Hi everyone!
I've been a reader of FF for quite a while now. Recently, I've gone over some of the most popular forum topics here and although there is a lot of great advice given here, there is just so much information here that I feel inundated by it. I decided to register and ask for some help from the members here because I feel that reading through all the information here is too much to handle. There are so many threads here and needless to say, quite a few of them start out nice but over a short period of time, they fill up with side discussion about the philosophy of trading or the usage of trailing stops or whatever.
I started this topic because I have a specific question, but before that, let me give you my background (for those that don't care, skip below to the question in bold).
Background
I have been trading forex for about two years now. I started off trading demo, then switched to live. I lost my first account about a month after having started. I started demo-trading again, being somewhat successful, I started trading live, with a smaller account this time. I've been able to make some money, but overall my losses are still bigger and come more often than my wins. Over time, I've had some success - my losses have been getting smaller and my wins have been getting bigger. But it is still not good enough as I am still losing money. Surely you must all know how this feels like.
Strategies and Systems
I've been developing many strategies over the years, but especially during the last half year. I realized that I needed a strategy that works, trading off one's gut feeling is just foolish. I knew it before and I had a system but for some reason I thought I was more clever and could override my systems. Oh, the mistakes. I have made all the mistakes in the book - not following my system, lack of discipline, lack of money management, unrealistic expectations, you name it!
It has been a tough road. Emotionally and psychologically, that is. I don't much care about the money that I've lost. I haven't been speculating with money I can't afford to lose, so the money that has gone down the drain is not such a big deal. The biggest barrier that I've had to overcome is admitting to myself that I am doing something wrong. The fact that I am writing here is a sign of defeat, sort of. But I'm not giving up.
OK, enough of that. Let me tell you where I'm at right now. I've put together a system that works for me, it's fairly simple and it does have at least one indicator in it. It's not an EA, it's manual. The returns on that are enough to be satisfied with but one element is missing from it. Which brings me to...
The question
The only thing that makes my system work is a clear trend. I have almost solved the problem on the daily charts - meaning that I have a way to determine the trend on the daily chart, but I would like to be able to determine a trend on H4 and H1 too. Could you please help me find a way to determine trends on H1, H4 and D1 charts?
The reason that I am posting this question here is, as I said above, that there are so many threads here and I feel quite lost. I tried going through the material myself but after a week of dense reading I feel that I've gotten nothing out of it.
You don't have to post the answer in a few sentences, I'm okay with going through the material myself. If there is a thread here that deals with this issue in a clear and useful way, I'd be happy to receive the link. But please don't go Da Vinci on me (some people like to hide knowledge behind word games and such, I'm not good at figuring them out).
I'll try and answer all of your questions if you have any.
I've been a reader of FF for quite a while now. Recently, I've gone over some of the most popular forum topics here and although there is a lot of great advice given here, there is just so much information here that I feel inundated by it. I decided to register and ask for some help from the members here because I feel that reading through all the information here is too much to handle. There are so many threads here and needless to say, quite a few of them start out nice but over a short period of time, they fill up with side discussion about the philosophy of trading or the usage of trailing stops or whatever.
I started this topic because I have a specific question, but before that, let me give you my background (for those that don't care, skip below to the question in bold).
Background
I have been trading forex for about two years now. I started off trading demo, then switched to live. I lost my first account about a month after having started. I started demo-trading again, being somewhat successful, I started trading live, with a smaller account this time. I've been able to make some money, but overall my losses are still bigger and come more often than my wins. Over time, I've had some success - my losses have been getting smaller and my wins have been getting bigger. But it is still not good enough as I am still losing money. Surely you must all know how this feels like.
Strategies and Systems
I've been developing many strategies over the years, but especially during the last half year. I realized that I needed a strategy that works, trading off one's gut feeling is just foolish. I knew it before and I had a system but for some reason I thought I was more clever and could override my systems. Oh, the mistakes. I have made all the mistakes in the book - not following my system, lack of discipline, lack of money management, unrealistic expectations, you name it!
It has been a tough road. Emotionally and psychologically, that is. I don't much care about the money that I've lost. I haven't been speculating with money I can't afford to lose, so the money that has gone down the drain is not such a big deal. The biggest barrier that I've had to overcome is admitting to myself that I am doing something wrong. The fact that I am writing here is a sign of defeat, sort of. But I'm not giving up.
OK, enough of that. Let me tell you where I'm at right now. I've put together a system that works for me, it's fairly simple and it does have at least one indicator in it. It's not an EA, it's manual. The returns on that are enough to be satisfied with but one element is missing from it. Which brings me to...
The question
The only thing that makes my system work is a clear trend. I have almost solved the problem on the daily charts - meaning that I have a way to determine the trend on the daily chart, but I would like to be able to determine a trend on H4 and H1 too. Could you please help me find a way to determine trends on H1, H4 and D1 charts?
The reason that I am posting this question here is, as I said above, that there are so many threads here and I feel quite lost. I tried going through the material myself but after a week of dense reading I feel that I've gotten nothing out of it.
You don't have to post the answer in a few sentences, I'm okay with going through the material myself. If there is a thread here that deals with this issue in a clear and useful way, I'd be happy to receive the link. But please don't go Da Vinci on me (some people like to hide knowledge behind word games and such, I'm not good at figuring them out).
I'll try and answer all of your questions if you have any.
If you don't risk, you don't ever have to lose.