To develop a profitable trading system yourself will take many years of FX experience, probably not less than 10 years and most who are successful have more than that, that's who you are trading against... so its better to have a mentor/guide who's done the hard yards already while you learn enough yourself. I don't buy into the mindset stuff so much, I think that's about selling books. Helping traders make profit requires a profitable system and discipline to follow......there's no mechanical/automated system that makes profit long term(that Ive ever seen in over 10 years of trading FX), human discretion is required.If you're into developing ur own system, get it coded, run it on backtester to see if has any merit, need at least 200 trades a year, better than 3 pips expectancy, better than 3:1 DD:ROI per year over at least the last few years on at least most of the major crosses....and once you have that much (no small feat) you will still need to apply human discretion. Avoid grids and martingale and systems with excessive inverse risk:reward ratios unless you really understand what you are doing.FX aint easy, its why better than 95% fail... if you can succeed the possibilities are almost infinite - but you know that much already.
Just my 20 pips worth.Good luck, it helps.Cheers, Adam
ps...I am semi long term FX veteran myself, plus 10 years, had some success along the way and failures as well, I took a year out but am back again incorporating all that I have learnt and building another (automated) system, my plan is to develop it and share my work with others no obligation in the near term....message me if you like to know more.
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.
I can tell you that all those books about trading psychology are about selling the books, they won't make you a better trader.
There are only 2 things that you need to know and accept.
1. The market will not turn just because you think that it MUST turn soon.
the market will do what it does and doesn't care about what you think. Somebody clever once said that the market can remain irrational longer than a trader can stay solvent.
2. You cannot get revenge on the market.
again, the market doesn't care. If you make a loss, don't try to get it back on the next trade by taking stupid risks. This is the base of all martingale strategies and all martingale strategies fail eventually. If you toss a coin 50 times and 50 times in succession it comes up heads, at the next toss coming up tails is still only a 50% chance.
finding a great strategy that works always is very difiicult.
many strategies work well just in some conditions.
1- learn the conditions which these strategies work better.
2-realize the condition and use the strategy special for that condition.
this is a flexible strategy which works in every condition.
All of strategies work well, if you use every strategy in its condition.
Have you read this?
NANCY I can see its not good to lose money especially trading forex where you are in to make money.
YOU should try a martingale with the best entry and cover it up with maritngale BUT ONLY with a best entry.
SOME good sum on cents account in.
I think it will do the job.
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?
I read most of the posts here and this is what I do:
I trade fulltime for some years, I develop automatic systems, manual systems and combined ones. My systems run on forex, stocks and derivates. You need to think and create ideas. Then try them out and gather experience. Trade demo only if necessary. Testing with small lot size is better as you will not gather real experience on demo.
You are at the perfect spot to start: MQL. Open your MT4, go to Signals tab, chose one you selected before on this web page and visualize the trades on the chart. Try to understand the trading logic behind the signal and learn from other traders.