I wanted to share what i call the Holy Grail - and as always this is just based on my opinion and experience. Each to their own...
So everybody says that Forex is difficult and that there is no Holy Grail... to an extent I disagree. There is no Holy Grail 'Strategy' as such... but I believe that there is a Holy Grail when it comes to approach.
So simply put, here is my personal Holy Grail.. or Formula if you will:
The most important part of the trade is the part where you chose your pair and direction ... that's where investment comes in. So to chose your pair and direction, why use a pattern when instead of guessing or gambling you can easily find out the strong currency, the weak currency and then pair those up.
Thats where technical analysis IS useful. Because you need a way to consistently manage those decisions.
So my formula is:
FUNDAMENTAL/SENTIMENTAL ANALYSIS = PAIRS & DIRECTION TECHNICAL ENTRY SL and TP = TO MANAGE THOSE CHOICES
Ben, I would like to dispel the myth that (all) demo accounts are invalid.
I acknowledge that some of EAs perform great on demo while failing in a live environment but this isn't the case with my current demos. I know this because I am running a live account along with one of the demos and I can't tell any difference between the demo and live on my end. I also would know this if I were evaluating other demo performances because of various other reasons.
There are several things to look for in order to be able to evaluate a performance and I believe anyone who understands what to look for would determine that this particular EA doesn't take advantage of a demo environment.
I'm not a commercial member and I'm not looking to sell or share my EA, ever. I'm only posting the performance so that it can be analyzed by myself and others. The only thing I would ever consider would be to make it possible for others to copy the signals but I'm not even sure if that is practical to implement.
xgavinc, I liked your signature since it's funny but I did want to point out, you do realize it implies you 'should' only break even? Is that what you meant by it? Realistically though, in the event that 'For every loss there should be at least an equal and opposite profit,' then if one considers commission too then that wouldn't be good 😄
G9GX75 posted: xgavinc, I liked your signature since it's funny but I did want to point out, you do realize it implies you 'should' only break even? Is that what you meant by it? Realistically though, in the event that 'For every loss there should be at least an equal and opposite profit,' then if one considers commission too then that wouldn't be good 😄
'at least' - Implying that at worst you should break even, obviously to make money your profits should exceed your losses ;-)
My definition of Holy Grail is (consistent) profits -- doesn't matter how much the profit as long as, it's profit and it's consistent. This can only be attained by polishing your methods so that you have a sensible win rate and risk to reward ratio. I personally would rather work on polishing a low win rate, with at least a 1:2 risk to reward.
There is nothing like Holy Grail in trading industry! Certainty doesn’t exist in Forex, it’s all about probability! Actually, Holy Grail is a language of marketing, even I bought my 1st trading EA with 100% guarantee, and then I lost my 1st live trading balance (1K) within just 3 hours, and now I trade manually here!
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