What frustrates you the most about trading?

What I don't think will go away that is unpleasant about trading and I just have to get used to is; It doesn't matter if I've made made 20 pips or 100+ pips the previous trade. No matter how high I am, or how confident I am off those good trades or low off the bad ones, executing that next trade always gives me that feeling in my stomach, the kind I get used to get before I would get into a fist fight.

But I guess that just like with fighting, when it comes to trading; you have to get used to getting hit, a lot. And sometimes pretty hard.

Auto-trading. Mainly doing order management. Entry & exit points are not that important. I'm also some sort of a scalper.

entering a real dumb position with an even dumber stop loss, and being wiped out a few hundred in a couple of seconds, then watching the market bounce back, and see I'd have gotten it right with a little more patience on the entry and a wider stop loss

I like it, maybe I begin to write some scalping EAs, I have it pending, because the only fact in Forex is its high noisy, and its possible that it can be used to take some pips. After 1 year trading I'm still testing strategies, some in long term and some in short... This market is too harsh, the only thing that attracts me is the fact that is the biggest market in Earth.

I think that scalping is far easier than normal trading because sub 1 min time-frames follow most of the rules of technical analysis and are not as irrational as the other time-frames. Keep your take profit low (like < 5 pips) and you can be successful quite fast.
I think that it's easier to make 50 trades with 1 pip profit in one day than one trade with 50 pips profit.
What's really really nice is that the high success factor will boost your confidence, and you'll learn to make more profitable scalping like 2 pips profit, 3 pips or more.
What's even better is the compounding. Your % growth will be faster with 200 pips earned through scalping than when using a traditional trade.

Order management is even better, more stable and more profitable but it's more complex and not really worth the hassle unless you're a mathematician or a programmer. You can check 7bits' EA to get an idea of the logic involved. In my opinion, his work stands at the top of the podium of ForexFactory's most useful EA/Thread/System/Idea. But it's quite complex for the initiated.


I wish you a good week-end and to make some pips during the next week Trad3r


Edit : if you want to start scalping, stick to the 4 classics : EURUSD, EURJPY, USDJPY, GBPUSD. As a rule of thumb, check if the pair, on a 10 sec chart, has at least 50 bars on a 10 minutes interval. If not, the pair is illiquid and isn't fit for basic scalping.

Your playing too big and too much emphasis on entry. If you follow the trend you wouldnt care too much about being patient for an entry...

What I am fighting right now and getting better at each month is allowing myself to wait for the right entry. When I see a nice trade that has been at support or resistance or a trend line and is starting to retrace I immediately enter the trade thinking I have to do it now or I will miss the move. My system that I use allows for 50 pip SL and more than 75% of the time the price will retrace at least 25 pips against me, allowing for me to reduce my overall risk by more than 50% if I were to just wait for a better entry. However, as long as I am moving forward and progressing each day allows for improvement.