In need of some advice

Hello guys, please advice me what to do next. i been
demo trading forex for few months.
been reading lots of articles ebooks and i totally understand risk reward and money management and there is no holy grail. Also read all the books about technicals such as heiken ashi, MACD, MA,candlestick pattern, Fibonacci, stochastics,ichimoku…etc (the only technical i couldn’t understand is elliot wave).

then i read and tried all the methods (almost all) posted in this forum and other forums as well, be it break-outs, trends, rangings, scalpings, crossover, support resistance,plus alot others method aka rainbow, building, fishes, repaint non-repaint, non-lag and so on.

But the problem is i cannot settle on any of them. Some of them are really good, high sucess rates, but shorter time frame are just not my style, i can’t sit in front of pc whole day, and holding a position for weeks is not suitable due to my small account (which i plan to open soon).

Finally i decided i like 4H timeframe the best, but i cant find a method that can earn me consistent 300 pips per month using 4H. I just want 300 pips per month (maybe more but no less).And this whole week i tried to create my own
method but unsucessful.

so anyone can pinpoint me what to do next ? perhaps my knowledge is still not enough to create my own method? should i keep searching?:confused: or show me the holygrail(4Hour) method? :stuck_out_tongue:

So why would u want to make 300 pips atleast a month?? It is very tough for a newbie to make 300 pips a month consistently. Have very small targets initially and then you can grow it slowly. Look at 150 pips per mnth initially. If you have enough money, i am sure you can control the amount of money that you get by controlling the amount of lots that you have.

Hi woopypooky

There is such a thing as a holy grail, its between your ears :smiley:

Your brain is the best generic trading indicator ever, all it takes is practice.
Starting a business is very difficult because there is no demo accounts or demo business to try before you really start. So see trading as easier to start and be successful at so keep on trying different systems and practice, practice ,practice

May be you should try this method… The Daily Fozzy Method @ Forex Factory (Dont mean to spam):cool:

It works for my daily schedule and I dont have to sit watching screens all day.

ns raises a good point! You should be happy getting 1.5 times your risk. don’t worry about hitting your target every month. I have also found that with the longer trading you should look at the day chart as well as the 4 hour chart. The 4h will give you your signals and the day chart will confirm the trend. I have been using the macd with standard settings and a macd with 2,26,5 setting just to see the move a little quicker. when it rises above the zero line you buy. If you want I can give more info but I’ll just keep it short for now. And remember your never too new to start your ouw system.

thanks for all the replies.

before this i feeling lost cos i thought i have read and understand everything and still cant make my own method, maybe i dun have enough experience yet? if i practice more and more maybe someday an eureka will happen to me.
so all i have to do is kept looking and kept practising?

yes i would like to look at ur method, if u can point me to the link of the ur thread or email me at <[email protected]>

O.K. woopy you asked for it so here it is, this is a new system I have been trying for about a month and it is going good so far. I got the basic from another post but I forgot where it was.
What I like to do is go with the long term trend. I use 2 macd settings. 12,26,9 and 2,26,5. The first macd confirms the trend and the second tells me when a reversal is coming. Did I forget to tell you that you are looking at the day chart? Lets say that the macd is below the zero line (both of them) and they are comming up. When the second one (fast) crosses the zero line this is time to take notice. When the first one (slow) crosses the zero line then the trend is confirmed. However I will not get into the trade until I have at least 2 days in a row of up candles. I will then look at the 4 hour chart to make sure that it hasnt started coming down. If all systems are go then it is time to buy.
Now here is where it gets a little confusing. If you goto my “lets do an experiment post” you will see that the system has nothing to do with it. It is all moneymanagement. So in this system you start by taking your balance and multiply it by 5%. This is your risk. Now you have to figure out what pair you want to trade. I like USD/NZD. A dollar a pip. Then we take our risk and divide it by our pip value, to find our stop loss. Our goal is 100 pips.
Lets see the math in action.
Balance of $10,000
risk of x 5%
amount of risk $500
Pip Value $1
Pips to risk 100
Lots to trade 5
So in this example we will buy 5 mini lots of usd/nzd when the slow macd crosses the zero line and we have 2 up candles in a row. The stop loss will be 100 pips. Every time the pair moves up 100 pips buy another 5 lots and move both trades to 100 pip s/l.
Try this on demo for a few months first and let me know how you do.

I can recommend Bazooko’s advice to you. He has also helped me out on certain matters and, I think you will not go wrong in reading and enacting his posts. :slight_smile:

Be careful, however, with reading too much material - you will get a disease called “analysis paralysis”. :confused:

Regards, Tymen Wortel, Perth, Western Australia.

thanks alot for your method,bazooko, i will definite try it right away.

@richrichie, thanks for recommending me the fozzy’s. actually i did have a look at it few months back when i was totally green but at that time i so focused on finding 100% winning method so i shooved it away. yesterday i took a look at it again and find it was good & profitable.

Dont worry about winning 100% of the time with good money management you can still make money winning just 33% of the time. Or so I have been told I really don’t careto prove that right but it is mathically possable.

Hey Woopy

I am no pro at trading ,been trading for 2 years or so, I have tried alot of systems and been hoping to find one that is both profitable and works with my schedule, The fozzy works for me , its almost like a trend change indicator system, that tells you when there is a short term/long term trend change, I noticed that one can trade against the dominent trend which some find risky, but my rule is only take 2-3 days profit. The only thing that gets to me at times is the patience to wait for a setup.

This method is so easy and effective, my 8year old daughter can understand it.

Each to his own

Hope you find your system soon

The truth is there is basically no holy grail holier (or more effective) than your brain in the forex. It is best trading instrument every trader has in the forex. The general truth everyone should be conscious of in the forex is that the trade is all about proper caution and professionalism. Once you arm yourself with patience and caution , you become too invulnerable for any broker to hurt. For example my friend has been gathering baskets of pips over the years trading with a broker that is not under any regulatory body which are supposedly forex dragons breathing fire on their clients. This surprisingly shows that if you are really careful and diligent, a broker not regulated could even be more professional to you than a regulated one.