HI From South Africa

Hi, I have been trading Forex on and off for almost 3years. To date, my trading has not been very successful it is market by period of over leveraged big wins, and substantial draw downs resulting in even more losses. I have and good knowledge of the theoretical side of Forex trading, but somehow I struggle with being consistent. Being an engineer of trade, I know sometimes when faced with a problem it is better to step back and reassess the situation. I have read Mark Douglas’s book Trading in the Zone, and I think he gives an accurate picture of what is hindering the 90% plus of unsuccessful traders. I know the value of sticking to a system, but like so many others I have been looking for the Holy Grail. I know I have to work out my own trading system, but it is here where I falter. I really don’t know how. I have been trading all over in the past. Eur/USD, GBP/USD, Gold. I started day trading, and switched to longer term using the 4H and Daily time frames. Lately I had some success trading MXN/USD using very short time frames 15Min, problem is it is only based on the resent weakening of the dollar. Problem is, it is not a sustainable strategie because it is very volatile. I see people have success with price action trading, e.g trading pinbars. I would appreciate any input.

Welcome. We are about the same, so I am not giving advice, but I do know there is no Holy Grail. As your knowledge grows, so will your strategy. It’s a constant journey. For now, I stick to basics, no need to over stimulate my brain :brain: :laughing:.

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Stick to one or two pairs, and master them. Try price action strategies like pinbars, and backtest them. Manage your risk, avoid over-leveraging, and stay patient.

Hey, I feel you :slight_smile: Maybe focus on limited pairs and try price action with pinbars. Keep tweaking your strategy, and you’ll get there for sure.

Hi @faavs - Trading is simple but that doesn’t mean easy or fun.

Don’t be obsessed with inventing a brand new strategy, somebody somewhere has already discovered what works and what doesn’t.

Remember that there are basically only two strategies - buy because price has been rising, or buy because price has been falling. Demo trade a simple strategy on each to discover which matches your personality and lifestyle.

Hi, thank you for the replies. I think the problem i, where to star again. Are there any strategies you can suggest that focus on a few pairs. A place where I can start my trading journey again?

Welcome to the community! I hope all goes well for you this time. Good luck!

Hello and welcome faavs! You’ve had quite a journey with forex trading. You might want to consider simple strategies like moving average crossovers, or price action trading. Some members here share their strategies, so exploring those could give you some ideas.

First of all welcome to the fam! You just need to focus on developing a disciplined trading plan with clear risk management rules and a defined edge in your chosen market. Consistency in execution and continuous learning are key to improving your trading results. Still, in case you want to talk about something, I am right away. :slight_smile: