allow me to disagree with the statement "the only way".
in my experience, mechanical systems work as long as net gain desires are kept low and within reason because the market does not work "mechanically" in any way ! I have a "mechanical" hedging system I apply to GU every nite --- set a hedge at 8pm est with a tp of 10 pips each way, and invariably i have a 20 pip profit along with my breakfast, but ONLY because I do not try to make a fortune on the hedge, which is basically designed to be just a little cream for my coffee !
Forex needs to be looked at in a "big picture" concept to determine "trend" which is also referred to as a "TOPS DOWN" process, and then the individual trader "drills down" to the timeframe they are most comfortable working with. You begin with its overall trend on a daily chart and going back a few years at the least, although many prefer using the weekly because of "less noise" --- LONG range trading works well with that approach, as long as one realizes there will be significant drawdowns along the way and
prepares (money management) for them.
Once one "drills down" to the desired timeframe, using longer timeframe trends and then seeing what your timeframe is doing WITHIN that trend, you can then safely place a trade IN THE DIRECTION OF THE TREND. YOU CAN ALSO PLACE A COUNTER TREND TRADE, but you better know your "tp" point and watch it like a hawk because it does take some experience to go SHORT within a LONG trend direction !
In all the world of trading, the expression
"the trend is your friend" is held to be an absolute truth and i think you will find the world's ideas to be true ----
if youre trading WITH the trend, you are being CARRIED by that trend and it dont get much easier than that, methinks !
There was an EA competition that just ended, and if one looks at the winner one easily sees that of whatever value was the EA, THE FIRST FACTOR involved was finding a TRENDING currency play -- after that, the rest was pretty simple !
of course, one needs to LEARN how the market works, not just throw money at it, but once one spends the time and learns, there aint no easier and better way of making a very decent living, working from home or anywhere in the world !
Unknown to most, the market works in very logical manners
as long as one accepts that "logic" to be unbridled capitalism, greed and increased earnings for the major players --- its learnable and simply comes with experience and the first time you guess correctly and arrive at the same place as the banks at the same time will be one of the most thrilling moments in your life (ok, Its hard to beat that first "thrilling" experience you had when you were 16, but its danged close !
enjoy and trade well
mp
Quote:
Originally Posted by dan7974
The only way to beat the market is to use a mechanical system, math-based facts.
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