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![Smile :) :)](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
My advices for beginners:
-Never give up
-Look at the charts until you dream charts![Smile :) :)](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
-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!
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 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!