I think I am very close and still far away...

[flylife]

Hello everyone,

First I am sorry for my written English. I was born in a non-English speaking country.

I've been playing with the Forex for more than 6 years now and I am still in a negative balance.
First experience was to fund an account with 1000$ and lost it all in one night. After that I've decided that I need to learn. I went to some courses and I've watched the charts almost every
day for 3 years without placing a trade or trading with a virtual account. Just watching the charts, every single day after work I was looking at the price and trying to figure out it what
was doing. After three years of doing that I've funded my account with 100$ and I've made 1800$ in three weeks. Then I gave it all back in one week, including my 100$.

Took a break of few days and funded the account again with 100$ and made another 1200$ in two weeks.

Long story short I've done this many times .


The biggest winning streak I was able to have 77 winning trades in a row with an average of 10pips and only one breakeven in the middle at some point but then again gave back everything.

The biggest losing streak was maybe 8 loosing trades in a row.

How I trade: I only trade the price. I only have one moving average and Pivot Points on the chart but I am watching that pair on 10min, 15min, 1h, 4h and daily.
I don't have a strategy. I only trade what I see the price it is doing. I think those three years of watching the charts helped me a lot.
I am watching support and resistance zones, I am trading with and against the trade. I am trying to understand the psychology behind that price movement and most of the times when people ar
Buying I am a seller and reverse.
I am not gambler and I always think when I trade and know why I placed that trade. I know the stop and target.
I only trade 1 mini contract


I have a 30 pips stop and I my targets are 5-10-15-20 pips plus the spread. I know some will say this is wrong but a I have a very high
Hitting rate and I think this works really well.


Why I am still in a negative balance? :

- When I am trading very well I am in a very good mental state
- The better I trade more overconfident I become.
- When overconfident I don't accept loosing trades (this is very wrong) and I am getting very upset because is interrupting my winning streak
- When getting upset I want revenge and the everything falls apart and I am breaking all my rules
- Moving stop
- Not taking my normal winning, I want to more to recover my loss
- No accepting that loss and move on
- adding to a losing trade
- leaving trades overnight
- Then I get bigger losses
- Then I am frozen and not getting out
- My whole concentration is gone
- I became frustrated because I can't get back to my normal state

All my losses happened in less than a week

Then I go away for 2-3 days, I like to go fishing, then "I format the Hard Drive" and start fresh again on Monday.

Interesting is that I am able to start all over again and forget about all trouble and get again in a normal state


My advices for beginners:

-Never give up
-Look at the charts until you dream charts
-Start small with 100$ and start with 1 mini contract, don't start with micro contracts (they won't keep you motivated) and don't trade virtual accounts (they are not real)

I think it is possible to make money scalping, I think I am very close and still far away . I need to recognise when I am in a bad mental state and not trade.

I will never give up.

My question is, are any traders put there who went to a similar experience?. Hod did you manage to fix your "errors"? Any advice you can give me?

I asked TheRumpledOne to give me his indicators but no luck yet. I am not using indicators for my trading decisions but from the pictures that I've seen he has an
indicator like a matrix that shows the direction , or the trend in different time frames and can make my life easier and I don't have to have open different time frames.
Looks like this:

Never Lose Again!! TheRumpledOne - Page 10 - Traders Laboratory - 4859

Any idea where I can find a similar indicator for TradeStation?

Any question, I am happy to answer.

Thanks for reading!

 

[BataviaTrader]

You are not a gambler, but you don't have a trading plan? So what makes you a trader then? Just curious.

 

[flylife]

I do have a trading plan until I lose. I am trading the price. We are all traders if we are buying and selling for a profit isn't it?
As i said "I only trade the price. I only have one moving average and Pivot Points on the chart but I am watching that pair on 10min, 15min, 1h, 4h and daily.
I don't have a strategy. I only trade what I see the price it is doing. I think those three years of watching the charts helped me a lot.
I am watching support and resistance zones, I am trading with and against the trade. I am trying to understand the psychology behind that price movement and most of the times when people are
buying I am a seller and reverse"

 

[BataviaTrader]

My trading plan consist of only 3 factors: mind, method and money. All equally important.

Mind includes being aware why I go through all these efforts and torture of learning, and about controlling my emotions before, during and after trading and sticking with my plan,
Method consist a strict plan with entry rules etc.
Money includes the management, meaning stop loss, daily targets / max losses.

This helps me in good, but also in bad times, when i feel like over-confident ( I know where you talkin about )

My plan is all typed up. Meaning visual to me. Bottom line is, when writing a plan / strategy, you are forced to think about the most critical forces that come along with trading. Which was an eye opener to me. Hope this helps.

Happy trading.

 

[Mr O]

Sounds like you're just taking punts in the market and haven't thought about the maths. First trade just put the minimum on, bank some profits and build a cushion and slowly increase your size with winning trades when you're trading well. When you're not trading well, back to minimum size. Slowly slowly, catch a monkey as they say.

You shouldn't be blowing your account out with a few trades. Preserve your monetary and mental capital. Someone once told me the emotional response of a losing trade is three times greater than the emotional response of a winning trade. If you're blowing accounts out, you're not only throwing good money after bad, but you're also depleting your will power and confidence, which is just as bad.

 

[NVP]

The biggest winning streak I was able to have 77 winning trades in a row with an average of 10pips and only one breakeven in the middle at some point but then again gave back everything.

The biggest losing streak was maybe 8 loosing trades in a row.


the answer is in the above my friend .......

 

[Armory]

Message me with your email.

 

[flylife]

Message me with your email.

Hi Armory, I cannot send you a PM because I only have 8 post, you need 15 post, maybe you can Pm me with your email address and I will reply back.

Thanks

Stefan

 

[AspiringDublinTrader]

Hi Flylife,

My trading seems to have a very similar structure, up and down, up and down. I have to admit once my graphs start going up, i am over the moon, when they go down i go back to learning and trying and learning and trying.
I have a feeling that traders psychology plays a role. When i have a bit of free time i ll browse for some literature on the subject. I will let you know if it helps.

Safe trading

Hello everyone,


The biggest winning streak I was able to have 77 winning trades in a row with an average of 10pips and only one breakeven in the middle at some point but then again gave back everything.

The biggest losing streak was maybe 8 loosing trades in a row.


Thanks for reading!

 

[Kinley14]

Or, you could simply post like this until you have 15 posts and then talk to the people you really want to