Quote: I have just got to tell you all that I'm feeling extremely despondent right about now - about this 'system' and everything.
I mean - I am battling to understand how - in the space of a month or so - I managed to make a 114% capital gain - and now - since the beginning of this month - have pretty much taken loss after loss after loss. I mean - I'm not doing anything different here - so what's changed???
This is EXACTLY what I was afraid of (last month) i.e. was this just 'luck' i.e. being in the right 'Parabolic SAR place' at the right time last month??? Is it because I am not following my own advice and seeing the trades through no matter what??? What is it???
I can look at a chart of any of the 44 pairs and say 'well - that was a good place to enter because . . .' or 'there was no conceivable reason for me to not take that trade' and the trade has turned bad.
Then I find myself thinking 'this is why I lost interest in forex trading in the first place' i.e. trading the Indices is a whole different world from trading forex pairs.
Then I find myself thinking 'but hang on - you started this all - it was an 'experiment' at first - which just happened to pay off BIG TIME from the 'get go' - so what now'???
I mean - here I thought I'd be winning Delta's competition this month!!! At the moment I'm feeling like I'll be lucky to have an account LEFT let alone winning the competition!!!
Now I'm leaning on you guys - sorry - but I need a 'reality check' or a 'pep talk' or something like that!!!
I don't mean to depress you - I know it'll pass.
Regards,
Dale.
Unquote.
Hi Dale
Yes mate, it WILL pass. Remember it was you who first thought of this approach, and showed us a different way of trading. I came along a little bit late, but still in time to witness the excitement of the birth of the idea.
I want to say to you ... "The sun will rise tomorrow." And indeed, "This too shall pass."
You have already demonstrated that you have the bones of an excellent trading setup here - so pure and so simple. All you have discovered is that the PSAR does not work in non-trending markets. That ... we knew.
And just now, the markets are not trending nicely - yes, in one TF or another they always ARE trending, but just not in your chosen TF. Whipsawing DESTROYS systems.
So ... now we know what the problem is, let's solve it mate.
"There is a time to buy, a time to sell, and a time to go a-fishing!"
Who said that? Why, none other than one of the greats, Jesse Livermore.
If the market is not playing, don't bother it... have a break. You have 44 pairs to follow - that is too many, but just my view. My feeling is that it is far better to concentratye on no more than 6 pairs, and maybe only three. But ... make sure you know the colour of their jocks! ie: If you know your pairs' characteristics, you can meet them at the corner a long time before they are due to arrive! (Hope you can understand the analogy!)
What I am saying is this ... you can not force a trade that s not there.
I think your basics are sound, but you DO need a trend indicator like ADX (DMI+ DMI-).
Most of the very good systems use no more than three indicators, and I think you can crack this with just the two - PSAR and ADX.
Keep in mind that the ADX is not actually used to trade with, it is just a filter to tell you when PSAR is "firing" or in its element. Right now, your disappointing trades are telling you what the ADX would have told you earlier.
Above all Dale, do not give up.
Step back, have a think, regroup, and continue to believe in this. You have had some excellent exchanges on your thread, and people like myself are immensely enjoying your development of your idea. I want to encourage you to work this through - you will come out the other side a stronger and much more successful trader ... and so will your reading public.
And remember mate, I want to see you in Oz for that beer next year.
With best wishes
Ingot.
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