How to build a good trading strategy?
Mitglied seit Mar 25, 2015
74 Posts
Nov 01, 2016 at 14:39
Greggy posted:
You know what I think, these Elliott Wave Theorists forget every other Technical Indicator, trend lines, the lot just so they can get their flat, their triangle, their double bottom and anything else they can think up. I think it is the Elliott Wave Theorists who manipulate the market and I think it is a Bankers Theory.
Elliot Wave principle is pure science with all the complexity it brings. You are right that it is used by professional dealers and bankers and there is a reason for that. I know also friends that apply the waves in their strategies and quite successfully. I like that scientific part and truly believe that it works, as it takes diverse set of factors into consideration, including psychology.
Nov 02, 2016 at 10:52
The good trading strategy is a combination of art and science 😄 But backed up with solid action plan. My personal steps include:
1. Define how much you are ready to invest.
2. Define the risk level you are comfortable with.
3. Decide of the ratio between automated and manual trading.
4. Define the instruments to trade.
5. Define your style of trading (intraday, swing etc.)
6. Test it with different demos and brokers.
Once you feel ready, have enough confidence, you can start small with live account.
I am also interested about theories involving astrology in trading 😄 but I need to research further.
1. Define how much you are ready to invest.
2. Define the risk level you are comfortable with.
3. Decide of the ratio between automated and manual trading.
4. Define the instruments to trade.
5. Define your style of trading (intraday, swing etc.)
6. Test it with different demos and brokers.
Once you feel ready, have enough confidence, you can start small with live account.
I am also interested about theories involving astrology in trading 😄 but I need to research further.
Knowledge is king!
forex_trader_169700
Mitglied seit Dec 30, 2013
158 Posts
Nov 02, 2016 at 12:46
Hi Vouch
I don't see how Ellott Wave works, I can't get my head around it. I do in some cases, but not in all. Just thought, do you have to count on all time frames because if you do that's hell of a lot of work. What if you get your count wrong on the 1 minute chart or the 15 minute, 4 Hour chart or Monthly chart. Monthly is probably easier, but 1 minute. Not only that when did all this counting begin? Which year? Which cycle are we in? I guess it comes down to what works best for you.
I don't see how Ellott Wave works, I can't get my head around it. I do in some cases, but not in all. Just thought, do you have to count on all time frames because if you do that's hell of a lot of work. What if you get your count wrong on the 1 minute chart or the 15 minute, 4 Hour chart or Monthly chart. Monthly is probably easier, but 1 minute. Not only that when did all this counting begin? Which year? Which cycle are we in? I guess it comes down to what works best for you.
Nov 07, 2016 at 08:09
These are good tips for becoming a professional, and don't forget yet that it's crucial not to get gambling there. Take as much money as you can just throw away and forget about - that is the sum you're allowed to invest. If you are close to margin call and want to enlarge your balance, then you should stick to the rule above as well. The idea is that you feel less emotional tension and avoid panic if you really invest as much as you can withstand to lose or even less, and you still trade real money and thus involve real trading psychology. This altogether would help to work out trading skills and right reactions to market movements. And another crucial tip: beware trading during hugely impacting news releases.
Mitglied seit May 17, 2013
33 Posts
Nov 08, 2016 at 07:48
Greggy posted:
You know what I think, these Elliott Wave Theorists forget every other Technical Indicator, trend lines, the lot just so they can get their flat, their triangle, their double bottom and anything else they can think up. I think it is the Elliott Wave Theorists who manipulate the market and I think it is a Bankers Theory.
For someone who has expounded on different TA ideas but then resort to trading on feeling and hope is not demonstrating that you can put together a technical trade plan and go with it. Rather than being highly opinionated on a subject that you have no understanding and then denigrating it, you should instead spend your effort in applying what you at least think you know.
forex_trader_169700
Mitglied seit Dec 30, 2013
158 Posts
Nov 08, 2016 at 12:39
Dove_Services posted:Greggy posted:
You know what I think, these Elliott Wave Theorists forget every other Technical Indicator, trend lines, the lot just so they can get their flat, their triangle, their double bottom and anything else they can think up. I think it is the Elliott Wave Theorists who manipulate the market and I think it is a Bankers Theory.
For someone who has expounded on different TA ideas but then resort to trading on feeling and hope is not demonstrating that you can put together a technical trade plan and go with it. Rather than being highly opinionated on a subject that you have no understanding and then denigrating it, you should instead spend your effort in applying what you at least think you know.
Say what you want, I'm a human algorithm now!!!
forex_trader_169700
Mitglied seit Dec 30, 2013
158 Posts
Nov 08, 2016 at 12:39
Starting to think like a robot!!!
forex_trader_169700
Mitglied seit Dec 30, 2013
158 Posts
Nov 08, 2016 at 12:42
All I'm saying is I've given enough clues and I'm saying no more. Read my comments. Bit like putting a jigsaw puzzle together!!!
forex_trader_169700
Mitglied seit Dec 30, 2013
158 Posts
Nov 08, 2016 at 14:54
Forgot to say this is my trading history this morning, but I was missing one ingredient.
Happy Trading & Remember Think Like a Robot!!!
Happy Trading & Remember Think Like a Robot!!!
forex_trader_169700
Mitglied seit Dec 30, 2013
158 Posts
Nov 08, 2016 at 14:56
The clue to my missing ingredient is you can buy it!!!😄
forex_trader_169700
Mitglied seit Dec 30, 2013
158 Posts
Nov 08, 2016 at 15:44
5astelija posted:
@Tony Gregg
Can you make a report of you trading using the mt4 tool?
It seems that your average loss is bigger than profit, which is a sign of unstability.
If I started with $500,000 demo and my equity is 2,000,000 my losses aren't that big. My biggest wins are 240,500, 191,000, 185,000, 98,000 and 86,000 my biggest losses are: 28,000 x 5, 24,000 and another of 19,000. I'm going to spend all my hard earned demo cash on a dinghy of the coast of Morecambe Bay and celebrate with a can of Guinness!!!😄
forex_trader_169700
Mitglied seit Dec 30, 2013
158 Posts
Nov 08, 2016 at 15:46
5astelija posted:
@Tony Gregg
Can you make a report of you trading using the mt4 tool?
It seems that your average loss is bigger than profit, which is a sign of unstability.
.....as for Risk Management, I will not take any risks with real money, until I know I have found consistency in my trading performance!!!
Nov 08, 2016 at 15:48
Greggy posted:First of all, start your own reply AFTER the /quote mark.
If I started with $500,000 demo and my equity is 2,000,000 my losses aren't that big. My biggest wins are 240,500, 191,000, 185,000, 98,000 and 86,000 my biggest losses are: 28,000 x 5, 24,000 and another of 19,000. I'm going to spend all my hard earned demo cash on a dinghy of the coast of Morecambe Bay and celebrate with a can of Guinness!!!😄
Secondly, I'm not interested on biggest trades but average ones.
Go to your mt4 'trading history' tab, right click it and choose 'detailed report'. Thats how you can analyse your success/loss
forex_trader_169700
Mitglied seit Dec 30, 2013
158 Posts
Nov 09, 2016 at 07:15
5astelija posted:Greggy posted:First of all, start your own reply AFTER the /quote mark.
If I started with $500,000 demo and my equity is 2,000,000 my losses aren't that big. My biggest wins are 240,500, 191,000, 185,000, 98,000 and 86,000 my biggest losses are: 28,000 x 5, 24,000 and another of 19,000. I'm going to spend all my hard earned demo cash on a dinghy of the coast of Morecambe Bay and celebrate with a can of Guinness!!!😄
Secondly, I'm not interested on biggest trades but average ones.
Go to your mt4 'trading history' tab, right click it and choose 'detailed report'. Thats how you can analyse your success/loss
[/Sorry I don't know how to do it!!! ]
forex_trader_169700
Mitglied seit Dec 30, 2013
158 Posts
Nov 09, 2016 at 07:16
5astelija posted:Greggy posted:First of all, start your own reply AFTER the /quote mark.
If I started with $500,000 demo and my equity is 2,000,000 my losses aren't that big. My biggest wins are 240,500, 191,000, 185,000, 98,000 and 86,000 my biggest losses are: 28,000 x 5, 24,000 and another of 19,000. I'm going to spend all my hard earned demo cash on a dinghy of the coast of Morecambe Bay and celebrate with a can of Guinness!!!😄
Secondly, I'm not interested on biggest trades but average ones.
Go to your mt4 'trading history' tab, right click it and choose 'detailed report'. Thats how you can analyse your success/loss
I don't know how to get a statement onto FXBook!!!
forex_trader_169700
Mitglied seit Dec 30, 2013
158 Posts
Nov 09, 2016 at 07:46
Down, but not out!!!😄
forex_trader_169700
Mitglied seit Dec 30, 2013
158 Posts
Nov 09, 2016 at 11:23
Firstly I want to apologise to all those who take part in these discussions, especially if I have offended anybody. When I first started posting it was with the pure intention to air my grievances about the market, but also to help some of the newer traders and manual traders with some trading strategies that I have learnt myself. These are all good strategies and used properly can help you to make money e.g. Parabolic Cross, Candlestick/wick Cross and some others. Since I started posting, instead of looking at some of the strategies, people have been more concerned with my trading performance instead of my technical skills and this is why you will find my demo account paraded on some forums. Last night was the US Election and I was long the US$, feeling that Hilary Clinton would win, but if you have read some of the headlines I was not the only one in the market who was surprised to see her lose. So what was my strategy. I fully expected USDJPY to retrace and EURUSD to retrace during the election. I believed that they would both fill their respective gaps - USDJPY I had as a double bottom or hitting 61.8, but of course it over ran this. I expected EURUSD to be a double top or at least hit 61.8. Then I was hoping that both would rebound and hit new highs and lows respectively had Hilary Clinton won. I was wrong big time!!!!
So I just wanted to post my account and say I am not one of those 'Who only Sings When they're Winning!!!' Luckily it was only a demo and as I have always maintained I will not trade live until I see consistency in my performance.
So once again deeply sorry if I have offended anybody & Good Luck with your Trading!!!
So I just wanted to post my account and say I am not one of those 'Who only Sings When they're Winning!!!' Luckily it was only a demo and as I have always maintained I will not trade live until I see consistency in my performance.
So once again deeply sorry if I have offended anybody & Good Luck with your Trading!!!
