I think your right @ponponwei.
For me I always knew I was going to trade, didn’t realise how long it would take though lol
Trading totally suits me, but also I’m not much good at anything else
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John i appreciate what seems like your good intent, i really do.
The “system” you share, and its parameters are very random in nature, and why wouldnt they be, past price movement REpresentation on a chart is very random - anything can and does happen to price.
The reason for your entry is very random to me. I seriously doubt this works well enough to justify the effort and commitment.
And that as you say it only works well enough long and not short, and only on a daily timeframe, shows its fragility, which relates to likely future big draw downs, or the need for ongoing adaptation.
Candlesticks are all unique as is every section of price movement, what worked yesterday wont work the same today.
I tried umpteen similar rationales, and all will work sometimes, then fail at other times, and at best may only overall break even.
Also, the live price is not strictly live, it has already happened, its not really the PREsent price either, as its already been SENT, it is the most recent price.
Also John,
looking at a eurusd daily chart zoomed quite far out to last June, i can barely see any signals that these parameters of yours would have triggered, either long, or short (which you dont do). and of the very few that did occur, they barely made any pips profit.
This does not surprise me, as i see no tangible logic for why these parameters would work or provide an edge.
Being profitable today is no guarantee of profits tomorrow, or overall.
Trying to attain consistent profitability trading online using charts or any other tool, is very difficult.
If chart based online trading profitably enough overall was a genuinely real possibility then surely many more people who try it would succeed.
Actually John,
the instructions you gave for this system are illogical as i read them. And with only one trade on the eurusd daily chart in the past 2 months which lost.
Or perhaps you just worded the instructions wrongly.
The system I refer to is just buying at pivot highs, tom demark trendlines or 3 bar fractals, whatever name you want to call them buy.
There is nothing special about my ‘system’, except that they map out the price structure of the market
As for failed signals, losses and scratch profits, wel hello this is trading and that happens on every system.
if you get a win rate of 65% in this business that’s great, good trading involves running winners and cutting losses too!
As for not seeing any on Eur fair point this particular system does not see signals day in day out.
I simply meant to point out that to say technical trading doesn’t work is wrong when clearly many people have found edges in the market.
You seem to be insinuating were all fools because we believe technical analysis works.maybe I’m wrong with that assessment but it feels like that to me.
However I will say that you have humbled me slightly as my intention was certainly not to make you feel bad, or myself look arrogant in some way.
I don’t feel the way I trade is any better than anyone elses, many have superior methods than my own.
Anyway if you have chosen not to continue, I wish you all the best for the future.
Thanks John.
I’m curious as to why you continue to post on this thread and other threads on this site, earthling? You’ve said yourself that you have nothing more to give in trading.
Is it to warn rookies and others away from trading the markets? Or perhaps you are hoping someone drops a profitable strategy into your lap in the attempt to prove you wrong on your assessment of trading?
Hi Phil,
if there were an online trading strategy that the majority of people who try it could use to make a living wage with or even better still big profits, then I would like to hear about it as I expect most would.
But I do not think that such an online trading strategy exists or is possible, (especially) if it involves looking at a chart to make entry and exit predictive decisions based on.
You probably knew from the begining that most people fail at trading. So how is it a scam if you where told from the begining that you would most probably fail. And your logic is very stupid for someone who has a high iq, very few can do it, but i cant do it so it must be a scam. But i do get your point , 99.9% of what is in forums and the internet regarding forex is a scam, the 00,1% thats truth its the part where they tell you more than 90% of traders lose money.
Good points tp.
Thanks.
The point is that you probably knew that the chances of failing where very high. So its your fault, you werent scamed, you knew and decided to try anyway. Only blind people would have trouble knowing what they should have done after it hapenned, its not rocket science, the price either goes up or down.Everyone should have a point in where they decide to stop trading, maybe this is your point, and maybe you have learnt some lessons from trading that you can use in your life, it doesnt have to be a complete waste of time. Trying and failing is better than not trying at all
More good points tp.
If you still have hope that you will find a profitable system on the internet, well your are going to be dissapointed for a long time.
I agree.
if one does not know when or to where price will move, a stop loss (which will likely lead to regular losing trades) is necessary when trading to prevent the possibility of an account wipe out in one single trade.
I’m probably a sucker for punishment here @earthling but is there any methods out there you do think has a more than random chance of working?
What sort of methods were you using yourself? I’m genuinely interested?
Also did you ever think psychology was part of the problem for you or do you just think the systems were wrong?
Possibly yes.
The following is from IG;
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
It seems plenty of people are catching that rainbow and cashing it in.
Or as Confucius used to say
‘man who says it can’t be done shouldn’t interrupt the man who is doing it’
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