Help, why is my strategy not working

Trading Discussion
62

I may do that later tonight if I can find the time. I’m concerned that I’ll be bombarded with crazy conflicted replies and have to spend hours defending something that was meant for well intent.

Most traders are brain washed into thinking that Risk Management means having to use SL and placing SL within a certain perimeter from your entry.

When in fact, from my own experiences, I’ve learned that by using SL, only opens the door for the Market Makers to steal your money.

Trading in my opinion should be all about Analysis. If you’re confident in your analysis, take the trade, if not, don’t take the trade.

Now, I’m not saying this will work for everyone, as we all know each person trades differently.
What I am saying is, that it’s works for me, and if it works for me, it could work for others as well.

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Hi Krugman25,

I can appreciate your skepticism. But I refuse to take up anymore of my time to validate (anymore) than what I already have.

If you look at the myfx book post, on that particular account, you’ll see that my drawdown is in fact just the opposite of small. I trade several accounts simultaneous, some larger and some smaller.

But they produce the same win rate.

I don’t use a US Broker because of the Leverage limitations.

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If you are going to post your claims of high win rates, then you need to preface it each time with the fact that you are unwilling to show anything beyond screenshots, you have almost no trading history to show, and the very little trading history you have shows large draw downs.

Based on the very little info you are willing to show, I can see that your risk-of-ruin pretty much guarantees you will blow up your account sometime in the near future.

Many of us will take issue with you going around making claims and trying to sweep up traders who are too new to understand the game you are playing here. So for now you are being unofficially filed under fraudulent huckster, until you either a) prove long term profitability and risk profile of your strategy you keep touting or b) be honest with everyone and disclose these facts that I point out any time you want to tout your high win rates.

It’s wholly up to you to rectify these things, as you are the one making the claims.

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65

I did make the claims and I do make the returns. But if you think I’m going to spend another minute on this subject, think again. My post was meant to encourage new traders to keep up with forex.
I’m not here to argue or prove anything to anyone.

By the way, I have not blown an account in almost six years. Instead of hating, try opening up your eyes and mind to the reality that there are traders making money in forex. Just because you may or may not be successful doesn’t’t mean everyone else is in your same position.

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You made a claim and then people asked you to provide evidence to back your claim. If the community within this forum is to simply accept assertions without evidence, it degrades the quality of discussions and gives the same validity to those who are successful/experienced traders vs those who pretend to be. In the interest of the community as a whole its important to distinguish between the two in order to lead and help equip new traders with the correct tools in order for them to be successful . This is a purely logical response to your claims which seems to be something you lack.

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I’m curious to see as well. Like @krugman25 said, I don’t care to see how you’re trading since I have my own strategy I’m following. But, it would still be interesting to see. Please share when you have some time :+1:t5:

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Sounds good to me, cheers.

I agree with you on some detail, disagree on others. but to truly understand, need to know more.

Also, I never ask for trading results and never post my own. I think any experienced trader will know from the strategy whether it will work or not long-term.

Bye for now.

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I appreciate your post and comments.

After being attacked by a few people on this post, I decided I won’t contribute anymore.

I would have eventually shared some insight to my success, but after being abused and Baby Pips allowing this type of behavior, I done with this.

They have no idea what the actually lost and what they caused other traders to lose today.

I can tell it’s the same few trolls that are so angry of others success they can’t see the forest though the trees.

I guess I can add another reason why traders fail to the list.

Good luck with your trading.

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70

Proof was asked for Tono, so man up to the fact you don’t have it. You’ve clearly shouted from the rooftops in your introductory posts that you have eight years of experience and today you mention a 95% success rate on daily TFs. (not to mention the paid tuition service that you offer)

If you had any insight into this industry you would know full well that these sorts of statements are unachievable and that you’re going to be asked to prove it - which you have not been able to.

Also, one reason so many fail is because they decide to openly believe people who come here full of hot air such as yourself - and now you’re turning the tables saying that because you’ve been met with opposition you shall no longer post here at BP! Yes, I think it’s very clear why you’re stopping, don’t you :wink:

Also BP tends to let the community decide - you’ve been challenged and you can’t show one ounce of verified proof. Others have been kinder and have rather asked for more details instead, you can’t show that either?

There doesn’t seem to be much you can show, apart from your contact details so that members can get in touch with you personally (as we saw today in earlier posts)…again, I wonder why this is Tono.

So yes, perhaps best you do move on.

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71

I’m seething with rage grrrrrr!!!

Sinora :blush:

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Before you give up, I would like you to read 10 different trading books. Then, read 10 books on trading psychology. If after reading those twenty books your trading hasn’t gotten any better, please feel free to find a less expensive hobby.

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73

Every day is different, market conditions always vary. I was trying a currency-strength meter as an indicator, but decided that it changed just too quickly to be of much use. Also a currency-strength meter won’t avoid consolidation or weak movement.
It sounds like you make your decision(s) early in the morning, but then what? Do you go to work? Is this day trading or swing trading? If you’ve got time, I’d definitely follow the market.
I work, but in my spare time, I try to use a strategy of only getting in trades where a pair is trending, mostly brief trends. I’m trying only to capture significant moves. My main indicator has levels which must be crossed to indicate trending (sort of like Bollinger bands but better than that.)

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Playervalue if I can ask, how much are you down at this point? Your trading system will never work since you are likely buying right near resistance and selling near support. Stop trading immediately or you will eventually get wiped out. I’ve been doing this for about 20 years, and I am one of the few who actually makes a very nice living from Forex.

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Hi Playervalue.

I see you have lots of different answers and I will share mine with you, hoping you will find some insights.

1 st thing, I would advise to stop trading real money until you have figure things out for yourself. Avoid loosing your hard earnt cash - once you have an edge in the market, you can expect to make money with a good risk control, otherwise, you will on the long run lose.

2 nd thing, there are a few books out there from Van Tharp (trade your way to financial freedom, super trader, peak performance course) or Brett Steenbarger (enhance trading performance) that will help you understand the trading game better, at a psychological and business level. I see lots of people running in trading, hot indicators and knowing nothing about psychology, risk control, trading systems (rule sets or plans…)

3 rd thing I would get Forex Tester and actually test new trading ideas in a systematic way (ie: take 1 set up, for 1 pair, and trade it for 5 or 10 years of data. Because you can play the past date faster that would be 2 months of work at 8H per day, but you will get 10 years of price action at once and get it ingrained in your system. And after 10 years of data you would have maybe 500 trades showing you what to expect in various conditions, plus your set up would become second nature.

4 th and in parallel, keep on reading technical books, trading books, work out your psychology, find a mentor (a real one, not a fraud).

I have been walking the talk for the last 8 years (that would be maybe 1 to 1.5 year full time with day job and familly on the side) and I had a master degree in capital markets and 2 years of professional experience in the field before that. I have achieved having a positive expectancy post trading cost, but tiny in comparison of what I could make (I still see 60% of my set ups after they unfold, and leave 90% of my profits on the table as I need to improve my efficiency - ie: abaility to execute my systems flawlessly). I believe I am still a good 1.5 years of good trading away from the kind of results we look for (feeling great about the quality of my trading and getting some money for it). I am telling you what I have done to help you appreciate how much hard work you need to put in just to reach the point of not losing money consistently (ie: reach the 90th percentile).

Truth be told, to last in the game and have a chance of success you have to LOVE trading, have a strong ideal in mind and be ready to work for years, investing time and money in your education, be ready to feel down, fail and feel like you will never succeed more often than you think (“maybe profitable trading doesn’t exist” is something I have just finally gotten out of my mind…).

Good luck in your search and trading venture!

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Hi,

firstly, like yourself, I have been doing this for a year, I thought i would share my findings with you in the hope they help you.

  1. Expectation - you say your trading strategy is logical, most of them are, but what you dont realise is that the markets are not logical, why? becuase they are based of human emotions, lots of them, we simply do not have the tools to reliably predict the market with that many players and emotions. Remove the expectation from your trading.

  2. Most traders loose most of the time. Read any of the books like trading wizards etc, most traders loose nearly 70% of the time thats a lot more losing than winning. How do they make money then? well, the secret to most of this is when you do win, win big, so much so, they knock out all of the losers.

  3. It will take longer than a year. Trading is a job and should be treated so. I’m assuming that you took up trading for the same reason that most people do, for a better or less stress free way of life. If you are truly serious, then think of how long it would take to become a carpenter, software engineer etc. it takes years, not one to become competent.

  4. Understand your relationship with money - most people are terrible with money, especially losing it. You need to become with ok, with losing and winning, if you cant keep your emotions in control, you will end up like the rest of the people who trade and lose.

I hope that helps, stick with it and last of all enjoy it, remember your strategy not winning is teaching you what does and doesnt work, is it your stops? is it the risk you take? how about your exits?
look at all of these and keep at it !

good luck.

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77

@daveonfire
What do you think about trading around news period?
I know I should avoid trading around high impact news period, but what about low and medium impact?

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@Leo_FX_Trader

How do I get a Forex Tester software?

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Pro charts on IG can test

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This is their website:

apparently you can try a free trial version to try if you like it first.

I got the one with the 1mn data (not the tick data) it is not as heavy and does the job (I trade 15mn and 5mn chart typically so this is good enough for me)

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In my opinion. If you really think that your strategy is logical and flawless even if you rack up streaks of losses you will not be asking this question. Because in trading the markets. Even if your strategy is 70% right all the time. You can still rack 6-9 or even more losses. It’s all about probabilities . The trick is your strategy needs to have a positive expectancy in the market, and you know that when you trade you have an edge over the market. My suggestion is to make your approach more specific, identify what you are looking for specifically to say that when you enter this trade, the odds are in your favor. Know what style suits you and your personality.