Hey Pipers! I now used my strategy on my Live Account for a month after testing on a demo account which also lasted for a month; and here’s the results:
(this are results on my live account according to FF automated calculations, check my ForexFactory page for more insights.
Win Rate: 69.2%
Returns: 86.8%
P/L: 13 Closed Trades, 9P 3L 1E
What are your thoughts Pipers?
Well done. Looks like you had some big wins but taking some huge risks with your risk ratio. It looks like you could easily wipe out your entire balance in a 3 or 4 loses in a row, so please do be careful.
What charts timeframes and indicators etc are you using in your stratagy?
Ty. I was once a pundits who has risked so much in the past before choosing Forex. And besides, i risked how much i could afford to lose despite knowledge of risk management. The money isn’t a thing rather; though i aim of building to a certain amount of equity before applying risk management.
I appreciate your opinion here.
Yes, i wouldn’t mind sharing my strategy with anyone, so concerning the TF i make my analysis on 4Hr, while my entries and exits on 1Hr; to leave trades against weekends, i look at the daily & weekly chart if i should exit or leave the trade till the coming weeks.
And for indicators, i only use the RSI to look for overbought and oversold levels.
One more thing, being able to correspond fundamental analysis with technical analysis gave me some edge.
Good idea, but I think now you’ve doubled the account you prob need to use some risk management to maybe safe guard your original investment. That way if you do lose a few you can start from the beginning again without throwing more funds into the pot.
So you enter short if oversold and visa versa, or do you wait until the RSI is heading it a particular direction? In the stratagy I’m testing I go long if the RSI is over 50 and heading toward but not in the over sold zone and visa versa for short.
I think the thing is figuring out the calculation for every pair you watching. The RSI value i used for EUR?USD is different from that of AAPL, TSLA & XAU?USD.
I use this RSI with respect to price action and when the RSI value cross over 70 or 30 and respect my analysis, i enter or wait more.
Think I need to learn more about how to use RSI
RSI is a fine indicator when mastered, trust me.
In my opinion, you are use too big transaction size to your account.
Ofcourse i know, they’re intentional and i have my reasons for doing such.
Congratulations on your recent successes! However, I’m curious about how you manage the high level of risk involved in your ventures. It seems like you take on significant risks, which can be challenging for me to handle. Can you share any insights or strategies you use to mitigate risk and ensure success?
Ty. When i look it around, i think it comes down to ones personality. Because it’s with this i was able to accept the uncertainties beforehand and build my confidence within each trade.
Note, my definition of confidence is not “this is trade according to my analysis and when i enters it becomes a winner”; but “this is my trade according to my analysis and am open to whatever uncertainties comes after”.
If you don’t mind, you can give this a read, Personality - a great tool in trading.
That’s a useless indicator, because overbought and oversold could last weeks. What is useful, is setting the RSI at 10, then placing a 50 line, which will tell you above where the price movement is headed and below for vice versa. Tested by No Nonsense FX.
Exactly!
I have to work a lot on myself, of course I will read that. Once again thank you.
It’s funny how you started with RSI being a useless indicator and move on to give your idea of how this so-called useless indicator works by doing this and bla bla.
Moreover, i don’t use indicators to tell me where market is headed when it’s all revealed on the screen. We use indicators differently; that it never works for you doesn’t mean it’ll never works for somebody else.
And inasmuch the trend remains my friend until it bends, let me see how far i can go with this strategy of mine. I’ll do my best to keep you guys updated anyway.
Regards.
i think you’ve actually misunderstood what Steve said, there 
he didn’t say that RSI is a useless indicator - he said that its so-called “overbought/oversold” component is useless, and he’s completely right about that; many people - especially online - don’t quite appreciate that that aspect of it is actually based on a very fundamental misunderstanding, a kind of category error
the best way i’ve seen it explained is that it’s like confusing speed with acceleration: a car’s rate of acceleration can decline for a long time while its speed continues to increase, in exactly the same way that the RSI can show “overbought” for a very long time while the price still continues to rise
ultimately, it’s about working out what you want an indicator to show you - the information you need - before selecting the indicator and deciding how to use it
the method Steve suggests for using RSI is a very valuable one, though, of proven validity (and is used on some institutional trading floors)
My bad i misunderstood that. Now i get where he’s coming from.
You’ve said it all. This applies to every indicator.
As with the car’s acceleration example, you made a point there. But my own view of RSI is “caution, bumps ahead” - this ain’t a signal for me to stop driving or slow down that very moment but to be careful and watchout for the road, and as for the bump, i never know how close i am to approaching but whenever i see a bump-like stuff on the road, i should know that’s definitely a bump.
