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I believe the most simple strategies are the most profitable
I agree. You don’t need to complicate yourself with many indicators as long as you have the simplest way to analyze the market…
Complicating the charts with lots of lines and indicators will only increase your tension level. You just need to concentrate on price action and upcoming news of major economies of the world.
I agree. Too many indicators at once can give contradicting signals and may end up confusing you rather than helping you. Having a clear, not too complicated strategy in mind and being disciplined about using it is the most productive approach to trading.
I completely agree with you, keeping it simple means keeping mental clutter out when making decisions in the moment. However, can [B][I]you[/I][/B] explain how this (your friend’s) system works from step A to Z? If you can, then use it and make a 100:1 win loss ratio. If you can’t explain it and its a complete mystery, then how can you learn and apply it?
Also, you said earlier you were looking more into it, so did you find out more what the system is? Can you share with all of us what the basis of his trading is? Naked price action? Ichimokus? SMAs? Even if he was using “gut feeling” there must still be some indication (gurgles, croaks, groaning) when his gut is telling him to get in and out so effectively. No?
Indeed. I’ve known people with too complicated strategies who were not only having difficulties explaining them, but who were also getting confused while using them themselves.
Yes I have updates, I’ve not had the time to post as I’ve been trying to work on my trading strategy My apologies…
regards Michael, he checks all time frames before taking a trade. I assume that demand and supply is key to his success. He doesn’t use stop loss nor take profit, he closes the trade once he is satisfied with the profit, he always tells me that patience is the key to this game and you shouldn’t worry if the trade is against you. he showed me that he has got many losses but overall his live account is now 197k. by the way he doesn’t trade forex at all. He uses no Indicators at!! I’m really confused…
If he is not trading forex, then what is he trading?
he only trades commodities and indices. mainly commodities.
A few months ago I asked him why he doesn’t trade forex? he told me forex won’t ever make you rich unless you are rich.
This is the common mindset which most of the traders have that the forex trading business is risky and certainly it is and only those who can manage this risk to their benefit are the survivors reaping its benefits.
Skills are major point, but without drop of luck it is impossible to succeed.
I believe anybody can do and have what they want here if they apply themselves. I don’t buy the gut idea. On the other hand, we’re trading such a small amount of our capital, who’s to say what this teen is capable of. I use stops and always will. If this was really easy and effortless, everybody would be trading. Who would pump our gas and prepare our Big Macs? It took me months to realize I could actually make money when price takes a dive. I didn’t know back then. My broker was the one who told me. 3 years later, at 3 this morning, I generated over 40 pips… in 6 minutes. I’m sorry I stated that incorrectly. The market ‘allowed’ me to generate the pips
I don’t know about impossible, but it certainly becomes that much harder.
The most intellectual people do not depend upon luck, but for those are bound by emotions its quite common that they get stuck with the luck factor.
Because Michael does not exist… or he is lying about his stats.
Let us not compare with other traders performance instead plan for your stability in the forex trading business and make money accordingly to enjoy the system.
Hahaha this was funny
Ok what i say is he is lucky and he knows the basic , basic works!
I’m not sure what he knows, all i Know he is a lucky but successful trader. He doesn’t accept a losing trade, he turns them into winning trades via patience, it’s key to this his strategy
Forex trading requires mostly skill, but one also always needs just a little bit of good luck.