Hello all traders,
I have been trading for quite a while now with various systems, a coupel cost me a bomb and the rest i made and backtested myself .
I, like everyone at some point have been sucked into the search for the Grail, switching from system to system every week, I know know there is no such thing as the grail nor does there need to be to make consistant money in this game however I have found one thing I feel is a must for any method of trading... You need to risk a little and get alot, or in forex talk.. have great risk-reward ratio.
I have read all of the james16 thread and have always admired those who claim to trade naked , I have tried several times with no success.
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What I am thinking about doing is only trading support/resistance and trend lines. Here is my theory,, if I locate a strong trend line or s/r that has been touched at least 2 times when price comes to test it again if i place order with a small stop just behind the trend line my risk is very little, sometimes as small as 10 pips but my reward is large therefore even if i only get 50% wins i will still be way ahead.
Is there anyone here trading like this??
Do any of you (consistant traders) trade only with trend lines or s/r?
If so what technique do you use to enter/exit the market?
Maybe I have it the wrong way around and would be better trading trend line breaks and waiting for the retest?
Is what I am saying even possile?
Looking forward to reading some interesting posts.
Cheers
I have been trading for quite a while now with various systems, a coupel cost me a bomb and the rest i made and backtested myself .
I, like everyone at some point have been sucked into the search for the Grail, switching from system to system every week, I know know there is no such thing as the grail nor does there need to be to make consistant money in this game however I have found one thing I feel is a must for any method of trading... You need to risk a little and get alot, or in forex talk.. have great risk-reward ratio.
I have read all of the james16 thread and have always admired those who claim to trade naked , I have tried several times with no success.
-----------------
What I am thinking about doing is only trading support/resistance and trend lines. Here is my theory,, if I locate a strong trend line or s/r that has been touched at least 2 times when price comes to test it again if i place order with a small stop just behind the trend line my risk is very little, sometimes as small as 10 pips but my reward is large therefore even if i only get 50% wins i will still be way ahead.
Is there anyone here trading like this??
Do any of you (consistant traders) trade only with trend lines or s/r?
If so what technique do you use to enter/exit the market?
Maybe I have it the wrong way around and would be better trading trend line breaks and waiting for the retest?
Is what I am saying even possile?
Looking forward to reading some interesting posts.
Cheers