My charts refuse to open themselves! Inspiration from successful traders needed

I've posted this on the Beginner's Q&A forum, but since it wasn't really a question, I thought I'd post it here as well, since this one gets more traffic...

Okay, so I'm at the typical beginner phase where there are more losses in my trading journal than wins. However, I'm seeing improvements as I've identified strategies that I'm connecting with. I'm developing rules that seem to be increasing my wins vs losses.

Still, there are more losses...

I'm at a stage where each day, I dread opening the charts. I find excuses not to: "Hmmm... There are lots of news expected today... I'm not advanced enough to trade the news yet. Better sit this day out." Or "Hmmmm... I'd better study these patterns some more, to get a better feel for the movements of this pair". Or "I'm not done with the final version of my rules yet."

While all these are legitimate reasons to pause with the trading, there ALWAYS seem to be a reason! I need to just start trading already!!! But... I can't seem to shake this dread...

Can someone out there relate to this? Please tell me that this is normal, especially when you're a newbie? If there are successful traders reading this thread, did you go through this at the beginning too? At what point did it go away? How do you overcome these "gun shy" phases?

Since I'm sure someone will mention it, I've already read "Trading in the Zone". In fact, I probably used reading it as an excuse to not trade at one point...

I feel like this is one of those last milestones I have to pass before I can become successful. I've found some systems that have been proven to work. I just have to get my tush onto that chair, open those charts and start practicing. But the charts won't open themselves!


It's true what they say: The strongest enemy is yourself.

It is as simple as above sentence....

At the end you have to open the charts...


Try reducing your lot size...


V

I totally second that. Get a micro lot demo and open up .10 lots on your trades. Also go grab the vhands simulator and play on it. Fall in love with your charts.

Oh and its perfectly okay to close trades before a big news announcement (NFP, CPI, PMI, FOMC rate, Bernanke speaking [unless you're short the dollar, lol], etc). I'll be closing my trades before the NFP comes out and won't be running any over the weekend, and I'm sure quite a few other traders will do the same.

Thanks for your input.

It's really not about the money. I'm already trading in microlots at MBTrading. Costs me only $.10 a pip. It's not about the money.

It's about being wrong.
It's about being right, but getting stopped out before the price agrees with you.
It's about losing more often than winning.

I'm not giving up, Indiaguy... I'm just dreading being knocked down again before I have the skills to consistently win. Nobody likes to lose, but successful traders have had enough successful trades overall to wave off their losses. I'm not at that stage yet...

I'll get over it. I have to. Trading is my dream job. I know I can do it! I just have to actually DO IT!

Was just hoping that some veteran would come in with an "I was there too... Look where I am now" sort of story...

As experienced traders will know that 70% of the time that you trade, the market is always against you, you'll only make 30% of the time.

So how to trade?

Risk reward ratio.
Thats what i look for, trades that gives me low losses and high profits.

min 1:2, thats what i look for.

ok I have been there and sometimes feel the same way even though I have a far greater success rate than failure rate - some days the charts feel like a creative way to punish myself. On those days I shut down and leave. What I reccommend to experience the love of your charts, is trade the same time of day everyday - then don't look at your charts and say I should have been there or there or what ever - the charts are the past and there is no gaurantee you would have made the right choices anyway. The mind likes to think it would have. The only thing that matters is right now.

Trade only a few hours a day and find one set up that works for you. This same set up will work on the 6 majors so you will have a couple of opportunities per day for a trade. After you have mastered one set up - then you will begin opening your charts with excitement because the possibility of getting paid for your days work exists. This set up can be on any time frame. The hard work is leaning one set up that is consistent. I know that when I am learning a new set up that my losses will far exceed my wins for a while. Then all of a sudden, the aha sets in. Then pay day after pay day happens.

Hope this helps.

Hi Dahlia,

maybe you might get a little more insight to trading correctly if you read some thoughts abt TA here.

i totally agree on that also i was at same place... i was about to give up one day forex totally for Good....i was having bang bang all wrong ... i was thinking ok if i am thinking to go Long i will go short...as that is more probable to happen.. as market loves to go against me..

Then i was in NYC Subway i read a book and the first line that i read that day was

" Dont give up as that is the time you are most closest to the Goal"

After that i just sat down and saw my trading plan and trading strategy... Honestly it was on weekend,...

then i realized i will trade like .5% of my account and i will at max take one trade per day....

trust me i was wrong again but then i will open my wrong trade and then i will see if i did any mistake ... next time i am just trying not to do it again...

i record my thoughts (by mic) and screen when i am trading and i review it when i am going to office...

I am not sure if it helps...

but i do think read some self help motivational books that can definately help you..


V