My strategy trending method is comprehensive, based on Ichimoku plus three indicators all of which have been tweaked to lessen the lag, and using ATR on the 4hr chart for S/L & T/P.
One indicator tip I use is Myfxbook app. Open the Market and select a FX trade from the list.
The TECHNICAL button shows a Buy or Sell summary of various candle patterns which are right up to what is happening in the now.
About a year, trading for 3 years now and I can Confidently say I am profitable.
About a year and even then I tweaked my strategy, S/D introduced some SMC on lower Time Frames actually still tweaking it on demo
It took me about two years to find a strategy I was comfortable trading.
I wasted my long time initially by relying on the indicator based trading strategies! In addition, now I am with a fixed setup for Price Action trading strategy!
Thatâs the reality; it takes such a long time to make a profitable trading system! Donât lose your hope, and keep digging!
Which flaws did you identify?
Any specific place you learned this?
Yea Iâm with you. Itâs so tough.
Iâm guessing you tested a whole bunch??
Been trading long enough to know that as much as traders try to, and are encouraged to by all the received wisdom out there; define specific setups with solid concrete criteria, really and truly, no two trades are ever quite the same and a good trade can only be defined by a confluence of certain criteria, combined with having the correct bias, as there is seldom a case for a valid setup where there arenât equally valid setup criteria pointing in the opposite direction.
In all likelihood, the best traders have most likely developed a knack of intuitively latching onto the correct market bias, which they then apply any given strategy in their tool belt to.
As for mechanical trading systems (that donât require computer algos), I have seen three broad categories:
Bottom line is, for a human trader to be successful, they got to play to their advantages. Our rational process cannot come close to competing with computer algorithms. Our sub-conscious process however can beat any computer algo hands downâŚwhen it is correctly attuned and functioning properly.
Correctly attuned: = 10â000+ hours plus market experience.
Functioning properly = Are you drunk?, too much caffiene? just had an argument with the wife? Or in a state of Zen? Do you even have the right sort of mindset for trading or is the state of your personality and underlying drives/issues putting you at a huge disadvantage regardless of how much experience you have?
There are very good reasons why this game is so damn hard for many (yet admittedly quite easy for a tiny select few), and why so many fail in the long run.
Iâm gonna check this out! Thanks
Geez, thatâs a ton of time, almost sounds like having to go to medical school or something with out the guarantee of a paycheck.
Is this from their website? I was under the Market tab and then went to patterns, but the table that loads doesnât show much as far as patterns. Like on the 4hr, I only see 1 or 2 arrows for any of the time frames.
You got it in one.
âŚand you aint learning anything remotely useful or constructive either.
I hearted the comment, but Iâm not hearting the reality of getting to be a profitable trader. Def hard work!
Everyone takes their own time to come up with a perfect trading strategy. It also took me a matter of a few months to come up with a good trading strategy. After that, I had tested it thoroughly in a demo account and then applied it on live trading. Staying consistent with my strategy for a long period of time has contributed to its perfection and good win rate.
thanks for this useful advice.
What do you mean by this?
Various things.
To be a successful trader, you need to rely heavily on intuition, primarily the sort of intuition that comes from having a vast amount of experience in a certain area that you just start to know it without thinking too much about it. A novice/intermediate trader could approach the market with the very same strategy that top earner uses, and they would find that even in demo mode, where they could trade their strategy without any fear, they would find that the market wrecks them. There is a reason for this. The âsetupâ is just a rule of thumb tool, which if applied mechanically, will almost certainly prove to be a consistent net loser. The skill is in being able to read the ebb n flow of the markets in order to know when to apply any given strategy. The real work has been done in the traderâs mind over many thousands of hours, and 90% of the knowledge behind his trades, comes naturally to him, without him having to think much about it, and certainly without having to refer to some unwieldy flow chart or clunky checklist, like all the trading educators (who consist largely of failed traders) tell you that you should.
Same with any skill in life. Whether it is a top sports star, a grand master chess player, or even driving a car. The more you need to think about it, the less capable you generally are. This is because our conscious mental process can juggle just 6-7 different factors around simultaneously, whereas our subconscious mind processes millions of factors simultaneously. Of course, relying on sub-conscious processes has itâs pitfalls, as mind states or emotions can have a great impact on how those processes are filtered. Itâs not hard to imagine the difference in how one drives when they are drunk, coked up, angry, just had a row with the wife, etcâŚThing with driving however, that regardless of any state of mind state or strong underlying emotion, their is a very high probability of a driver setting out and getting from A to B, and back again, without crashing the car resulting in a costly repair bill, or worse. But imagine if every time you set out in your car, there was a 50/50 chance that you were going to have a collision, and it was almost a guarantee that you were going to concertina the car several times at least in your driving career? That is the odds that a trader has to contend with, which has huge psychological connotations. If driving a car had the same risks of injury as trading does, most drivers would certainly balk at the thought of turning the ignition key, and the attendant fear and anxiety would make them considerably more likely to have an accident than they otherwise would be. There is probably no other endeavour in life, that so actively pushes participants towards a losing mindset and evokes negative emotional turbulence, which will likely result in poor (or dangerous) trading performance, regardless of overall knowledge of the markets. That is what I mean be âwhen the sub-conscious processes are attuned and functioning properlyâ.
Another form of intuition that can beat any other skill hands down in trading, would be âethereal intuitionâ. That is to say, when a trader has a knack of âjust knowingâ. Itâs a mystery where this âjust knowingâ comes from, but it is a real phenomena. Important to differentiate between this sort of intuition and gut instinct. Gut instinct is spur of the moment, motived by acquisition, but much more strongly motivated by fear of loss. Gut instinct will get you killed in the markets, whilst ethereal intuition can be a lethal ability for those who have it. This is more relevant to longer time frame players but again, this skill can be crippled and sabotaged by emotional states and psychological factors just the same.