Thanks for the thorough response Ben. It is much appreciated. I’ve gone through most of the NNFX material, but I haven’t put together an algorithm yet so I can’t say how successful or unsuccessful it will be. I’m currently in the process of back testing some indicators and I do want to put the entire algorithm together to give it a shot. I like the idea of using indicators for trading. It simplifies things. My only reservation is if nobody can predict where a currency pair is going, how can an indicator? I guess that’s where the algorithm comes into play and hopefully the majority of the time it gives you good trades. Back testing takes forever though and if only a certain mix of indicators will work well together its going to be awhile before I can use it.
Like you I started a dual approach to trading, utilizing what I learned from NNFX and The Baller’s approach. The Baller’s approach is easier and more laid back. Two things I really appreciate. I’ve only been using his strategy for a couple of weeks, but so far so good except for a few trades where I entered right at support which was dumb. The downside to The Baller’s approach is you have to be willing to accept a good bit of draw down if the trade doesn’t initially go your way, but who can argue with his results. They are amazing. With his approach they other problem I run into is if the trade goes my way I’m not sure when to exit. If I can only win a few pips that’s fine, but if its going to run I definitely don’t want to exit to early.
Thank you again for creating this journal. You, The Baller, and another guy name Nic all seem to be doing very well. Even though you think the journal is for you, it serves as motivation and inspiration to the rest of us. It lets us know that there are consistently profitable traders out there and their doing very well. Keep up the good work and thanks for sharing.