I am beginning to think its impossible to predict the future so I thought of a new system and would like to hear your two cents
On the daily
Find three or four currencies with the lowest spread
Buy or sell them It really doesn't matter \
Put a 15 pt stop loss on each one
Check them once a day
After three days take your profits and hope it is more then your losses
Sounds like gambling. Have you ever try it?
Roll the dice, close you're eyes... And BANG you loose!
The title I gave this post will sum it up...
I think this is a way to cut you losses and let your winners ride
Gambler won't win anything
An idea worth trying. However, the stop is too tight. If you are looking to keep a trade open 72 hours, you should look at the 4 hour and daily trading ranges. Your stop should be adjusted based on those values.
If you like the idea of just placing trades to see what will happen then I would look up "grid trading". If you follow the methods outlined it will help you with direction in this method you are talking about. This method does not suit me but some people are very successful with it.
If trading was so easy that you could place random orders and still make profit then we would all be rich... That's why the casino's always win. They have a strategy layed out that will benifit them not the customer. Develop an edge an you have a chance. Without one you will blow your account. Just my opinion though.
PS. By the way thanks for that beginning post... I haven't laughed that hard for a very long time!
Yes it's impossible to tell the future.. Trading, like professional gambling is all about probabalities.. it's a numbers game. That is all.
I won't criticise your idea except you may know little about the market environment. There are four basic market conditions, namely trendy, choppy, range bouncing and flat.
In trendy market, you win if you choose the right trend, so your winning chances is 50%. In choppy market, your chances of winning is 0%.
In rang bouncing market, your chances of winning is also 0% and in the flat market condition, the little spike for up and down could range between 5 to 30 pips, so eventually your chances of winning is 0%.
Hence in total your chances of winning under the 4 market conditions is about 12.5% and losing chances is 87.5%. The winnign factor is 0.125 far below the 1.5 ( the norm factor ).
I feel that I must give you my two cents worth on this since putting a SL of 15 PIPs will definitely kill you, and you will wind up with more losers than winners. I Know that you want to minimize your losses, but having such small S/L will not help you. No matter what, you will need to look at the chart inidcators from the top down TF to see the direction to get a good feel as to which way you should go. I have even putted in S/L of 50 PIPs, get stopped out, and then just to see the currency move in my direction latter on during the day. I find that the most important thing which will help you is to use Pivot Points to see where the current price action is....
Hope that helps....
Predicting the future
Try using Murrey Maths - that is the closest you will ever get to predicting the future price direction - that and plenty of experience