I'm Nearly in THAT 90% Category

[Sang Froid]

I think the important thing for you is to keep your good money management (apparently you have) so that even a lot of bad losers wouldn't be hard to win back when you're slightly better. Forget reading about new stratergies or whatever, read about money managenet, and RISK CONTROL. All we can do (especially in Forex) is control our risk, the gains come after! I recommend the book "Trade your way to financial freedom".

Why don't you try moving up a timeframe? Some more experienced traders recommend starting on the weekly, if you are profitable for a month, then down to the daily, 4H, 1H, etc...

If you can't trade longer time frames because of the wider stops, try something in between, 4 Hour is apparently easiest for newbies. As you know, 90% or whatever fail at Forex, and from the 10% that do make profits, it's only about 1% that day trade (apparently).

Yes, I'm moving up to H1 charts as of this morning. As for wider stops... I never used to use stops as such, more just a mental stop of when I've had enough of DD! I know this is terrible and something I am looking to rectify in my trading. The way I saw it was with my last account I never let my profits run at all when I should've done.

If I had let my profits run I would not be in this situation now.

 

[HawkTrader]

Get a broker that use's trailing stops and never close your trade (in profit) manually. It will only close when the trend has probably finished, that way you will get the most out of the trade assuming you trade with the trend.

Most importantly, don't give up. Don't do anything stupid either, keep your head together and think rationally. You don't have to prove to anybody, not even yourself. Just remember that even when things are going bad, as long as you're staying disciplined and calm, you'll win in the end. But winning also involves losing, ALWAYS take your losses, don't p!ss around, it's for your benefit! Small loss = win.

 

[Sang Froid]

Get a broker that use's trailing stops and never close your trade (in profit) manually. It will only close when the trend has probably finished, that way you will get the most out of the trade assuming you trade with the trend.

Most importantly, don't give up. Don't do anything stupid either, keep your head together and think rationally. You don't have to prove to anybody, not even yourself. Just remember that even when things are going bad, as long as you're staying disciplined and calm, you'll win in the end. But winning also involves losing, ALWAYS take your losses, don't p!ss around, it's for your benefit! Small loss = win.

You know it's advice like this that is worth a million. It's so easy to think and so much harder to do. I've known I should use trailing stops for years, the broker I use only has a trailing stop of a minimum of 15 pips from the open price. I wasn't in a trade for that long and as such never took advantage of this. This is one thing I am looking to change in my trading. Using an H1 chart and basic S/R I should be in a trade for a lot longer.

The loss part is the hardest to comprehend. I will be totally honest now. I find it hard to accept I'm wrong. I find it hard to take a loss. I know everything you're about say and I've heard it before, but untill I change this I will always be a loser, and that's what I'm going to have to accept. Minimise those losses and maximise those profits.

I'm dropping down a lot size to 0.1 for a few weeks too

 

[HawkTrader]

And remember to KEEP IT SIMPLE!

If you're method/strategy is simple, you'll never get confused and bogged down with heaps of info. "Ahhh, x says this, and y says that, what do I do!!". I know you've heard it before, and I've said it in my last few posts, but as long as you have good risk control, and your system is simple, you can't go wrong! Try figuring out the best way to get OUT of trades, not into them! Getting into a profitable trade is quite easy, getting out with maximum profit is the hard part. Keep the entry simple and try to find out how you can have bigger profits.

Watch this.

http://www.youtube.com/watch?v=8KV5...10F1F5A&playnext=1&playnext_from=PL&index=104

YOU are the problem (no offence ), sort yourself out and keep working.

 

[robster970]

I read the OP and skimmed the rest, but to be fair it just looked like the ususal stuff that get's thrown around (including this post I suspect).

1. Your OP is loaded with emotion. Stop worrying about the money and just execute your strategy/plan - if you do this and your plan is ok, then money will come in as a consequence of flawless, cold execution.

2. If you can't deal with your emotions then this really isn't the game for you. Law pays well so why not do that instead?

3. If you're stop is within the noise for the TF then you're f****d anyway and your strategy is pants. Trading noise is just what it is - noise.

Without significant personal change and a good re-examinsation of your trading method, I think you're heading down the cul-de-sac of failure.

Good luck for the future, whichever way it pans out.

 

[Sang Froid]

I read the OP and skimmed the rest, but to be fair it just looked like the ususal stuff that get's thrown around (including this post I suspect).

1. Your OP is loaded with emotion. Stop worrying about the money and just execute your strategy/plan - if you do this and your plan is ok, then money will come in as a consequence of flawless, cold execution.

2. If you can't deal with your emotions then this really isn't the game for you. Law pays well so why not do that instead?

3. If you're stop is within the noise for the TF then you're f****d anyway and your strategy is pants. Trading noise is just what it is - noise.

Without significant personal change and a good re-examinsation of your trading method, I think you're heading down the cul-de-sac of failure.

Good luck for the future, whichever way it pans out.

Thank you for the words robster. Yes totally right. Emotion killed me no qualms about it. I think it is impossible to completely eliminate all emotion from trading, after all, we are human and that's what makes us human. It's how you manage those emotions, that's the key I think.

I can't remember who else said it but again you're right with the noise part. I was looking to make a quick profit here and there and not stay in a trade too long, hence trading noise or as it has been called "pissing in the wind". I've since looked at modifying my trading plan and moving up to a higher timeframe. I have a system that allows for this ( with a little tinkering). I've started to back test and looks a profitable, obviously not as many signals but then again... larger profits should reduce the need to trade so often.

The proof is in the profits from here on in!

 

[TAjammy]

mate, i'm 15 but i've been at this for slightly over a year and im consistently profitable (on demo rofl).
I can't say to you about emoitons because i haven't experienced those yet, but i have lost all money invested in stocks (im into forex now).

Those 3 years should have been spent on more than just a MACD crossover, you must find a way in the markets and make your own rules , not somebody elses, so that when you trade your own rules and do it well,it will be because you understand the market from experience and constant interpretation of context.

Read this thread, rather than taking the easy way out and learning J16 rules (which are fine btw if you don't want to do it yourself) it bangs out the importance that yes, you will lose money, it does take a long time , and that we shouldn't try to reduce something as complex as the markets to a few simple rules out of a book.

We have to make our own mental map.

http://www.trade2win.com/boards/gen...k-most-traders-fail-change-your-ways-now.html

 

[Sang Froid]

TAjammy you have a point. However, I've tried countless 'systems, strategies' etc... I've tried using fibb, I've tried stochastics, ADX, MA's, GMMA's the whole shabang!

Point is, I've found a strategy that I like and that potentially works for me. Keep it simple is the key I've found. The thing that's screwed me over is myself. I sabotaged my trading by not controlling my emotions or keeping a cool head on my money management.

That is it, this has become more apparent as I read some of the posts on here. It's me and my approach to trading, my attitude, trading noise to make quick profit because I'm scared to let profits run.

I know of people that trade naked using purely S/R and are extremely profitable. If it works for you then do it, and I think using my 'simple' macd cross can work for me if I can get my emotions under control.

The hardest part of trading (for me anyway) is not finding the holy grail of systems, it's trying to become a cool headed focused trader.

 

[oildaytrader]

http://tradermike.net/2004/05/trading_101_expectancy/

http://www.tradingpostfinancial.com/Media/mot/mind_trader_071210.mp3

Minimum stop of 45

Take profit of 135

Close every night at 18.00

Maximum risked per trade 3%

If account size is £1,000 ,stop is 45 ,maximum lot size is 0.1 lots or 10k lots

 

[TAjammy]

if you can make money with it then go ahead! i can't give you advice on emotions yet

good luck

 

[robster970]

I know of people that trade naked using purely S/R and are extremely profitable.

The answer to trading cannot be found in indicators. Seriously re-think your method and ask yourself why, intrinsically does it work.

 

[Paul71]

I'm single, no kids, no mortgage. I've small outgoings, mainly rent and bills.... the usual. In order to make forex my main source of income, I would need to earn between £12,000 and £15,000pa to live quite comfortably.



When you are comfortably making 12-15k a year trading forex then give up work. Maybe get a part-time job earning half that amount when you are comfortably making 6-8k a year trading. If you were comfortably earning 10k a year trading forex you could supplement your trading career with a small night-time job, like delivering pizzas.

Do you see my point?

Don't try to force any issues if you want to eventually trade your own account, it will either happen naturally or not at all. You seem to be in a good position in life generally, don't mess it up by rushing into it, take it easy.

 

[barjon]

..........Point is, I've found a strategy that I like and that potentially works for me.............

hi sangfroid.

so stick with it as long as it includes clear entry rules and equally clear exit rules (and maybe re-entry rules).

You seem to have clear entry rules but, thereafter, you seem to be trading your account rather than the market. Refer to your account to determine position size and risk level but then ignore it and concentrate solely on the market and the rules you have set. Your account will take care of itself.

good trading

jon

 

[Sang Froid]

I think my strategy can work. I think every strategy out there can work. Just, not every strategy will work for every person. It's finding what's right for you. The strategy I have is not the problem, it works for in demo, it had worked for me live, I however didn't work for me. I was focused on the money and not on the trade itself. I was taking the profit because it was there and not taking a loss because "I can't be wrong."

That it what was intrinsically wrong with my trading I think.

A few posts up Oildaytrader posted a couple of links. EVERY newbie or even those who are like me and losing, christ I'm still a newbie myself, should listen to that podcast over and over again.

 

[Pljugi]

when u make the trade u can do TP and go away from your computer :/ if your strategy and analysis is good u the price will hit TP and u will earn money.

 

[TAjammy]

I think my strategy can work. I think every strategy out there can work. Just, not every strategy will work for every person. It's finding what's right for you. The strategy I have is not the problem, it works for in demo, it had worked for me live, I however didn't work for me. I was focused on the money and not on the trade itself. I was taking the profit because it was there and not taking a loss because "I can't be wrong."

That it what was intrinsically wrong with my trading I think.

A few posts up Oildaytrader posted a couple of links. EVERY newbie or even those who are like me and losing, christ I'm still a newbie myself, should listen to that podcast over and over again.

:clap: correct!

 

[Masquerade]

:clap: correct!

Ok, enter trades with a 5 pip stop loss, 100 pip TP order and don't move your stop. Let me know how that one works out for you.

 

[Pljugi]

price will fluctuate in most cases if your analysis is good more then 15pips, so 5pips stop loss would be quicky filled :/
u can't rly enter on the TOP or BOTTOM that's hard to find, u can just enter somewhere around there..

 

[TAjammy]

Ok, enter trades with a 5 pip stop loss, 100 pip TP order and don't move your stop. Let me know how that one works out for you.

that could work if i found a very slow moving pair

 

[Sang Froid]

Ok, enter trades with a 5 pip stop loss, 100 pip TP order and don't move your stop. Let me know how that one works out for you.

I was a bit confused by this at first... but seeing it written in black and white is stark reality for me.

Ok so I didn't quite do exactly what you said here but I did have a 5 - 10 pip TP and a 20 - whenever I felt like it pip stop loss :-0

Seeing it written down... what the f**k was I doing???? How did I think this would make me consistently profitable??? I was banking on more winning trades than losers thats what.