Can't do anything right.

brewski1984 said:
Is it just me that's going through a really bad patch? Every single thing I do at the moment is wrong. I've had 1 breakeven, 1 small win and 8 losses in my last 10 trades this year. On more than one occasion I've basically bought the days high or sold the days low. I've been up and down in the same market getting busted out both ways repeatedly.

Time to give it a break for a while?
Click to expand...

you have pinpointed one of the reasons why you may be placing losing trades in your post, ur buying highs and selling lows... for breakout trades they are good, but i find it better to sell the highs and buy the lows... it all depends on the market scenario.
try and stop yourself from doing that and you may be able to wipe off a few extra losing trades... losing trades are part and parcel of trading, something we have to accept
 
deebee1 said:
but i find it better to sell the highs and buy the lows...
Click to expand...

No sh1t sherlock.

You never wondered why people buy the highs & sell the lows?

It's not as if they do it intentionally! It's just that the markets push you that way.

So - how does that happen?
 
Thanks for the advice guys and I'll have a look out for that book DT.

I've looked back over the trades and I think in all honesty it's me that's the problem. Seems the markets have been quite choppy lately and I've tried running profits for too long only to give them all back and then out of wanting to win money I've let them and my other losses run to the stop. Just when you think you're getting somewhere, the market reminds you that you're just another idiot playing the game!

As for reducing my stakes, they are already pretty low but I take it seriously as if I can't win at low stakes I'll be a mug for risking more of my hard earned money with bigger stakes. I like to think I haven't just been suckered in to buying highs and selling lows, I have been using the same system for entries for nearly a year or so now and only recently it seems that I've been buying highs and selling lows.
 
deebee1 said:
you have pinpointed one of the reasons why you may be placing losing trades in your post, ur buying highs and selling lows... for breakout trades they are good, but i find it better to sell the highs and buy the lows... it all depends on the market scenario.
try and stop yourself from doing that and you may be able to wipe off a few extra losing trades... losing trades are part and parcel of trading, something we have to accept
Click to expand...

Hi, this is very vague. To help Brewski it may be of more benefit to explain the scenario where you would consider selling the highs, or buying the lows. That way he/she maybe able to learn from entries that have been taken.

If not it just becomes another "textbook" statement.


Thanks
 
brewski1984 said:
Thanks for the advice guys and I'll have a look out for that book DT.

I've looked back over the trades and I think in all honesty it's me that's the problem. Seems the markets have been quite choppy lately and I've tried running profits for too long only to give them all back and then out of wanting to win money I've let them and my other losses run to the stop. Just when you think you're getting somewhere, the market reminds you that you're just another idiot playing the game!
Click to expand...

From your message, it seems that the issue boils down to your risk management and the impact psychology has in your trading.

Do you have an evaluation sheet? The way to address this is by documenting all the trades you enter, stop, target and management of the position. Then evaluate each trade, not based on the p/l but on the level at which you adhered to your plan.

After detailing the above information, we can focus on the specific problem and devise a action plan to resolve it.

If you would like an evaluation template sheet, I would be more than happy to send one to you.
 
Jack o'Clubs said:
But what if they're the wrong rules? That's quite possible too. My scariest and most important lesson as a day trader was early on when I realised after a long winning streak that all I'd done was to be long beta in a trending market, and I wasn't a trading god after all. Would have been very expensive had I just carried on applying my rules through a choppy market. If the OP has lost confidence then better he takes some time out to reassess IMO.
Click to expand...

Rules are usually objective, neither right all the time nor wrong all the time. The exception to this is if you are completely farkwittish and do something like buy just before you hit resistance after a run up in price. Sorry to hear you've lost 8 trades but if your money management is up to scratch then you should recover. Did you document your trades for analysis?
 
Taking a string of losses is probably the hardest thing to accept as a trader,the temptation to gamble to get it back is massive.

I find it helps to view them as a test of my skills as a trader ie if I can take them on the chin I am developing as a trader.
 
Sometimes i have to face the problems when my mind does not set up the rules and manages to loss big amounts, it will be a kind of situation i always avoid.
 
Jack o'Clubs said:
But what if they're the wrong rules? That's quite possible too. My scariest and most important lesson as a day trader was early on when I realised after a long winning streak that all I'd done was to be long beta in a trending market, and I wasn't a trading god after all. Would have been very expensive had I just carried on applying my rules through a choppy market. If the OP has lost confidence then better he takes some time out to reassess IMO.
Click to expand...

Well i picked this Gem out again............what a cracker of a post Jack ! (y)

Theres 3 things in Trading

The Market
The Trading System
The Trader

Brewski - let me give you a clue.....one of these is always 100% right.... 24/7.......now fix the other 2 ;)

great post

N
 
brewski1984 said:
Is it just me that's going through a really bad patch? Every single thing I do at the moment is wrong. I've had 1 breakeven, 1 small win and 8 losses in my last 10 trades this year. On more than one occasion I've basically bought the days high or sold the days low. I've been up and down in the same market getting busted out both ways repeatedly.

Time to give it a break for a while?
Click to expand...

heres a link to the odds of that ...

http://www.trade2win.com/boards/for...-basic-ideas-strategies-1078.html#post1833814

N
 
NVP said:
Well i picked this Gem out again............what a cracker of a post Jack ! (y)

Theres 3 things in Trading

The Market
The Trading System
The Trader

Brewski - let me give you a clue.....one of these is always 100% right.... 24/7.......now fix the other 2 ;)

great post

N
Click to expand...

Yeah I have taken a few weeks out to reassess everything and try to fix what went wrong. It's quite surprising to see how high the percentage of a string of losses is!

By the way, thanks for reviving an old thread and reminding everyone I'm a looser!:LOL:
 
brewski1984 said:
Yeah I have taken a few weeks out to reassess everything and try to fix what went wrong. It's quite surprising to see how high the percentage of a string of losses is!

By the way, thanks for reviving an old thread and reminding everyone I'm a looser!:LOL:
Click to expand...

LOSER (Not "looser")
Lose your money. Loosen your tie etc:)
 
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