I already stated that my strategy is based on consistency.
All of the profitable strategies are consistent. Otherwise you can not be profitable.
You seem confused among other things. Your post specifically asked what is my strategy and now I see you stating you werent asking for my strategy. Seems you are looking for someone to argue with, or is it because I didnt share ALL the details of my strategy with you? lol.
Nice little comaraderi developing between you and SMifx
What is the ICT method exactly?
Yes, that makes sense, but it is part of the detail in the plan. The strategy itself is meant to define, at the highest level, how Objectives you set to achieve Goals, are to be addressed. In a corporate sense, Goals are stuff that officers of the corporation are supposed to set themselves in the long term that differentiate themselves from others in the same business sector. They form part of the “vision”. I know this is really old fashioned business speak, but it is surprising how many very big companies still use this framework around which to define and approve high level plans that prioritize those projects most likely to achieve objectives in the shortest timeframe with the largest return on investment. Someone always has to create a set of assumptions that make all objectives comparable, and the yardstick in use is the value of base currency in which the corporation reports to its shareholders.
An example. If the goal is to reach “zero deaths from business operations”, the amount of funds available to achieve such an objective may be expressed in the value of insurance premiums that will NOT need to be paid as compensation for death at work. That is a substantial business driver in primary extraction industries and has lead to some dramatic improvements in lives lost over the years.
It seems you are not willing to share even 1% of what your trading is based on. Going so far as saying I am looking for someone to argue with, but can not even say ( superficially ) what tools you are using in your trades. Typical behaviour which adds no value at all. I rest my case.
I find your thought process very interesting. I like how you handle forex like a corporation.
Supply and demand is the key to any forex. If you know how to get that your trading is 80% complete!
The strategy which I have found most profitable by far is long-term trend-following. Previously I was a swing trader and before that I traded any and all chart patterns I could find. But no matter what I did I found that taking a trade which went with the prevailing long-term trend was more likely to initially move in my direction and more likely to continue in that direction.
Trend-following is often seen as having the disadvantage that trends don’t continue for ever. This is facile: neither do any signals, nor any patterns, nor any fundamental entry rationales.
Its important to recognise that trend-following frequently offers the opportunity to increase position size at no additional risk.
Thank you for the compliment.
Many years ago I mentally filed a disturbing statistic about UK startups. After one year, only 20% of them are still in business. Of those 20%, only 20% are still in business after five years. So that means 96% of them failed.
And that stat assumes that most of them would have at least made a rudimentary outline strategy and plan, and that they would have tried to do a sales and cost forecast with a profit and loss statement, and if surviving more than one year, an asset and liability sheet - in short - business accounts.
What concerns me about many Forex traders (or investors) that I have met over the years is that they do not have a quantitative plan. So no wonder (as it is often said) that 99% can never make enough money for the time invested in Forex to make a living. If you don’t have a profit plan, how do you know whether your time invested in Forex trading has been worthwhile?
A question I like to ask tommorrow why not just trade the Dow ect with the same principle s
I do trade the US indices like this, long only, when they are all bullish.
yes i know ,all the experienced traders on here do.I guess my point is the major us indicates fits, your strategies like a hand in a glove.I think that whats baffles many newbies, is searching for the trends in forex ,i not been judgemental its what i have read on here
Sure. I find it bizarre that many inexperienced traders are frightened of trends but jump straight into a double top.
its like on Ig platform when a bull trend hits resistance, 75 % users are short.They must think trading like picking money off an oak tree
I credit the BP course content for the kickstart. The books I read when I started, maybe coincidentally, outlined the same course content in an expanded form. The more advanced stuff I’m slowly getting into is made possible from that humble beginning.
As for strategies I’m relying on a combination of indicators, price action and a bespoke data driven approach.
This is a big nugget you are giving. Is it possible to bookmark this as an important message for everyone on Babypips?
I have started the small account challenge again. Good to challenge your trading abilities.