This part of the forum is dedicated to the holy grail, the ultimate trading system that will generate only winning trades. The experienced traders here know there is no such system but that if followed to the letter many forex trading systems would make money.
A system with a strike rate of 50% and a risk reward of 1:2 will be profitable over a fixed number of trades again and again. The problem is that most new traders don’t know what’s right for them. Trading profitably elludes most new traders for a long period of time and not because of the lack of a profitable system but because of their inability to follow the systems they have found.
To remedy this somewhat I have a simple idea. Here is what I want you to do…
Find a trading system that you like the look of, that you feel you could follow, that fits in with your available time.
Write down the rules of this system on a piece of paper and put it somewhere prominent near to the place where you trade.
Make a personal commitment to yourself to take 100 trades strictly in accordance with that system. If you deviate from the rules laid out in your system even for a second you have failed the challenge. You must be strong through the times when you have a series of losing trades, this is the time you will feel most like ‘tweaking’ your system but it is a fatal flaw in your mindset.
Record each trade on a spreadsheet or piece of paper until you have completed 100 trades and stand back and look at your results.
If after 100 trades of following your system to the letter you have not made a profit all you have to do is find another system and do the whole thing again. I am convinced though that if you can just stick to one system for 100 trades you will more often than not make a profit.
Once you have completed this challenge post your results here and let us know roughly what system you used.
I think this will be a much better method of finding the holy grail than random people posting systems with their big claims of huge gains per day.