At least you seem to have whittled your number of indicators down to what I would call an absolute maximum. You could probably still carve away some more in time,
I think the key thing here regarding entries is that you have to decide the priorities you are applying to each of the signal generators. I.e. one main indicator provides the signal and then look to the others for confluence. If you only act when all are saying the same thing then it might sometimes get a little confusing what to believe.
But, like with all methods, the key to its prosperity lies more in the exit part of the strategy rather than the entry - and that is an area that gets surprisingly little attention.
The other key area is the policy regarding position sizing and possibly scaling in and out. A consistent, disciplined and gradual expansion of risk and money management will provide the growth if the method is also consistent over time.
I appreciate @dpatersoās view of forex trading, but I do not share it. ONe can see trends in currency pairs as much as in commodities and indexes. It is just a matter of finding the right gloves to wearā¦
I cannot comment specifically about ADX or stochastics as I have never used them. But I see no reason why your MA basis should not be productive - if you get an exit strategy to work with it.
I thought the same thing, but of course, any MA structure will ālook goodā at certain times - and then play hell with whipsawing in a drifty market going nowhere.
My own view is that any collection of indicators will have the same āachilles heelā: They are all based on mathematical formulas and would work fine and consistently if market prices always moved in the same flows, paces and patterns - but that is not the case, as we know!
So any combination of indicators is inevitably designed for a specific ātemplateā of price movement characteristics. When price movements fall into that pattern then all things are fine - but when they donāt, well it is not going to work at all well during that phase. This is why I think there is always a need for personal discretion and experience in deciding when to act and when to stay out.
Iāve done a lot of back testingā¦ manuallyā¦ And Iām pretty much in the same boat. However, adx seems to give me some needed insight as to strength of moves or developing strengths of moves.
Trading with pending orders gives you great relieve and it is much easier especially if you are not looking constantly markets. It prevent burnouts and many other issues, but again trading without stop loss even with low to no leverage is a risk you are going to take. Trading real account is totally different than DEMO!!! I can assure you will feel this and when the pain is bigger you will eventually take wrong decisions. Thatās why best is to practice on live account and learn how to manage not only your trades but your emotions as well!
Just finished the Consistent Trader by Sam Eder - I liked it. Some great intell.
Thanks @MikeWolski for mentioning it in his journal!
Less losing. Thatās where winning resides. It sounds so simple that it should be dismissed. My winners can run and do well. My idea of waiting out losers with drawdown doesnāt work for me. Perhaps it would if I had very consistent/proper entries ā¦ but I donāt at this point.
SLās must be embraced and I will follow the idea if itās close to 50% to SL I will close due to the likelihood - which is an interesting word looking at it on the page - of turning around is minimal. I picked this idea up from either @tommor or @anon46773462. Thanks!
Itās just makes sense. Itās such a simple concept. If my winners are in the higher double and lower triple digits, cutting losers short is a no brainer. So why havenāt I done it?!! Oh yeah - Iām wicked smaht!!
Itās amazing how far down the rabbit hole I have gone!!
I truly believe - and this could be the āred pillā talking! - if I implement prudent SLs, and let winners run based on strategy discussed in this thread, trade the daily chart based on weekly trend, trading in a vacuum could be profitable. Ignore news, ignore all the āsystemsā, keep winners open, close losers, trade the chart.
Edit: just reread last line and It sounds like a game!
Openned an account with IG US. Will be funding shortly.
Started analyzing trades using I Plotter. Itās a free tool in the Scripts section of the terminal. Similar to the tool in mt4 but it tells you the number of pips you made or lost.
Iām going to go through my biggest winners biggest losers and then take a section out of The middle as there are just too many trades to completely analyze manually.
The last line speaks to the need of keeping a journal for each trade. Doing so I may have improved on the way.
I will compare the entries and exits of the trades in addition to length of hold as my strategy developed over the course of this journal
On a quick glance Iāve held trades too Long based on no stop loss strategy and holding it until it comes back into profit.
for me this is a very poor strategy.
It also shows the true mental head game that I am ā¦ perhaps many of us ā¦ do is think weāre followng a strategy when in actuality we arenāt.
I would have sworn I was entering on certain triggers and it was far from it
A number of trades where entered into during the day when Iām supposed to be trading the close of New York session daily chart this would mean all my trade should be at the end of the day 5 Eastern standard Time or within an hour or two around that point. They weāre all over the place.
