I have been trying out different strategies from internet, however, I can't seem to get out of losing cycle.
I am already overwhelmed because I lost my money in forex. It was my fault that I lost money.
I have tried my best to educate myself (babypips, books, articles) and find the best trading strategy.
Most of the books were about psychology and didn't give any actual profitable trading strategy.
I am having lot of trouble forming a trading strategy.
Can any profitable trader from here take pity on me and share their trading strategy?
Hi Nancy ...
NHS !!! ... I respect you as you a part of it. I got your service when I have been UK resident in the past.
Back to business ...
Believe me, Many of us have good strategies, but every strategy has it's own drawback that most of us are hiding or
trying to forget or neglect it.
I'm in Forex since 2003 ... I found that trader psychological behavior having the most effective part of the equation
to be successful trader. Once you can control your Fear and Greed, then Money Management (MM) and good strategy
will take you to the success.
An other point, Auto trading is a way to make our lives easier, but please take it as an advice from me, relying on
an EA for 100% of the time of trading is too danger. Human intervention and knowing how the EA works in deep
details is a MUST. For such reason, traders who are the coders for their own EAs are making money more and easier
than the users/buyers of their EAs because they know exactly how to deal with their EAs in the hard times (weak
or drawback points) of their EAs which most of them will not tell you. (Believe me, this is a big fact) !!!.
Hi Osama, thank you for your words.
I do understand psychology plays a big part in successful trading.
I just don't have a trading strategy or rules to enter and exit trades.
My trading is better when the strategy have high win ratio with low drawdown. (around 75% win rate)
I can't seem to find a good trading strategy with good win rate (atleast 70%) and atleast 1:1 risk/reward ratio.
I could work on psychology once I have set of rules to enter and exit trades.
There is no good strategy without experience.
Someone may tell you to do this when this happens to make a profit, but they do not tell you what to do when it all goes tits up,
or something changes in the market.
In your position if you feel the need to trade, just use money you can afford to lose and copy a signal with low risk,
do not try to make a million dollars, just get a return on your money.
If you do subscribe to a signal, study the signal and ask yourself "would I have taken that trade ?", every time the signal takes a trade.
Ask yourself "will this trade win or lose", and tell yourself the reasons why your mind is making these decisions.
Once the trade ends, review what you were thinking about the trade.
how many year you are trade at forex? ( i think at least 2 year need then you can start.
after at least 6 month on demo , and learn some thing.....
then open a cent account and try 1.5 year
after 2 year you can search to find a strategy...
in this time : if you can learn mql : so i think it is necessary to be professional on it. you will be so more powerful .
and must try very hard.
about above text: if any one like me just has a pc and internet to search. and not any other help or help or study in university or ..( in a very little city = HOME ALONE -;) ). .AND i have so many limit in my country about forex.
then you reach the brokers. .............
summery: just try and learn , ...............................................
and : i LEARN so much here . from good people. with thank's to they.
Yes, I have tried moving averages. I used 50/100 crossover to open trades. However after a series of negative signals, it caused me a big drawdown.
Nancy, i think you need to learn about price action. This strategy work most of the time especially on 15 min and 30 chart. Always look out for double top, double bottom, head and shoulder. These chart patterns are great.