I have found that there are many trend following strategies which can make money consistently.
You can search online and backtest it, you may find one in one or two hours.
But don’t use them all.
Use the only one and master it.
Repeat using it and gain confidence and emotional stability.
Trading is a mental game.
Strategy is important but it is your mind what makes money.
I don’t know how you handle the pressure. I’d probably be soooo stressed if I was watching timeframes lower than the 4H chart.
Thanks for the additional motivation, Johnny! Super appreciate you as always.
My crossover strategy has worked for me but I’m open to tweaking it also to make it a bit better.
Oooh. Okay! First time hearing about the King of Forex, but sounds interesting.
Haha. Thanks for the reco, chester!
I have no wish to get into an argument regarding the merits of King of Forex, but in my humble opinion and that of many professional traders, adding to losers is potentially a very dangerous strategy bordering on ‘martingale’.
and that’s putting it mildly
normally, they dress it up with other names because it makes them feel pretty uncomfortable calling it “adding to losers”, even just to themselves, so they’ve come up with terms like “dollar cost averaging” and “averaging down” to try to make themselves feel less anxious about it … i think quite a lot of them are actually naive enough for that plan to work, for them, too …
Just a thought - you @ria_rose are a lot younger than me and no doubt have better and more fun things to do than watch 5mins/1min charts. But they do keep my mind active and hopefully stave off dementia a bit
I completely agree that it’s dangerous. But watch his videos of what he does and in particular when. Usually after London closes and there’s no news. It gives very little likelihood of a big trend taking off, so the chances of eventually winning are high. Plus there’s more to it than just adding to losers.
I’d say with good risk management and a good ability to read the markets would make you win overall for the group of trades in the high 90% region. I think even if you get a big loser, you’ll win more than you lose. Which is what my ea results suggested, and it wasn’t very good at picking entries.
All that being said, a newbie is very likely to lose far more often and not have adequate position sizing, so very dangerous there.
Definitely me! 2 min TF to work on micro trend, with 10 min TF for confirmation. As for the one-or-many-strategies question, I built one strategy and I prefer to tweak it rather than skipping from one to another, but perhaps it’s because I’m a newbie and I don’t want to be confused by too much information. Maybe when I’m more expert I’ll consider some new strategy, but for now I’m glad with mine and I prefer to work on it.
Damn you get bored with the 5min, that’s crazy. I could never get bored if 5min was my timeframe. The boredom on the 1hr and 4hr is top tier
yes of course or 2 b precise: i have different strategies 4 differente session.
i use range trading during asian session,
trend following stretegies during london session,
and reverseals during n. y. session
Personally, I would say it depends on whether you are scalping, day trading, swing trading, or position trading … and of course the timeframe you are using.
Having (and using) different strategies for trending and ranging markets, in my humbe opinion, is therefore a necessity.
Hope this helps you on your trading journey, and that you stay profitable using risk management.
if anyone can predict trending phase and ranging phase, he can be a millionaire in a year with 10k start balance.
stick to one strategy and repeat it without deviation
What you say is true that a trader can quicly become a millionaire, however, a trending strategy may not work in a ranging market, and a ranging strategy may not work in a trending market.
I don’t sit in front of my PC and/ or phone watching market moves all day long. I have a life to live and enjoy. My life is not all about money, its about love, relations, family, growth, helping and giving to others etc. The seeds of victory I plant usually grows.
It’s all up to you to accept or reject it.
That being said, I hope your trading journey, and life, are both successful and profitable.
Would you say you’ve already found this “one strategy” that you’ve been using the whole time and how has it worked for you?
I feel like this approach only works for experienced traders who have been around for a long time. I just don’t know how it’ll work though. Haha.
Most experienced traders wouldn’t use it! That’s why they have been around a long time.
Maybe daredevils?! HAHA or those looking for a thrill?
There’s this saying I once read somewhere (don’t know who said that): “Losers average losers”. Due to the fact that English is not my mother tongue I spent a lot of time wondering what on earth could it mean , but I suppose it refers exactly to people who add money when they lose many consecutive trades and so destroy their accounts. I find it it a funny and useful sentence to remind me what NOT to do when I am in a losing streak.
What you call “boredom” on the higher timeframes is what I call “patience”