Hi all,
I've been posting mostly on Moneytec but I think I'll move here, I like it more, more friendlier...
For almost 3 months now I have been trying to trade against the trend, basically waiting for momentum to decrease and the build up my position against the trend. This worked wonders until 2-3 weeks ago since basically there was only one direction and that was shorting the dollar everywhere. Everytime the momentum seemed to slow I thought at least a correction would take place. So I would start building up my position. No way, just spiked even further, taking me out everytime.
My live account decreased by 25% - I started live trading at the beginning of April, after taking my demo account up 40% using only conter trend trading.
At this point I'm thinking to ditch this system completely; I know what it is being said about a new system to not ditch it at the first lost trades but I am really questioning the whole concept of counter trend trading after watching the last 3 weeks movement against the dollar. Just open a weekely chart and see 3 nice and clear bulish candles.
Currently I'm on hold, no more live trades, till I decide what to do next. What do you people think of counter trend trading? Is anyone in here successfully trading against the trend in a consistent manner?
Thanks,
-soso
I've been posting mostly on Moneytec but I think I'll move here, I like it more, more friendlier...
For almost 3 months now I have been trying to trade against the trend, basically waiting for momentum to decrease and the build up my position against the trend. This worked wonders until 2-3 weeks ago since basically there was only one direction and that was shorting the dollar everywhere. Everytime the momentum seemed to slow I thought at least a correction would take place. So I would start building up my position. No way, just spiked even further, taking me out everytime.
My live account decreased by 25% - I started live trading at the beginning of April, after taking my demo account up 40% using only conter trend trading.
At this point I'm thinking to ditch this system completely; I know what it is being said about a new system to not ditch it at the first lost trades but I am really questioning the whole concept of counter trend trading after watching the last 3 weeks movement against the dollar. Just open a weekely chart and see 3 nice and clear bulish candles.
Currently I'm on hold, no more live trades, till I decide what to do next. What do you people think of counter trend trading? Is anyone in here successfully trading against the trend in a consistent manner?
Thanks,
-soso
-soso