I’ve been surfing this topic as thief in the night for the last pair of months and I must say it has been very helpful. Certainly, I have stolen a lot of knowledge, some bits of trading wisdom (which I clearly lacked), as well as having bought quite some time in interesting reading.
I’ve been trying to make my way into the FX market for the last couple of years. Needless to say, I’ve been part of that infamous 95% of losers for most of the time. I still am, though I believe I’ve made some major breakthrough in my trading lately, thanks to the advices I’ve collected here. I spent months trading intraday systems making all the common mistakes newbies do: over-leveraging, dropping good trades and keeping bad ones, forgetting to apply a sound money-management plan, risking too much of my equity on a single trade… I guess many of you have done the same at some point of your trading careers.
Thanks to Courtney D. Smith’s book I’ve begun to think differently. I switched, as the author of the thread (which I thank for sharing his experience, thus giving me a new hope when I was nearly giving up), from an irrational, emotion-driven behaviour to mechanical, stress-less trading.
I’m mainly using Conqueror and Donchian Channels, set up as per Smith’s instructions. I’m also applying some support / resistance concepts I found in the other book mentioned in this thread, Way of the Turtle by Curtis M. Faith. These came in handy, especially for buying pullbacks – which is something I always saw others do with great confidence (and profit) – finally understanding the reasoning beyond that made me feel both an idiot and a genius, if you get what I mean.
Today I’ve recovered 100% of the losses as regards the number of pips thrown in the market since I started my live, micro-account this summer. That doesn’t mean unfortunately I’ve recovered the losses in terms of equity, but I’m not that far anymore. I believe this thread should be taken in the highest consideration among those on this forum, and so should all the people involved. I hope it can help in the future others like me to develop a steady, safe-and-sound approach to trading. Though I’m way far from being a professional trader, or having all the knowledge needed to outperform the market on constant basis, I have much more confidence now than ever that I will end up winning the long desired financial freedom – which is why most of us get into this biz somehow.
Let’s go shorting a few yens more (and buying pullbacks hahaha).