I have struggled for many months to try and find a consistently successful trading system, based on technical analysis. I’m beginning to think that most indicators are little more use than tossing a coin as sometimes they are right and sometimes they are a disaster.
A certain website even suggests that these indicators were originally designed for stock dealing, a singular, speculative market, NOT pairs (currency) trading where one currency can be influenced by half a dozen others!
More recently I started looking at bare-bone candlestick charts with no indicators, only previous highs, lows and ranges. In addition, I keep a close ear on world economic news and follow the economic releases.
What I have found is that I’m beginning to “read” the market and am developing a “feel” for trading. I have had much more success by doing things this way - by looking at the broad picture in the markets and what factors are influencing prices.
My most recent success was going short on the GBP/JPY last Friday. This morning I found I have gained 294 pips! I won’t divulge what the profit was in cash terms but I won’t be retiring yet!
Perhaps this is the way to join the 5% of traders who DON’T go bust!
Anyone else having these experiences??? or is this a sign of Forex meltdown!!!