First post here and so far I'd like to thank everyone who has helped me along the way to my 1 year mark, even though you may not know, nor do I, who you are. I wanted to share my lessons so far because I want to try to reinforce them with myself and maybe return some help to others.
My account is in the red, after trading for one year, not a big loss of money but its my first wipeout. For whatever reason, I have impeccable timing when it comes to highs and lows, I buy highs and sell lows LOL. What I realize is that I need a break, to step back and re assess things and here is why.
There are some chart patterns that I have learnt, 1-2-3 formations, pin bars, double bottom lower close, double top higher close, spinning tops etc etc. To "maximize" my profits I often try to jump into these formations before they are complete and guess what happens? They don't complete and I lose money. These patterns I've noticed occur vividly at crucial support and resistance lines (and not your everyday fib level all the time, taking patterns at fibs can be profitable but with a much lower probability) if patience is on your side you could take full advantage of them without much worry.
I don't need to trade everyday, in fact as I turn the history pages of each instrument there are 2-3 clear and exquiste patterns that I can trade on the 4 hour chart per week, and maybe 1 per week on the daily chart that meets all my criteria and would easily give 150+ pips of profit. Where do I fail? At lesson # 1 a lack of patience, always thinking I'll miss the big swing. Its starting to soak in with the time I'm spending away.
I'm not a day trader or a pro, I have a fulltime job, and therefore I have to expect to learn this game slower than most, I am going to have a different trading style than most and riches will take TIME
At non-farm payroll day if you're not in a trade and can't monitor the market don't be in the trade period.
Even sure trades can be losers.
Don't bet everything you've got...ever....
And finally the news! Oh my word. What heathen invented this frenzy of ugly information? I've seen bad news strengthen a currency, good news kill a currency and supposedly unimportant news create a 200 pip move. It doesn't matter, the news is not for me and my trading style. That and other people's predictions will ruin me. Opinions sway on both sides of the market all the time, and even unanimous sentiment will be contradicted. Trade on your own steam, learning from others, but in the end, don't rely on anyone to tell you what your postion should be.
Okay done preaching to myself now.
My account is in the red, after trading for one year, not a big loss of money but its my first wipeout. For whatever reason, I have impeccable timing when it comes to highs and lows, I buy highs and sell lows LOL. What I realize is that I need a break, to step back and re assess things and here is why.
There are some chart patterns that I have learnt, 1-2-3 formations, pin bars, double bottom lower close, double top higher close, spinning tops etc etc. To "maximize" my profits I often try to jump into these formations before they are complete and guess what happens? They don't complete and I lose money. These patterns I've noticed occur vividly at crucial support and resistance lines (and not your everyday fib level all the time, taking patterns at fibs can be profitable but with a much lower probability) if patience is on your side you could take full advantage of them without much worry.
I don't need to trade everyday, in fact as I turn the history pages of each instrument there are 2-3 clear and exquiste patterns that I can trade on the 4 hour chart per week, and maybe 1 per week on the daily chart that meets all my criteria and would easily give 150+ pips of profit. Where do I fail? At lesson # 1 a lack of patience, always thinking I'll miss the big swing. Its starting to soak in with the time I'm spending away.
I'm not a day trader or a pro, I have a fulltime job, and therefore I have to expect to learn this game slower than most, I am going to have a different trading style than most and riches will take TIME
At non-farm payroll day if you're not in a trade and can't monitor the market don't be in the trade period.
Even sure trades can be losers.
Don't bet everything you've got...ever....
And finally the news! Oh my word. What heathen invented this frenzy of ugly information? I've seen bad news strengthen a currency, good news kill a currency and supposedly unimportant news create a 200 pip move. It doesn't matter, the news is not for me and my trading style. That and other people's predictions will ruin me. Opinions sway on both sides of the market all the time, and even unanimous sentiment will be contradicted. Trade on your own steam, learning from others, but in the end, don't rely on anyone to tell you what your postion should be.
Okay done preaching to myself now.