What works?
- Thread starter wint
- Start date
I’m not using it to trade indices (ES is the DOW E-mini—right?) but I do have an approach that works, called “MS. MAE’s Trading Strategy” because it is based on Multiple Simple Moving Average Envelopes.
I used a different forum to validate my methodology in June, July, and August of last year and came to Elite Trader a couple of months ago to help me prepare to transition from demo accounts to live trading, which I did last week, so I think this might be my last post.
I had a stretch of five losing trades in a row today as I tried to work out one final aspect of my system, but eventually the solution did become clear and every single trade after that made a profit.
My original intent was to reap 10 to 30 pips profit at a time as opposed to the 5 to 10 pips that have characterized my trading over the last 1½ years, but the accuracy, precision, and success of this final rendition of my system has put that goal to rest.
Today’s performance and results evidence with crystal clarity the fact that the Forex market fluctuates like crazy, a maximum of only a dozen or couple of dozen pips per leg (or less—the majority of the time). So the reality is that I’m only going to be able to capture around 5 to 15 pips out of each of those fluctuations, both rising and falling—and that’s just the way it is!
But I’ve made 26 trades so far today, and now that I know how to turn five out of my seven losing trades into winners, I should be able to do this day after day with about an 80% to 95% success rate.
If every single trade was only about five pips each, that would still be approximately 100 pips profit per day, and I can certainly live with that.
Ms. Mae’s Trading Strategy does use a definite set of entry, stop, and exit rules, but my character is seriously flawed, to such a degree that, before I reveal them to the world, I will have to find some format through which I can do so in a manner that guarantees I am credited for creating the system (thanks be to God) given that my false sense of pride and overblown ego would be hard pressed to accept someone else who enjoys more publicity than me stealing all the credit.
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Traders can make money trading Forex. This is based on their understanding of how to do it. Take time to learn how to trade profitably. The money is laying on the floor, you have to learn how to wait for the stars to align so that you can go in and pick it up. This takes a long time and not many gurus can actually help you do this. Develop your own style of earning that agrees with the way your own brain works. Give yourself permission to get rich slowly. Use a demo acount to get started, so that you won't go broke and get discouraged before you grasp the needed concepts. Here is a good tip: determine the trend and only trade when price is heading in that direction. Drop the mike!!!