Help a struggling trader! - page 2

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Thanks for sharing peepingtom,

The way that I'm looking at it, you have almost everything figured out, you know your weakness and strength the only thing I could add is, its like you fell in to a zone where you sometimes neglect the basics and become very hasty, one thing you could do is back track a bit to where you where doing well you will notice that you where doing things more safely and disciplined.

The good news is that you already have the determination which will make it a lot easier for you to climb back up, all you have to do is slow down a bit and go back to the basics and take it slow. i hope it helps, and it happened to me in the past and I know how frustrating it can be.

Best wishes.

 

everyone reading this thread, take a look at the above dig, compared with the dig (purple too) on this page

does GBP/AUD look easy

time now is 17:00 GMT friday

I would strongly suggest a BUY, unless next few 30M candle fall below the GREEN bottoming line at 1-5365

my intention is not to GIVE everyone a recommended SIGNAL (right now, this moment)

but to show to the struggle fx newbie that , trading could be EASY (sometimes)

getting constant profit -- is another thing though (may not be that easy of progressive continue profiting)

---- if you read it closely, there is double yellow and pink line

this week, seems to be 3 outburst out of these double line, then there will be a reverse

the template is from xard777 v6 and we probably have downloaded it

how to read it, does it need to change the INPUT for each of our favorite currency pair

the things, I notice THIS WEEK, will it still fit the Market conditions next week

well, sometimes, when xard777 release a new system

either he research a lot into it, (program it, make it perfect)

or --- he got TRADERS who really follow his lead - in the template === this is just a HYPOTHESIS , but it might be true (just like our template might be CORRECT for today market condition)

so if we do not USE EA, then we should not focus on pure profit/ loss of the balance

for manual trading, we are suppose to make the prediction more perfect, and ourselves, stick to the guidelines for entry point or placing LO (limit order, we could place it within +/- 15 pips when it is approaching our target ideal price)

=====

I like patel coloring, just like the yogurt corner -- if all color is the same (black or snow white -- it is quite boring)

I like to trade e.g. eur/aud --- golden rod color, eurcad -- skyblue color -- just HIT [F8] , then change the first properties

as I don't like to read the top left corner for the currency pair -- and may BET on a currency wrong if I do not read the chart instantly (with color specific to each currency)

---

I did some MQ4 programming too, but not as expert as implementing logic

if I like a circle in size 10 , rather than size 0 to 5, I can do the programming

if I like something to disappear or more exaggerated, so I can trade like professional - they trade volatility, I can do all those programming

maybe I could change some simple logic of the MQ4 indicator program to make the indicator got the MAGIC of prediction type too

HOWEVER, the above purple and dark green prediction was still holding last friday

but MONDAY(this monday) , it fell through the BASE LINE and dropping, so I lost on that trade

 

good news

the good news is that you are not alone. Majority of traders fails in forex. This all happens for only 1 reason that no one is going to tell you, no one teaches it.

Failure or success? It is all in your head. It is only about you.

Try getting rid off everything on your chart. Just leave the candles and see how you perform.

if it works better you can PM me

happy pipping

 

"I have tried several scalping systems"

that is the reason you are losing.

before i put my two cents let me tell you i started with 1K account two weeks back and my account balance is $1395 with zero deal pending (i had to close a deal in -124 because of margin issue).

My tips...

>> Do not depend on something else ("I have tried several scalping systems")

>> Do lot of Practice in demo account: This helps in building Confidence and overcome distraughtness.

>> Use Stochastic and RSI indicators

>> Pay attention on news and tips from experts of giant corps: on Wednesday a person (don't remember who that was) said that EUR would have short recovery i.e. it will go down after short. today EUR is lower.

 

you are definitely going to lose more than double you lost till now if you are going to follow what 'abgcompu' said.

indicators are must.

 

1000 --> 1395 is very impressive during just 2 weeks (market condition is getting a bit easier with the swing -- just like letterman said " here is the stretch we go, then the movement go more like a fast straight trend"

Show us the statement please , just interested in which currency pair, how many lots you pay per day etc

one thing about DEMO, is good enough to mention

if you do manual entry on DEMO, you must play the DEMO like your real money

say , your account give you 50,000K , you must pay small lots only and won't enter if your daily profit/loss is too much already, i.e. don't make entry like crazy

fxcm provide good and easy java platform --just have to double click or right click for entries, both micro and normal (1 lot) account ---- if the struggle trader want, I could get an account number and the install file link for him (has to install); trading is not difficult, lot to learn, only PROFITABLE WINNINGS is difficult

 

Interesting graphics.... what programs are you using? Forgive me if the information is already here, but for those that do and do not know, I have a very hard time viewing this website. (It is all in simple HTML.. no formatting). Thanks for the help.

 

You don’t need to know how the price will move next to be profitable, because your behaviour contributes probably up to 70% or even more to your success.

The key to success is the execution of the strategy, not the strategy itself!

More about this you can find in a must read book written by Mark Douglas - Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude.

Of course, the right attitude is not enough, so you need a strategy. There is no strategy fit for all. You must understand what is right for you.

Your strategy must fit at a level that your brain can accept it in all ways and will allow you to trade objectively without emotions.

To build a strategy requires lots of mirror time. You need to understand what the best trading style is for you: scalping, day trading, swing trading or position trade.

How much time can you spend for trading? What is your strength in technical analysis? Etc., etc.

All styles require different skills mentally, technically and of course can’t use the same money management.

For example, I swing trade on the daily charts mainly eurusd, but also jpy & gold, but this might not fit for you as stops can be 100-150 pips easily and you might not be able to wait for the right setup 2 weeks, because my average trade per pair is 2-3 per month! You might want to see some dollars each day and can’t wait 3 weeks before you cash anything in or actually have a full month or two in loss.

I hope you start to understand what it means to have a strategy that fits!

And what it means to have a strategy ready to trade?

You have clear rules back & forward tested, so it is statistically proved that the strategy is working.

You will know that out of 100 or 1000 trades you will win x% of the time, and your RR ration will be X:Y.

It’s much faster to build your confidence in the strategy through back testing than having the 100 or 1000 trades live to have the data required for your analysis.

One side comment for technicals: I trade without indicators, because no perfect indicator exists, so why should I have a level of error already pre-determined in my strategy?

But to be honest, I use CCI, mainly to confirm that the direction can be right once I’m in the trade and the indicators starts to follow.

You must live with the market and follow 3 simple rules and you can’t be wrong!

1. Buy near to support and sell near resistance

Support and resistance is different than you can find in most books. Google for Sam Seiden’s free presentations to undertand better.

2. Sell high, buy low.

It might look as #1, however in my view it’s different from buying at support or selling at resistance. Let me explain it in few words:

In the books you will find that e.g. in an uptrend buy when the trend is confirmed and you probably will be able to sell higher to cash your profit. I would never do this!

I only buy in uptrends on pullbacks into demand zones. The bigger and faster the pullback is the better, because the further we’re from real supply and closer to real demand

the cheaper I’ll be able to buy. Trend might exist or might not, but buying at support will keep my risk low and even I might be lucky having a big rally with my cheap price if trend will continue.

3. Accept only low risk.

It’s very simple, keep your RR ratio at 3:1 or higher. Sometime I accept 2:1, but never below.

Also, follow this simple rule:

Big profit – we love, this is our real profit

Small profit – we take, it will cover our losses

Small looser- we accept, we know that winner will come soon as our strategy is winning on the long run

Big looser – Never, never, never! If stop is too far, let the trade go, the market is full of opportunities.

And all after the key is still the execution, so I built a simple score system around my strategy. I enter only into any trade if it has the right score.

If not, I let it go even it could be the best trade of the century, because it doesn’t matter what are your rules as long as you follow them.

If your strategy is not profitable, you won’t make it profitable improvising along the trade, but you will make it for sure a looser.

This is my view and it’s working this way for me. Your way might be different, but I hope it helped.

Ps.: I personally trade fixed lot, not fixed %. I found it more profitable. Trading is a number game. You can read more about this in the book written by Ryan Jones: The Trading Game: Playing by the Numbers to Make Millions

 

let's say

few universities in a city give you try out their tuition and even let you see the exam paper question (demo account)

after you do those at home for a while, and no confidence and 9 months track record to succeed in those exam , why do you pay anything (putting real money into real account)

i.e. price action could be deceptive, but demo account is very real if you pay it with caution and only with lots that you can afford in real life, otherwise, just like some worker in the brokers, they play oldie firing 360 degree with a dot matrix fighter on the screen -- it is just a GAME (unlike video game, if you hit nothing by misfire, you got penalty in forex)

 
peepingtom:
I have been in Forex for over 2 years now and discovered I am regressing rather than progressing!

The last few weeks have been especially hard on me...I keep losing trades and it is just beating me down further and further. This has happened once before, about a year ago, and then I got so fed up that I took out all my money and quit trading for a few months. I don't want to be a quitter again, I really want to succeed at this. I know that not everyone is cut out to be a trader, but I'm confident that it is right for me.

I am here just to get some feedback and also ask for any suggestions or recommendations.

My advice is to have secure and building side income flows as you learn to trade. This approach makes complete sense so you can relax and not put so much pressure on yourself while trading. If you are trying to learn how to trade, and you have to make money for expenses, then you are in a futile psychological trap imo. I suggest building dynamic income sources to gain additional trading capital to take the pressure off - this is what I have done for a few years.

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