is it me??

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uldela2

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hi all love the forum.. am new to fx and just do the gbp/usd . started 4 weeks ago actual trading with a small bank of £500... this has fluctuated up and down from that but so far havent lost any of the bank.... although by stupidity... big learning curve... greed and an assortment things tried i did increase my bank by 300% in 3 weeks... sadly loosing what i gained,... thats life..🙄 however i do find that am more then i would put down to 'circumstances' being knocked out on my backstop.... to the pip.. then it continues as expected back the way it came... seems like someone is looking over my shoulder ...maybe its paranoia...or is it just me???
btw.. am using support and resistance only...and anyone who does the same i would appreciate any guidance and help... keep up the good work on here... and happing piping to all
 
uldela2 said:
hi all love the forum.. am new to fx and just do the gbp/usd . started 4 weeks ago actual trading with a small bank of £500... this has fluctuated up and down from that but so far havent lost any of the bank.... although by stupidity... big learning curve... greed and an assortment things tried i did increase my bank by 300% in 3 weeks... sadly loosing what i gained,... thats life..🙄 however i do find that am more then i would put down to 'circumstances' being knocked out on my backstop.... to the pip.. then it continues as expected back the way it came... seems like someone is looking over my shoulder ...maybe its paranoia...or is it just me???
btw.. am using support and resistance only...and anyone who does the same i would appreciate any guidance and help... keep up the good work on here... and happing piping to all
Click to expand...


You are lucky that the money you lost was only your winnings 😆 If you hadn't have already won some then that loss would have wiped you out.

Trading support and resistance is great- but it is also deceptively simple. Also know that the market likes to work to try and shake out people who trade this way. This is why you feel as though the market finds your stops exactly. Yours and lots of other peoples too- that's the way it works.

When you say you are trading support and resistance, how exactly are you trading them? Are you buying at support and selling resistance, or looking for breakouts, or something else?
 
uldela2 said:
however i do find that am more then i would put down to 'circumstances' being knocked out on my backstop.... to the pip.. then it continues as expected back the way it came... seems like someone is looking over my shoulder ...maybe its paranoia...or is it just me???
Click to expand...

Don't forget that our minds are notoriously unreliable. Once you think your stops keep getting taken out by just a pip then you 'make a mental note of it' each time and all of a sudden it seems like it happens much more frequently than it really does.

If you religously keep records (inc. as charts) of your trades then through a combination of analysis and bitter experience you will be able to build up a better idea of where your stops should be (inc. to avoid the shaking-out of weak stops as UKtradergirl has already identified).

Ben
 
thanks for the replys so far.. appreciated... I have been buying at support and selling at resistance and looking for breakouts. I lost what I gained by being big headed ..because I have a small bank I have to have a backstop...when I had a larger bank.... hopefully will work back to that.... I found that using no stop but keepinga VERY close eye on it... seemed to have less kickbacks .I started off with 2 or 3 then as I said got big headed and hoped to build bank quicker... .. and started using larger amounts.. for me that is.. up to 10.. As long as I learn from it ... and from all you in this forum I dont mind..as long as the eventual road is upwards.
thanks again all and keep up with your useful info on here... Edward
 
You are scaring me Edward.

Its probably time for you to read Trading in the Zone by Mark Douglas so that you start to understand a little about the distortions that your mind will generate while trading. A quick way to disaster for a new trader is the "keep stops in my head" strategy. You need to understand why.

It was suggested above that you might describe your strategy in more detail. If you do so you might get some suggestions about how you could improve it. Posting winning and losing charts might also generate instructive comment.

Good luck.
 
uldela2 said:
... seems like someone is looking over my shoulder ...maybe its paranoia...or is it just me???
Click to expand...

It IS you, but not JUST you. Most people feel at some time in their trading career that someone must be watching them and manipulating their trades.

In fact the only person who should be looking over your shoulder is YOU. You should act as your own observer.

Follow the advice given by Nine and read Trading in the Zone - it will give you an insight on how to prevent unwanted sabotage of your trades

Charlton
 
so.. you have lost by using simple support and resistance, that means.. to win it back you need to trade opposite! 😛
 
If the Support or resisyance you've used was say buying cable at 150.15 because it's bounced off 150, where's your stop, 14997? 15000? if supports is 15000 try being 15 pips away or something, if it's just chopping around the figure then it should miss you, if it goes down to there it's probably breaking throught the support
 
uldela2 said:
hi all love the forum.. am new to fx and just do the gbp/usd . started 4 weeks ago actual trading with a small bank of £500... this has fluctuated up and down from that but so far havent lost any of the bank.... although by stupidity... big learning curve... greed and an assortment things tried i did increase my bank by 300% in 3 weeks... sadly loosing what i gained,... thats life..🙄 however i do find that am more then i would put down to 'circumstances' being knocked out on my backstop.... to the pip.. then it continues as expected back the way it came... seems like someone is looking over my shoulder ...maybe its paranoia...or is it just me???
btw.. am using support and resistance only...and anyone who does the same i would appreciate any guidance and help... keep up the good work on here... and happing piping to all
Click to expand...
If you allow me Uldela2 i want to say something, i dont know how much is your stake but if it is 1 pound/point ( correct me if i am wrong ) and you trade Gbp/Usd then your real expousre will be 1 pound X 15000 point for the Gbp = 15000 pound and this is 30 times your account , thats too much even you win many times its difficult to keep going with such expousre , lower your stake ( some forex brokers allow less than 1 pound /point ) or raise your bank account , this is the first step to do so you can concentrate on trading without such big preasure ...
 
Thanks again for advice, will take it and learn. I am using IG on their platform price per pip is in dollars..i usually trade between 2 and 5contracts.... mostly 2 or 3 on mini forx Gbp/usdwith b/s of between 5 and 15. win /loses are to date 243wins 254 loses started with £500 and after going up to 2 K am back to £570.Looking back on my log I noticed i have had 2 loosing streaks where i had over 8 in a row.... should have taken the dog for a walk instead!!!!...and i seem to wait too long before taking profit... self analysis is a good thing..... now the practice!!!
 
uldela2 said:
win /loses are to date 243wins 254 loses started with £500 and after going up to 2 K am back to £570.Looking back on my log I noticed i have had 2 loosing streaks where i had over 8 in a row.... should have taken the dog for a walk instead!!!!..
Click to expand...

With a win-rate of ~50% then 8 losses in a row are not as rare as you might think/hope, about 1 in 250* probability I think (it's late, I'm tired, but more importantly don't want to appear sad enough to calculate it).

Would also be useful to look at your average reward:risk and risk per trade (as % of capital), it is then fairly easy to quantify why you are on the (I suspect) roller-coaster to (statistically probable) ruin.

Ben
 
Thanks Ben..usually no more then 3% of bank and risk reward of 2.5 to 3 eg.... $3 with b/s of 6 gives me loss of $18 and try and have a reward of around 15 to 20 pips... which will equate to about $45........ I roll up my stop behind me... I think i hang in too long instead of taking it off it comes back to my stop....am learning FAST... will stick at $3 trades for a while.. it was the bigger amounts that kicked my bank back down... tsk tsk tsk...should have not been greedy... happy pipping all
 
RedGreenBen said:
With a win-rate of ~50% then 8 losses in a row are not as rare as you might think/hope, about 1 in 250* probability I think (it's late, I'm tired, but more importantly don't want to appear sad enough to calculate it).

Would also be useful to look at your average reward:risk and risk per trade (as % of capital), it is then fairly easy to quantify why you are on the (I suspect) roller-coaster to (statistically probable) ruin.

Ben
Click to expand...

"243wins 254losses..."

Support/resistance is the best way to trade IMO. Using confluence makes it better.
Checkout Trader_Dantes Making Money Trading thread on this website - and stop trading till you completely read that thread (a bit long but worth it 👍)

btw.. you said you have been trading 3 weeks right?
500+ trades in 3 weeks?!!
 
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