Ok so I trade a system that uses Support and resistance, and pivots, trend, and fibo levels. That is the heart of it, i also use emas including the 200, bolliger bands, macd, stoch. I trade on the 4H and D1 charts. Based on the heart of the system, is this the type of system to last forever? My other question was, if not when I go to learn a new system when mine expires, like a new one here at babypips, will it be much easier to learn the new system sense i have a good understanding of the market? Also is like price action system the type of system that last forever/ is there a type of system that will, and where can i learn it? Thanks
Thank you!
There are threads on here regarding price action and other trading systems, I.e. 3 ducks, that have been around for 7 or 8 years and are still going strong.
Might be worth investigating
For me, all trading systems as long as a good money management is in placed can be profitable if the one using it can surely discipline himself to stick with his trading plan whatever it takes.
Unfortunately, we all know we hit hard most of the time by our undeniable power of emotion.
Why not automate our system then? Computer has no emotion at all. We can rely 100% of the time to follow our system without the problem of fighting emotion of greed or fear.
The heart of any trading system ultimately is You. Having a solid trading strategy is one thing, but applying it is another. You can give the best system to someone who has not reconciled his own emotions and psychology and he will loose money. You can have a sparse or simple strategy and give it to an experienced trader and he will make money. It ultimately comes down to the person and how they see the market based about their maturity of understanding. In that scenario, any system with an edge will work.
So to answer your question, an important aspect in trading which is quite overlooked, is to understand your own mind and how you operate. Start with you own self. Self-awareness is the key to success in trading.