A question for you successful forex traders

i was wondering the systems you got right now
are they from someone else?
did you make them urself?
or did you modified other ppl’s systems to fit u?

im asking this question coz im trying out systems right now to find one for me
or dunno if i need to modify them to fit me
so was curious
plz post some suggestions
and did u fine tune those systems on practice accounts first or just right away at the live trading to test it out?

im a curious learner wanting to get some knowledge from u guys

I wouldn’t call myself super successful…but way better than I was and more consistent in my profits.

Personally I have a mix. I tried out many different systems and eventually picked and chose different elements from each to create my own.

Also, what helped very much was learning candlestick formations and understanding support and resistance. This was probably one of the best things.

Trading systems…especially purely technical ones, have their limitations. But if you learn some of the core principals from s/r and fibos and the like, it’ll make for an easier trading time.

At least that’s what worked for me. :slight_smile:

Most of my trades aren’t from “systems.” 75% of my trades are based off S+R lines, trendlines, candlesticks, etc… The other 25% come from two systems. One I made myself, and the other is the NickB 4H scalping system.

As for demo accounts, I’m a firm believer [I]against [/I]demo accounts for new traders. I think it makes newbies ignore one of the most important things, trader psychology.

Demo to learn the software platform, then open a small account to start practicing. I started with a $50 account, but you can go as large or small as your budget allows. Just don’t risk more than you can afford to lose.

Trading with real money, even if it’s just a few dollars, is different than trading on a demo account…

I’m more successful now than I was when I started four years ago, but I’m still growing as a trader.

After I took a few intro forex courses and demo’d a few brokers’ platforms, I traded a micro account and sequentially worked four or five systems I found online. I personally needed to just get going and try something, even if it didn’t fit my trading personality, because until I just started trading, I didn’t know what my trading personality was.

I slowly figured out how I personally can see price action, support, resistance, trendlines, etc. (everyone is different), and combined indicators into my own system (fives tunnel, MACD forest, envelopes…). And like phil838 was saying, I didn’t get fully vested in trading psychology and money management until I was trading an account with real money (if not very much).

I believe that if you do all the stuff people tell you to do (learn, learn, and learn some more, keep a trading journal, have a system, have a trading plan, know your weaknesses, etc.) and really follow dynamic support and resistance (and actually do what it tells you to do as a trader :D), you will eventually be successful.

I wish you much trading success!

I did a lot more with my demo account than that.
It saved me an enormous amount of money in the beginning.

I am a firm believer in using a demo account until you are proficient at your chosen system.

Then I agree it is time to try a micro account.

I also used (and still do) my demo account to test methods on my candlestick trading system…

http://forums.babypips.com/newbie-island/19339-joy-candlestick-trading-part-2-a.html

[U]I believe it to be one of the best systems on this forum.[/U]

Because of the very rapid trend changing nature of forex, I believe that indicators are next to useless in short term trading timeframes such as those used on this system.
Candlesticks/price action is definitely the way to go.

[B]This system has been extensively tested by many members on this forum over a period greater than a year.
It has been extensively refined and improved after all this testing.[/B]

Many posters on this forum bear testimony of its success for them.

The final version in PDF file will soon be posted on this forum.
If you are after a short term trading system, then this is the one for you.

[B]When all this is finished, I will start posting the finest long term trading system this forum is ever likely to see.[/B]

demo is a complete waste of time for learning trading, the only use it has is to get familiar with your platform. Think about it for a second, any trader worth his salt know psychology is the most important aspect in trading. Demo trading has no component in the psychology of trading, whatever you may say, or however seriously you may take it. Deep down inside you know its just pretend trading.

Don’t waste your time.

If you were to read the new market wizards book you’ll find in the foreword Jack Schwager says “there are many ways to make money in the markets but unfortunately all of them are hard to find” Believe me Schwager knows what he’s talking about. He’s quite correct. There are people who’ve done it with fundamental methods like Jim Rogers there are ppl who’ve done with purely technical methods like Ed Seykota, why there are ppl who’ve even done it with arcane theories like EW for example Paul Tudor Jones and we all know he’s considered one of the greatest contemporary traders.

If you were to read the book “Encyclopedia of technical indicators” you’ll find TA not only works but works well. Even simple indicators like the 5 day ema can work. In fact as per the authors research it outperformed all the other indicators he tested and buy and hold over the same period by several hundred times.

So you see the bottom line is lots of things work, don’t believe anyone who tells you otherwise think and research for yourself. The trick is finding something which you’re comfortable with and following it with discipline.

Personally I find myself very compatible with breakout trading. Well it works for me.

I use a system that has elements from many different sources.

I think you need to find a system that is profitable, and then adapt it to your own trading style.

Some people like to trade off the day chart, others the 5min. It’s important that you adapt you trading to your personallity I think.

Good luck!

Another thread dredger…