Okay, many of you guys will overlook this thread as,lets face it,there is no such thing as a 99% successful forex trading strategy, and i concur,such a thing does not exist.
But let me tell you about myself...over the past month,i have managed to more than double my account following a very strict money management system.
Am i a genius, am i super lucky, am I a whiz ? No, matter of a fact i have little to no experience trading forex if compared to the vets here.
The catch is that i've been good enough to come up with a simple trading system that is over 50 % succesful,i trade almost exclusively a single pair, and i dont aim for very high profit...my big gains are owed to my compounding.
But enough nonsense,i will directly cut to the chase, i've learned from experience that all you need to be succesful in forex is merely a 50% success strategy (which basically means nothing, bcs if you opt to sell or buy at any time with no market experience whatsoever,your chances of winning and making the right call are 50%).
I have over the last month been using the martingale system in my trading with lots of success. Let me explain:
I've noticed as i've come up with my different trading strategies that as much as struggled at first, i never had more than 3-4 consecutive losses.So it hit me, why not capitalise on my only win ?
Considering i plan to make 10$ for today, 10$ = 10 pips per 0.1 lot
What are the chances of me making those 10$ today? i would say 99%,it may take me 10 trades to get there...but i will make it.
The chances of me losing 10 consecutive trades are probably 1 in a thousand,so i like my chances.
For the sake of simplicity, ill assume that am trading with 10 pips TP and 10 pips SL system.
So if i lose my first trade: im down 10$ for my 0.1 lot traded
to make up for this loss and make my 10$ profit: i will have to trade 0.2 lots.
If i would happen to again lose this trade,i would be down 30$,and would need to trade 0.4 lots to make my 10$ profit... and so forth.
Now allow yourselves 10 chances to win a trade,and calculate what needs to be your first lot size traded and trade accordingly (do factor in the spread in the stop losses)
Now obviously you can go at it in a different way, for example,i would that as a trader i get 60-70% of my calls spot on,so i adjust accordingly,factor to that the fact that my TP is usually twice as big as my SL, so it would take me 1 trade to breakeven 2 losing trades...
This trading system can yield millions if used religiously, and obviously,the better you are as a trader, the faster your account will grow using this system and compounding, this is my system at its most basic and simplest form,feel free to adapt it to your sucess rate and experience.
Any thoughts would be welcome.
And for those of you who have nothing to say and are only here to bash...please spare us your kind words.
But let me tell you about myself...over the past month,i have managed to more than double my account following a very strict money management system.
Am i a genius, am i super lucky, am I a whiz ? No, matter of a fact i have little to no experience trading forex if compared to the vets here.
The catch is that i've been good enough to come up with a simple trading system that is over 50 % succesful,i trade almost exclusively a single pair, and i dont aim for very high profit...my big gains are owed to my compounding.
But enough nonsense,i will directly cut to the chase, i've learned from experience that all you need to be succesful in forex is merely a 50% success strategy (which basically means nothing, bcs if you opt to sell or buy at any time with no market experience whatsoever,your chances of winning and making the right call are 50%).
I have over the last month been using the martingale system in my trading with lots of success. Let me explain:
I've noticed as i've come up with my different trading strategies that as much as struggled at first, i never had more than 3-4 consecutive losses.So it hit me, why not capitalise on my only win ?
Considering i plan to make 10$ for today, 10$ = 10 pips per 0.1 lot
What are the chances of me making those 10$ today? i would say 99%,it may take me 10 trades to get there...but i will make it.
The chances of me losing 10 consecutive trades are probably 1 in a thousand,so i like my chances.
For the sake of simplicity, ill assume that am trading with 10 pips TP and 10 pips SL system.
So if i lose my first trade: im down 10$ for my 0.1 lot traded
to make up for this loss and make my 10$ profit: i will have to trade 0.2 lots.
If i would happen to again lose this trade,i would be down 30$,and would need to trade 0.4 lots to make my 10$ profit... and so forth.
Now allow yourselves 10 chances to win a trade,and calculate what needs to be your first lot size traded and trade accordingly (do factor in the spread in the stop losses)
Now obviously you can go at it in a different way, for example,i would that as a trader i get 60-70% of my calls spot on,so i adjust accordingly,factor to that the fact that my TP is usually twice as big as my SL, so it would take me 1 trade to breakeven 2 losing trades...
This trading system can yield millions if used religiously, and obviously,the better you are as a trader, the faster your account will grow using this system and compounding, this is my system at its most basic and simplest form,feel free to adapt it to your sucess rate and experience.
Any thoughts would be welcome.
And for those of you who have nothing to say and are only here to bash...please spare us your kind words.