Hello all,
I am a complete newbie to forex - in fact, until I stumbled upon babypips.com in mid December last year, I didn’t even know what a “pip” was, or what “spread” meant - so please excuse me if I am not able to keep up with all your expertise.
However, I have not only been studying the babypips.com school avidly and reading about forex in other places on the 'net, but also thinking about it during my free time (I am almost 70 years old and retired, so I can afford to spend a lot of time doing so).
I should like to be able to trade forex so as to supplement my meagre pension income and savings. To this end I opened demo accounts at OANDA and EXNESS a while ago, and have been trying out many strategies I found on the internet, but without much luck up till now, sorry to say. I don’t intend to trade live till I am successful for a fairly long time with a demo account (say, a few months), so thankfully I have not lost any real money.
I am currently working on a strategy which I call the “Modified Grid Hedge Method, Version 2”, the original version of which I read on the internet and which to my newbie mind seems promising. I am posting this strategy on the this forum separately. I’d be happy to get any feedback.
Cheers!
BTW: I live in Canada.
I am professional trader and would suggest to drop working on Grid Strategy. It is a waste of time. Do not work on martingale either. One of the strategy that works is trend following.
Can you explain why? I have now been working on a demo account (with OANDA, using about 10% to 12% true leverage) with my above-mentioned “Modified Grid Hedge Method, Version 2” for over a month now, and am doing quite well. I prevent “danglers” by closing all trades when I am ahead, and staring all over from scratch. My win rate is averaging around 0.7% per day. This amounts to approximately doubling my account in about 100 trading days if I compound my winnings, and therefore to increasing my account ten-fold in about 300 trading days: which is to say, about 1 year and 2 months. I consider this to be an excellent rate of winning.
So I don’t see why you are advising me to abandon what looks like a profitable method. Could you explain yourself a bit more clearly?
I do agree that trend following is a very good strategy, and have been doing that too in another demo account, but up to now my growth rate with the trend-following strategy is not nearly as good as with the above-mentioned “Modified Grid Hedge Method, Version 2” strategy.
Cheers!
Been there done that many times over! Martingale in different flavour is still a martingale. There is only a win with each basket or loose it all. Once you take your 1st trade then until you close the basket you are locked to win it or loose it all. You should backtest your strategy and you will certainly find that you will margin out. This strategy looks extremely great for a few months but it will definitely margin out until you have unlimited funds. For research check these products, Robominer, TomsEA, Envy, ForexHacked. They have all lost all their accounts. Stay away if you can from martingale - just a humble advice.