Is my system too simple?

bredon

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Hi, Long time lurker here.

I'd like my advice on my system.

I have demo traded for 4 months, then went live with £4,000 (spread betting). And i have made a consistent profit every week.

The system is basically as follows.

I watch the m1 chart on the DAX and look for pin bars that swing out out the current range or trend. I then trade them in the standard pin bar fashion. Trade the break. Stop loss 1 point just below/above the tail.

And that's it, I don't look at other time frames, no indicators, no support and resistance, no trend lines, no MA's fibs or key levels. literally nothing else. With the exception of not trading around news.

My risk management is a follows.

Risk 1% (£40) per trade
4 losing trades in a row and thats it for the day
If the pin requires more then a 10 point stop, no trade.
Exit at around 6/7 pips. (trades rarely last longer then 2 minutes)

Thats it.

-------------------------------------

I've made £6,287 i'm 4 months, which is roughly £80 a day.

Is this luck? Am i trading favourable market conditions.?

Don't get me wrong, i'm not new to trading, I've been chewed up and spat out by the markets a number of times. Mostly due to losing my cool and staring gambling rather then trading.

Eventually I changed the way i think about trading. I stopped thinking about the money and thought only about my plan.

Win or lose, i want to be able to look at myself in the mirror at the end of each day and say "Today i did not make a mistake. Today i did not break my rules"


But I still lack confidence in my system. It very basic, is this going to come tumbling down? I go onto Forex factory and read other peoples systems and i just get lost in the terminology and complexity of it all.

Do I quit while i'm ahead? I read often that traders will make money at first and then lose it all.
 
Last edited:
The main factor to consider is if the demo system you are trading is realistic. Are they feeding all ticks through the system or filtering out a lot of them. Many demo systems I've seen only seem to send through 1 tic every 1-2 secs - so you miss the spikes you get on live.
 
Hi, Long time lurker here.

I'd like my advice on my system.

I have demo traded for 4 months, then went live with £4,000 (spread betting). And i have made a consistent profit every week.

The system is basically as follows.

I watch the m1 chart on the DAX and look for pin bars that swing out out the current range or trend. I then trade them in the standard pin bar fashion. Trade the break. Stop loss 1 point just below/above the tail.

And that's it, I don't look at other time frames, no indicators, no support and resistance, no trend lines, no MA's fibs or key levels. literally nothing else. With the exception of not trading around news.

My risk management is a follows.

Risk 1% (£40) per trade
4 losing trades in a row and thats it for the day
If the pin requires more then a 10 point stop, no trade.
Exit at around 6/7 pips. (trades rarely last longer then 2 minutes)

Thats it.

-------------------------------------

I've made £6,287 i'm 4 months, which is roughly £80 a day.

Is this luck? I'm i trading favourable marketing conditions.?

Don't get me wrong, i'm not new to trading, I've been chewed up and spat out by the markets a number of times. Mostly due to losing my cool and staring gambling rather then trading.

Eventually I changed the way i think about trading. I stopped thinking about the money and thought only about my plan.

Win or lose, i want to be able to look at myself in the mirror at the end of each day and say "Today i did not make a mistake. Today i did not break my rules"


But I still lack confidence in my system. It very basic, is this going to come tumbling down? I go onto Forex factory and read other peoples systems and i just get lost in the terminology and complexity of it all.

Do I quit while i'm ahead? I read often that traders will make money at first and then lose it all.
How long have you been trading and in the grand scheme of things how much are you down over the years.I can then answer futher questions once i know this(y)
 
How long have you been trading and in the grand scheme of things how much are you down over the years.I can then answer futher questions once i know this(y)



Down roughly 10k before i started this new approach. Trading on an off for about 5 years
 
The main factor to consider is if the demo system you are trading is realistic. Are they feeding all ticks through the system or filtering out a lot of them. Many demo systems I've seen only seem to send through 1 tic every 1-2 secs - so you miss the spikes you get on live.

DO you mean if i open the demo platform and the live platform side by side, i may notice some differences? I trade with lcg (ex capital spreads)
 
Some examples of what i look for
 

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Bredon,

I can't really comment about your long-term profitability because I don't know enough about your trading plan.

However, to answer your question - is the plan too basic? Absolutely not.

I trade the Dax, on a 1 minute chart. I don't have ANYTHING on my chart apart from candlesticks and volume.

I never draw any support/resistance lines. No moving averages. No indicators. No other time frames. Nothing.

A couple of years ago, I even took out the grid lines! My chart is red/green candlesticks on a pure white background with corresponding volume underneath.

Why does this approach work? Because in my mind, it is the purest form of price action and volume trading. Everything you need to know is right there infront of you and that's really all you need.

Big P
 
Bredon,

I can't really comment about your long-term profitability because I don't know enough about your trading plan.

However, to answer your question - is the plan too basic? Absolutely not.

I trade the Dax, on a 1 minute chart. I don't have ANYTHING on my chart apart from candlesticks and volume.

I never draw any support/resistance lines. No moving averages. No indicators. No other time frames. Nothing.

A couple of years ago, I even took out the grid lines! My chart is red/green candlesticks on a pure white background with corresponding volume underneath.

Why does this approach work? Because in my mind, it is the purest form of price action and volume trading. Everything you need to know is right there infront of you and that's really all you need.

Big P

nice post Big P ------ I am sure you also have a BIG wallet :devilish:
 
Crack on with your profit and bank your initial deposit and see how it goes son, ffs.

Ain't half some clingy pussies on here, I'm off for a run.....
 
DO you mean if i open the demo platform and the live platform side by side, i may notice some differences? I trade with lcg (ex capital spreads)

Yes - especially with Cap Spreads - you will notice the prices being roughly the same - but far more ticks on Live than on Demo.
 
Hi, Long time lurker here.

I'd like my advice on my system.

I have demo traded for 4 months, then went live with £4,000 (spread betting). And i have made a consistent profit every week.

The system is basically as follows.

I watch the m1 chart on the DAX and look for pin bars that swing out out the current range or trend. I then trade them in the standard pin bar fashion. Trade the break. Stop loss 1 point just below/above the tail.

And that's it, I don't look at other time frames, no indicators, no support and resistance, no trend lines, no MA's fibs or key levels. literally nothing else. With the exception of not trading around news.

My risk management is a follows.

Risk 1% (£40) per trade
4 losing trades in a row and thats it for the day
If the pin requires more then a 10 point stop, no trade.
Exit at around 6/7 pips. (trades rarely last longer then 2 minutes)

Thats it.

-------------------------------------

I've made £6,287 i'm 4 months, which is roughly £80 a day.

Is this luck? Am i trading favourable market conditions.?

Don't get me wrong, i'm not new to trading, I've been chewed up and spat out by the markets a number of times. Mostly due to losing my cool and staring gambling rather then trading.

Eventually I changed the way i think about trading. I stopped thinking about the money and thought only about my plan.

Win or lose, i want to be able to look at myself in the mirror at the end of each day and say "Today i did not make a mistake. Today i did not break my rules"


But I still lack confidence in my system. It very basic, is this going to come tumbling down? I go onto Forex factory and read other peoples systems and i just get lost in the terminology and complexity of it all.

Do I quit while i'm ahead? I read often that traders will make money at first and then lose it all.

the word here is .............DEMO

Demo is kind dude...........real kind ............you need to be making a lot more than this before even thinking you can B/E in real accounts

sorry to burst the bubble ........

nothing wrong with simple ............but it has to work in the real world and not fantasy DEMO trading :)

sorry again ..........but hang in there !!

N
 
Best thing to do is to backtest the idea. The eye sees what it want to see, and tend to forget about the false signals.

11r56yo.jpg
 
THE GUY IS LIVE GANG AND NOT ON A DEMO
"then went live with £4,000 (spread betting). And i have made a consistent profit every week."
Ps i dont believe his results though...........................................
 
THE GUY IS LIVE GANG AND NOT ON A DEMO
"then went live with £4,000 (spread betting). And i have made a consistent profit every week."
Ps i dont believe his results though...........................................

I thought that too and wasn't sure why the banging on about demo, but on rereading I am now not sure :confused:

can bredon enlighten ?

nonetheless I agree with TickCOM
 
it's hard to know what went on before, but it looks like there was a previous uptrend, so the first PIN marked a Lower High, an end to the uptrend.
So for simple, why not just trade the breakdown from there at 54.56 and sit pretty all morning with just one trade

i know it's easy to be wise after the event, and Scalpers gotta scalp, but ...
 
Best thing to do is to backtest the idea. The eye sees what it want to see, and tend to forget about the false signals.

11r56yo.jpg

TC, the ones you highlighted were all against the prevailing short-term trend.
I assume (?) that he looks only for PINS confirming a continuation of the trend, in this case, upward spiking red Pins
 
Bredon,

I can't really comment about your long-term profitability because I don't know enough about your trading plan.

However, to answer your question - is the plan too basic? Absolutely not.

I trade the Dax, on a 1 minute chart. I don't have ANYTHING on my chart apart from candlesticks and volume.

I never draw any support/resistance lines. No moving averages. No indicators. No other time frames. Nothing.

A couple of years ago, I even took out the grid lines! My chart is red/green candlesticks on a pure white background with corresponding volume underneath.

Why does this approach work? Because in my mind, it is the purest form of price action and volume trading. Everything you need to know is right there infront of you and that's really all you need.

Big P

thankyou, this is the last post i will ever write on this forum, your words have opened a part of my mind that i cant explain. i have arrived.... god bless you
 
thankyou, this is the last post i will ever write on this forum, your words have opened a part of my mind that i cant explain. i have arrived.... god bless you

Good luck ......sorry re demo,comments....must confess I speed read far too much these days to save time on forums

N
 
thankyou, this is the last post i will ever write on this forum, your words have opened a part of my mind that i cant explain. i have arrived.... god bless you

Can it get too simple?, similar way I trade, same market, h1, trend and price bars.
7 till 11 am only, 1;1 rr and trail split position.
I must confess to hanging onto a couple of familiar moving averages, and I do look at big s and r levels, I didn't short these last few days for example, but have been in from the 9th short side.
 
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