How rookie a queston is this? | Forex Factory

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How rookie a queston is this?

  • #1
  • First Post: Jul 28, 2011 8:05am Jul 28, 2011 8:05am
Am I the only person to think that the second you put in a trade, the market seems to move in the exact opposite direction? If I set up charts with fibs, rsi's, and candle patters that all say one thing (along with news that coincides with same), and things suddenly fly off in the other direction, then what exactly am I supposed to be looking for?

Also, has anyone placed a trade only to see the market apparently freeze, or hover up and down a few pips, only to fly off the second you close your trade?

I must be blessed with some sort of gene that can control the market and force it to go the other way, but only when I'm trading. But seriously, how do successful traders get past this? I can't be the only one who thinks that his mind can negatively affect the market.

Sorry for the rant, but sometimes it seems so frustrating, and I have to get up and walk away, less I put my fist through my monitors.

Edit: The second I make this post, I take 10 pips on a small trade. Maybe the secret to trading is to rant and look foolish online?
  • #2
  • Jul 28, 2011 8:11am Jul 28, 2011 8:11am
Hi Welcome to the World of forex,

You are not alone. There are lots who think that they are being done in by their brokers.

Probably you need analyze your trades. You will find the answers youselves.

1. Did you have trading system at all?
2. How your entries were determined?
3. How did you arrive at your SL and TP levels?

There are many such questions you need to ask yourselves and you will get the answer.

Thanks
Ansi
  • #3
  • Jul 28, 2011 8:46am Jul 28, 2011 8:46am
Looking at the charts and news. Getting long predictions according to the news and the charts, but I can't see the USD/CAD getting too high up, esp. with the upcoming debt ceiling meeting. On the D1 chart, you can see the giant drop from .98 level, but could this mean that it's oversold and time for a reversal, or will the debt issue cause the market to lose confidence in the USD?

EDIT: Thinking of a limit sell @ .9495, as the psych level of breaching 9500 may be too much for people right now. Thoughts?
  • #4
  • Jul 28, 2011 1:09pm Jul 28, 2011 1:09pm
I can tell you many traders feel the same way, take a look at this videos, Iīve felt the same way as you do, and those were the times when I made many mistakes.

Inserted Video

Inserted Video


Frustration factor takes over easily donīt give up. I can only say your trading looks simple and that is the best you can do. But you must develop a trading strategy, test your method on some testing software, check out the time frames where it fits better, change your indicators parameters, look for paterns on those changes etc....explore everything until you get it. Practice does make perfect. You strategy will emerge, it has been happening to me, the more I test and the more I trade, I realize new features about my strategy, and it has helped me to have months of profit.

Regards
  • #5
  • Jul 28, 2011 4:35pm Jul 28, 2011 4:35pm
>> If I set up charts with fibs, rsi's, and candle patters

Start by realising that most of what is called TA is voodoo.

If making money in the market was really as simple as buying when RSI(9) < 20 or being able to recognise a hammer pattern, everyone would be profitable. That doesn't stop most on FF from trying but anyway that is another story.

First look at the same thing that other traders are looking at. That is prior day high & low, swing highs and lows, opening price and how price reacts to them. After that you can identify past support/resistance and decide whether the market is trending or in a range.
  • #6
  • Jul 28, 2011 4:39pm Jul 28, 2011 4:39pm
Quoting TradingNoob
Am I the only person to think that the second you put in a trade, the market seems to move in the exact opposite direction? If I set up charts with fibs, rsi's, and candle patters that all say one thing (along with news that coincides with same), and things suddenly fly off in the other direction, then what exactly am I supposed to be looking for?

Also, has anyone placed a trade only to see the market apparently freeze, or hover up and down a few pips, only to fly off the second you close your trade?

I must be blessed with some sort of gene that...
you probably trade a crappy system. (Most traders who are not profitable have a crappy system).
  • #7
  • Jul 28, 2011 5:33pm Jul 28, 2011 5:33pm
Quoting TradingNoob
Am I the only person to think that the second you put in a trade, the market seems to move in the exact opposite direction? If I set up charts with fibs, rsi's, and candle patters that all say one thing (along with news that coincides with same), and things suddenly fly off in the other direction, then what exactly am I supposed to be looking for?

Also, has anyone placed a trade only to see the market apparently freeze, or hover up and down a few pips, only to fly off the second you close your trade?

I must be blessed with some sort of gene...
We ALL experience that from time to time. You have two choices:

1) Be patient especially in your second scenario to give your trading system a chance to give you profit if your trading system has been absolutely proven to be profitable. Sometimes market does take a bit of time to move especially in low-volume trading months like in Summer months and X-Mas time.

2) Get out of the trade asap especially in your first scenario when the market is going the other way and then come back in when you see another trading opps. later on.

Good pipping!
Make your losses in demo. Earn your profits live.
  • #8
  • Jul 31, 2011 4:13am Jul 31, 2011 4:13am
Quoting TradingNoob
Am I the only person to think that the second you put in a trade, the market seems to move in the exact opposite direction? If I set up charts with fibs, rsi's, and candle patters that all say one thing (along with news that coincides with same), and things suddenly fly off in the other direction, then what exactly am I supposed to be looking for?
Oh yeah. Some time ago when I knew even less that I do now I had the same magic finger.
Somebody told me to use opposite order instead of stop loss: "If the market goes the wrong way, your second order will be triggered. You will profit on it and then, when the market comes back the other way you will profit from your first order. A win win situation."
Right.
I would go short and the market would immediately go up until it hit my long order, which would act as a very strong resistance so PA would trigger it, come back down and get into range between my two orders.
Then I would have two possible scenarios:
1. Close both trades in a loss turning my win-win trade into lose-lose trade.
2. Close one of the trades hoping price will go into the direction of the other.

Of course it goes without saying that each time I opted for the second scenario the price would go in the wrong direction right away, leaving me with an even larger loss.

Worked like a charm, almost each time. The most reliable system I've ever encountered so far.
  • #9
  • Jul 31, 2011 12:47pm Jul 31, 2011 12:47pm
Quote
you probably trade a crappy system. (Most traders who are not profitable have a crappy system).

My system is certainly NOT crappy! I have a squirrel in a box, and before I make a trade, I toss 3 acorns into the box. If there are an odd number of acorns left after 2 minutes, I go long, otherwise, I go short.

The blame lies completely with the squirrel. I am perfect.
  • #10
  • Edited 1:14pm Jul 31, 2011 1:00pm | Edited 1:14pm
Quoting Al_Xdarriaga
Frustration factor takes over easily donīt give up. I can only say your trading looks simple and that is the best you can do. But you must develop a trading strategy, test your method on some testing software, check out the time frames where it fits better, change your indicators parameters, look for paterns on those changes etc....explore everything until you get it. Practice does make perfect. You strategy will emerge, it has been happening to me, the more I test and the more I trade, I realize new features about my strategy, and it has helped...
Good advice.

Just dig deeper into whatever system/method/strategy you use now. Other ideas how:
Study why your indicators work and how they fit together, such as taking multiple samples of what seem to be the same shape for each indicator and then studying each group of samples;
expand one's view (bar count) within the same time frame and explain how much area you usually study with the extra area.

I'm learning too, and no matter how much you know, only an edge will get you past such a predicament.
  • #11
  • Last Post: Aug 3, 2011 9:54am Aug 3, 2011 9:54am
i have 8 trades in on the same pair, 4 buy, 4 sell, i have a small account and balance, my question is - what is the safest way to get out of my situation without losing everything and not having to add another deposit.. thank you in advance for any help offered and good trading to all..
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