Losing streak never seems to end

You’re welcome…

What I meant is, yes you can find some strategy that might work out there but you still need to create your own. Even if that strategy let say price action ,as an example, may work to some trader but for some reason it doesn’t work for you. Not all strategy will work for everyone. The key is finding out what type of trader you are. Do you like reading and see what’s going on around the world? Do you like trading the news/fundamental? Or are you more into technical side of trading? Or maybe there’s still a strategy that haven’t invented yet that you may discover on your own.

When you do your research and testing out different ways on how to trade, more than likely, you will find yourself more than how you trade. Pschycological part of trading will play a big role in this trading journey. I would suggest to read more about this and be prepared…

I hope it helps in some ways…

I’m not against it because I too wouldn’t mind being driven around in a Rolls-Royce but the enthusiast in me likes to do the driving. Man created the automated program anyways… So if you want something done right do it yourself.

What you’re failing to understand is that a true strategy should be objective. What a machine can do.
If you involve gut feelings in the steps there won’t be a strategy. Trading is not an art. Art is all about subjectivity. The more you dive into the feelings the better the work would be. What successful traders share about themselves which is very common is their system is mechanical. It’s an “If…Then”. It’s more science to me than art although I don’t prefer categorizing them in these fields in the first place.

What I want to ask you PipNRoll is do you really believe trading systems are not comparable?

Comparable in a sense that a system will work for everyone? Is that your question?

In my opinion, no…because if every trader uses that particular system ( whatever it is), they should be rich by now. It may work in a few traders here and there but not everyone because not everyone have the same skill set, same Pschycological mind set, same principles on how they should approach or apply that strategy on every single trade because it is always different and complex. Now for Automated EA’s I don’t know. Every system there is no guarantee of success that’s is why a lot of traders losses and quit. Only a fortunate few will succeed and become a profitable trader.

Adding the personality parameter in determining the system’s performance is a really good idea.
But regardless of that let’s say we compare a system that triggers orders based on moving averages cross and another that triggers orders based on S/R and previous structures.

Although none can perform perfectly as these two concepts are incomplete for order execution I would confidently argue the 2nd strategy will produce much much better results.

Moving Average Cross is a method used by many traders and it was used as a solid method back in 70s but for now they seem to fail a lot more that they can succeed. No need to mention their awfully destructive performance in ranging environments (which possesses over 60% of a pair’s lifetime).

So regardless of who actually trades a strategy I would argue strategies are comparable and we can find a better one. Yet it is a matter of debate!

True but you don’t rely on just one indicator or just a SR level. You have to know the market sentiment and the fundamental side of it. The question is, can you use only one of this to make a decision to take on a trade or exit out on a trade or do you look for other confluences? Some strategy is only good for “trending” market and some good for “ranging” market. There are so much going on in a single day that even if someone give you a "system " that works for him/ her, you still have your own prediction or maybe base on the past trade that you took that you might go against on that strategy that was given to you or maybe you are a trend trader or a range trader. Sometimes, you see the chart differently to me and what I think or where the price is going. We trade base on our own belief of what/where the market/price will do next or going…always follow your own instinct and your judgement… Meet your target then get out on a trade…

Oh and forgot to add…no more questions please… My brain cells are about to lose lol :wink:

With that attitude you’ll only be working a job not a career.

This is a subjective statement.

What you’re failing to understand is that subjectivity and objectivity are not strictly related to gut feelings.

There are objective strategies that involve subjective analysis, something that a machine can’t do.
Just one example, I can have a mecanical system to trade important news but I’m the one who decide which news are important. so my strategy is partially subjective.
Discretionary strategies exists . You can trade based on fundamentals and have rules, a plan, an strategy.

In resume, to profit from trading you need an edge. You can get it by trading a mechanical system (your trading won’t be an art) or by analysing factors and variables that move the market and then drawing your own conclusions ( your trading will be an art). Trading in a discretionary way doesn’t means you haven’t got a solid strategy that prevents you from following your emotions.

Well said Jcandle! I agree with you 100% wholeheartedly that trading is indeed an ART not a SCIENCE. You have to feel and then learn the moves in order dance along with the flow if you don’t then you’re out. That might be a bit of an exaggeration. Thats how I see it.

Well I typed a long motivational response earlier on, but i’m not sure where it went. Here’s a summary:

I’m a third world student, 21, who goes to school in North America and has been trading forex for 16 months. I once went on a 9 month losing streak where I blew one account and blew 60% of the second account. At the beginning of June, I decided to come up with my own system. Since then, I have made about 4 times what I had on June 1st and I have cashed out all the capital I ever invested and took 26% profit. Now, I play with about 2,000 dollars of free money.

I have no idea whether trading should be objective, subjective, a game or a career but as long as you have a good profitable system, you are good. A good profitable system should be able to get you out of trades before a huge reversal and maximise your TP as much as possible. Finding a good profitable system is the million dollar question though and is harder than it sounds.

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Congrats on your first post it was a Doozy.

Thanks. I’ve been a lurker of this forum for months now but being a third world student that had a 9 month losing streak, i have so much in common with the poster that I just had to comment.

Dear aceofpips,

It’s really nice to meet you. Especially knowing the fact that we are the same age!

Certainly blowing an account or two can’t be the determining fact about how successful a trader can become but I really like to know more about how you came up with your system.

Please say more about the process.

There is a very nice order flow thread somewhere around this forum. Search for it! :slight_smile: Well there is not Holy Grail in Forex but everything will help you to understand better the market.

So wait, you lost 5-6 trades and then you gave up on your first system/strategy and then you lost again 5-6 trades and giving up on your second strategy. Oh Gosh! :slight_smile:

You need to believe in the system you use. If you don’t and if you give up after a couple of losses you won’t go anywhere in this business.

I don’t remember the actual number but do you know that even with a system that is right 80% of the time you can have a losing streak of 18 and more?

Food for thought.

You’re absolutely failing to understand this:
I said “Trading” shouldn’t be subjective.
I didn’t say my statements shouldn’t be subjective.
:slight_smile:

P.S. I should be really mentally powerful in this forum.
I’m posting a thread asking for encourage, instead some guys show up trying to find mistakes about “Aristotle Philosophy” in my words.
(Glad I’ve already passed that course in college :wink: )

The things that you read online or any advices that was given to you, always take everything with a " grain of salt". You will learn how to filter in those opinions and only take advices that it makes sense to you and it applies to you. I have been there and you will learn it eventually… Give it a time…:slight_smile:

You’re right. And my “likes” definitely show filtration of the comments. But if I don’t comment back it will rep up their “Mr.Always Right” form of confidence.

Always learn to agree to disagree then leave it at that… Everyone is entitled to their own opinion but it’s up to you to take it or not :wink:

You can’t tell someone he is failing to understand something subjective, only because his opinion differs from yours, that’s the nature of subjective things. This is what I tried to point out in this sentence. Any way, it was just a comment, lol, nothing related to philosophy but the meaning of your words and the most basic reasoning. You started the debate between subjective and objective strategies and trading, not me. Next time don’t start a debate if you can’t accept other arguments than yours.

Well, I understand that this 1st comment annoyed you so I take it back . Now read the rest of the post, I don’t thing I said something discouraging or offensive. If you found it offensive, my apologies, it was not my intention.