[JOURNEY] Trading Forex to Consistent Profits

[peux pas]

sup folks

i'm making a small adjustment to my strategy going into next week

it involves using limit orders instead of market orders in order to enter trades

i believe this adjustment will help me not get stopped out prematurely from winning trades

and will also help me loss less money on losing trades

not a huge adjustment, just a small tweak

looking forward to next week and hoping i can get much better results

and so we go

 

[peux pas]

i did back testing today

i kind of fucked up

i realized that i may be overtrading. for example, i back tested the past week i got -0.57% on and i ended the test taking 5 trades instead of 12, winning 4 of those trades for +9.62% profit

i think it's because in backtest i can just produce 15 minutes of data instantly, so i can keep going until i see the best scenario and take the trade there

but in live trading, i can't flip through it instantly, so i end up over trading because i get too impatient and want to make the trade

it seem taking 1 trade per day can be very profitable, between the hours of 6pm to 9pm

going into next week i'm going to see if i can focus on going for solid set ups, instead of over trading

i was incorporating too many things, being too thirsty for trades

i need a way to reframe my way of thinking to realize that i don't need to trade a lot in order to make big money

i don't know what type of practice i need to undergo in order to adopt this realization, but will find out

stay tuned

 

[deshaunmacejkovic086]

Any updates on this? I'd love to know more of the progress so far

 

[peux pas]

Any updates on this? I'd love to know more of the progress so far

i'm over trading

i'm spending too much time over analyzing it

ironically, if i stick to 1 trade a day and snag it within the first 3 hours of market opening, i would be extremely profitable

idk why it's so hard to do in practice though

maybe i need to go the next week focusing on other things and less focus on the topic of trading, might work to my benefit

 

[peux pas]

right now i am formulating the best schedule for this strategy

i am thinking sunday to thursday from 5pm to 9pm

4 hour long session

the goal is to get 1 trade, whatever the result, then be done with it

only looking for A+ set ups, no half ass shit

i can get at least 3 of those trades per week. 4-5 trades if i'm lucky

that means not every day i will get a trade, which is why i cut it off at 9pm

one win is +3% gain which is very good. assuming 1 gain per week and 2 losses per week, i'm at a +1% gain for the week which is great

during my back tests, i'm able to get usually 2/3 or 2/4 trades resulting in profit. because remember, these are A+ set ups

again though, i am testing this all to determine the practicality and sustainability of this endeavour

this all sounds great, but the execution of this method in practice is what will determine if any of this will work or not

the key is being able to recognize A+ set ups on a consistent basis, and executing on those set ups

that is what i am trying to see if i can do, moving forward

 

[peux pas]

took a trade today, ended up losing 1%

am done for today

i think this week i can probly end with at least 1% gain, maybe a 2% gain

3-4 trades per week, first one is loss

maybe 2nd one is a slight profit?

also, i figured out that there's no reason to start trading at 5pm, there spreads are too fucking high and don't go down until 6pm

 

[peux pas]

here is some example scenarios on how this trading schedule can work

scenario 1:
sunday: 1 win, +3% gain, done for the week

scenario 2:
sunday: 1 loss, -1%
monday: 1 loss, -1%
tuesday: 1 win, +3% gain, done for the week

scenario 3:
sunday: 1 loss, -1%
monday: 1 loss, -1%
tuesday: 1 loss, -1%
wednesday: 1 win, +3%
thursday: 1 loss, -1%

scenario 3 is very unlikely to happen

the reason is because these are A+ set ups and my win rate on these set ups according to back testing is usually around 50%

to go 5 trades and only win 1 is really bad and would honestly make me think that maybe i have to rethink the strategy or something

this is what i have to find out as i forward test this method

the first 2 scenarios are fine. basically i trade every day until i make 1 win. scenario 2 i end with a +1% gain which is good for the week

this is a very advantageous schedule because i may be able to get away with only trading 1-3 days a week, while still making good money

typically i trade 3 and a half hours per day maximum. go from 5:30pm to 9pm

this is a very nice schedule to make consistent internet money

the only question is does this schedule actually WORK

well, this week i lost my first trade, so in these next 2 days i have to win 1 trade

idk what will happen

let's gather some data

 

[peux pas]

UPDATE: i got fucked in the ass

i did back testing of 6 months starting from april 1st of 2024

the results? complete dog shit

the strategy doesn't work. it's not sustainable

completely fucked

i'm now reviewing my options and seeing what my next move is

 

[peux pas]

UPDATE
alright, so i may have been a bit dramatic yesterday

basically the back test of my results showed a gain of 5.38% over 4 months of trading which is not fucking bad

most strategies go completely fucking negative after 4 months of activity, so finding something profitable is a really good fucking start to be honest

it's not perfected, but it needs work

so i realized that i've been fucking up with this testing

firstly, i don't think it's possible to be long term profitable using a strategy that aims for a fixed amount of movement (pips) for profit and stop loss

for example i was using 24 pips take profit and 8 pip stop loss for all my trades

i don't think this will work long term

instead i need to adopt variable take profit and stop loss placement, based on price action

next, if i trade on the 1 minute chart i get more trading opportunities, so i am testing on that

all of this shit is very difficult

at the moment i'm just continuing to work, i'm still living my life and have other things i am doing outside of work, and of course i work my normie wage job to make money

business is just something i am doing instead of playing video games

but anyway, i am back testing right now on the 1 minute chart, seeing what i can do

this level of trading is highly discretionary

it is not mechanical based trading. it is 100% performance based and requires judgment calls when entering positions

mastering a skill like this will probably be very diffcult, it should be possible though, this is what it means to be trader after all

 

[peux pas]

UPDATE: i have been working very hard the past couple days

most of the time was spent back testing, which can take some time, going day by day

why am i doing this though?

i make 6 figure salary from normie job in the US

i am maxing 401k every year

money is of no issue for me, i am already set and good to go. i have higher education degree

i can just sit on my butt and play video games on my down time, watch youtube videos, spend all my time going out and hanging out with friends, etc

i choose to do this internet money life though, why?

well, part of it is because of the potential success is very great. being able to work for myself, live anywhere, all of that sounds great, if trading actually can work for me

another part of this is because.. i want to solve this mother fucking sht

either two thing is reality

either A) trading does not work or B) i haven't figured it out yet

i do not think the reason i am not profitable is because of intelligence issue or capability issue, it not that

i know without a doubt that i have the sufficient intellect to win at this game

so that leaves me to wonder maybe trading does not work, it is just scam sht and no one can do it long term successfully for profit

i still have not rule out that possibility. perhaps the success rate is extremely low and it is not realistic for retail trader to do it long term. maybe for a little bit it work but consistent success is not realistic

idk how much this narrative is true, it could very well be the truth

HOWEVER, i still have "aces up my sleeve" so to speak

still there are avenues available to me that i can deploy. i haven't "tapped out" of ideas yet

so because of that i like to think i'm still in the game, trying new sht, tweaking sht, and attempting to problem solve

with that being said, i have back tested a new strategy on eur/usd 1 minute chart. trading during asian session was not working. so i switched to trading 8am to 9am

1 trade per day, looking for break/retest set up

this time i am going off of the first 5 min of start of session as establishing the range

part of this strategy is discretionary

backtest results look promising

i think the reason why is because usually at 8:30am on weekdays there is news which causes a big move on the chart, in this strategy a good amount of my wins is from catching this big move due to entering trades 5-15 mins before the news drops

so this is what i'm currently looking at now

gonna start doing some live testing tomorrow morning, see what happens first couple days

probably a bit more back testing over the weekend to see more data

and if i can make it past the weekend with this strategy and not end up dumping it, i'll record a test run starting monday

and so we go

 

[Nicola Carey]

What's your capital

 

[ItsAllTheWayUp]

UPDATE: i have been working very hard the past couple days

most of the time was spent back testing, which can take some time, going day by day

why am i doing this though?

i make 6 figure salary from normie job in the US

i am maxing 401k every year

money is of no issue for me, i am already set and good to go. i have higher education degree

i can just sit on my butt and play video games on my down time, watch youtube videos, spend all my time going out and hanging out with friends, etc

i choose to do this internet money life though, why?

well, part of it is because of the potential success is very great. being able to work for myself, live anywhere, all of that sounds great, if trading actually can work for me

another part of this is because.. i want to solve this mother fucking sht

either two thing is reality

either A) trading does not work or B) i haven't figured it out yet

i do not think the reason i am not profitable is because of intelligence issue or capability issue, it not that

i know without a doubt that i have the sufficient intellect to win at this game

so that leaves me to wonder maybe trading does not work, it is just scam sht and no one can do it long term successfully for profit

i still have not rule out that possibility. perhaps the success rate is extremely low and it is not realistic for retail trader to do it long term. maybe for a little bit it work but consistent success is not realistic

idk how much this narrative is true, it could very well be the truth

HOWEVER, i still have "aces up my sleeve" so to speak

still there are avenues available to me that i can deploy. i haven't "tapped out" of ideas yet

so because of that i like to think i'm still in the game, trying new sht, tweaking sht, and attempting to problem solve

with that being said, i have back tested a new strategy on eur/usd 1 minute chart. trading during asian session was not working. so i switched to trading 8am to 9am

1 trade per day, looking for break/retest set up

this time i am going off of the first 5 min of start of session as establishing the range

part of this strategy is discretionary

backtest results look promising

i think the reason why is because usually at 8:30am on weekdays there is news which causes a big move on the chart, in this strategy a good amount of my wins is from catching this big move due to entering trades 5-15 mins before the news drops

so this is what i'm currently looking at now

gonna start doing some live testing tomorrow morning, see what happens first couple days

probably a bit more back testing over the weekend to see more data

and if i can make it past the weekend with this strategy and not end up dumping it, i'll record a test run starting monday

and so we go

Your use of the Enter key is inflationary

 

[peux pas]

What's your capital

i have a decent capital i can deploy, about 5 figures

i would not deploy it though until i can at the least live test profits for like 2-3 weeks in a row and back tested various time periods obviously

i need to know the strategy actually works

Your texts are extremely depressing.

yup, it's a tough life bro

this internet money life

Your use of the Enter key is inflationary

haha, gotcha bro

 

[ItsAllTheWayUp]

i have a decent capital i can deploy, about 5 figures

i would not deploy it though until i can at the least live test profits for like 2-3 weeks in a row and back tested various time periods obviously

i need to know the strategy actually works

yup, it's a tough life bro

this internet money life

haha, gotcha bro

I think your problem isn't trading. Your problem is your social life and where you stand in life. I don't know you. But it sounds like you had unfullfilled dreams and question yourself if there is more to life.

 

[peux pas]

I think your problem isn't trading. Your problem is your social life and where you stand in life. I don't know you. But it sounds like you had unfullfilled dreams and question yourself if there is more to life.

haha it's all good bro

i compete bro. also, this internet money life is a difficult competition. not many can compete in this area

 

[ItsAllTheWayUp]

haha it's all good bro

i compete bro. also, this internet money life is a difficult competition. not many can compete in this area

1-3% like with sports betting.

 

[peux pas]

1-3% like with sports betting.

yup

get started on this internet money life bro, join us

no more sitting on the sidelines

 

[peux pas]

UPDATE

i'm backtesting some more, refining my current strategy

i'm aiming for 5 pips and risking 2.5 pips, so it's scalping i'm doing, from 8am est to 9am est. i wasn't able to wake up this morning to live test the strategy, i overslept. if i want to deploy this strategy consistently, i have another hurdle to work through, and that is i have to change my sleep schedule. usually i get to bed at 12am midnight and read for about 1 hour, then fall asleep. i can't do that anymore. i need to be awake at 7:30am

if i can't stick to a consistent sleep schedule, then there's no way i can use this method to make money. therefore now i have to start going to bed no later than 12am, no reading at night. i should be able to do it. waking up at 7:30am monday through friday is super easy, people wake up far earlier than that on a daily basis. this should be the easy part for me, assuming this strategy is consistently profitable. but yeah today i messed up because i didn't go to bed early, thought i could just get up in the morning but i was super freakin tired. was exhausted. literally dropped my phone as i was turning off my alarm and couldn't even pick it up, had to just lay there and fall back asleep instantly because i was so god damn tired

and so we go

 

[OnlineSharks]

Good luck bro, I love the consistency!

 

[peux pas]

UPDATE

i'm still backtesting. still tweaking, some minor stuff, some a little bigger stuff. but still same idea, new york session, aiming for a small amount of pips on eur/usd

seeing if i can use my pattern recognition ability to determine a consistent set of criteria that i can trade profitably, stay tuned