Not meaning to sound patronising, you have done your research it seems.The process is now practicing on demo.There is no real short cuts, maybe paying for a mentor to advise you, what you don’t need to know .
Yes, I understand. I was part of another group that kept saying to go live with a small real account and not go demo as they say that you learn a lot faster when you pay for your mistakes. Demo practise is the answer. I will do that until my stats show that I am right 50% of the time overall.
This might sound simplistic and possibly patronising.
Your strategy is an intra-day reversal strategy. These are widely taught and are used as a first strategy by the majority of new traders. The majority of new traders lose money and leave trading inside of a few weeks or months.
I actually trade on a demo account of 120k with FTMO free challenge. I started with a 15k account and thought, I may as well get used to bigger numbers. Always go for 0.5% risk. I will follow the advice to do trend-following trades off the daily charts, and keep the statistics going
The best advice is always keep it simple. More indicators and rules are not likely going to give you better results.
Longer term, trend following strategies like Tommor suggested are usually your best bet. The reason more people don’t use them is because they’re boring and won’t make you rich. But, what you’ll eventually learn in Forex is as long as you’re in the green at the end of the month then you’re doing better than the majority.
But don’t let this stop you from dreaming because there are people who do make a good living from Forex, just not most.
Thank you MattyMoney, I will stick to the simple rules and go for the marathon. As for my dreams, they are very much alive and I do imagine having them every day
Personally, I never back test because I’m lazy and my strategy is based on Ichimoku which has stood the test of time with years of testing as being profitable in trending markets. Downside, is ranging markets are in the majority, and thus needs a different way of looking for positive probability trades.
Which means to be on the right side of a trade, it’s important to understand order flow which moves price action. Without orders there is no price movement. A ‘simple’ example is in a bullish trending movement where the order flow majority is to buy until (perhaps) moving towards a resistance zone where losing traders close their contrarian trades or get stopped out.
Winning traders can wait and see what is going to happen next when reaching the Zone. Which means that the price is falling until either traders buy to continue the trend or sell in the expectations that there will be a retracement back down. Long term testing has shown that it is more likely that the trend would continue until it goes out in a big spike bang at some point in the future.
So with that knowledge, placing a T/P is not just guesswork - like RRR - but a critical part of being successful. My strategy is running at a 55% winning ratio.
Hope that is understandable. If not try reading Jason Alan Jankovsky website www.netwinningtrader.com
it is a thorough strategy. only that if it were me, i would reduce on the indicators in 4 and stick to one. Also for the case on number 2, continuing trend is okay but add only one more pattern or better yet stick to the trend only. other than that, i think its okay
hi I’m not trusting lagging indicators. so I’m trading with Supply and Demand and validating with volume profiles and considering liquidity. I’m still on backtesting stage since 2020. I’m having good result of those. 65 win rate can be gain. and now I’m focusing on fundamentals like NFP, interest … etc. Last NFP I’m able to gain more than 1000 pips (testing).
let me teach you a framework to organize your current trading into a profitable strategy.
1.Type of trade whether you trade reversals, breakouts, or continuations.
2. Market Phase has to do with identifying if the market is sideways or ranging. Decide if you trade trends or reversals.
3.Zone: finding areas on the chart where you can enter trades (i.e. support & resistance, pivot points, Fib levels, etc.) I suggest use one to keep it simple pleas, pleas here at that stage patience is the key. dont jump in to the trade before it makes sense.
4. Price Action: any price action patterns (candlesticks, chart patterns, etc.)
5.Indicator (optional) pretty simple, any indicator that can help you add confluence to the trade (i.e. RSI for reversals, EMA for trend, etc.) please use one, than done tell me the results after applied.
