so i've lost half my capital

Good to hear that my friend, keep going...

We learn more from our mistakes, the problem is doing them again... so focus on not to do the same thing again.

Regards,

f

I agree with you that trading with nanolots are the best to practice with a live account where your losses are totally minimized.

Quite Right. It is a great achievement to make 50 pips a day.

Yesterday i traded on 1 h chart...great trading..up 20%. No stress at all.

Though i did watch 5 M chart for the small trend but i took a position based on 1 H chart.

I am seriously thinking to trade on 1 h chart and get a full time job and build forex profits slowly.

This is the right way.......trading becomes stressful when we live on a daily basis......as your equity grows try going to higher timeframes and focus more on enjoying your money

I would def agree, new traders start their trading careers by the attraction of trading the intra day movements off the 1M or 5M charts only with 10-20 pip SLs, that is almost impossible to do consistently. I have found that going with the trend off the 30M or 1H charts are much more feasible and profitable (using the 30M/1H charts to scalp off 5M or 15M). Their are too much emotion going through a new traders head by every single tick of the chart which will end up imploding your account, no matter how great you think your system is.

just try to keep it simple, and don't spend so much time dwelling. Keep going forward!

MADNESS

I was reading this book on forex trading the other day (can't remember the title atm) where the author was stressing out a few interesting psychological issues involved in trading, things that i've experienced as well as many other traders. Fear, greed. The two most important feelings involved with trading. And how they can lessen our mathematical probabilities of having a succesful trade, or ruining one.

Achieving 20% is gambling. You might get away with it once, twice, even for longer, but soon, you will blow your account. I know i idid because of it, because i was greedy.

Hedge funds will not hire someone who turns a 50% gain on his account, because he is an accident waiting to happen, but will go for the guy who makes a constant 2% on his account. Personally i want to be the second guy, not the first.

Now i've let go of the fear of losing, because my losses are controled.
Greed, this thing that makes us jump the gun, and take profits fast, while if i let the trade run, i could have ended with 5 times the amount i secured today.

I read Elder's book on trading 8 months ago, were he stressed out how important self confidence and self discipline are. Self confidence is something that comes with experience. Self discipline on the other hand is a different story.

Biggest two mistakes when trading are letting our losses run longer, because of fear of losing, and the false hope that it will "turn around in my direction", and im guilty of it (a GBP/USD position with a SL of 700 pips, WTF was i thinking ?).

And the fear of losing our profits, and not waiting enough to let a trade run profitable. Most people will aim for 10, 20, 50 pips. While if you waited long enough you could end with 500 pips.

I have learned not to aim for something in specific.
I wait for the setup to be correct, EMA10 and SMA30 crossing over, in a clear trend, near the trendline. It does not happen often, but when it does, there is a HIGH probability that it will be a succesful trade. And then i let the trade run. I will not go out, until i see a clear trendline break or a reversal pattern, and still i will be patient. Higher lows mean an uptrend, lower highs mean a down trend, it really does not have to be any more complicated than that!

Let the market give you what it wants to give you, im done of trying to control everything.

Ok, im still new to this to be giving advice, but somehow things seem more clear now

Your increased success rate on the dailies must be telling you that you are now on the right track

I think its a matter of probabilities combined with human psyche.

Dailies give you plenty of time to react, pleanty of time to analyze what you are seeing, and a longer/bigger target for taking profits.

Intraday on the other hand is harder, faster and more conservative way of trading.

At least for me.

Going after 500 pips in a month is easier and doable, probability and emotionally wise.

Going after 50 pips each day is way harder!