EAT PIPS FOREX SYSTEM 2014 VERSION FOR METATRADER

Why forex isn't the Holy Grail (?)

I don't understand why people say it's impossible to become rich in short time with forex.
Let's assume we have a strategy that has a winrate of 50% with a r of 1:1.25 (not so strong or impossible, right?). We are daytrading it and we can open 60 operations per month. We risk 2% (a conservative approach) per trade of initial capital of the year, starting with 5000. With these numbers we are gaining 15% each month, let's lower that down to 10% because yes. Within a year we can make 120% of initial capital! Let's lower that down to 100% because, again, yes.
After 8 years we would be more than millionaire.
If we could bring up that r to 1:1.5 we would be millionaire in 5 years (and billionaire in 12!!!!).
I don't understand why this is wrong, why people keep saying that trading isn't the Holy Grail. 1:1.25, 50% winrate is the lowest working strategy I could imagine and still would be extraordinary even though I've lowered that down even more.
What's wrong with this? What am I missing?
P.s I'm backtesting a strategy that is doing 45% winrate with 1:2 r and 80+ possible operations per month. I feel like I'm going to eat golden nuggets in few years! Please roast me!
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Started from the bottom and I finally made it! My tips for new traders starting.

A little background, 23 year old dude from Singapore with IT background (Ethical hacker), friend introduced me to Forex which he eventually quit but I didn't. I love challenges and now I plan on taking up Forex trading as a career apart from my passive income jobs.
When I first started trading, I was frustrated! I had so many unanswered questions, why do I keep getting stopped out? Why are my profits so low? Why was my trades always going opposite only once I opened. Is my broker trading against me? So I paused and walked away from the charts for a few weeks, in that break I took it upon myself to understand more about Forex before opening the charts again and here is what I learned. Mind you, I did not buy any course or Indicators! All I did was read articles on the internet, watch a ton of YouTube videos and tried almost all indicators .

Here we go, my tips. These are based on my views
  1. UNDERSTAND BANKS AND BIG FINANCIALS INSTITUTIONS MOVES THE MARKET - No retail traders will be able to move the market like how the Big Banks move the market. You need to understand how banks move smart money and dumb money.(Will explain more later in the post)
  2. STOP SEARCHING FOR THE HOLY GRAIL - No indicators is going to tell you where is the best entry or best exit. They often lag and are behind time so by the time you enter a trade, the trend has already moved a certain percentage causing you to lose precious pips that you could have gotten as profits. Instead look at the charts to search for "low risk, high probability trades" (Will explain more later in the post)
  3. LOOK OUT FOR NEWS (fundamentals) - Big impact news move the markets with big moves, don't get stopped out because you entered at the wrong time without knowing that there is a high impact news in a few minutes/hours. It might hurt your account badly even through you have a stop-loss. Understand the nature of the news and how it will impact the currency.
  4. DO NOT CHASE PROFITS - Chasing profits will be the number one reason you blow your account because no amount of money will satisfy you, you will always want more. Trust me, I've been there and done that . Instead start looking at percentage earned and loss, because in Forex you need money to make money. Lets say you have a target of 5% a month, with a $1000 account that is only $50 and doesn't seem significant but do that with a $100,000 account and you will get $5000 every month. I think you will get it by now. You can't just open a $1000 account and expect to be a millionaire in 1 month. Greed will take over you and you will blow every account you open.
  5. DO NOT OVER LEVERAGE YOU ACCOUNT - By over leveraging you will be able to open larger lot sizes and you will feel good that you can use less money to earn more profit! Then you will start trading, say you profited your first trade and you feel good about yourself. Profited your second trade and feel even better. So you go bigger in the third trade, and guess what? You lost this trade. And this one loss is enough to wipe out your whole $1000 account.
  6. MORE TRADES DOES NOT GIVE YOU MORE PROFITS - As a trader you should understand not every trade will turn out positive, there will always be negative trades. And at times you can have more negative trade than positive but still end up with profits at the end of the week? This is where quality over quantity trades comes in play. Lets say for example you had 4 losing trades and 2 winning trades, your losing trades are 2% each and your winning trades are 8% each, add them up and you will still have 8% profit. This is also a very important part called risk management. YOU MUST UNDERSTAND RISK MANAGEMENT ELSE YOU WILL ALWAYS FAIL IN FOREX.
  7. NEVER CHASE THE MARKET - Markets move 24/7 from Monday 5 AM to Saturday 5 AM (Singapore time, GMT+8). There will be plenty of opportunity to enter the market. You don't always need to have an open position during this time to feel like a trader. Smart traders look for the best opportunity to enter the market at certain levels. Missed an opportunity, don't worry! There will always be another opportunity, trust me! By chasing the market and always trying to open a position, it will only cause you to blow out your account faster.
  8. PATIENCE PATIENCE PATIENCE - I can't place more emphasis on this point. Once you have analysed the market and placed your trade, be patient and let the market work for you. By you sitting at the screen 24/7, the trade is not going to go by your way magically. Remember Bulls will Profit, Bears will profit, only Pigs will get slaughtered! Don't let greed eat you alive.

Now lets talk about the "low risk, high probability" trades and how I trade. Trading is easy, if you take some time to understand it.

How I trade? That's a simple question. I use supply and demand together with fundamentals. I keep my charts clean off indicators. I know I know as soon as I say supply and demand, some of you are going to be like supply and demand doesn't exist in the currency market. But I hope you understand this are my views.
Supply and Demand
Supply and demand levels are zones that tend to be tested again and again till its broken creating another level for supply and demand. You are basically trading against the trend and I know people will be scared and think I'm dumb for saying. But once I learned this theory and started practicing it, I kicked myself in the bum for being so dumb all this while. This zones are also known for when banks throw large amount of money into the market. Bank traders do not have their screen cluttered with tons of indicators like retail trades who is just in search for the holy grail. They practice supply and demand. Let me put it in a easier context, It is basically buying a currency at wholesale and selling it at a retail price. People always practice this everyday in life like buying more of a certain item just because it is on discount at a supermarket but I don't understand why they neglect it when it comes to Forex. It is no different here in the markets. I am not going to say no more, as I want you to google more about it and understand it yourself, that is the best way you will learn better. Watch YouTube videos, read articles, see how bankers trade, understand why they place the trade.
Also understand that there is no supply and demand in lower time frame like M1 or M5, its just noise. For myself, I use H1/H4/D1.
I make 100-200 pips per week and that is enough for me currently, Remember don't be greedy.
However when there is news events, supply and demand may be ignored due to the nature of how fundamentals affect the market differently. Understand the difference and with that I have came to the end.
Remember to treat yourself once in awhile when you do good each month, You will enjoy trading better. Let me tell you the best part about trading, is that you can work from anywhere in the world, be your own boss and never be pressured by anyone.
If you have made it this far, I thank you for taking your time to read this thread. This may be your first step to success.

HAVE A GREAT WEEKEND AND HAPPY TRADING

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So you wanna be a proffesional trader?

Back to the trenches I guess. Some of you might remember my last post over proffesional approaches to the markets. If not I suggest you take a look on it before reading this.
https://www.reddit.com/Forex/comments/cxymyf/a_peek_into_how_financial_institutions_play_this/
I promised to discuss some stuff about macroeconomic approaches to forex, and well, with some delay here I am. Again, here I introduce the very same disclaimer. This is a professional approach, not coming from retail. Take everything with a grain of salt, and exercise proper due diligence with your approach. Sincerely hope you get something out of this post.
An inconvenient, forex truth
You've been there, struggling and suffering for a while. You have experienced the pain that the markets can unleash on you. You have left positions on the red for longer than your sanity could possible hold. You have opened positions that moved to the green, but you did not take any profits and you let that position slowly die and possibly causing huge loses. Now here you are , in October 2019, possibly as a breakeven trader, still suffering and trying. You have researched hundreds of indicators, if not thousands. You thought you have all sorted out with your RSI , stochastics and TDI. Yet you have switched between strategies more than you have changed your underpants in your whole life. Spent too many hours looking at the screen, wondering what the hell you are still missing.
And the incovenient truth is that you want the glitz and the glamour, and the caviar, but you are not willing to eat the shit. And this is the shit: How are you expecting to make any good money on a field where you dont know virtually anything about it. Nor the substance that you are trading, nor what moves it. How are you actually expecting to beat guys that breath and eat economics?. You know literally nothing about volatility and liquidity, about interbanking flows , about puts and calls, market microestructure and price delivery mechanisms both on OTC markets and CME , what is GDP , how is calculated and why is critical. CPI, NMI, GDP to debt ratios, UST, repo markets, shadow banking, carry diferentials, how and why commodities alter certain currencies. EM vs G10 currencies, pegged vs unpegged. Balances of Payments.... When you hear "greeks" you are thinking about the Iliad or Athens. You know nothing about business and credit cycles. Valuation anchors, return to the mean, standard deviations, fair values. I could go on and on and on. Does this make you uncomfortable? It should.
You have dozens of the best students that the world can produce, coming out of the London School of Economics, or from IT degrees in Harvard and MIT, all moving into freaking huge financial institutions, building complex system, doing incredible research . Funded to an extreme you can not imagine. Working in partnership with the IMF and Central Banks all aroundthe world. PhD's dedicating their lifes to such complex systems and situations....... and yet here you are, insolent and ignorant piece of s***, you that have been trying to make your "RSI" or "stochastic" work for 2 months, trying to beat this multi billion-trillionaire infrastrucure. Do you start to realize where the f*** do you stand? Do you really believe even for a freaking second that you can beat them on their game? Using RSI or Ichimoku? EAT.THIS.SHIT.
And its not that technicals are not necesary. They are. But believe me, I (and most pro's that I've ever engaged with) spent less than 1/5 of the time actually managing trades and looking at price charts. If I'm not scalping , my day starts with me reading around 12 to 15 research papers coming from the main financial institutions, glued to my Reuters terminal reading more reports, looking at polls, updating my macroeconomic models with the latest data, performing calculations related to options...... only then, with a fundamental trading idea, I will move to evaluate technicals to see if the timing is good.
I want to learn, how shall I procede?
You want to build a lasting and enjoyable relationship with the market? EAT THE SHIT, and do all that is under your control to actually be able to open The Financial Times and understand what they are talking about. It will take you years, and for the education, hundreds of dollars. But this is how it goes if you want to get real. This is career, not a hobby. This is simply the way to be consistent. EAT THE SHIT.
I compiled some resources to get you started:
ACATIS Konferenz 2016, Mr. Koo, Surviving in the Intellectually Bankrupt Monetary Policy Environment - A great video coming from Nomura, to understand the actual shitty situation in the Eurozone.
Online Courses - Look for IMF on EDX. Also, a fenomenal course on Banking and Money in Coursera.
Books -
Macroeconomics, Gregory Mankiw - Start here to graps the basic concepts
Financial Times Guide to the Financial Markets
Financial Times Guide to Banking
Applied Financial Macroeconomics and Investment Strategy: A Practitioner’s Guide to Tactical Asset Allocation
The Holy Grail of Macroeconomics: Lessons from Japan's Great Recession
The Escape from Balance Sheet Recession and the QE Trap: A Hazardous Road for the World Economy
The Other Half of Macroeconomics and the Fate of Globalization (English Edition)
The new lombard street - how the fed became the dealer of last resort
Foreign Exchange , Amy Middleton
The Role of Currency in Institutional Portfolios, Momtchil Pojarliev and Richard M. Levich
Currency Overlay: A Practical Guide, Second Edition, Hai Xin
The Handbook of Corporate Financial Risk (2nd edition)
Trade Stocks and Commodities with the Insiders: Secrets of the COT Report (Wiley Trading)
How I Made One Million Dollars Last Year Trading Commodities
Market Liquidity: Theory, Evidence, and Policy (English Edition)
Trading And Exchanges: Market Microstructure For Practitioners
The Microstructure Approach to Exchange Rates
The Creature from Jekyll Island: A Second Look at the Federal Reserve
Big Debt Crises
Payments Systems in the U.S. - Third Edition: A Guide for the Payments Professional
The Volatility Machine: Emerging Economics and the Threat of Financial Collapse (English Edition)
Stabilizing an Unstable Economy
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