another losers thread: entry strategy idea

I am one of these amateurs who supposed to lose all the money in forex. I never get it right. I accidentally hit a buy instead of sell last week and that was my only profitable trade. I am really contemplating just doing opposite of what i feel like, i.e. buy instead of sell, sl and tp switch. But then my mind will play tricks on me and I will lose anyway. So looking over my near-perfect loosing all and every trade, I think of trying the following:

Keep using same ta, bs indicators, autochartist signals or traders sentiment, BUT:
Instead of entering lets say short at market, place a short entry order(sell limit) at half ADR above current price(reverse for long). In unlikely case that the initial analysis was right, I will simply miss the trade which is better than what I usually do which is loose money. In case I was wrong and entered countertrend as always, I will be half-ADR less in the red. What I am aiming for is I will enter more near where I should enter according to what went wrong with previous trades- they almost always go where I predict but not before hitting SL or margincalling. This entry adjustment will save drawdown and increase green pips. So starting next week I will try doing this on multiple pairs and see what happens. I will never Never NEVER trade against higher TF trend either. So what I'm trying to say, market tends to overshoot my entries and exits which would be good calls otherwise, if they were made at different price level- and I think this entry adjustment method could remedy it.

Thoughts?

Maybe you would like to try this exercise:

~02:23:
Here's an exercise for some people. Next time you are just about to place a trade on you pick something heavy and go Puf (hit your head). And then write down where you are going to buy and where you are going to put your Stop Loss. Don't BUY it but put an order in to BUY it at where you're going to put your SL...

I'll try it tomorrow on my Demo account but I'll skip the part banging my head...LOL..... :-)))

Good luck to you and me

Well, I seem depending on others trading strategy or system wouldn’t be a good solution at all! Traders need to identify their entry and exit points according to their personal trading plan! In this case, I use support and resistant levels with Moving Average trading indicator.

It actually works very well so far- keeps me out of many bad trades and lowers drawdown. I use sentiment as a contarian indicator- it is my belief that market makers are out to get retailers and it is smart to not have a set-in-stone entry rules so to be less predictable and therefore less likely to get caught making money.

If I can just chip in here. What makes your trade profitable? Is what happens after your trade is triggered that matters. Which you don't have control over. What you do have control over is position size and when to get out.

A system adding positions to your winning trades when(price goes in your direction and let them run, tends to work very well in the long run.

What does losing traders do? They cut their winners and letting their losing positions run. Or even worse, adding to their losing trades.
I think studying what 95% of traders do wrong, might get you are good idea on what not to do and perhaps make a strategy on that.

Yes, this is why i use traders sentiment as one of my countrarian entry signals, among with countrarian conventional indicator. I do not want to go into much detail on my entries and exits. There are few things i learned in years of reading about forex. Main points is 95% failure and Lagging Indicators- and the losers preaching Solid Entry Rules and retarded money management. So i believe that counterintuitiveness and unpredictability is key.

Thank you, good video. That is somewhat like what i am trying to do.

nicely said there @cabbiefx the more predictable you are in trading the more you go into 95 % of losers statistics.

Forgive my bluntness, but it sounds like you don't have much of a strategy, and are more or less placing trades at random.

The best advice I could give is stop trading live, switch to demo until you have a properly thought out and tested strategy. Forget signals and autochartist. You need to develop your own strategy, not rely on someone else's.

Every time you enter a trade it should be because the rules of your proven and tested strategy dictate it. You should know in advance (because you have meticulously back-tested it) what the probability of success or failure is for your given setup. You can use this probability to calculate TP and SL levels.

Otherwise, you really have no control over your trading, and that's a certain way to lose in the long run.

With all due respect, this forum is full of what you are advising. To put simply- it is my strategy not to have one. I just found this topic here https://www.forexfactory.com/showthread.php?t=681918

And i very mych like what is discussed there, similar view on strategies. And by the way, i use no sl- margin call is my sl. I get margin called every other day and still profitable. And as for demo, i dont do that, i use money i can afford to lose to practice.

Well, I use moving average indicator to filter my entry and exit point! I don’t rely on only MA trading indicator.

I also looked into doing the opposite a few months ago, that led me down the path of sentiment indicators that cabbiefx was referring to.

Retail traders love to pick tops and bottoms which is clear to see using Oanda's position ratio analysis (shows the % of long vs short position). I see it so many times where a pair has a bias for one side and the chart shows it trending in the other direction.

What I like to look for is that type of a setup (bias in one direction) and a candlestick formation indicator the opposite (continuation of the trend). I would look to get out when the bias starts shifting to neutral (45-55%).

Hope it helps.