I am doing as J16 has always said. You can be quite profitable just trading daily Pin Bars.
A bit of background. I had never traded before until I found Forex, 2 years ago. To me XXXX was a beer. I have tried to follow J16’s advice on how to be a good trader.
I spent 18 months on demo, doing like most others system hoping, but at the same time learning about how I like and dislike to trade. It wasn’t until I came across J16 post about trading just daily PB’s that and that alone could make you wealthy. I stopped trading all kinds of PA and just worked on PB’s until I finally proved I could trade PB’s successfully for three months in a row and archive 5% return. Now I am trading the same live as I did on demo, with a small amount of capital but every month that I archive my 5% I add more capital.
This month I added another zero by trading to the end of my account. So it was suggested that I write something to give hope to all those that are still struggling and let them know that it is possible.
The biggest thing I would suggest for anyone trying to master PA is to just pick one type of PA and trade that solely until profitable in demo then go live, with a small amount and build up as you grow more confident in your trading.
Another is money management. I am only risking 1% on any single trade. I don’t even think about that anymore it has become such a habit now that I don’t even think about it I just do it.
Also don’t forget to have a Trading Plan I cannot stress enough how important this is. It should cover every possible scenario like when to get in and how to get out but also a lot of areas that get missed that relate to how you will measure your success, how you will reward yourself for archiving success. A lot of my trading plan contains goals from daily to weekly to monthly even have yearly goals and rewards for there achievement. Check out Isotonic’s thread on it. http://www.forexfactory.com/showthread.php?t=4073
And if you don’t have a trading plan ask yourself why are you to cool for a trading plan ????
I would also like to thank Mike (mbqb11) as his input on exits was a great help in getting it over the line.
I still have a long way to go but I am that much closer now to reaching my goals and that it doesn’t seem so far away or impossible to archive.
Enjoy
Ademac
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"Remember the definition of a winning attitude: a positive expectation of your efforts with an acceptance that whatever results you get are a perfect reflection of your level of development and what you need to learn to do better." Mark Douglas
