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Originally Posted by fxtrader01
I have been trading forex for more than 6 months now. My capital was borrowed money. As a novice, I didn't want to make mistakes. So I spent money on 4x Made easy software, Alert services, Charts, datafeed etc. Nothing really worked. Then started trading based on my own instints. That was a disaster. Now I am left with the last 1K.
I promised my wife to at least recover the initital capital and repay the loan. I am holding on to the last 1K left with me. If I loose this remaining capital, that is the end of my trading career. I don't think I can trade my own anymore. I need a simple system that would make a few pips gain every week/month. Can anyone suggest any system/platform/indicator/software that would help to achieve my goal?. I am not greedy, just want to recover the money lost.
Awaiting for the last chance advises from the experienced.
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I think you need to test a system ON PAPER (not with real money) first. Then start trading it with a
demo account and only then use real money.
The system needs to do TWO things.
1. It must have positive expectancy. That is, more money comes in than goes out over time. Do NOT expect every trade to be a winner because there will be quite lot of losers even in a profitable system.
2. You need to work out, by back testing, what the maximum drawdown is. It's no good being profitable if you get the occasional drawdown which wipes you out completely. So you need to know your maximum drawdown and can adjust your leverage to suit this.
As for an actual system, I'm no expert and in fact I'm still working on mine but the above two points are certainly what it needs to do. How to do it is the problem but you MUST work out a system BEFORE you put any more real money in the market.
Get it right and you'll make a fortune...