Funny you say that because I'm in the process of developing my own system based off 5 moving averages, and a parabolic SAR. Results so far have been good, but more backtesting is needed. Sometimes I get a signal a few candles early, but its better than a few candles too late. This system is great for finding breakouts. Ive been trading for a while, and maybe some day the OP will develope his own system...something that he understands and can easly follow. Not to say that the traditional fibonacci or other methods dont work. The best way is the find a method that you understand the most, and put the needed time into it in order to become a winner.
Spot on! It takes balls of iron to repeatedly pick one self up after loss after loss. But that is the price (for most) of tuition. Only the truly deviant would persist through such adversity & pain. So I agree that only the 5% are capable of repeatedly f**king up in order to learn the art which is trading. After about 5 years of building AI trading models with limited success I turned off all the gimmickry to focus on price action, market structure and trend. Since that point I have pulled profits from the markets consistently. I still tinker with the AI models but don't trade them. Nik, if you're only willing to believe posters who have been on ET since 2002 then this is definitely the wrong place to post!