are now under my entry price...........
Lets work on this issue............
You think very similar to me at this point, I agee 100% with every word, and yes you should not publish your system for the reason that probably most of people will lose money thinking they're following the system (when they're not), and they'll just blame you and your system giving a bad reputation.
However by sharing your system with people that have some knowledge you could improve it, but that happens only when you have a group of people that you trust and you can work with them.
There's the fact, and I came to this conclusion too, that a system it's being traded perfectly only by the one that created it, and there's the sentiment of trading the system plus a few deep things that you can get only with the experience of trading that system for a long time.very good point....My system's indicators is collected from this site.and I am confident about my system and another one may throw to wastage basket as a useless tools........
I have to just work on good entry as I can lessen risk per trade as I can trade more and more.............and the reward to risk ratio will be greater...
I have to work on this issue and working...........
Thanx for your kind thoughts