Greetings fellow warriors,

I have been trading as a hobby for a couple of years with mixed results and on the journey I have lost and won. Have gained and de-creased, but I am getting desperate.
Probably the worst trader in the world, at least it feels like it. Have tested almost every indicator there is, sometimes they work and sometimes not. Often giving false signals and it all ends in a zero sum game. During the years when calculating the small amounts of $10-100 deposits that have been made, has grown to a pretty large sum. Wish I had all those money now, but I don't.

I need your help, or at least letting me know if there is a system which can guarantee a profit from 5-10 pips per day?
When I have been the most successful it has been without any indicator, pure price-action and demand and supply trading. But when you suddenly start to lose, your confidence starts to crumble and I always try to find another way and method....its like the snake biting its own tail....going round and round...

So now I am back to zero, giving it a last shot even though I really love this trade and it was a dream of mine when I was younger....
But now I am getting older, and failures I have had enough of.

Anyone who can share a word or two which can lead me to the right path?

Over 70-80% of people who try to make money from trading fail.
I've tested thousands of indicators and in my opinion 99% of them are just rubbish. And everything gets worse if you operate on fast timeframes (1m, 5m, 15m, 30m, 1h).
My best results were in the 4 hour and 1 day timeframes, identifying channels, trend lines, support and resistance zones.

I use the TMA Centered Bands indicator to help me see the channels. And then I use a tool to design the channels, such as Linear Regression Channel or Standard Deviation Channel or Equidistant Channel or Trend Lines.

One more thing: Always try to operate in favor of the trend. Don't sell at the bottom, don't buy at the top. Wait for the pullbacks.
If the channel is bearish, then open only short positions.

I think the right way to have success in trading is learning how to trade like playing blackjack. If you have read the book <Beat the dealer>, you will understand it.
I don't believe there is a system can guarantee anything in trading, but i am sure you can find some edges in trading which will lead to the success. Just focus on potential profit/loss ,trading frequency and then a winning ratio like 55% is good enough.

fxchampion wrote: Sat Jan 18, 2020 11:46 am Greetings fellow warriors,

I have been trading as a hobby for a couple of years with mixed results and on the journey I have lost and won. Have gained and de-creased, but I am getting desperate.
Probably the worst trader in the world, at least it feels like it. Have tested almost every indicator there is, sometimes they work and sometimes not. Often giving false signals and it all ends in a zero sum game. During the years when calculating the small amounts of $10-100 deposits that have been made, has grown to a pretty large sum. Wish I had all those money now, but I don't.

I need your help, or at least letting me know if there is a system which can guarantee a profit from 5-10 pips per day?
When I have been the most successful it has been without any indicator, pure price-action and demand and supply trading. But when you suddenly start to lose, your confidence starts to crumble and I always try to find another way and method....its like the snake biting its own tail....going round and round...

So now I am back to zero, giving it a last shot even though I really love this trade and it was a dream of mine when I was younger....
But now I am getting older, and failures I have had enough of.

Anyone who can share a word or two which can lead me to the right path?

Like everyone else you've gone about it the wrong way round, start trading first, build a plan second. The plan needs to come first.

You need to build a simple rules based system that fits you and has a verifiable positive expectancy. Decide on your market, time frame, for trending or a ranging market, % account risk per trade, and bolt on a risk/reward (stop loss amount/profit amount) of 1:2 R/R for testing purposes.

Your system will need a basic premise eg 'dip buying in an uptrend'. You will need an indicator to signal entry and most importantly an indicator that filters out more losing trades than winning ones (think about that). You do not need to catch all the trades, or the best trades, or the longest running ones, in fact the more trades you don't take the better off you are likely to be.

Eyeball backtest your simple strategy over 20 trades, you need a 'win rate %' vs 'risk/reward ratio' that plots above the red line on the graph to be profitable, for 1:2 R/R that's a win rate of 35% or higher.

The above won't take you very long to do but you may need to have many attempts before finding a system that survives backtesting, but so what, it hasn't cost you any money, just time.

After backtesting comes forward testing on demo and if it survives that then test on a live account with minimum position size your broker will allow.

So get planning and good luck (though you won't need it if you have a good plan)