I also agree that 6 years with constant losses is too much to overcome, you should have reconsidered your trading some time ago instead of go on trading. If you are not able to make a consistent profit over time then it doesn't make any sense keep on trading.
Continuing losses annually 6 years trading
- Thread starter tradeking1
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NVP
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hey TK
well I salute your perseverance ...............that's certainly needed to become a good trader
jees..........this thread is more like a doctors surgery with plenty of known traders giving opinions
this was something I videod a while back for new traders ..........I think in truth all I can suggest is that after 6 years of trying you now really try to specialise and continue to test and adapt a system (find a mentor) until you see consistent profits
Paper trading as well ...........as soon as you experience losses go back to paper trading until you are again making profits..........seriously !!!
don't give the market any more money than you need to
N
well I salute your perseverance ...............that's certainly needed to become a good trader
jees..........this thread is more like a doctors surgery with plenty of known traders giving opinions
this was something I videod a while back for new traders ..........I think in truth all I can suggest is that after 6 years of trying you now really try to specialise and continue to test and adapt a system (find a mentor) until you see consistent profits
Paper trading as well ...........as soon as you experience losses go back to paper trading until you are again making profits..........seriously !!!
don't give the market any more money than you need to
N
bredin
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Im going to say something that the others havent covered yet, and is the most fundamental to trading:
Since I dont know what youre doing, no specific advice can be given.
First, What I do know, is that your mindset is wrong. If you dont get this sorted out first, every other piece of trading advice is worthless. Read a good book (or 10) on mental development, such as mark douglass' "trading in the zone"
Second, Do not trading anything until you can answer the question "What makes a market move?" in 10 words or less.
B.
Since I dont know what youre doing, no specific advice can be given.
First, What I do know, is that your mindset is wrong. If you dont get this sorted out first, every other piece of trading advice is worthless. Read a good book (or 10) on mental development, such as mark douglass' "trading in the zone"
Second, Do not trading anything until you can answer the question "What makes a market move?" in 10 words or less.
B.
pennycapitalist
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It is said that win or lose a trader gets exactly what he wants from the market. If you are losing, it is because you set yourself up to lose. The mind has many levels. On some level every losing trader wants to lose. You could stop all losses by halting your real money trades and switching to paper trading. Just doing that would be a win. Build on that win with paper trading. Explore the beliefs that led to the losing and replace them with new beliefs....like the one that led to switching to paper. Research the 2% of traders that profit. Find out how they think. All traders started out losing money....all of them. 2% of the original losing traders will do what it takes to turn their loses into wins.
2be
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Work hard on acquiring a new habit, a habit of making profits.
Habits are like a timber splitting wedges, when one is trapped without splinting the timber, you need another wedge to free the one trapped.
If you like to trade and experience that compulsion, yet do not see any profits, it is obvious that such a replacement of habit/s is desirable.
Best wishes on your journey,
2be
pennycapitalist
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I lost a little money in various markets for 40 years. When I put money in funds, some major crash always seemed to knock it down. My own trades lost money, but lost less than the pros lost. Then I committed myself to intense study and mindset sculpture. After exploring hundreds of systems which all lost a little more than they made--for me, I suddenly saw a pattern that was so obvious to me I had to test it. It made money consistently. If I can do it, anyone can do it. The question is are they willing to do what it takes?
neil
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Well - what does "it" take ?
What makes a market move in ten words or less?
The Greed, Fear and Complacency of humans.
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I'm surprised nobody else has, so far, picked up on the OP's initial response:
"Thanks for your opinion, I think my main problem is charting which i need to brush up on"
IMO, and with all respect, your 'main problem' has nothing to do with 'charting' and likely everything to do with risk management. Until you realise that much, there is little more that can be said to you, which would be of any use...
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Edited to add this: Some folk are suggesting to you, that after 7 or so years of losses, you'll never become a winner. But they're glossing over one thing: every winning trade starts as a loss. It's only how you manage those losses which separates the crowd from the crowns. Remember that!
With a willingness to learn from your mistakes, I definitely wouldn't say it's set in stone that someone with seven years of losses behind him, should resign himself to losing. After all, it's your choice what to do with your future, and if you could only choose to learn from the mistakes of your past, and adopt far better risk management principles, then there's *still* nothing to stop you from turning yourself around. GL!
The Greed, Fear and Complacency of humans.
-
I'm surprised nobody else has, so far, picked up on the OP's initial response:
"Thanks for your opinion, I think my main problem is charting which i need to brush up on"
IMO, and with all respect, your 'main problem' has nothing to do with 'charting' and likely everything to do with risk management. Until you realise that much, there is little more that can be said to you, which would be of any use...
-
Edited to add this: Some folk are suggesting to you, that after 7 or so years of losses, you'll never become a winner. But they're glossing over one thing: every winning trade starts as a loss. It's only how you manage those losses which separates the crowd from the crowns. Remember that!
With a willingness to learn from your mistakes, I definitely wouldn't say it's set in stone that someone with seven years of losses behind him, should resign himself to losing. After all, it's your choice what to do with your future, and if you could only choose to learn from the mistakes of your past, and adopt far better risk management principles, then there's *still* nothing to stop you from turning yourself around. GL!
Last edited:
Abeer Saba
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Hello Dear,
i am really sorry to hear you having bad experience but the last sentence you have said confirmed what i was thinking of " could be " the losing bill for your trading which is " self control " i did referred to video on YouTube explaining why most of traders lose in other thread, the key for long term existing in fx is self control and disciplined remember you always want to trade with your mind not your emotions like when you are driving a car you go on the road with what you see and think not what you see and feel, being said that i would also say it could be not your trading strategy fault as there are so many money makers sealers broker that would hunt your penny down like a tiger !!
i would suggest to recheck if your broker is a money maker, regards how much i have lost in the beginning its quite a lot for me so as all start up traders the key is to learn from them and do better next time .
the YouTube video called " Trading Emotions & Psychology Forex The Secret of Getting a Winning Psychology " .
i will help out if you have any other question, Good Luck !!
i am really sorry to hear you having bad experience but the last sentence you have said confirmed what i was thinking of " could be " the losing bill for your trading which is " self control " i did referred to video on YouTube explaining why most of traders lose in other thread, the key for long term existing in fx is self control and disciplined remember you always want to trade with your mind not your emotions like when you are driving a car you go on the road with what you see and think not what you see and feel, being said that i would also say it could be not your trading strategy fault as there are so many money makers sealers broker that would hunt your penny down like a tiger !!
i would suggest to recheck if your broker is a money maker, regards how much i have lost in the beginning its quite a lot for me so as all start up traders the key is to learn from them and do better next time .
the YouTube video called " Trading Emotions & Psychology Forex The Secret of Getting a Winning Psychology " .
i will help out if you have any other question, Good Luck !!
