So after 4 years in the Forex game, I can confidently say that I have made no progress. I have learned a ton about trading but I still cannot trade. I spend thousands of dollars on indicators, mentors, and others. I have never made any money.
In order for me to be successful, I require a number of factors. I need a good strategy but I also need to know how to use it effectively. The strategy cannot be very subjective because that’s where I will lose. Also I will need good Mentor how to figure out what I need to do. And without all of those things I will never win.
So please help me pick a good strategy that I can use. What are your thoughts?
Hi, try to find information about expert advisors also called robots, how to build and properly test it and so on. How to get statistical advantage in forex trading. Regards Greg
I admire your perseverance which is the key to eventual success. I also think the problem and solution lies in yourself, not a strategy. The first step is to keep a record of your losing trades, and aim to analyse why they failed, and do the same with profitable trades as to why they succeeded.
Now you have a an embryo process to follow - do more of what has worked and less of what doesn’t. Make absolutely sure that every trade follows the same fundamental process including risk exposure and lot size.
However, as for a strategy, the simpliest works best. I know a trader who uses the Daily chart and buys on an upward trend and sells on a downward trend using the 100SMA to detrmine the long term trend and the 50SMA as the entry signal.
I would suggest you look at a naked chart, follow price movements, and learn how to read what the candles are telling you, and then aim to ‘guess’ the probablitity of the next candle. It’s either a continuation, or a reversal, or there are pros and cons whereby you would wait for the second candle to give you a probability confirmation.
Candles are enormous, fat, thin, small, HH and LL progressing, becoming spikes with big wicks etc etc. After spending one hour on a five minute chart, you’ve made 12 probability decisions.
I hope that helps, and gives you a new path to tread. Best of luck.
Hey dude. Let me start with giving my 2 cents. I’m kinda in the same boat as you. BUT im getting better and starting to win more trades on my demo account… I just want to share what I think and please for any of you experts out there feel free to correct me if I’m wrong or you disagree with me. I’m not a pro yet but i’m working on it.
so here’s my 2 cents:
I like yourself have been studying on and off for 4 years or so and have read just about everything there is on indicators and strategies. From what I studied and tested, ALL indicators LAG and by the time they give you a signal the move already happened. So myself I decided to scrap all indicators and study PRICE ACTION only (naked charts).
The most important thing from what I gather is patience. Wait for the market to do what it wants, not what you want. Draw all of your major support and resistance areas along with your supply and demand zones. Wait for price to enter these areas and flip to a lower time frame (at least 1/2 half of the time frame u marked your levels on) On that lower time frame look for a break of structure (lower highs / lower lows) (higher highs / higher lows) and wait for a retest of those levels to enter your trade. its always best to follow trend on your higher time frame and trade in that direction.
This is my take on it, again if anyone disagrees feel free criticize my response.
Hope this helps out.
That’s true. Forex trading is a risky business. You need to have a well-built trading strategy and the will to follow it during your trades to ensure that you don’t make a wrong move. As far as it is about having a mentor, I don’t think there is any need for it. Your trading career is in your hands. So, you better take the decisions for yourself and don’t rely on anyone.
Quite the contrary, mate. This is a very sound strategy that has a high level of probability (over 50%) in your favour, and one that I follow for scalping on the 15m chart, referring to the 1 Hour and 5m charts for confirming patterns.
As for lagging indicators, try these settings on MACD: 3 -10 -16 for early entries and trend strength and PSAR 0.09 - 0.50 for change of direction on trending markets - and which are nearly within one candle of being accurate.
These indicators work well on your strategy process. Best of luck when you start trading on a live account. There is a whole load of new learning to control emotional reactions. Start very small, keep risk low to 0.02 lot size max per initial $100 - see how it goes.
As I have plenty of spare time I play around with a $100 scalping live account when my $5,000 prop firm live account has no A trades beckoning.
