Me or the market? | Forex Factory

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Me or the market?

  • #1
  • First Post: May 19, 2011 3:12pm May 19, 2011 3:12pm
Just want to know your opinion on the market as a whole for trading at the moment?

For me the past 2-3 weeks have been hard. Seems most trades reverse long before reaching their target.

This is from the stand point of a swing trader, using daily and 4hr charts , and trading price action mainly, with discretion. If your a scalper your opinion is not much good Im afraid

Im only looking for opinions on MARKET CONDITIONS, not on trading strategies, ive argued with people on other threads enough in the past about Price action and discretion and probabilities, bla, bla, bla.

Thanks
  • #2
  • May 19, 2011 3:49pm May 19, 2011 3:49pm
Quoting highlander2
...Im only looking for opinions on MARKET CONDITIONS, not on trading strategies, ive argued with people on other threads enough in the past about Price action and discretion and probabilities, bla, bla, bla...
With all due respect and a deep desire to improve my own trading, how can you be so sure the issue is Market Conditions and not you? I would love to be able to know that I am not the cause of my problems (today it is mostly me but some day.....).
Without VSA, you're playing checkers while the Smart Money plays chess.
  • #3
  • May 19, 2011 4:15pm May 19, 2011 4:15pm
I apologise for my attitude in my first post, I just dont want an argument about strategies, although I do have to try and improve what Im doing to take into consideration market conditions.

Jan, Feb, March were awsome, the best trading I had ever done, but recently It seems that the market is very reluctant to make any decent moves, or at least on the trades I have taken.

HiddenGap, i have talked about "self analysis" on FF before, and I said that people should always ask themselves if they are in a mindset that will allow them to make good trading decisions.

As I sit here now, I dont feel anyways stressed by a few losses and the lack of progress, I feel ready to take the next trade.

If I lose another trade My rules say I should stop for a the next trading week plus the remainder of this one. This is to stop the draw down (at least temporary) and allow me to refocus. no doubt the market wil break into a beautiful trend during this time...
  • #4
  • May 19, 2011 5:02pm May 19, 2011 5:02pm
Both
Time hides Nothing
  • #5
  • May 20, 2011 1:46am May 20, 2011 1:46am
Quoting highlander2
If I lose another trade My rules say I should stop for a the next trading week plus the remainder of this one. This is to stop the draw down (at least temporary) and allow me to refocus. no doubt the market wil break into a beautiful trend during this time...
Yeah, I don't know if that rule is good. Is that rule based on anything? Or it is just to stop drawdown?
I think, if you have an edge you should never stop trading and just trade through the drawdown. If you stop trading, then probably your best trades which will get you out of drawdown will never happen, cause you have the rule of stopping trading.

Also to your other point about markets not reaching targets. Just employ a trailing stop to protect your profits. The market is not perfect. And the market always wants to trap either the bulls or the bears. Using a trailing stop also makes sense from a risk reward point of view. Let's say the market moved already a hundred pips in your direction from your entry and your target is reached in 20 pips. Now would you risk 100 pips for making 20 more pips? I hope your answer is no. So employing a trailing stop makes sense, to get again favorable risk:reward ratios.
  • #6
  • May 20, 2011 5:24am May 20, 2011 5:24am
Quoting highlander2
If I lose another trade My rules say I should stop for a the next trading week plus the remainder of this one. This is to stop the draw down (at least temporary) and allow me to refocus. no doubt the market wil break into a beautiful trend during this time...
Years ago I had the same rule. I've learned that I needed to differentiate between a normal losing streak and my screwing up.

If the losing streak is normal, then you have to keep trading. You can decrease risk though and that will help with the bleeding and the psychological beating.

If you're losing because you're screwing up, then absolutely take time off, figure out why you're screwing up and do something about it.
  • #7
  • May 20, 2011 6:06am May 20, 2011 6:06am
Quoting highlander2
Just want to know your opinion on the market as a whole for trading at the moment?

For me the past 2-3 weeks have been hard. Seems most trades reverse long before reaching their target.

This is from the stand point of a swing trader, using daily and 4hr charts , and trading price action mainly, with discretion. If your a scalper your opinion is not much good Im afraid

Im only looking for opinions on MARKET CONDITIONS, not on trading strategies, ive argued with people on other threads enough in the past about Price action and discretion and...
Hi highlander2

I have experienced the same.....all patterns on my charts seem to be corrective and point to uncertainty. This has been for last couple of weeks(approx beginning of May).

AUDUSD is at major support(1.0535) and making lower highs, USDCHF is clinging to 0.8900 and EURUSD does not know whether to go back up or down

Cheers.
  • #8
  • Last Post: May 20, 2011 10:51am May 20, 2011 10:51am
I think if you know how the market movers trade you would agree that there were a lot of excellent opportunities over the past 3 weeks.
Conditions do vary but intentions don't really change.
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