Hello,
Ive been studying forum forums because I started demo trading three months ago. I tried a lot of different systems, and tried a ton of indiors, learned all about the way they had been calculated and everything. I spend alot of time trying to soak up all understanding on trading I could, as I could see alot of potential in it. (sorry im not sure which forum to post this in, however as I consider myself a beginner asking for help that this seemd logical)
After I settle in I found fx5_macd_divergence indior about the mql4 website, which looked quite promising. Simply long when pink crosses towards the top, and brief when the line crosses above. I traded this system. My demo went from 1000 $, to 85 $, to 90 $ to 3000 $.
Basically Im somewhat discouraged.
My buddy who got me into this said that it is totally possible that (once you know how to actually read a chart) it isn't out the realm of possibility to get like 1000 pips in a day based on price action/etc.
Frankly my objectives are a lot more modest, an extremely consistent 100 pips a week and you'd pretty much be set in life in my own mind.
Some things ive learnt/am reflecting on:
-at first I really bet on all 16 charts availiable to me once, but minimum miniature lots. I learned alot about the differences between them, and often my gains on some charts would help conquer losses . For some time I was convinced that something such as gdp/jpy was the best because it moves so much, while eur/usd was but Ive come 180. Much superior to bet lots on fewer charts, and also a chart that goes less, more predictably and frequently is far more easy to trade with.
-I will see once you actually know whats going on you can say probablistically were good entry points are, but figuring out exit egies has just been torture for me. Ive been stops at atr, and monitoring by atr.
-I dont even have the patience to verify a chart 5 times per day, maybe a few times maximum. My macd system only ever really worked (except because of its debilitating bottoming out draw down) on 4h, but id much rather find some dependable daily program.
-Ive have come to accept there is not any holy grail, but for discovering something that works more than 60 percent of the time, and sticking with it-with a assumption that on average you may make money. This was a difficult one to learn: reduction has to be factored in, nothing is perfect.
-by the exact same span money management is a key (that my bottoming out educated me)- 1 percent risk is about perfect.
-I still dont receive news trading, I still dont get the big deal about elliot wave, I still have no real idea how draw your personal trendlines and also how to use them, and Ive had a sneaking feeling that Im not drawing my fibs right.
My perfect system is tendencies I think, but ive yet to find a good approach to follow them. Great being a system which does not bottom out me.
Ive read the big forum name posts, and several of the lower ones, ive been playing aroudn and thinking about forex nonstop for the past couple of months.
-So my question finally is comparable to what the majority of people ask when they encounter here: based on what ive said where if I go from here?
What else could I learn and also where can I learn it?
Is it really possible to earn my 100 pips a week?
Is this really worth it? Im getting fed up and burnt out with forex. Im beginning to wonder if its gambling and guessing. I suppose drawdown will do this. (when I was up 300% I was feeling super large ).
Thank you for your time and thoughts