Hi everyone,
I really need advice on trading from people who are kind enough to provide it. I kindly ask people who are not profitable traders to stay away from this thread.
I have been trying to self teach myself Forex for a long time, I am embaressed to say exactly for how long. I have been occassionally relying on youtube and google to get some free education and also bought one course (long time ago) and almost everything I have seen was pretty useless, with very few exceptions. Over these years I have considered and backtested various methods, ignoring multiple TF analysis and taking it into account, smooth trends, momentum, reversals, S/R, you name it. I backtested various methods and on some I was receiving P/L of up to 1.7 on first 100 samples, but then it went down SIGNIFICANTLY over the next 100, making me think it was just statistical luck.
This might be a strong statement, but I kind of understand everything (or lets say quite a lot) about trading, with the exception of how to make money there. I have a huge amount of chart time. I understand why low risk-reward ratios (such as below 1.5) already put you at a disadvantage, I did an experiment on this a year ago with almost 500 samples and understood it, for some reason no gurus explain why 0.5:1 risk reward ratio is a bad idea.
Anyway, it has got to a point where my health started to get affected (I am not complaining by the way) and I think I may have already shortened my life just because of trading (again, I am not trying to make people feel sorry for me, there are wars going on and people dying because of lack of food and water). And now I finally realize it is time to decide whether I need to QUIT this and move on or STAY and get this done. Just because trading has already caused me all kinds of problems incl. health and divorce, it is NOT logical to jump ship IF it is possible to make money there.
Here is my question, is there a relatively simple way to trade without over-analysing the chart? And if there is, could you describe it in as much detail as possible? And I will do the rest, backtesting, etc. I get the feeling that all this stuff they teach online, such as multiple TF analysis, S/R and all the rest is just rubbish, and that we need to trade trends and it is ok to jump on them early (i.e. on the 2nd with-trend move) but the trend needs to be smooth, i.e. the second with-trend move looks similar to the first one. I am not a fan of pullbacks. Also I feel like multiple TF analysis and context is useless (not going to explain why I think that way). PLEASE correct me if I am wrong, I am willing to learn and admit my lack of competence (if thats the case) even after all this time and life disasters it has caused me, I am not stubborn. Also, I am not addicted to trading in any possible way, but I like the idea of being able to do it from anywhere in the world. If it really is that difficult and I am not just good enough/talented enough, I am ready to quit right now, but I need to now that is is THAT difficult.
Also, if I don't quit, I am not planning to just trade for a living, I am thinking of starting a business as well, I am not obsessed.
I really need advice on trading from people who are kind enough to provide it. I kindly ask people who are not profitable traders to stay away from this thread.
I have been trying to self teach myself Forex for a long time, I am embaressed to say exactly for how long. I have been occassionally relying on youtube and google to get some free education and also bought one course (long time ago) and almost everything I have seen was pretty useless, with very few exceptions. Over these years I have considered and backtested various methods, ignoring multiple TF analysis and taking it into account, smooth trends, momentum, reversals, S/R, you name it. I backtested various methods and on some I was receiving P/L of up to 1.7 on first 100 samples, but then it went down SIGNIFICANTLY over the next 100, making me think it was just statistical luck.
This might be a strong statement, but I kind of understand everything (or lets say quite a lot) about trading, with the exception of how to make money there. I have a huge amount of chart time. I understand why low risk-reward ratios (such as below 1.5) already put you at a disadvantage, I did an experiment on this a year ago with almost 500 samples and understood it, for some reason no gurus explain why 0.5:1 risk reward ratio is a bad idea.
Anyway, it has got to a point where my health started to get affected (I am not complaining by the way) and I think I may have already shortened my life just because of trading (again, I am not trying to make people feel sorry for me, there are wars going on and people dying because of lack of food and water). And now I finally realize it is time to decide whether I need to QUIT this and move on or STAY and get this done. Just because trading has already caused me all kinds of problems incl. health and divorce, it is NOT logical to jump ship IF it is possible to make money there.
Here is my question, is there a relatively simple way to trade without over-analysing the chart? And if there is, could you describe it in as much detail as possible? And I will do the rest, backtesting, etc. I get the feeling that all this stuff they teach online, such as multiple TF analysis, S/R and all the rest is just rubbish, and that we need to trade trends and it is ok to jump on them early (i.e. on the 2nd with-trend move) but the trend needs to be smooth, i.e. the second with-trend move looks similar to the first one. I am not a fan of pullbacks. Also I feel like multiple TF analysis and context is useless (not going to explain why I think that way). PLEASE correct me if I am wrong, I am willing to learn and admit my lack of competence (if thats the case) even after all this time and life disasters it has caused me, I am not stubborn. Also, I am not addicted to trading in any possible way, but I like the idea of being able to do it from anywhere in the world. If it really is that difficult and I am not just good enough/talented enough, I am ready to quit right now, but I need to now that is is THAT difficult.
Also, if I don't quit, I am not planning to just trade for a living, I am thinking of starting a business as well, I am not obsessed.
