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?
Well done for accepting that you want to learn and also reaching out to others for help.
Believe it or not, the trading strategy is the easiest bit of trading. The secret to profitable trading is in this order
1. Right psychology
2. Plan (how much do I want to make, how quickly, how much do I have to trade)
3. Exit rules
4. Risk Management / Trade Management
4. Entry rules
5. Trading Technique
I will promise you that all the trading techniques you have learnt so far can make you very profitable. The main issue is that you will need to concentrate less on the technique/strategy. Focus on Exit Rules (what must happen for me to take profit, what must happen for me to exit with a loss). Until you can emotionally do this, you will still be losing. Watch the key word 'EMOTIONALLY'.
So the right psychology to not quit on your pursuit for clarity and to be emotionally under control when winning as well as when losing is absolutely key. Once you have this, you will modify any technique you've learnt from those books and seminars to suit your style and you will start making money.
You're on a journey. Keep at it, but don't lose your shirt while doing so :)
See below my summary of a trader's blueprint. I'm sure you can find yourself on the path somewhere
Hello, i am an old timer and have been busy trading for years making a very good income. I am now kind of retired, but here's my most rewarding strategy XAUEUR at asian open nearly always goes long about 2 Euros minimum so i use to buy at asian open, put a TP at 1, 2 and 4 Euros and SL varies if trend is up or down. On trend up, no stop loss usually but beware, trends changes fast. so be ready to close or to hedge as i do 3 time the buying lot, you can also let run on trend up instead of TP
Go to your history, look at daily prices, check the opening prices, then the high and the low... usually goes up a few EUR and down 1 or 2... find your best position in between, you should make good profit. On trend up, i use to close about 5 EUR higher then opening and on trend down, just 2 or 3 but gaining 95% of the time.
Dates, open, High, Low
You should load in excel and calculate the diference between the columns. :-)
I have posted in attachment an EA that does just that... free and source included so that coders an optimise...
if you have less than $1,000 in your account, use fix lot 0.01 otherwise you can start using risk = 1 (1%) attach it to XAUEUR H1
Here's how it works.
Attach to XAUEUR H1 , 2 decimals only, levareg 10, 100 or 1,000 it should open a buy position with a very close take profit if it goes wrong, hedge gets in.
parameters (default works fine):
Lot size: if = 0 autolots gets in and is being calculate from equity
Lot Risk : enter a percentage. start with 1... i have tried up to 10 and wow big results, but be careful, stay around to hedge the hedge
Take Profit: I use 1 for 1 euros... 2 is not bad, but 1 is better
stop loss is a pain in the brain, i do not use it bit feel free to fool around.
trailing stop is in euro
trailing step is on euro too
hedge distance in euro. If zero hedge will not trigger
hedge multiplyer. i use 3 so it goes fast to recover.
margin take out is being used when the hedge is working, as soon as euity is that much higher then the capital, all position closes.
at 1% risk, the EA should give you about 20% a month... :-)
Buy two Books - (1) Forex Basic Explained in simple term (2) Forex- High Probability Trade by JIM BROWN. Trust me - you'll have good earning if you follow simple method explained by Jim Brown.
dear friend no one show you his profitable strategy except with very very big amount of money.
you , i and all retail traders have to find a way to make money trading.
i mean you have to make your personal strategy.
But you are also asking everyones strategy in another topic!?
yes and i know they are all fail but maybe some good things on them to improve my own.
Maybe that's why your having so much success.