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What was your "holy grail"?

  • #81
  • Jun 2, 2017 2:28am Jun 2, 2017 2:28am
I believe in the sort of funny but true statement:

You have two choices:
1. Either you trade with a proper Trading Plan,
2. Or fail. lol

So my "Holy Grail" is my Trading Plan. But I don't believe there is a Holy Grail of trading. That goes against the mindset of a successful trader.
  • #82
  • Jun 2, 2017 4:03am Jun 2, 2017 4:03am
Quoting mambomango
{quote} you misunderstood me. i dont mean that you need a special software in general but for this particular strategie. its a mathematically approach and not a technical one. there are alot of holy grails and you dont have to go the mainstream way.
When playing patterns, we either see it or we don't ... (and we will see more as we have more experiences) ...
And the only mathematic-calculation is just a simple plus-&-minus when calculating TP using 1:1 RRR ... [TP = (EP-SL) + EP]
Market is not random but unpredictable
  • #83
  • Jun 2, 2017 4:35am Jun 2, 2017 4:35am
Maybe we should all re-define what "holy-grail" means ...
If we are looking for a strategy that works all the time, i.e., 100% or 0% success-rate ... yes, it doesn't exist ...
But if we are looking for a strategy that has over 60-70% success-rate, we might be able to find it someday ...

Start by finding a strategy that has about 50% success-rate (which I'm sure there are plenty as the market can only go up and down), then start "refining" that strategy by rigidly selecting which signals to play and which to pass until we can get over 60-70% success-rate ...
One of the refining method can be as simple as knowing the ongoing trend ...
Combining it with another 50/50-strategy can also work ...
Market is not random but unpredictable
  • #84
  • Edited 10:15am Jun 2, 2017 8:20am | Edited 10:15am
Quoting 4for4
{quote} Yes, daily chart backed by higher charts for directional reference ...
Do you keep up with all the pairs offered? Or do you just focus on a few select ones? Maybe you don't get as many signals because you are limiting the amount of pairs to scan?

Edit: actually you mentioned that you get about... 3-6 opportunities a month? That's actually very sufficient. If you catch opportunities at the right time on the daily charts, 3-6 times a month, that can haul in a massive amount of pips. And what's better is that it's only a few times a month!! You don't have to be constantly jumping in and out of trades.
  • #85
  • Jun 2, 2017 10:14am Jun 2, 2017 10:14am
Quoting mlawson71
There was no Holy Grail for me. Just hard work and a lot of sleepless nights. I don't think there's such a thing as a Holy Grail in Forex.
mlawson71,

... a lot of sleepless nights. It's odd, I never thought I would see it like this but with more time invested and work put in, it gets "clearer" I'm not sure how to elaborate more when I say the word "clear" but it just does. Of course, it wouldn't make sense for any trader when they first started out, including myself. When I began, I honestly did not know what the hell I was doing. I had no idea what to look for. Now I can flip through different pairs quickly and efficiently, knowing exactly when to give a pair my attention or not. If it's not there, on to the next one pair and then check again at the same time(s) everyday. Once you know what you're looking for, that much stress is taken off your shoulders.
  • #86
  • Jun 2, 2017 10:18am Jun 2, 2017 10:18am
Quoting 4for4
{quote} When playing patterns, we either see it or we don't ... (and we will see more as we have more experiences) ... And the only mathematic-calculation is just a simple plus-&-minus when calculating TP using 1:1 RRR ... [TP = (EP-SL) + EP]
imagine there are so much more informations than you can find on one chart and one broker.
you have currency pairs, metals, cfds, tick volume, high, low, close, open, tick data, spread, time of the day, day of the week.
tons of informations to work with and it would be too easy if you just need the informations of one chart and one broker.
did you ever compared e.g. the different tick data and volume correlations between multiple brokers? there are things you cant see with your eyes.
  • #87
  • Jun 2, 2017 1:59pm Jun 2, 2017 1:59pm
Quoting Ganative
{quote} mlawson71, ... a lot of sleepless nights. It's odd, I never thought I would see it like this but with more time invested and work put in, it gets "clearer" I'm not sure how to elaborate more when I say the word "clear" but it just does. Of course, it wouldn't make sense for any trader when they first started out, including myself. When I began, I honestly did not know what the hell I was doing. I had no idea what to look for. Now I can flip through different pairs quickly and efficiently, knowing exactly when to give a pair my attention...
The funnel is only part of it. There is also the bend(with it's 'edge') and proper scaling in/out.

At least you learned a time. Time matters a lot. What works in the morning might be a disaster in the afternoon. It's practically guaranteed, actually.

It's gotten to the point now where I know 90% of the time to sit on my hands. Not because I don't know what to do but because I know that I will lose money in the longrun whether I buy or sell at those moments.
"The fun is in the hunt. Not the kill."
  • #88
  • Jun 2, 2017 7:37pm Jun 2, 2017 7:37pm
Quoting mambomango
{quote} imagine there are so much more informations than you can find on one chart and one broker. you have currency pairs, metals, cfds, tick volume, high, low, close, open, tick data, spread, time of the day, day of the week. tons of informations to work with and it would be too easy if you just need the informations of one chart and one broker. did you ever compared e.g. the different tick data and volume correlations between multiple brokers? there are things you cant see with your eyes.
I only have one broker, one account, one MT4 platform, and 3 major currency-pairs to play with ... (JPY, GBP, EUR)
I plan all my trades strictly based on technical patterns, never on fundamentals ... (I rather have no position toward "important" economic/political events)
Too much information can cloud my mind ... and I have accepted the "missing-out" situations peacefully ...
Market is not random but unpredictable
  • #89
  • Jun 3, 2017 5:28am Jun 3, 2017 5:28am
Quoting Ganative
{quote} mlawson71, ... a lot of sleepless nights. It's odd, I never thought I would see it like this but with more time invested and work put in, it gets "clearer" I'm not sure how to elaborate more when I say the word "clear" but it just does. Of course, it wouldn't make sense for any trader when they first started out, including myself. When I began, I honestly did not know what the hell I was doing. I had no idea what to look for. Now I can flip through different pairs quickly and efficiently, knowing exactly when to give a pair my attention...
I know that feeling of confusion so well. As a newbie I had no idea what I was doing either. I didn't know what to trade, how to trade, how to pick a broker - that turned out very important, I got scammed more than once - I didn't know what major news events to look out for, and so on, and so forth. In retrospect I really should've spent a lot longer on a demo account and just educating myself than trying to use real money.
  • #90
  • Jun 3, 2017 5:55am Jun 3, 2017 5:55am
It is really hard to let go when someone purposefully took your money and scam you by only offering silly invites promising to become rich right after purchasing services from them. i think we should do some research before investing any money in this forex business.
  • #91
  • Jun 3, 2017 7:42am Jun 3, 2017 7:42am
everytime there are talks about the holygrail i can help but smile, I have been actively replying on the same topics for almost a decade now.. lol, well lets try something else.. if we talk about the holygrail in forex the chances are almost NONE, speaking about perfect strategies there is no such thing, but mathematically (thats why i said almost) there is a very x100 slim chance that a hoygrail can exist, but psychologically I do have a semi-holygrail LOL a simply idea that everyone knows and little do they apply it, success is simply a matter of NOT GIVING UP, one way or aother we should reach an acceptable success never the less right LOL
  • #92
  • Jun 3, 2017 2:59pm Jun 3, 2017 2:59pm
Quoting jiggz
everytime there are talks about the holygrail i can help but smile, I have been actively replying on the same topics for almost a decade now.. lol, well lets try something else.. if we talk about the holygrail in forex the chances are almost NONE, speaking about perfect strategies there is no such thing, but mathematically (thats why i said almost) there is a very x100 slim chance that a hoygrail can exist, but psychologically I do have a semi-holygrail LOL a simply idea that everyone knows and little do they apply it, success is simply a matter...
There is one 100% holy grail. Only trade black swan events when unexpectedly bad things happen and people get scared (IE; President Trump launches missiles at a Syrian airbase). You'll easily be able to double or quadruple your money a few times a year.
"The fun is in the hunt. Not the kill."
  • #93
  • Jun 3, 2017 10:27pm Jun 3, 2017 10:27pm
After several years of trading, i see there are 3 things that i got in my hand

1. Money Management
2. Trading Plan
3. Experience

With 3 that now i am getting better and better, and still learning to improve and remind myself about the discipline, patience and consistency. Hope you will have a great trades and become a successful trader.
  • #94
  • Jun 5, 2017 7:31pm Jun 5, 2017 7:31pm
Hi there, Ganative ... Let's swap perspectives openly so we all can learn and/or contribute something ...
But one thing I have to mention is that I'm not a computer-savvy person ... I'm just an old-fashioned guy with an iPad who can only write, not draw (I can draw on a piece of paper only) ...
Market is not random but unpredictable
  • #95
  • Jun 5, 2017 11:59pm Jun 5, 2017 11:59pm
My breakthrough was switching from forex to futures
  • #96
  • Jun 6, 2017 1:25am Jun 6, 2017 1:25am
Decisions taked in any lower tame frame but in accordance with daily charts good luck
  • #97
  • Jun 6, 2017 4:48am Jun 6, 2017 4:48am
Quoting Redeflect
{quote} There is one 100% holy grail. Only trade black swan events when unexpectedly bad things happen and people get scared (IE; President Trump launches missiles at a Syrian airbase). You'll easily be able to double or quadruple your money a few times a year.
That requires to have a pretty large initial deposit, and most traders don't have that. So even if you know how to trade such events, the solution applies to few people.
  • #98
  • Edited 10:47am Jun 6, 2017 10:29am | Edited 10:47am
Quoting 4for4
Hi there, Ganative ... Let's swap perspectives openly so we all can learn and/or contribute something ... But one thing I have to mention is that I'm not a computer-savvy person ... I'm just an old-fashioned guy with an iPad who can only write, not draw (I can draw on a piece of paper only) ...
I had some questions but wasn't sure if you already mentioned it so didn't want to cloud the thread . But I was going to ask if you took entries/exits based on lower timeframes or do you strictly just use the daily charts for every decision?

From the time when I made this thread (probably just 2 weeks ago) I completely changed up how I trade and I'm quite happy with it, trading on the daily and checking at 5PM everyday with 30 pairs will provide an ample amount of opportunities with LESS stress. God, I can't believe I used to sit on my ass and stare at a screen all day on the lower timeframes. Even the 4HR seems troubling. Even if it was only 6 signals a day, the more I try to "study" the pairs, the more it confused me. So in a way for me, the less screen time, the better (ONLY if you know exactly what you are looking for). The less you overcomplicate things, THE BETTER . It takes me about 10-15 seconds to analyze each pair, and then checking the next one.
  • #99
  • Edited 9:31pm Jun 6, 2017 11:17am | Edited 9:31pm
Quoting Ganative
{quote} I had some questions but wasn't sure if you already mentioned it so didn't want to cloud the thread . But I was going to ask if you took entries/exits based on lower timeframes or do you strictly just use the daily charts for every decision? From the time when I made this thread (probably just 2 weeks ago) I completely changed up how I trade and I'm quite happy with it, trading on the daily and checking at 5PM everyday with 30 pairs will provide an ample amount of opportunities with LESS stress. God, I can't believe I used to sit on...
My initial plan for EP-SL-TP is always based on daily's peak/valley, but sometimes when the trade has been going on "too long" (2-5 days without breaking new low/high or just "small" breakouts), I might change my SL based on the H1/H4 chart or just DQ to close the trade ...
Market is not random but unpredictable
  • #100
  • Jun 6, 2017 11:55am Jun 6, 2017 11:55am
You can almost win with any strategy, if you follow proper money management and discipline. Holy grail is nothing but your mindset.
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