I’m new to the forex world and first i always lost in the battle.
I have been training in demo version for 1 year. i just wanted to become professional forex trader, i dont want to follow other signals services and other blah blah blah…
i tried severel methods since i start this and everthing gave me great loses.
i studied babypips time to time to understand “what will happen in next few hours”.
but i finally found a method and i just want to know is it correct or how to devolpe it to be consistently winner trader
here i mentioned “01” is a “sell signal” - i waited and closed 2 candlestick shows it is going to turn.
“02” is the end of power of the sell signal and take profit and i again waited next signal
again 2 candlestick bar get green and I checkd RSI and STOCH how it will go far, I noticed RSI and Stoch is geting weak and I adjust TP margin not so far from the start price
then “03” is again shows a 02 sell candle stick it’s going to start a new treand. adjust TP in the bottom line and i was success
this may no be a new method for you. but it was new method for me…i noticed it on few days before and tried several times and it gave me some win positions never than before…but still i cannot be a good trader there is still im loses due to some of weakness.
i just wanted to know is it the correct method to become a successful trader or is there other method to follow
Thank you guys, your doing great job for giving us these instructions
I dont think anybody can really tell you what the most profitable method is, mainly because it differs per person.
But you seem to have found something that you understand and works for you, thats is the most important thing.
Now all that is left is to backtest and forwardtest youre strategy like mad, and see how its holds up in the long run.
P.S. You seem to be ignoring all the indicators running on you screen, which is a good thing imo. But you should leave them of youre chart if you do not use them a naked chart is easier on the eyes thus better to read of.plus it helps you not get distracted by the noise of al those indicators.
Is your method correct, can tell you only its profitability. If after at least 9-12 months of trading your method you have positive results, than it is good.
Any method can be good or even a good method can produce bad results. It depends on your approach towards forex market. For development of a trading system you need at least 3 months result, only then you can say something about that system.
I don’t really agree with this. Measuring the success of a trading system in terms of the [B]TIME DURATION[/B] it has been used against its profitability is pointless. What should be taken into consideration is the sample size of the trades which have been placed and then the profitability ratio of these trades. What if in the above three month trial period you only placed say 10 or 20 or 50 trades in total…do you think this is a big enough sample of trades to draw a conclusion from - think again!
Just remember that trading is a game of a probabilities, and in the short term probabilities are always skewed, however in the long term probabilities don’t lie and your “apparent edge gained from only three months of results” could well just be nothing!
I’d say there’s as many systems and methods as there are traders. Find something that suits your lifestyle and personality. I could never trade with so many indicators and stuff I’d feel lost in those charts. I might say this since I don’t use any indicators at all, but that’s just me! keep the discipline in your system and try to learn how it react on different market conditions, like in different sessions (US, EU, ASIA), around important news, etc. So you can really learn how to optimize it.
