I got frustrated with the indicators and have started going by the daily trending of the pairs…mainly the big 3 (EUR/US , GBP/US, US/CAD).
My system is as follows: I buy a pair on a morning up or down trend…sit on it for 4 to 6 hours and collect my pips…sometimes i have to sit on it til the next day, but for the last 3 weeks i have been up about 150 to 200 pips per week,
Its seems like if i involve myself in the market news in the morning, that sets the tone for the rest of the day (Oil up/down,economys bad etc) this tells me where to go for the day.
I am probably answering my own question, just want to get some feedback
I have been testing this THEORY for 3 weeks now and still working i am happy with at least 150 pips/week
What you describe is a very basic system using fundamental analysis. If it works for you, that’s all that matters.
However, as you gain more experience you may start finding more things that work for you and also incorporate them into your system. You may start also looking at the chart patterns for confirmation of the news so you don’t get faked out, incorporate more specific money management such as always putting a set amount per trade, etc.
Nevermind… After reading the post again I can see how this could be considered fundamentals. Even though on such a short term, I would consider it more market sentiment than fundies.
I think when you first start out, its overwhelming, i have been at this for about 8 months…i demo’d for the first 3 months, went live lost everything, then went back to demo–I think i was THINKING too much, the system i have now is less stressful and somewhat of a NO Brainer…I am trying two theories here…one without any limits or stops and one with…the one without stops is working BEAUTIFULY , BUT i realize i can get hit pretty hard if is goes south on me… i am ready for a 125 pip hit…that seems to be the largest it has gone before turning around (GBP/USD seems to be the most volital of the 3pairs i am working with…)
Just thought i would share my system with everyone…its exciting now, seeing that i can make money on a weekly basis
You said you “went live lost everything, then went back to demo”. Congratulation, I think you are on the right track.
I was like you 3 years ago when I started to trade futures and forex. I attended seminars and I traded with real money.
I always believe that if I want to learn trading, market is the school of trading. I lost about USD25000 in the market plus those useless seminars.
If you have read Market Wizards, most of the successful traders face this kind of situation before they become successful. They keep losing, but they keep trying, until they get it eventually.
Today I had developed a system that allows me to achieve more than 70% success rate in my trading. I am working as a hedge fund trader today.
So all the suffering that you go through now will bear fruit one day, only if you persist.
Good job MakeMoneyorDIE for coming up with a system that is working for you!
For some reason, I’m not seeing that statement as a positive. :eek:
I guess I’m not big time like some other folks here. I’ve saved for quite sometime to have $1k or so to put into something a little more risky. This is after taking care of my day to day finances and savings. If I loose it all, there is no jumping back in and trying again. It would be back to saving and try again in another year or two.
I will be funding my account with at least 1000.00 when i go live
an i am fully prepared to lose it…but there is something that triggers me to keep doing this…call it insanity…but its almost like i am opening my own business and i can’t fail because i gave the Finger to all my old jobs and said i am never going back… actually that is what i really want to do
Reflect on why you lose, think about how to improve the next trade, read all the trading books in the library and in book stores, develop a system that has more than 70% chance of winning, attend seminars if necessary, then you will reach there one day.
