Hi Guys,
A bit of an inquisitive post, would anyone care to share any simple trading strategies they have that are consistent and work well?
I have been trading for 6 months with no real strategy and i’m starting to notice i’m not really getting anywhere i seem to make a bit and lose a bit and that’s the pattern i am at. started really well ive managed to make 5k from £400 but i fear that maybe a little down to luck.
Any tips or ideas you are willing to share would be greatly appreciated 
cheer
This is simple and easy-to-execute, but (like all steadily profitable trading methods) it requires [U]plenty[/U] of patience and discipline.
It’s particularly good for rewarding patience and discipline, and for demonstrating that “simple” can also be “steadily profitable”.
This method trades EUR/USD and/or GBP/USD during the daytime (UK time): don’t enter trades before 8.30am or after about 8.00pm; we’re covering most of the UK and US sessions.
Start the day with an M15 chart, draw obvious horizontal lines of support/resistance, and retain them on the M5 charts (draw any further obvious lines of S/R there, too) from which you enter and manage the trades. On the M5 charts, add a standard 14-period RSI indicator with “overbought” and “oversold” marked at 70 and 30.
Enter long at the start of the next bar when the price reaches a line and prints a pin-bar (with the point of the pin at the bottom and either [I]nearly reaching[/I] or [I]just crossing[/I] the line) [U]and[/U] the RSI is below the 30-line; enter short when the converse happens and the RSI is above the 70-line. The pin-bars don’t quite have to be “perfectly formed” but their opens and closes must have a distance between them of no more than 20% of the bar’s length.
And now the important part: [U]trade management[/U]. Each day, until you’ve banked 24 pips for the day, use a fixed target of 12 pips and a fixed stop-loss of 8 pips for each trade. [B]After[/B] this, use the same method but without a fixed target, and when the trade’s moved 12 pips into profit, move the stop-loss up from -8 pips to breakeven, and/or from there use a trailing stop of about 12 pips, to see if you can catch the occasional “runner”. Don’t do this until you’ve banked 24 pips for the day.
You should find an [I]average[/I] of 3 - 4 good trades per day, with this method. (That means there’ll be some days without even 2 good trades). If you find [I]many more[/I] than that, then something’s seriously wrong and you’re not using enough patience and discipline to await only the best trades.
Risk no more than 2% of your account on each trade.
Good luck!
Have you ever tried to excel @ any other hobby in life? Say- martial arts?
In 6 months time, where would you expect to be as a martial artist? Wouldn’t you still be a white belt, wet behind the ears, and with no deep understanding of what you’re doing?
Keep pressing forward, and don’t stop. Never stop learning, and never rely on anyone else for anything.
I can give you links to 150 different “easy” strategies. There is absolutely nothing “easy” about trading, and, anyone who tries to package you an “easy strategy”, simply is not a professional. In 6 years time, maybe you’ll be making money consistently enough that you can actually withdraw on a monthly basis and use those funds to pay your electricity bill.
Trading is a life-long endeavor. You will learn things 6 months from now that you completely overlooked and/or were just unaware of even existed as a principal. Most veteran traders will tell you that they literally learn something new each day. Learning something new is like treading water- the moment you stop treading, you will drown.
That’s really [I]extraordinarily[/I] patronising, dismissive and unhelpful. :rolleyes:
Wasn’t the intention, but tone doesn’t come across well on a message board.
Obviously exaggerating a bit, but the underlying message is that there is a reason why the turnover rate for new traders is what it is…food for thought.
Ever hear the old adage: “There’s more money to be made in teaching someone how to trade, rather than trading.”? Very relevant in the world we live in today.
Heres a simple method generally overlooked. Buy high sell higher.
yo
Firstly lexys thanks a lot for the detailed explanation really appreciate your time i will be sure to give this a go.
Forexunlimited - i get what you are saying cheers for the karate kid style analysis
BBB - love your honesty fella and your not wrong lol
awesome. yes it may be a newish kinda advice…that an expert or some one who has done it longer…but I know this info as well. its good advice. does work. have you tried renko charts? ill tell you…in 30-60 days you can pull out for those bills and some. all depends on how much the bills are and what life style you live and hope to live. For myself…
That’s one useless advice… without a proper strategy, renko doesn’t help you a lot. You could have said “have you tried line charts / candle charts / heiken ashi charts” as well, the chart by itself doesn’t do anything for you, you have to know how to handle it to get an advantage. And for this point you didn’t say anything.
yes that is true. I use renko to take out the whipsaw ( price action). I trade with the trend. I know you have to have a plan. you don’t have to micro scope a statement…but use common sense. I wouldn’t tell some one to put the key in the ignition ,turn on, place in drive, wait to see what happens. lmao. but perhaps wrong forum for me. this one requires in detail: place in drive, place foot on gas pedal, check left right, place moderate pressure on foot…etc… I do see some helpful advice on here. but the occasional response like that ,in which one needed to know how to make the light come on in a bulb…
i found that website really interesting, usefull information everywhere ,but could someone help me in understanding a little bit about strategies and plans, how do i construct my own strategy is it based on trial and error or on reading and studies?? or both
I’ve just joined the forum to thank you for this. Using this is the first time I’ve ever traded with good profits. Slow and steady, but profits!
I thought I’d never really find something that works, but this does, exactly as you explain it.
Do you use this yourself? Is anyone else here using this?
It really works for me. I’ve done over 200 trades now, at 2% risk, and my account’s finally growing.
Hi, Lexys, hows tricks?
The Ever Irreverent VIPER
I’m so hoping that Lexys will start posting again…
can you please 2 screen shot 2 for buy and 1 for sell please Thanks
Trading is not just getting a good strategy. It’s the combination of everything. How good you manage your emotions and money is also very important thing. Most traders run for ready-made strategy. But in trading self discovery is the best time. You have to give time for learning. Forget about making money. Increase your skills and knowledge.
Every successful trader has something unique with his trading strategies. They themselves find that uniqueness. They have customized the strategy according to their trading psychology. This is the reason, one trader strategy doesn’t work for other. You have to find out your own trading edge. Only you know what you understand the most. Learning is a long term tedious process. Everyone has to go through it if they want to make consistent money in forex trading.