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Reviews on my strategy needed!!!!

Discussion in 'Forex Trading Systems and Strategies' started by wonghowjun, Jul 15, 2009.

  1. wonghowjun

    wonghowjun Recruit

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    Hi, After alot of loses in trading forex, I finally got fed up and lose confidence in my system already. However I found another system that seem quite promising. But I dare not use it as I'm not courageous anymore. Can anyone try it out and give me some idea? It's a scalping system. Here it goes:

    Plot 3 EMA (13, 21, 55)
    Set up MACD (8, 21, 8)

    Enter trade:
    Long - when bar is above all 3 EMA and MACD 2nd bar above 0
    Short - when bar is below all 3 EMA and MACD 2nd bar below 0

    Recommended time frame is 1H and 10-15 pip scalp.

    What do you all think? Will it be better is MA is simple or Exponential?
     
  2. ernest8fingers

    ernest8fingers Master Sergeant

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    u r damaged goods

    You have lost your forex edge. You sound "emotional". Try using one of the thousands of ExpertAdvisors(autotrader programs for MT4). These EA's enable non-emotional trading. As far as your method of manual trading: who really knows its worth? I use the 1hr timeframe exclusively but I dont scalp. I know scalpers and they are usually in the 1minute to 15minute timeframe ranges. How ironic that the decision to GOLONG or GOSHORT can be clouded by an almost infinite # of possibilities. There ARE profitable Traders. If you give up now,you will not be one of them. Good luck and BTW who are u using as your Broker?
     
  3. FirePips

    FirePips Private

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    By keep changing systems not going to help if you don't work on the underlying problem. YOU.

    After few losses trader think that their system is not good and they hesitate to take any more trades that the system generates. They pick and chose signals only to trade the ones which end up in losses.

    Here is what you can to do. Take any system, trade next 20 signals generated by it in demo account. Work out if the system is profitable and %Win.

    Then trade in real account as if it is demo and take every signal that it generates. You don't know that sequence of Wins or Losses but you know the overall %Win. Record every trade and analyze to see if you took any "impulse" trades or chose not to enter on a valid signal.

    Also read my post here Forex Loser’s Checklist, Do You Qualify?

    I would strongly recommend reading Mark Douglas - "The Disciplined Trader" and "Trading In The Zone"
     
    #3 FirePips, Jul 15, 2009
    Last edited: Jul 15, 2009
  4. ernest8fingers

    ernest8fingers Master Sergeant

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    good advice

    FirePips what are your qualifications in Forex? I saw your website(not bad) and u seem to have experience-care to enlighten us? Ahh who am I kidding-I could care less.:p
     
  5. wonghowjun

    wonghowjun Recruit

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    Full time trader?

    I'm wondering, is there anyone you all know or yourself is a full time trader? How much averagely are you all making? enough to survive?
     
  6. ernest8fingers

    ernest8fingers Master Sergeant

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    ?

    If you trade "mini" lots the chances that you could trade that account to a self sustaining account are around ZERO. (my opinion) It took me 4 years before any "real" consistent success. I still have my 'Mini" account I trade live but I have closed my "ex-main account" thru MBT ( I have bailed completely on US Forex Brokers) BTW nothing wrong at MBT except its unfortunate location. I now make a few hundred dollars weekly(not always though) while I mess around with my EA. This week looks like a 500.00 dollar week and that is great for me. ( I am knocking on wood right NOW!) To make a Living in Forex you must deposit big funds with your Broker and that itself is too much for me to risk. Otherwise you risk overtrading a smaller account size.(that = account suicide). There are hundreds of Forex websites and Forums chock full of great stuff(free mostly). I would immerse myself in ALL things Forex. In my 1st 90 days of trading I lost a few thousand dollars - and then I stopped trading for 8 months. All I did was Demo trade manually and watched those price charts for any regular occurring patterns. All Currency pairs have their own little "quarks" that are patterns in themselves. For me -trial and error(lots of error!) was my only path to modest success. I never gave up(came very close though) so therefore I dont count myself as one of those 95% losers we all read about. Of course tomorrow may be different but I doubt it. Education is key and w/o that you will need luck to prosper. Happy Trading
     
  7. Sigmund

    Sigmund Recruit

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    Discover your way and what works for you.

    Hi wonghowjun,
    I absolutely agree with what ernest8fingers has said, because the same has been my experience. After coming close to blowing out my account completely I decided to demotrade for almost a year. And I'm still yet to gain absolute confidence, so don't be discouraged. Its just another part of what it takes for you to become a successful trader.
     
  8. Sigmund

    Sigmund Recruit

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    Discover your way and what works for you.

    Hi wonghowjun,
    I absolutely agree with what ernest8fingers has said, because the same has been my experience. After coming close to blowing out my account completely I decided to demotrade for almost a year. And I'm still yet to gain absolute confidence, so don't be discouraged. Its just another part of what it takes for you to become a successful trader.
    And one more thing. There are many good strategies you can get for free. Just stick with one and you will learn to make it work for you.
     
  9. ernest8fingers

    ernest8fingers Master Sergeant

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    I am no expert (yet)

    I have tried EVERY Indicator known to mankind and have learned to ignore EVERY one. I only use PriceAction-near areas of Support/Resistance in relation to Time. Thats it. MovingAverages or MACD or any kind of Indicator are all lagging(only show the past) and they tend to fail in "Ranging" Markets. I go for the "small pip gains" at 1st and "lock in" profit after 10 pips or so. Then i just let those trades grow or die - but to me doesnt matter as long as they dont lose. Today my EA placed 4 Countertrend trades(much to my surprise) 2 were losers and 2 winners: profit = about 250.00 before the EA shut off ( these have been some of my biggest losing trades in about a month-but still in the Black at the end of the day-the MOST important point I think.) I use PriceAction because I dont think using Indicators will lead to long term profitability. Only Experience teaches this and that dont come cheap(usually). I have my EA set up so when a trade is triggered, it gives out a CashRegister sound (.wav file) ChaChing! My family hates this as it goes off in middle of night(European Session). My point is stay in there and if u are worthy - the Forex Market will prove it 1 way or another. I do want to stress that having a decent Broker makes ALL the difference in "retail" Forex trading.
     
  10. silverhair

    silverhair Recruit

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    ernest8fingers: Is your EA your own personal program or a purchased one with a name? Thanks.
     

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