Five bots on 15 minute time frame charts. Trading EURUSD, GBPUSD, EURGBP, AUDUSD and USDJPY. More exotic currency pairs were removed due to losses during the testing phase but might be revisited.
A profitable hobby. Taking rents from the markets. None of the above has required any real skill from me as a trader. All trades executed by a bot with me occasionally taking money off the table (you must always ensure you get paid).
And here is the point. Most traders are obsessed about some “secret strategy” that will make them successful. In reality, your strategy has very little to do with success. Today’s looser (and you are a looser from the get go due to the bid/ask spread) can be next weeks winner, provided you are not stopped out of course!
Many traders loose due to an obsession with a running a “tight stop” but there are few areas on the price chart where this is wise or achievable. Usually periods of low volatility (a 4 hour doji for example) are one.
Your ability to implement your strategy in different market conditions and during draw down will determine your success. Also remember that money management is key.
Don’t get stuck in the world of “analysis paralysis. ” What crippled my early trading attempts was over technical analysis and fear of execution (often due to trading too large a size).
“Will the market go up or down, reject here?” etc etc Who cares? No one knows for sure. Its pure gambling . Speculation. You don’t need to pick direction or call tops or bottoms to make money.
Many small orders are better than one. Don’t bet the months rent on one call. Place lots of 1K orders in a grid. Going “balls deep” on one price is insanity. Chances of being right or getting filled are negligible. Use scripts and robots to execute orders in order to avoid emotion.
It is a well known fact that 90% of traders who venture into the Forex markets lose money.
“Not intended as financial/investment advise” etc etc
So get a demo account and practice, practice, practice. Avoid binary options. The odds are stacked against you.