16 years old and trading

Hello,


I am, as the title describes, a 16-year old trader from Sweden.

I trade with pretty small capital. I will try to keep posting in this journal but dont be surprised if I forget.
I have studied Forex on and off for about 2 years, and the first year was a terrible experience, due to my deposit in eToro (Do not EVER EVER EVER deposit in eToro, they are complete scammers.)

Over the years I have tried numerous systems and strategies, without any greater success. I have realized, though, that the systems were fine, I myself simply wasn't.

I keep hearing "Cut losses short and let winners run" but there is something that really does confuse me about this saying..
It is that I ALSO hear a lot that greed is an account-killer and that putting to small stoplosses stop you out too early.
These sayings totally negate eachother, and I am pretty sure that's what's ruining my trading.

I struggle hard while deciding my SL and TP. I have to find some kind of balance, but I am having trouble finding.
Btw, my tradingstyle right now is mainly the use of s&r, pivots, moving averages (as support and resistance, not crossover) and fibonacci.

I see myself getting stopped out too early incredibly often, but i dont know what to do about when people say i should cut losses short..

Any help is always appreciated.

Do note that I will try to post every trade I make here.

Regards, Elias Finoli.

Hey man, great to know another youngster.

visit my thread, SKim-read page 1 to last.

Thread on signature.

requires almost all the stuff to get started profitably,
and has knowledge not many people know

join my thread dude,

its on signature

Nice man, I wish you great luck. Keep it small until you start earning consistently, read and learn.

Thank you, I will try to keep my lots low. It's hard though, because as soon as you see an entry you strongly believe in, your mind tells you to open with a bigger lot-size.. but i have to realize forex needs to be studied before it can make you rich.. greed kills

There alway will be entries you will strongly believe in, so don't worry! Entering into a position of reasonable size, you will only preserve your capital for these deals

That is very true, but It always feels like a waste not to enter bigger on those trades..

Dont worry finoli, there are about 10,000 opportunites in trading in a single day.

1% is already 100.
i usually have like 20 trades max per day average.
so its 0.25% of daily average of opportunities.

I never said all of them were all good ones, so its a matter of hand-picking them out, and trust me its better to be out than in. You dont need to be in every trade.

You are exposing yourself to minimal risk when you do this. And thats what we traders desire most: low risk, high reward. It exists, just find your edge in trading, sharpen it, and there you go

As you guys can see on H1, a major doji formed. I of course opened, only to be stopped out. I thought "Meh, can't be right every time."

Then, I come back seeing it went 120 pips my way..

I have realized my entries are excellent, but my stoplosses and takeprofit positions are not. My problem is knowing the balance between a safe stoploss, and a stoploss that is big enough for the market to swim around before going my way.

Could anyone teach my how to put good stoplosses? How many pips? I can't see to figure that out.

calculate your current value at risk at certain psychological levels of the market (support/resistance, supply demand, fibs levels, etc.) so it requires some knowledge of how much of your account are your risking. Its not how much you WANT to risk, if that is so, why dont we dont use a stop loss? so its about finding that minimal risk entry and putting a tighter stop loss, to minimize risk for your capital. Set a take profit at a psychological level of the market, and say u leave trade for a while, ure in profit, use a trailing stop. Thats for me the safest. Well that's preference anyway.

heres my gold long as an example: im risking 1392 gold 'pips' and having a profit target of 1691 gold 'pips'. Lot size is 0.05, and every pip it is a $0.05 value. So if my SL gets hit, i would suffer a loss of $69.6, and a reward of $84.55. I honestly dont pay much attention to risk/reward. Its either you are right or wrong, imo, so its 1:1.

Ill show u a chart example

here is a random example on eur/cad. i will use random examples for the better of the effect.
take a look at this. this is how i take profit most of the time.

its amazing huh?
Just learn price action and ull know which targets'll get hit first, which wont why and how

here is an actual ongoing trade on gold.

hi finoli,
here is a clearer chart without the gann studies
i added an important psycho-level of the market = supply

Nice charts, I'm kinda getting into gann myself.

Anyway, what do you mean with supply? The 'supply' level on your latest chart should rather be called resistance level, no?

Also i sold E/U now, stop loss above previous 2 H1 candles' high. Reason for trade = fail of break of 200EMA and previous H1 candle.