I started FX 2005.
Blew two accounts, but managed to become profitable for two yrs. Earned often more per month than my monthly salary. Used indicators, watched news, analysed like crazy.
At the end of 2007 I blew really big account (no stop-loss and greed took me down) and quit to lick my wounds.
Started again march 2009 and doing good with my system.
System is often called mad, ridiculous, against all FX rules, specially money management - but what the hell, I don’t care what it’s or I’m called as long as system is profitable.
I’m not doing much analyses anymore, don’t tremble about news, don’t hunt for gazzilion of pips. Don’t care about amount of pips, I just need 10 per day and I’m good.
So what do I do?
I have 2500 (USD) account. Withdraw profit every month, always leaving amount af first deposit, 2500.
Usually with Sidney opening I choose a pair (usually EU or GU) to long or short (main trend is the friend) for 10 pips with 2 standard lots (bad-bad money management :eek:). Sometimes in case of ranging market I open both ways at the same time - did it yesterday and today, letting todays long ones run with 20 pip trailing stop.
RULE: don’t cut your profit! Many people do that being afraid green turning to red and let losses run, hoping red turning green. That’s one of the main reasons so many traders fail.
I use stop-loss 50 pips and it’s hit few times in a month, but I haven’t had a month since march NOT being profitable, minimum profit +9%. I’ve doubled 2500 twice.
That’s it.
Think about it, test this nobrainer-system on demo, don’t be greedy to open more positions after TP hit and you should do fine.