Hello.
I guess I am still relatively new to trading, maybe around three years now…yet I still find myself searching for the best, honest, reliable, trustworthy, real system or software or strategy …or anything… to help me trade and get more winning results…because I just manage to break even over time with everything I do and try and / or use to help me trade successfully.
I had visions that if I was even quite good at trading, which I am most of the time, then I would be making a good earning from my efforts! But I am not I am just breaking even when I add it all up over the years!
Does any one ever win at this?..seriously? …and if so what the heck are they doing that is different to me as I feel I am not that bad at trading???
I am loosing faith and beginning to think this is all a waste of time.
Anyway, in my last attempts to find and winning ‘edge’ so as to make some decent profit for a change and so that I can boast to my wife that my time spent on this was not in vain or a waste of our earnings, I am trying the TradingPredictor software that I came across recently. I haven’t seen it before and it looks decent enough and genuine enough and so maybe it is worth a go, I just wondered if anyone else had tried it and knew if it was worthwhile trying?
Or…if you have any other top tips on what I should be trying out or using to make just a few more winning trades please advise, please, I would be so grateful, so grateful.
Thanks very much.
Best regards
Stuart
Here is stats from the last month of my live real money account. Yes this game is winnable. The problem is you are looking for a “system”. The problem is, there is no “system”. Lose the chains of thinking you need rules and systems and throw yourself all into discretionary trading. If you have been at this for three years you have to have gained enough knowledge by now to have an edge. Do this for a few months, only take three trades a week, and each trade set stop loss and take profit for both 50 pips. Don’t use rules or systems, use your gut. At worst you’ll have a random outcome, which repeated enough will land you at break even. But any bit of applied discretionary analysis will give you an edge given enough trades. Lastly, start focusing on what is making price move, don’t use price itself as the main justification for entering a trade.
By the way, buying trading software not only wastes the initial money it takes to buy it, but also the capital that will inevitably be lost using it.
Hi stuartcosgrove
Your post resonates with me as I have been feeling the same for a while now too. I was trading stocks for a couple of years and had pretty good success (on a % basis, not so much $, as low base). But then again those were only long trades in the midst of a bull market. So I switched to FX thinking the rules were transferrable. Not the case. Anyway I have been trading FX for around 6 months, and even though I work full time I trade most days at various times, have done innumerable hours of backtesting, trying new things, learning and reading about methods, systems, muulti time frame this, crossovers, zones, confluence that etc etc etc. So I believe you and I probably feel the same right now. If I didn’t read a few motivational quotes from time to time I would have given up, but here we are!
The problem for me is that there is a million ‘experts’ out there and even resources like this babypips, which is fantastic, but what I lack is simply a sounding board or someone else to act as a mentor. I even like the idea of a co-trader to bounce ideas and specific trades off but none of my friends are even remotely interested.
I wonder if we are in a similar time zone (I am in Australia) if you would be interested in ‘joining forces’, at least we could share what has and hasn’t worked over the years and could collaborate on some trade setups in real time?
Steve
Well, if you’ve been trading for three years already, but are still naive enough to believe that a philanthropic soul on the interwebs is eager to let you in on a holy grail system that’s the key to untold millions for a measly $99.99, then you probably SHOULD give up.
No offense guy, but not everybody is trader material. If you’re doing this to impress your wife, then there’s no point desperately holding on to your pipe dream. Like this elephant here.
You guys should come try the Rubber Band Trade . I am no expert , but it works and it is simple. http://forums.babypips.com/free-forex-trading-systems/65230-rubber-band-trade.html
When I started trading back in 1998, I found myself in the same league as you. After three to four years, I started to open short-term trades in the direction of daily longer-time frames, which made a huge difference in my results. Again, I am not a big fan of trend detecting software as most of these are built on false logic. Some of these show their historical records but these are not based on pre determined conditions.
Isn’t it a show of arrogance to give the market an ultimatum? Three years is sure a long time and envying others’ success isn’t gonna make it easier for you.
Trace back your steps, and get back on course. There are no perfect systems/strategies and such. Its all about probabilities 
Hi Stuart,
My advice if you wish to take it is to go back to basics. I apologise for those people that already know this but it’s your job as a trader to choose the direction of a currency price during the period of time that you wish to trade, its either up or down, or sideways. Currencies do not have a trading memory, it is us that determines the direction that a price moves to/from, so what happened yesterday, last week, last month or last year may never happen again.
The strength or weakness of a currency has a direct correlation on how that currency moves the price, a weak currency will become strong and a strong currency will become weak just like the sign-wave below. If you look at the 8 major currencies, there are 28 currency pairs which will all go up, down and sideways depending upon the individual currency strengths at any one time.
Forget all the fancy lagging chart indicators, because by the time that they give you a trade signal the opportunity will have passed you by. If you want to see a simple no nonsense trading strategy then go to my post on page forums.babypips.com / newbie-island / 65952-simple-easy-effective-trading-strategy-thats-not-complicated.html
I think you always have to believe that the darkest hour is before the dawn and there is light and the end of the tunnel, there may not be for you, but if you don’t believe there is, there definitely won’t be.
Trading involves 3 things, Method, Mind and Money.
You have to trust the trading [B]method[/B], this will put you [B]mind [/B]at ease even though you have to expect to lose some trades and manage your trading capital effectively ([B]money[/B]).
At best Pro traders on average only manage to make between 60-70% profitable trades, so don’t expect to ever make 100% all the time.
Bro, I believe the one thing all of us can agree upon is what ever it is you decide to do, stick with it. Look back at your history, find the style that suited you and learn it, live it, love it. Throw the bot away (you can build your own to test your strategy). Money management is more important than your technical strategy. Simplicity. Remember nothing ever happened that first didn’t start as a dream. All the best in your journey.
Three years is a long time to be breaking even, have you tried an FX course. it might give you that 10%-20% edge to give you the spark you need
[QUOTE=“stuartcosgrove;627654”]Hello. I guess I am still relatively new to trading, maybe around three years now…yet I still find myself searching for the best, honest, reliable, trustworthy, real system or software or strategy …or anything… to help me trade and get more winning results…because I just manage to break even over time with everything I do and try and / or use to help me trade successfully. I had visions that if I was even quite good at trading, which I am most of the time, then I would be making a good earning from my efforts! But I am not I am just breaking even when I add it all up over the years! Does any one ever win at this?..seriously? …and if so what the heck are they doing that is different to me as I feel I am not that bad at trading??? I am loosing faith and beginning to think this is all a waste of time. Anyway, in my last attempts to find and winning ‘edge’ so as to make some decent profit for a change and so that I can boast to my wife that my time spent on this was not in vain or a waste of our earnings, I am trying the TradingPredictor software that I came across recently. I haven’t seen it before and it looks decent enough and genuine enough and so maybe it is worth a go, I just wondered if anyone else had tried it and knew if it was worthwhile trying? Or…if you have any other top tips on what I should be trying out or using to make just a few more winning trades please advise, please, I would be so grateful, so grateful. Thanks very much. Best regards Stuart[/QUOTE]
I was speaking to my mentor yesterday told me he was up 25k last week on 1trade 1day so yes people are making money
Lots of responses. My suggestion would be the same as d4evd. You should read it a few times over.
But before you do that, could you answer how you address the: trend, momentum, cycle, support and resistance levels for the time frame you trade in? Could you also post how you decide your entry, Stop loss and trake profit or profits, as well as what % of your trading bankroll you risk per trade and your leverage. Lastly can you post your written trading plan. If you do this traders will be in a much better position to help you
From this what you are saying I believe that you still haven’t developed a working trading strategy, and after losing lot of trades by row you feel fear to continue trading. My advised is to go back on the beginning with very small deposit and small trades and start developing and testing new trading strategies.
Hey stay calm mate and stick with it. If, as you say, you are not too bad at trading then great you are on your way, you just need to stop keeping on searching for ‘the answer’ as it will drive you mad and it will never end.
All you need is what you already possess in yourself and skills plus an extra little edge to add to your already okay trading skills and then you will have enough to make steady profit and win at trading.
I must admit I looked at the TradingPredictor software about a month ago and it is actually pretty damn good I have to say and I am not normally complimentary on such things. I have been in your place mate and like you have tried everything! but I have decided to stop searching and I am sticking with my own knowledge and this one thing (i.e. the TradingPredictor software indicators) as it is clean, works, runs on MT4 and suits my trading style and adds to and compliments my basic skills and so with this and a decent money management strategy I am starting to make some steady and consistent profit at last!
Hope my feedback helps in some way.
All the best buddy, you’ll make it, don’t get down.
Cheers
Brian
What your’re missing is controlling your emotions and managing risk.
Giving up is the easiest part in any job, succeeding is the hard part. There is no time limit when a forex trader should became successful. May be you should try to make some changes in your approach to trading, or try different trading strategy. Paying money for trading software is not the best idea.
Hi Stuart
I’ve been using the TradingPredictor software for 3 weeks now and have made good profit using it as an indicator to help me decide when to place Binary Options trades. I’m talking several hundred pounds each day so far - except for one day when the market was fairly flat. The indicator is very much based on zigzag (and fractals) and you really only want to be using it on days and in markets that are displaying significant zigzag profiles.
Although I’ve only been using it for a short time - and it could still all go badly wrong!!! - my findings so far, apart form the zigzag point, are:
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contrary to the advice given in the documentation, the diamond/ruby signal is more accurate than the gold coin. Take 20 min trades once the ruby appears over the diamond, only when the candle is close to or crossing the orange line and is in the grey area. There are enough of these per day to not make it worth risking trades on the coins, or outside these parameters
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The signals are unerringly accurate for the EURUSD and the FTSE100, and pretty good for the GBPUSD and the AUDUSD. I’m now only using it on the EURUSD and FTSE100 charts, and for maximum accuracy on EURUSD I am only taking trades when London and NY are both open. Generally there 2 - 3 signals a day matching my criteria for the FTSE and 4 - 5 for the EURUSD. This is plenty to make a good profit (depending how much you bet per trade of course)
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Stay away from any currency pair includes the JPY. The Yen is just too volatile and this indicator does not work at all with Yen pairs.
Obviously you shouldn’t bilndly take a trade just because an indicator tells you to, but if you’ve been watching the markets for 3 years you’ll have a pretty good feel for how they move, and combining this knowledge with the TradingPredictor indicators to make your own decisions about when to trade, should give you a good chance of staying in the money.
And to everyone who says you should not pay for a signal / indicator - I say why not? I have spend years playing around with my own combinations of indicators and this one is better than anything I’ve come up with myself…and if it is helping me make a few hundred quid a day, why would I be bothered about paying USD129 a month for it?
I remember in my early years, trading futures, when I made a critical error in judgment that cost me over $50,000 reducing my account to around $2800.
After crying in the shower for some time, a little spark ignited within that cold wet pain wracked body & a voice called to me from within and said “what are you going to do with what is left?”
I couldn’t give up, trading was my dream, you don’t give up on dreams!
I ended up liquidating my outright positions and buying out of the money coffee options, which were going for a few cents with a 5 month duration, and making my money back as coffee rose past the 68 cents I originally purchased it at and continued forward into a multi-year uptrend.
Later will never come, you only have TODAY to man up, harden up, carb the fk up, and get the job done.