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Trouble Trading

  • #1
  • First Post: Edited 11:57am Mar 22, 2010 11:53am | Edited 11:57am
Hie pals.

i am new trader with trading experience of only 1 month and my analysis is very bad,
yesterday evening, i tried my best and ended up wid a loss of -200$
dats really bad as i dont have much balance to hold on in market if i trade this way,
please someone help this soul with a simple and easy method to analysis the move in the market, i am like a lost and confused car at full speed.
please ppl, relying on your efforts.

i am planing to use the Ir Eko indicator ,will that be good ....please help
  • #2
  • Mar 22, 2010 12:19pm Mar 22, 2010 12:19pm
Quoting kingping
i am new trader with trading experience of only 1 month and my analysis is very bad,
well, there is your first mistake bud. you should not be trading real money after just a month. you should take at least six months to ayear learning, and then from there it will take three to five years to start making consistent profit. it takes time.


Quoting kingping
yesterday evening, i tried my best and ended up wid a loss of -200$
dats really bad as i dont have much balance to hold on in market if i trade this way,
you should not be risking that much money if you cannot afford to lose it. also, you shouldnt be trading with money you need to survive. if you absolutely cant lose the money, dont trade with it, because you will lose it. you arent going to be making enough money to live off for a LONG time, so dont use up your life savings or last weeks paycheck.

you should definitely look into risk management. it is a MUST when it comes to trading.


Quoting kingping
please someone help this soul with a simple and easy method to analysis the move in the market,
lol. if there was such a thing, everyone would be using it. dude, this business is HARD. just like life. there is never a simple, quick, easy, cheap answer to anything. if you find such a thing, it is a scam or you just dont understand it. it is the nature of life.

it will take time and practice to become good at analyzing the charts.



Quoting kingping
i am like a lost and confused car at full speed.
please ppl, relying on your efforts.
another big mistake. NEVER realy on other people when it comes to trading, especially strangers on an internet forum. you have no idea if we know what we are talking about or if we are making stuff up.

you can only rely on yourself. read some books, spend some hours in front of a chart. research, research, research. learn everything you can, then rely on that knowledge.



Quoting kingping
i am planing to use the Ir Eko indicator ,will that be good ....please help
one simple indicator is never the answer. it might work for a while, but eventually it wont. then what? you move on to the next indicator, then the next, and so on. that is not where the money is. again, your brain is the most important, most reliable tool out there.
  • #3
  • Mar 22, 2010 12:21pm Mar 22, 2010 12:21pm
Hey Kingping,

Please follow this link and learn from the master SHO , he is our mentor.This thread is about price action trading .

Are u in demo trade or live?

http://www.forexfactory.com/showthread.php?t=217281

Hari.
  • #4
  • Mar 22, 2010 6:29pm Mar 22, 2010 6:29pm
Read read read read...and start with a virtual account with something truly important in your head -> Money Management (choose a % for your risk).
"Those who fail to prepare, are preparing to fail."
  • #5
  • Mar 22, 2010 7:38pm Mar 22, 2010 7:38pm
1 month is too early to talk about profits.
Use this forum, you are in the right place.
  • #6
  • Mar 23, 2010 9:54am Mar 23, 2010 9:54am
thanx for the support,,,,felt like i have got a caring shoulder at forex factory,

my story is very tricky, i have practised at demo and my outcome is overall in profit
i traded 10 orders 6 prfot and 4 loss , and wen i enter to real acc for trading, in hesitancy or wot i dunno, i loose the point to enter and i enter into the wrong position....
  • #7
  • Mar 23, 2010 11:41am Mar 23, 2010 11:41am
demo trading profit means nothing...

start over, put together a proper business plan. why don't you start with the james16 thread. good place to start.

right now you're using "play" money profits to gauge your trading ability--about as effective as learning to swim by watching a video on youtube.
  • #8
  • Mar 23, 2010 1:56pm Mar 23, 2010 1:56pm
There's no emotional factor in demo trading. I traded very very well on my demo account when I first started trading, but when I got into real money I realized that your mind plays tricks with you and makes you second guess decisions you'd otherwise make.
  • #9
  • Mar 23, 2010 2:26pm Mar 23, 2010 2:26pm
yea, true said speedster, but its like i want to trade desperately to cath the trend of the market,
there is no issue of money as i am aiming for the chart analysis first but the money is a lagging factor in my side....

i gotta do someting,its not sentimental issue i am dealing with, its a very strong urge to know this business bro...
  • #10
  • Mar 23, 2010 3:22pm Mar 23, 2010 3:22pm
Quoting speedster239
There's no emotional factor in demo trading. I traded very very well on my demo account when I first started trading, but when I got into real money I realized that your mind plays tricks with you and makes you second guess decisions you'd otherwise make.
Same opinion here..It's a Big true..But to learn and do tests a demo account it's essential...i think so

cheers
"Those who fail to prepare, are preparing to fail."
  • #11
  • Mar 30, 2010 9:13am Mar 30, 2010 9:13am
so can trading on the basis of weekly chart and the daily chart help me know the trend of the pair ?
  • #12
  • Mar 30, 2010 9:15am Mar 30, 2010 9:15am
and over all if i do trade on the weekly basis, i will be ending up in profit on the trade i did cos the trend will be followed in that chart,

if suppose
W1-down trend
D1-down trend

and no matter what the other H4, H1 are, the price action will more down at the end of the day,


please correct me if i am wrong,
waiting for your support.
  • #13
  • Mar 30, 2010 10:17am Mar 30, 2010 10:17am
Hi Kingpin.

I notice you mentioned an Indicator called Ir EKO in you original post.
Please do not pay for that!

The website promoting it is offering the impossible. Also you can pick up all those indicators for free here on the forums.

Put the attached indicators on your chart and you'll see something similar.
Please be aware that the examples on the site are ideallized situations showing the best possible outcomes.
Attached File(s)
File Type: mq4 Heiken_Ashi_Smoothed.mq4   4 KB | 351 downloads
File Type: mq4 BAT_ATR_v1.mq4   4 KB | 334 downloads
  • #14
  • Mar 30, 2010 10:28am Mar 30, 2010 10:28am
Quoting kingping
i loose the point to enter and i enter into the wrong position....
Are you sure, how would you know? Looking at the graphs of most majors lately, they are up and down. For instance, the EUR/USD was 1.3250, went to 1.3550 or so, now down to 1.3400. My assumption is that you didn't enter the wrong position (way, direction), you just got spooked because you were too heavily invested... and got out with a loss. So, how do you fix this problem? Two ways.

1. Trade with FAR LESS. $1,000 account, you should trade no more than .05c a pip, no... seriously. Until you get into a rythem.

2. Trade with a higher Time Frame. This way you get to think a lot longer about which way the market is really going, rather than just panic.

We all have trouble with trading.
The market is my nation. Traders, my family. Hello, brothers and sisters!
  • #15
  • Mar 31, 2010 3:24am Mar 31, 2010 3:24am
Quoting StockKJay
Are you sure, how would you know? Looking at the graphs of most majors lately, they are up and down. For instance, the EUR/USD was 1.3250, went to 1.3550 or so, now down to 1.3400. My assumption is that you didn't enter the wrong position (way, direction), you just got spooked because you were too heavily invested... and got out with a loss. So, how do you fix this problem? Two ways.

1. Trade with FAR LESS. $1,000 account, you should trade no more than .05c a pip, no... seriously. Until you get into a rythem.

2. Trade with a higher Time Frame....


good explanation bro. but by long term trading, u mean in weekly and daily basis ?

and my way of analysis is quite simple

W1 for trend
H4 for up / down candle
M15 for entering position,


thank you
  • #16
  • Mar 31, 2010 3:25am Mar 31, 2010 3:25am
Quoting Ted1983
Hi Kingpin.

I notice you mentioned an Indicator called Ir EKO in you original post.
Please do not pay for that!

The website promoting it is offering the impossible. Also you can pick up all those indicators for free here on the forums.

Put the attached indicators on your chart and you'll see something similar.
Please be aware that the examples on the site are ideallized situations showing the best possible outcomes.
yea bro, i ain't gonna pay for that, in fact, i already have it on my chart.


and the indicators you have mentioned, are they similar to that of the way of working of Ir EKO??
  • #17
  • Mar 31, 2010 3:31am Mar 31, 2010 3:31am
And lately i have entered to PA of 1.3566 on 3rd march.
the EURUSD has downward trend from that on and now its up.

ne idea it might cross 1.3566 in coming days friends ???
  • #18
  • Last Post: Apr 4, 2010 1:32pm Apr 4, 2010 1:32pm
W1 for trend
H4 for up / down candle
M15 for entering position,

this is the way i am currently applying on the market..
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