kirt47 wrote:Hi The rumpled One,my brother and i have been trading futures and forex about 8 years now losing consistantly currently trading using semaphores with 3 chart overlays used by a gentleman named Patrick Bourgeois.My brother programs indicators as well as you but yet we have never made a dime trading is it just me or are all indicators useless without a trading plan to apply with them? Not looking for a free ride just some good advice to try and move foward with sir.
Patrick Bourgeois is Dragon33!! He learned well and mastered the methods. Having a plan is good but executing it faithfully is another thing. If you are losing then there are things you are doing and not doing that is producing that result. It is not the indicator, it is how you use it. Most people do not really understand the 3 level ZZ Semaphore. When a dot first appears, that is a BREAKOUT, the trade, at that time, is NOT A REVERSAL TRADE!! Of course, some breakouts are stronger than others.
One problem you may have is indicator/method/instrument switching. At first, use one of each until you are making money almost every session you trade. Your weekly P/L should be up. Then you know you are trading well. And when you reach that point ask yourself this simple question, "Since I am making money consistently, why oh why do I want to change what I am doing?