New Forex Players

G’day all, my name is Blake and I come from sunny Sydney Australia. I’ve been trading Forex for about two years now, both demo and live. My results have been very up and down over the past while trying out alot of different strategies people claim as consistently profitable. From what I’ve learnt the only strategy that seems to work is the one you build yourself.

I found that instead of using a set of rules and only making your trades on a specific line up of your chosen indicators that it wouldn’t give me consistency. So I said hey, why don’t I break the rules, trade with a little less discipline and try and find my “edge”. And well, I did.

That not to say I don’t use my indicators, but I use them as more of a guild line, but sometimes ill completely ignore them. my edge came from the way I watched it behave over long periods of time. One way of explaining it is that if you watched a person carry out there daily routine for only one day, you wouldn’t have a clue what they could do next. But if you watched them everyday for a week, you would have a great chance of predicting there movements.

My golden rule is that I will only make a trade if the market is “singing” to me. That basically means that I only look for the best setup you would see in a textbook. And They are more common than you think. If even the slightest doubt is in my mind I just stay out of it. Sure u may not make money as quickly as you want. But over time YOU WILL.

To sum up, I’d advise anyone who reads this to only trade STRONG patterns and STRONG Trends, ignore the messy looking ones and dont try to imagine them as something they arnt. use an indicator to make sure there not oversold/bought. Check it’s momentum so you don’t fall victim to divergence, maybe throw a fib on it as the icing on the cake. If its all singing to you, jump on board.

Well done to your experience so far, good strategy you have there. Singing to you as in a good go ahead in the market, when market is favorable.

Thanks mate, I should prob add that while being flexible with a strategy, that doesn’t mean anyone should over leverage themselves and wipe there account, i learnt that one the hard way lol, that goes hand in hand with setting stop losses too far also. For example if you spent a week trading and have made 80 pips with no losses, then place your last trade with a stop loss set to -100 to account for large fluctuations and that trade fails, Woops you just ended your week at a loss.

I suppose common sense always prevails in this market. If anyone would like to know anymore about these type of mistakes I’d be happy to share more. I think I’ve made almost every mistake I can think of and become somewhat of an expert on what NOT to do. best way is to make a note of every losing trade you make and try your best to explain why it lost. That way it won’t get you a second time.

Guess what , your not alone on that note. I probably made the same ones you did and then some.:slight_smile: