I have been learning and trying to trade forex from a long time ( 4 years ). I have tried trading with indicators , naked trading without any indicators on demo accounts, Few of the trades were successful and others were not, However I couldn’t make a particular technique or stratergy which gave good results, I am not sure what else I have try, any insights by you guyz will be greatly appreciated. I am not sure what I am lacking in, maybe its the plan. The info on this site has helped me alot for sure. Looking forward for your insights lovely people : )
Its funny cause I used to feel this way up until recently. Firstly, it is best that you keep your charts as tidy as possible. Know how to identify support and resistance and then know how to identify market structure. Figure out if the market is trending and if it is, in what direction. Find out if you’re in a ranging market as well. Just try as much as possible to comprehend what is happening on your computer screen at that moment. Once you can, It’s pretty simple. It doesn’t matter if you have 7 indicators on there or you have none. Just try to figure out what is happening in the market in the rawest form. Indicators are slow. They notify you late. Moving averages are alright. I can’t say for any other.
Go to basics. Do you know what a trend looks like? What would be the defining features of the clearest (I don’t mean fastest) trend? What features would you use to distinguish between a clear trend and a possible trend?
Once you can select the best trend, use a few simple candlestick patterns to decide where to get in and ride it until it becomes weaker, then get out and wait for another trend to match your trend profile.
When you’re consistently profitable doing this, but not before, add another strategy.
“THE PLAN” - Part of the skill in trading is that te target is always moving. As far as I know, nobody has a strategy which works “All the time” with the possible exception of very short term bets, but these have significant issues of their own.
We need to recognise that when “It” is trending a certain set of strategies work and can give good profits - Those practicing those strategies tend to become vociferous - but those same strategies will give all the money back when trending stops
When “it” is ranging, a certain set of strategies work and will give good profits, and a different set of voices will be heard - but will give it all back and more, when “It” starts trending again.
We (including me) get too attached to a particular strategy which fits our own personality and do not recognise that our arsenal needs to contain a number of strategies, some of which may be counter to our personal psychologies.
Being observant and knowing when to switch is one of the reasons why it is not really possible to answer the question of “How long it takes to be profitable” because it can take many years for the markets to cycle through their various stages and for us to be able to cope with them.
Thus - Even the advice “Get a good plan and stick to it…” is inherrently wrong !
Hope that helps to see the challenge of the way forward.
Thanks for the insight bro,What you said is actually correct, I will try and implement that by trying different combinations on different charts, I think a combination of naked trading and trying the indicators for the same chart could work, will try this one , you could try this as well, let me know if that works for you.
I am not sure what PA means, but I do use support and resistance levels, however I do not draw lines, I just see the areas where the price held on long term charts : )
Yes, you are right, I have made some pips when the market was trending, however I lost all those big pips when I got stopped by sl’s in a lot of trades when the market was choppy. I understand what all of you people have said, It will surely help me in getting my trades better.
You have to find out what you are lacking. Without knowing the lacking, it is not possible to find the solution. For Naked trading, knowledge of candlestick is very important. You can do another thing, choose a single pair, start observing it. You will find some unique characteristics of that pair. By this way, you can increase the number of pairs.
Thanks : )