Help, why is my strategy not working

Trading Discussion
21

As justshell said.

In specifics, I mean avoid off-chart indicators as far as possible and draw as much as you can from candlesticks and a couple of moving averages. Fibonacci and Elliott Waves are for later on too. If ever.

Don’t trust exotic chart patterns or candlestick patterns to give you absolute truths.

Be wary of concluding that the way to make money is to beat the market (meaning the big players), as this leads you to trade reversals: this is high risk and an advanced (if not bizarre) way to trade. Inevitably, reversals trading leads to obsessive MA cross-over and head-and-shoulders and double tops spotting, and then to pin bars and eventually to pin bars on a 4hr time-fame and finally to pin bars on a 5-minute time-frame. And then you’re back where you started.

22

Try to write down the rules of your strategy in details. You should determine each important thing. The main blocks would be “Conditions”, “Opening position”, “Closing position with loss”, “Closing position with profit”.
Then, after each loosing trade, you should find out the reason to be able to find the problem.
You can also backtest your strategy on historical data using special software like Forex Tester or Tradingview built-in tester, depending on your preferences.

Pay attention to the risk-reward ratio. Quite often it can help to improve substancially the performance of the strategy.

23

@ J_C_Anderson
Thanks alot, this was really helpful.

24

I would go back to the drawing board and come up with a new strategy. I hope you are still in demo mode.

1 Like
25

@gerwinjohn
Was in demo, then went live, then back to demo.

26

@playervalue Here is an interview - which may help you to think in the necessary way

Linda Bradford Raschke

https://futuresradioshow.com/podcast/241/?utm_source=Futures+Radio&utm_campaign=be3f218556-MS+25%3A+A.I.+%E2%80%93+Agricultural+Intelligence_COPY_01&utm_medium=email&utm_term=0_1c2c55e982-be3f218556-%5BLIST_EMAIL_ID%5D&ct=t%28MS+25%3A+A.I.+%E2%80%93+Agricultural+Intelligence_COPY_01%29&goal=0_1c2c55e982-be3f218556-%5BLIST_EMAIL_ID%5D&mc_cid=be3f218556&mc_eid=%5BUNIQID%5D

27

That is a great way of starting. You can only truly learn after you fail. First think about what is getting you stopped out… are your stops too tight, are your targets months away from being reached. Second pairing the strongest and weakest pairs isn’t all the work you need to do before you get into a position if it was we would all be billionaires. Most people will tell you price action or a bunch of other stuff but its all useless. You have to figure out what to look for and that is different from trader to trader. Best advice I can give you is you got to utilize your brain more. It works wonders and as soon as you put in your mind what you should be looking for you’ll find 90% its against what other traders are looking at and you’ll make a ton of money. Keep grinding and don’t stop.

1 Like
28

@Mutisya_09
Thanks a lot.

29

Do you stick to your strategy rules vigilantly?

2 Likes
30

@jessoprules
Not vigilante.

31

Hey my friend.
If you have a trading plan then you need to stick to that plan…no chance of being sucessful otherwsie.

2 Likes
32

Truth^^^^^6

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33

First I suggest to see if the market is trending or moving sideways and wait the end of the retrace to open a position in direction of the trend.
Hull Moving Average and MTF (multiple time frame) can help YOU a lot.

34

You have the right idea of trading Strong vs Weak. However, the way you are trading is wrong.
From what I understand from your post I’ll try to guide you to a successful way to trade Strong vs Weak.

I can’t give you the full strategy, as I have students that pay me for this information. Read between the lines you should be able to figure it out.

  1. Use a Strong/Weak indicator that moves in real time (does not lag)
  2. Trade during the sweet spots of the London & New York Markets.
  3. Trade off the Larger time frames (Skip the noise).
  4. Use Price Action
  5. Use Support & Resistance
  6. Use Supply & Demand
  7. Get rid of the SL. (I’m sure I’ll hear a lot about this one)
  8. 3-1 Risk Reward or higher.
35

I think you’ll hear more about this…

Can you tell me the difference between point 5 and 6 - seem the same to me, just interchangeable terms?

36

I removed the link to the site that explained Supply and Demand. I didn’t realize it was not allowed.

1 Like
37

With regards, to not giving my strategy away for free.

I contribute here on Baby Pips to help encourage new traders to stick with Forex Trading.
A good deal of them give up because they don’t get good results.

But Forex Trading can change many lives. I started trading in 2010. It wasn’t until 2015, that I became successful enough to leave my day job and live off of my Forex Account.

I have spent thousands of dollars to get the forex education and foundation that produces profits every month. Not to mention, the many years of loss after loss on my account.

So, yes, I won’t give that kind of knowledge away for free. But I will give some advice to new struggling traders.

1 Like
38

I know, you’ve said the above in all three of your most recent posts in the last 30 mins on BP.

Got any proof of success since you’re so eager to ram it down our throats?

39

14 posts - very little contribution :roll_eyes:

40

Do you use Daily % change or Price distance from a set MA?

10 hours from the market open will land us at London Open exactly, trading according to data obtained from SW analysis at that time is risky. That is because the rating you’ll be getting is the rating from market activities during the Asian Session which might change during the London and NY sessions. In fact it changes about 80% of the time.

Your strongest and weakest currencies will mostly revolve around AUD, NZD and JPY because these are the currencies that move the most during the Asian Session.

Trading Daily SW analysis depends heavily on Trading sessions and you might need to add that to your “strategy”.