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biggest frustration or obstacle you have faced so far?

  • #21
  • Jun 29, 2010 5:21am Jun 29, 2010 5:21am
Quoting utjuph
And by doing 100 winning trades, you'll end up making 4000 right? 100% return. But that's assuming you have 100% rate of winning which is almost impossible to any1 to make. But then again, with lower rate, you still have much mate.

Just do the math correctly will help you ,I guess.

yes and I'd class that as overtrading even if I did double that account.
  • #22
  • Jun 29, 2010 5:34am Jun 29, 2010 5:34am
Quoting Aneurysm
yes and I'd class that as overtrading even if I did double that account.
If I may ask, mate, what's your definition of overtrading??

As for me, overtrading is doing trade outside my risk profile and hence, threatening my risk:reward profile ratio.

I can't actually understand doing many trades as overtrading. (except if you do define overtrading as doing much trades)
  • #23
  • Jun 29, 2010 6:00am Jun 29, 2010 6:00am
Quoting utjuph
If I may ask, mate, what's your definition of overtrading??

As for me, overtrading is doing trade outside my risk profile and hence, threatening my risk:reward profile ratio.

I can't actually understand doing many trades as overtrading. (except if you do define overtrading as doing much trades)

I have a different approach at that.

my definition of risk is not what you choose to invest, but when you're picking trades that aren't trending and very hard to predict, that's like gambling to me.

If I have a trade that all my indicators and calculations say it's a no brainer, it makes sense that I'd be willing to risk more, expecting a higher return

And I don't think we can have over 100 of those in a short period ie a couple of weeks or a months
  • #24
  • Jun 29, 2010 6:13am Jun 29, 2010 6:13am
Quoting Aneurysm
I have a different approach at that.

my definition of risk is not what you choose to invest, but when you're picking trades that aren't trending and very hard to predict, that's like gambling to me.

If I have a trade that all my indicators and calculations say it's a no brainer, it makes sense that I'd be willing to risk more, expecting a higher return

And I don't think we can have over 100 of those in a short period ie a couple of weeks or a months

Ah yeah, the 'setup'. I forgot to mention that too.

Well, though I'm saying something like this, I'm just making just few trades too. But then, one thing I don't agree is your argument about money. Small money can still make difference.

That's for me, at least.

  • #25
  • Jun 29, 2010 3:20pm Jun 29, 2010 3:20pm
The more money you have, the more likely you are to succeed.
Who is successful? Banks and they have lots of money. They don't worry about 100-200 pip draw downs because there buying from you at intervals and then selling at intervals, which when done correctly averages out to profits for them. Remember someone is taking the other side of the trade.
Example: If you bought EUR/USD when it changed direction in 12-03-2009 and was able to handle a 600 pip drawdown you would still be in the money with a 2600 plus profit to date.
  • #26
  • Jun 30, 2010 1:26am Jun 30, 2010 1:26am
Biggest frustrations so far:

1. When I was clueless about trading, biggest frustration was loosing money with no "apparent" reason.

2. Now, that I may have a clue, fight the urge to trade long term (most times loose) and stay with my short term system (few times loose).

Kostas
  • #27
  • Jun 30, 2010 7:06am Jun 30, 2010 7:06am
Quoting kostas1
Biggest frustrations so far:

1. When I was clueless about trading, biggest frustration was loosing money with no "apparent" reason.

2. Now, that I may have a clue, fight the urge to trade long term (most times loose) and stay with my short term system (few times loose).

Kostas
1. Well, when you are cluefull (?) about trading, can you really explain your loss?? I kinda doubt that mate. As I felt, no one would ever really understand market fully. I think what we'll give just another rationalization....

2. Ermm... That's your choice, so I got no prob with that.

Either way, GL to your trade....

NB : for the #1, my only intention is just showing that there's noone will understand fully bout the market. I wanna show in this rookie discussion that so far, the only thing I can control just myself. But hey, that just me, another rookie ,or maybe more suited called as newbie, talking..

  • #28
  • Jul 1, 2010 1:18pm Jul 1, 2010 1:18pm
I started a demo trading account in March with $1000 and today I have $825 left in it. I have no clue what I'm doing.

1)Every book I've read talks about trading a "system" but I don't know where to start in designing one. Everytime I start to look at some indicators, I run across articles/discussions that talk about how these indicators are lagging and hence useless...and that I should be trading naked using pure Price Action. I've tried that but I can't seem to make any profits with any consistency. I'd say I have a win rate of 20% and my losses are much more than my profits.

2)I have a full time job and a lot of times, a trade goes against me when I'm at work. I never risk more than 1% on each trade but it seems like every day I give away 1,2,3% to the market. Every once in a while I'll get lucky (it's got to be luck if it happens so infrequently) and make 5,6,7 %. There have been 2-3 occassions when I've made 15% and that's what's kept me from washing out my account inspite of my dismal win rate.

3)No clue how to back test price action? I use meta trader and use vTerminal but my problem with that approach is that there's no way to change time frames once you start. Wish there was a book out that that went into back testing in detail and used some real trading systems.

There...I feel better already. Thanks for listening y'all.
  • #29
  • Jul 2, 2010 5:30am Jul 2, 2010 5:30am
Biggest frustration is overtrading and not sticking to my rules!
  • #30
  • Jul 2, 2010 10:57am Jul 2, 2010 10:57am
hey tex, welcome

first, you can't trade naked unless your in front of your computer. what you need to do is go to your mt4 and look at all the indicators. you have to find something about them that you understand. the markets move in patterns, i.e. the trend. there are fx brokers that have training videos and live training if you download their software, or even have classes if you open an account. i see these commercials all the time. interbank FX has online training during the week, they take an indicator or two and show you how to use it, and you get to ask questions. i am sure you can ask about all the indicators and they will tell you what they do. you have to decide what ones if any, that you want to use. backtesting is a joke, what happened yesterday will not happen today or tomorrow. since i cannot go back and make the trade and bank the profits, why waste time. what you do is look for how your signals show you which way the market is going. you can see where the trend is going and decide whether you want to trade long or short. but, and take this to heart, the market will react to rumors and facts in ways that you cannever predict and can go against you in a heartbeat, or add on massive profits in minutes. i have said before, the market is insane, all we hope to do is to try and snag a few pips during it's gyrations.

take some time every day when you get home to look at the market, what news came out while you were at work and see how the market reacted. you should look for long term trading signals, probably no less than the 1 hour TF. play with one lot and just build your account. you won't win every trade, but just a slow steady approach will be your best bet. make sure you have a sl on every trade, that way if the market freaks out, you won't get killed. also, you can make sure you can bank profits by moving your SL in the green.

you have much to learn young padawan, but do not rush this. you have time.
  • #31
  • Jul 2, 2010 4:23pm Jul 2, 2010 4:23pm
Thanks for the encouraging words and guidance mtrmth.

By naked trading I meant just using s/r levels and trend lines and not using any indicators live macd or channels or oscillators. I do use a higher time frame - 4hour and daily.

Looks to me like you trade the news. Do you use any indicators? Which ones should I focus on?
  • #32
  • Edited Jul 4, 2010 5:28am Jul 3, 2010 7:38pm | Edited Jul 4, 2010 5:28am
biggest frustration is when I take profit too early or when I miss good setups (100-300 pips) and then eagerly taking "B" grade trades that turn out to be losers


http://www.myfxbook.com/widget?id=38...pe=1&color=red
"There's a big difference between looking successful and being successful"
  • #33
  • Jul 4, 2010 12:14am Jul 4, 2010 12:14am
My biggest frustration right now is to find the TP level. Many times I set up the trade fine, the trade goes into profit but I don't know when to take profit so I either tp too early and then watch myself losing sometimes 200+ pips or tp too late and lose profit that should've been mine.

Make your losses in demo. Earn your profits live.
  • #34
  • Jul 4, 2010 12:18pm Jul 4, 2010 12:18pm
actually, i do not trade the news. the news is tough to figure. you never know what the reaction is going to be. i have been looking at certain times of the day, like when markets open and close and the traders get in on the action, they move the PA and it seems to be the time to make a few pips by hanging onto their coattails. they may not like it, but since they can hose you when they decide to make big purchases, i figure it is payback.

as for what i use, stochastics and CCI, along with a couple of ema's. i actually am trading the 1 min TF, i have not had good luck on the longer TF's due to trying to listen to everyone else. most people tend to go overboard with their indicators, very few make money. i am sure afew will make comments, but maybe they should show their monthly take from trading, then i must listen. i have been at this for 4 years, and i have been very frustrated from time to time. one thing i have learned over the years, there is no holy grail, no way to be mega profitable when you first start out. all you can do is make some money and just keep adding to it. over a period of a year or two, it will start to add up. that is what my goal is right now, make money every day. even if it is a few pips, there will be days those pips will be big. play it conservative, and do not think by the end of the year, you will be driving a porsche with a hot blonde sitting next to you. think like warren buffett, it may take a few years, but the wealth will come.
  • #35
  • Jul 4, 2010 9:16pm Jul 4, 2010 9:16pm
This is the best post that I have read on this site. Thank you so much. I will be looking into this more (interbank fx)

Quoting mtrmth
hey tex, welcome

first, you can't trade naked unless your in front of your computer....
  • #36
  • Jul 4, 2010 9:41pm Jul 4, 2010 9:41pm
My biggest frustration was definitely the first few weeks. Like a vane, didn't know where to start. Simply to much information (blogs/forums/books, etc). It's like when you have too many songs on your music player, you never know what to put on!
  • #37
  • Jul 11, 2010 9:23pm Jul 11, 2010 9:23pm
wow, I'm grateful that you all shared what you are/were going through with your trading. Starting up is just really difficult. And I can't comprehend how would one feel if he lost real money along the way. But I find forex really interesting, so much potential and I would love to make a living out of trading alone.
  • #38
  • Jul 11, 2010 9:57pm Jul 11, 2010 9:57pm
I have some frustrations but most you can over come, besides just making stupid trades. hahahah

The one about undercap. Thats easy to over come.

Find a broker that lets you trade how much you want. I am on Oanda, sure its not the greatest broker but I can trade how much I like, there is no lot size. and NO I am not trying to get you to use them I am sure there are others that let you trade like that.

Limit your trades. I am just starting out but even on the game account I limited the number of trades that I made and the amount that I trade. This is to assure I wont be margin called and I can build up my balance and take bigger trades and more trades once the balance is higher. Sure its not perfect but will help if you are tight on cash.

Forget the stops! Like everyone else I started using stops and to have what most say being stopped out when you set it 100 pips away that and to give that free money to them that sucks! Now I just ride out the trade or cut the loss if its an amount I want to swallow. I am an open trader and for me it is working ok, but you have to have the margin there for the wild swings, hence the limited amount of trades and position size.

Anyway I wish everyone the best. Keep trading and always try different things, you never know what will work for you.

See ya Rob
  • #39
  • Jul 11, 2010 11:24pm Jul 11, 2010 11:24pm
Mine was not implementing Money Management principles..I used to see a lot of trades to end in loss from profitable positions.
  • #40
  • Jul 14, 2010 3:49pm Jul 14, 2010 3:49pm
Quoting rgetty
I have some frustrations but most you can over come, besides just making stupid trades. hahahah

The one about undercap. Thats easy to over come.

Find a broker that lets you trade how much you want. I am on Oanda, sure its not the greatest broker but I can trade how much I like, there is no lot size. and NO I am not trying to get you to use them I am sure there are others that let you trade like that.

Limit your trades. I am just starting out but even on the game account I limited the number of trades that I made and the amount that I trade....

rgetty, no stops seems like a really bad idea. I think that I'd rather give 1% -5% away rather than 100% away. You never know when there might be an unforeseen global event that causes the market to spike a 1000 pips and take your account out.
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