Before you read, I don’t like to waste nobody’s time. There’s nothing in what is typed that will benefit you so you will just be talking with a random guy on the internet about random stuff
Hello,
first things first, I’m not a beginner. I have been a trader (albeit a not so successful one) for years. I opened this thread to share what’s going on with me and get opinions from people since no one I know is involved in forex.
Little intro,
I joined this market because of money of course but it was based on the fact that a Dollar is worth a lot in my country’s currency and by just making a 100$, I could have the money I need for a couple of weeks or months, now the value of the dollar is even higher, I dare say 200-300$ per month is exceptional. A regular job pays me 160-300$ per month and it’s awfully FAR and has no future at all (English Customer Service).
Recently,
I have been relying on Some broker’s Bonus for post to trade for a long time because like I said the value of the dollar is high and I can keep depositing 100s and losing them. This way I trained and won a few bucks here and there. I’m currently at a point where I have taken a course in forex in technical and fundamental analysis from a trustworthy individual in my country and practiced with that info a lot and found I don’t like trading that way and I like Mechanical systems and indicators. i stumbled with indis and strategies for a long period till I got a lotta knowledge and experience. Last project I did using Hull Average went successful for 3 months but there was a trick in there(that indi repainted) and I knew this and thought I could manage it. but in Fourth month, the account was blown away (forum bonus 500$) managed to get 280$ profit during the 3 months with moderate trading.
Now,
All I can think of now is what to do and I sorta have a plan and I want to know what people think, am I right or wrong. did I miss something. I’m planning to leave that Forum bonus account behind because I’m sick of wasting time posting in that forum and that using that horrible broker. I only have 80$ to my name. I want to deposit these in some broker( haven’t picked one yet) that offer a high leverage like 1:500 or more.
before I start trading, I have been compiling and testing system these past months and arrived @13 successful ones That I’m yet to fully backtest them manually to find how they perform (For me).
I want to test each for 1 year back manually on my preferred pairs to get a feeling of the performance during a year. After that I will pick the system or systems that I’m most comfortable with and provide good results and start trading by just risking about 2-4$ of that 80$ per trade. and just take it slow (gonna take months) to reach a decent capital (for me 500$ or more). As I said, this might seem like Nothing for someone but again for me 1$=a lot of my country’s currency.
Would you think this is sound? or am I just gonna fail again? I will mention that I have developed absolute discipline, I’m not kidding, If I have rules like with any mechanical system I will stick to them like super glue and with Risk I do the same.
After all that do you think I stand a chance to move forward?
Further notes:
the systems I have to test are
-EURJPY breakout M15 (got it from FF forums)
-using T3 and Trend signal arrows on H1 frame (Trend signal is similar to ASC trend)
-OZFX system
-Laptrend
-60SMA (3Ducks system)
-Crossover 5x10EMA -Above/under 130 Open EMA
These are the most likely I will be making use of because they have been tested by other people over time, I want to pick 2 or 3 to work with in this manner. A breakout on a single pair M15 / T3 with arrows on two pairs H1 frame / Something else on two pairs as well.
After typing this I realize, it’s all crap but I felt like I needed to type to it and hear what people think ,like I said, consider it like chatting with someone Thanks.