Hello there! Now it has been almost two years that I started to learn forex, then live trade. Within this time I did everything: massive backtesting of price action - no indicators: from scalping to swing trading, and always finished backtesting with profit. In live markets also sometimes winning, sometimes losing - not getting consistency. When I showed my losing trades to some profitable traders, they also couldn’t find the exact reason: I mean in place of me, they also would take the same trade…Currently I’m struggling with it, I backtested whole 2021 with many pairs - and got profitable - my analysis based on 4H is very similar as profitable traders, execution also, just fomo a little bit, but anyway because of giving enough space to stop loss, theoretically it should work, but in reality it doesn’t work. TP levels also, at least 1:1, for example having 25-40pips stop loss. Currently I’m stuck and having feeling that forex price action trading is getting harder and harder year by year. And somehow decided to finish with it. And use that time instead something more useful for me. What about you? Some ideas?
Well, Fed policy up until recently probably wasn’t helping fx market volatility. But there’s hope for the future!
Don’t get discouraged. I would also lean your on your friends for more advice. Perhaps they can share with you what they see in your trading.
It seems to me that you’re overcomplicating your process. I would also suggest your emotional control needs managing better - which is easy to say, but extremely difficult to resolve.
First step: map out your trades and do more of what works and less of what doesn’t. See if that improves your results.
Secondly, only trade the daily chart, with an entry on the 4hr chart if it lines up - and when you’ve made the trade just let it run by not looking at the chart again for at least 4 hours. Let it run overnight if need be.
The aim is make profit exceed loss, and that won’t happen if you cut winning trades (FOMO) but nurse losing trades in the hope that they would turn in your favour.
It should be the other way round. To help, aim to move the S/L to breakeven where you could take a small profit and let the rest run - or better still, set up a trailing S/L instead.
It took me two years to nearly overcome FOMO, and now I set up my trades as above and just let them run. When I am confident enough to follow the chart price action, I’ll introduce the trailing stop process, as it only takes one great winning trade to overcome several losing ones.
Look up Trader Nick on You Tube who follows this regime. Link Trading Tips And How to Become Profitable - With Trader Nick - YouTube.
Can you show me some of your losing trades?
Good idea. Sometimes it is very easy to overcomplicate it and get inside your own head. Take it back to basics and look at HTF trading as it moves slower so you have more time to look for the highest probability setups.
Thank you bro!
Thank you for your opinion! Yeah, emotions…Yesterday when I was writing that post actually I had a next drawdown on AUDUSD and price was coming towards my SL! But look what happened…I didnt move SL , neither closed some % of position. Just watched...As once Mark Douglas said: I tried to be with my discomfort - with my emotions. What Im somehow understanding is its not that you have to find trades everyday or winning everyday, but always to be sure small losses - bigger wins: maybe 5 losses in a row, maybe 10 losses in a row, but one winning trade can cover everything if TP strategy is wisely applied. For this, surely can help letting the runners run - this is my weakness for now - I cant let the trade run with runner. As today happened with AUD pair. By the time I think I will improve it also. And regarding daily and 4H - yes, you are right. But now Im somehow trying to apply mostly 4H as my direction TF, then 1H/30min for entry, but after seeing some cluster formation on that TFs. But anyway in the end of the day, price respects previous daily in most cases, so always keeping in mind about daily. Sorry for different font writing as Im new here still in babypips.
Yes, sure. I usually try to find clean traffic on the left aligned with trend. Here is sell taken on 1H (14.02.22). TP set to where potentially price can react first (based on technicals). Higher TFs such as 4H or daily also somehow aligned with bearish bias. Entry was somehow late.
Thank you for all for replies, really appreciated it. Its good to know that there is always helpers around me to improve my trading. So in future Im planning also to share my trading ideas, entries and results on regular basis depending on having free time 
If you’ve backtested your trading strategy and its profitable its something in your management. Also key to know if you’re backtesting in a trending market a consolidating market will not react in the same way. Stick with it you can do it
If it works during backtests but not live it means youre missing something while backtesting. Even backtesting is a skill you must master. By the way you dont decide when youre ready to go live, or when youve done enough, it happens organically when it becomes obvious that you should.
Yeah, good point as during backtesting I try to stay out ranging market
the thing is I started to test my strategy also with live account by having very small account and during weekends trying to improve the strategy, to learn more I backtested, also daily I tried to spend 1-2 hours to backtest.
I was forced to submit to time. How long it takes is different for everyone, it does not make you less than if it takes longer, unless someone is trying to help and you want to figure it out yourself, then your ego is in the way. The ego(mind) likes to complicate things sometimes, it can be a fearful creature
Maybe go back to demo for x period of time even markup charts like a hindsight exercise just to give yourself a clear sense if the trading edge you have may help your psychology
Can you explain to me in detail why you took that trade?
Its not realistic to conclude right now that Forex is not worth continuing with - we are just coming out of a unique pandemic and just entering a unique European war.
At least try Forex in more normal times, then whatever decision you make will be well-grounded.
Don’t give in.
Try understanding the fundamental reasons that make a currency MOVE. also which have enough volatility to make a trade worth taking.
When you have studied them and know which currencies are strong and which are weak, You can trade the strong currencies against the weak ones.
"DONT " just take a trade based off how the chart looks.!!!
LEARN WHAT MAKES THE CURRENCY MOVE. ? why its moving…?
Technical analysis is your final step to TIME your trade …right
I don’t think trading has become difficult. It is as it was earlier, in fact it has become more convenient in the sense that traders these days have access to a lot of information and they can also practice on demo accounts to hone their skills. If someone still thinks that trading is hard, then he/she may be lacking in skills.
In my opinion, Covid made forex trading easier. The initial tanking of everything with JPY strength was obvious, then the recovery shortly after, once the sell off was over, it seemed obvious that the commodity currencies would go higher than they were before, it seems to be what happens in recovery mode. The moves have been much bigger in a day than they were before. It was almost like the whole market was ranging before Covid came along.
The Russia situation has confused me. I thought there’d be an associated sell off that hasn’t really transpired. The market swings violently within the same day. A sell off in London hours seems to get reversed when America opens and vice versa. Not to mention holding trades over weekends and the big gaps.