Hi All,
i'm not exactly new to trading, forex or otherwise, but if im honest with myself I am not very good at it. I think coming to terms with the fact I lose more money than I make is the first step taking a good look at what I do and starting again.
Previously I have done stupid things like sign up to the "amazing-never-lose-trading-system" (etc blah blah) or tried to use other people's very complex mechanical systems. Guess what - they dont work, partly becuase I either dont understand them fully or they are just bulls**t or I break the rules of the system.
Dont get me wrong, I'm sure there are very good systems out there, its just I cant make them work and I have now come to learn there are no shortcuts.
So, starting again, I have picked my market - forex - and im sticking with it. why forex? the liquidity, market hours and that it lends itself well to technical analysis.
Method: something simple, based on a few indicators that provide reasonably clear entry / exit points.
Time frame: days to weeks to months. No more day trading, scalping or other methods that appear to be "get rich quick". I just can't make them work.
(During Northern Rock's demise I made over £30,000 in three days. I handed it all back (and more) over the week following that because I got greedy. That week hurt, a lot)
Expectations: Win / Lose ratio of around 60%. I have seen many people claim they can get more, but many more people claim that 60% is realistic.
Goal: To quit my day job and spend some time each week trading enough to live comfortably off. I'm not looking to buy a fleet of yachts in the Med.
So why have I posted all this? Well I'm hoping someone on this board with a better track record then me can point in thie direction of a simple (or at least as simple as is possible) method that on average produces positive returns. I am prepared to spend the time learning whatever needs to be learnt etc etc.
Im not looking for a holy grail, I appreciate such a thing either does not exist or if it does it is a closely gaurded secret, as it should be.
Any pointers appreciated.
Thanks
John
i'm not exactly new to trading, forex or otherwise, but if im honest with myself I am not very good at it. I think coming to terms with the fact I lose more money than I make is the first step taking a good look at what I do and starting again.
Previously I have done stupid things like sign up to the "amazing-never-lose-trading-system" (etc blah blah) or tried to use other people's very complex mechanical systems. Guess what - they dont work, partly becuase I either dont understand them fully or they are just bulls**t or I break the rules of the system.
Dont get me wrong, I'm sure there are very good systems out there, its just I cant make them work and I have now come to learn there are no shortcuts.
So, starting again, I have picked my market - forex - and im sticking with it. why forex? the liquidity, market hours and that it lends itself well to technical analysis.
Method: something simple, based on a few indicators that provide reasonably clear entry / exit points.
Time frame: days to weeks to months. No more day trading, scalping or other methods that appear to be "get rich quick". I just can't make them work.
(During Northern Rock's demise I made over £30,000 in three days. I handed it all back (and more) over the week following that because I got greedy. That week hurt, a lot)
Expectations: Win / Lose ratio of around 60%. I have seen many people claim they can get more, but many more people claim that 60% is realistic.
Goal: To quit my day job and spend some time each week trading enough to live comfortably off. I'm not looking to buy a fleet of yachts in the Med.
So why have I posted all this? Well I'm hoping someone on this board with a better track record then me can point in thie direction of a simple (or at least as simple as is possible) method that on average produces positive returns. I am prepared to spend the time learning whatever needs to be learnt etc etc.
Im not looking for a holy grail, I appreciate such a thing either does not exist or if it does it is a closely gaurded secret, as it should be.
Any pointers appreciated.
Thanks
John
