To me the holy grail is any system that provides a consistent profit. If everyone had the advanced technology of the financial institutions we would basically cancel each other out creating a no win situation for everybody.
I’m basically proposing that there are several roads to the same destination. Most trading methods are triggered by their respective market signals, thus making the market the primary indicator of entry.
These methods vary, but are not executed until market conditions are favorable, which means that the market is the dictate of any method or system and the essence of any holy grail. Simply put, the holy grail is knowing according to your method when to enter and exit the market profitably.
In my trading I realized that most systems I have tried were effective but it was myself who lacked the experience to maintain any consistency. It was the usual imbalances that plague us as traders
that hinders our success. So, the balance of experience with a profitable method is your holy grail.
Traders usually gravitate towards systems and methods that reflect their personality. Some like simple and others like something complex, sometimes that which appears simple is actually complex and vice versa.
I desired something more simplistically advanced. Which I found. In one’s search for
his or her trading method/system, they are essentially searching for themselves. To find the holy grail of trading is to find
one’s self in trading. My holy grail may not suit your taste even if it’s profitable. My holy grail is very child like but profoundly effective. I feel like the market loves me because I understand it and I move with it. I focus on the highest probability set ups, there is enough market without trying to trade it all.
Hi, Kitaab.
You have a very sound and logic philosophy of trading. What you said it’s very interesting and quite profound. This is the core of all trading psychology: it doesn’t matter the system you’re trading as long as you master your self.
Did you open this thread to share your one system? Can you do that? I am very curious to see what this “child like but profoundly effective” method it’s all about.
Regards,
Ada
Ada, thank you thank you, for your interest, I would be delighted to share a few details. It took me three years to get to this level. It’s all about pattern recognition. All pro traders enter the market based on high probability patterns. Some use price action, some use indicators, some use harmonic patterns, support and resistance, news etc. or a combination of these. You have to find yourself among systems methods and tools and become proficient at your decided approach to trading. I have found my holy grail by being able to move harmoniously with the ebb and flow of the market which took time to develop. Pick your pattern of choice and back test and practice on demo until you become consistent with its recognition in real time and use proper money management and you have your holy grail.
Ada, what I do personally is scroll the charts back to the beginning and study/scan the market for optimal entry points and look for my regular occurring pattern of choice that signals entries. Also, each pair has its own personality so it’s best to familiarize oneself with a pair one intends to trade by the afore mentioned exercise, this will put you in tune with the pair’s nature. it’s interesting how different pairs behave from one another. An aspirant must do what he desires to become in order to become what he does.
Also, I used to primarily trade the longer timeframes as a safety net from the market noise of the lower tf’s. But as above so below. I personally feel that a master trader should be capable of trading both. For me it’s a matter of preference based on my mood and how my daily affairs are looking. The best trade based on my day and mood may be on the 1hr. Or if I’m bored and energetic and want to pass time I may sit and trade the 1min. for a while.
Ada, in my opinion the biggest mistake a person can make is to learn how to trade on his or her own. I did this and it hurt really bad but I persevered.
Trading is a skill that requires 1 on 1 mentorship. You need someone you can go over things with. Never trade money until you can consistently trade profitably on demo first. You can learn on your own but it is a perilous path.
Hi Kitaab,
Very interesting things you are saying!
I totally agree but i’m still in the stage of finding a method suitable for me. The trouble for me know is how do i know that a system im trying / someone is selling or offering is really profitable? There is so much out there! I’m sure some are better than others and some don’t even work… How do you recommend finding a stable profitable system? For the rest I have enough patience to study and master a technique, i just dont want to accidently waste my time on something useless.
By the way What is ebb?
Have a great day,
Yoel
I totally agree with you. I have already waste much time on useless systems and indicators.
I am now mostly focus on Price Action and mastering my self, my emotions during trading.
Cheers,
Ada
Talk is cheap. Show me the money.
Hi Yoel, Ebb means to flow backward or away, as in the forward and backward motion of waves. The best advice is to absorb as much free information as possible. YouTube is an excellent resource for this. Your’e in the middle of a major shift from manual trading to automated trading. Algorithmic trading is becoming more fashionable. I must admit there is a lot for newcomers to sort through
Take your time and do your research so that you can make an informed decision about the path you decide to take. Falling is part of learning to ride a bike, so you have the right to make your own mistakes. Just don’t go live until you master demo trading. Also, certain books will peak your interest or stand out to you. But take your time to find a system or method that you like that works and this is your system. I paid a considerable amount of money for trading info but many will do this because they don’t have an instructor. Take your time and if you can find a reputable forex instructor who is a successful trader. Proper mentorship and instruction will save you a lot of time. You definitely need someone to guide you because many traders fail miserably who tried to learn on their own. You don’t have to adopt a teacher’s style but his proficiency in the method he uses. We all have to start somewhere. I used to like harmonic patterns and expensive software but now the charting package means absolutely nothing to me. I’m no longer impressed with the spaceship screens with the butterfly or bat patterns anymore. All I need is the market. No hype or flashy gimmicks anymore.
[QUOTE=“mihk;632488”]Talk is cheap. Show me the money.[/QUOTE]
That’s because it’s free.
Another demo trader on the red carpet.
Let this be a moment of instruction for us. While something positive is taking place something negative has to take place. We don’t have to be unpleasant or abusive to each other. Please don’t insult me or make false accusations about me on this forum.
Thanks kitaab, great advice, I’ll get on it!
and yes there will always be someone trying to ruin a thread, maybe scared from the subject wich is more about the path and not a set of indicators (:
cheers,
Yoel
What is the Holy Grail?
It is proper money management and the consistent entry and exit of profitable trades.
What have I learned in my search for the holy grail?
I came to a realization that an accumulation of patterns such as Elliot wave, price action, harmonic patterns etc. increases
ones arsenal of trade opportunities. The more you know the more you have to work with. Here are some books that I recommend. Harmonic Elliot Wave and integrated technical analysis by Ian Copsey and Harmonic trading vols 1 and 2.
Once you know how to trade, you can trade with any system that is profitable. It’s like a professional pool player knows how to shoot regardless of the pool stick he is using. The same analogy applies to a chess master he can play good chess regardless of what kind of chess set he is using. It’s not the instrument of use but the level and proficiency of skill one possesses in conjunction with the said instruments use.
What is the Holy Grail? pt.2
Order is the geometric shape of chaos.
Chaos is the universal pattern of the market. A pattern represents the repetitive behavior of the market.
By continuous observance of the markets universal behavior one can make trading decisions in unison with this behavior and capitalize off of it. here’s some basic examples of this. if the market is trending up then it usually reverses and vice versa. If the market is moving sideways then it will eventually trend up or down. Successful traders regardless of system have methods of determining in more detail when and how long these moves will be. They know how to enter and exit trades to their benefit. How do we find this pattern you might ask? Here’s a hint. One can start by scrolling a chart back in time and then scrolling forward and noting the points in the market where it would have been profitable to have entered a trade and when to exit it and while doing this note all of the things that would have alerted you to entering or exiting the market at opportune moments. Most traders just look for patterns that are associated with their particular trading system or method. The Holy Grail is the ability to see the market as it truly is. It’s like unlocking a hidden code. I have the key to this hidden locked code and I have unlocked it and I have the Holy Grail. I no longer trade the market, It trades me.- Kitaab
I am glad for you. Can you share some technical details? You picked a top or a bottom and traveled the whole distance right ? Which pair, entry price, exit, lots, total exposure ?
Thanks for sharing.