I still feel like a POS...

Someone has already offered to help you. All you need to do is give him details of a method, stick with it, and then provide him with the results of 100 trades.

If I was going to help anyone that's precisely the approach that I'd take too. That should be enough to identify exactly where you are going wrong, and possibly to put you on the right track.

I would advise that you accept the offer. What have you to lose ?

Sam,

if you are following any of the strategies or system here in FF. Are you posting your trades?, then people can help you see where you are going wrong. Demo or live.

Looks like you did not spend your three years of 'learning' wisely.

You say you know how things work, but when you trade you continuously lose, indicating that you don't know how things work. Sounds like you have an "idea" of how things work, but not enough working knowledge to execute it. For example, you say you short on a short term resistance, and price goes against you. Did you ever stop and think "maybe.. thats not short term resistance at all, I am reading the chart wrong" ?

You hop from system to system. I would imagine with three years of learning, at most you should have tried is.. 3. This shows you have no commitment to anything. You are basically shopping at a department store for "something that kind of looks good, and you will give it a try." Sounds about right? The reason why these systems work for the creator, is because they spend all their waking hours tweaking things here and there to guarantee their profit. You on the other hand, are just borrowing their ideas and half-ass trading from it. It's painfully obvious that you just don't quite get it, and subconsciously you know it, which is why you have zero confidence in your trades. So what is the difference between you and system creators? They have gained tons of experience figuring out whats wrong, and TRYING TO FIX IT. From all your posts so far, it sounds like when something goes wrong, you bail. If your bathtub becomes clogged, and you figure out its because there is a ton of hair in it, do you stop taking showers? Or do you unclog it? After you unclog it, will you be able to unclog it even faster in the future, now that you have gained some experience in doing so? What I'm saying is you have 3 years of book knowledge, but almost 0 years of practical working knowledge. Everyone who does a little reading KNOWS what a support and resistance line is, but all the people that continuously practice honing this skill will be the ones that DRAW them correctly. Still following me?

Lastly, here's a thought:

Can you eat a bowl of cereal?

Can you watch tv?

Can you feed a baby a bowl of food?

Can you do your hw?


Now, can you do all of these things at the same time? Alot harder right?

When you make a strategy for yourself (and I sincerely hope you do, because thats what builds the most practical experience), KEEP IT SIMPLE. Find ONE THING that is wrong with it, and by god, DO NOT GIVE UP fixing it until you get it just right! Don't try to fix 4-5 things at once! Only work on one thing at a time, until it starts make sense. If your S.R lines suck ass, then keep drawing them, and figure out which line is a good line to use!

I have only been trading for 3 months, but the amount of time and "good" learning I have done easily made me excel in the learning curve compared to the average noobie. Because I'm not riding the coattail of others, I'm building up my own foundation for success. You are not going to find your reality check listening to people say "its okay man, you'll get through this", and you are not going to reach your goals hopping from system to system. You need to settle ground, and build from the bottom up. Feel free to msg and chat with me anytime, I hope you get through this hump.

hi everyone...

Wishing you all a Happy New Year!!

Thanks for the words of advice.. and comments.. i appreciate all


Little bit of update.. since last month i been doing differently
I record all my bad trades and why it is bad trades. (i doing that long time ago but i stop for no reason)
Now i welcome all the bad trades and record down.. very soon i will have many bad trades and know not to repeat them again..

I also been developing my own system.. nothing fancy.. just a system without indicators.. but currently is not doing well yet, i have missed out for some huge move on EU for pass few weeks.. ( i have recorded them down and continue to work on my system)..

I still on demo and still have losses
but can say now, i have less loss.....

I view trading like baseball. Everytime i'm at the plate, I'm looking to hit single with every trade, occasionally it becomes a double, triple, and home run. But since I'm looking to just hit a single everytime, I keep my batting average high. I believe some trader expect too much on their trades, maxing out leverage expecting to get 100+ on every trade. As far as I see it, I am happy with 10-20 pips per trade or maybe even less if that is what the market gives me. This way, I keep my losses to a minimum because it really about reducing risk and not increasing return. As time progress, hitting singles adds up. A hall of fame baseball hits .300 in their career and that is consistency not going up to the plate and swinging for the fences. Because when you have the mindset, you strikeout more often then not.

I have survived my first year of trading without blowing my account. my biggest drawdown was 21%.
I started trading patterns on 1h then channels on 15min then 123 on 5min patterns.my pattern trading was the most profitable followed by channels and 123.incidentally the higher the timeframes the more profit I made.
so I discovered I'm longer timeframe oriented. so far I am doing research on daily timeframes and I am amazed by the profitability especially by correct position sizing and employing scale in's.
I believe this year is my first time to trade with a real quantifiable edge.my visual backtests since 2000 have revealed a 40% win % and 1:3 risk reward.I am using the simple ma cross.I believe the system is simple and robust and able to withstand change in trading conditions by employing simple visual filters.also u have to put reasonable sl,either 1× atr or better still 2 times atr.
I can recommend the book definitive guide to position sizing by van Tharp and reminiscences of a stocks operator to sort the pyschology aspect.

happy new year

Good job pemully.


Daily Time frame FTW!!!

hey sam try this. as i use this all the time . this can tell you alot about price action. put these two files on E/U 1hr chart or below. hope this helps you out. good luck. use 25pip spaced lines.

Sam, I would like to give you my advice, it could save you lots of time as well:

1. I think you got enoguh pain from the market. Take distance from it, take the pain and emotion out of your trading. Buy a testing method, I use Forex Tester. It lets you practice your strategy with real market data, and you can trade several years of data in only one day.

2. Find a system you feel comfortable with, for your posts I can see you are not a patient person and make several trades in one day.I think you need a price action method, something that works in small time frames (15 or 5 min)

3. Stick to one method and test it for millions of candles. It means stick to method, stick to time frame, and stick to a one or two currency pairs. The ones you did better on the tester. (It may take you a couple of months, but not a bunch of years) Let the price move, no emotion just trade and see, let the losers and winners go till the end.

4. After getting confident on tester open a small account, 1000 USD and start trading real money. I can tell you there is a huge gap between demo and real and you need to manage that as soon as possible.

finally be more patient, use correct money management, and let the good trades come to you................

Hoping you improve soon!!!

Are you still trading or did you quit?

There is always a simple solution to making money in the markets if you are willing to follow it stress free and to the tee. After a few months of messing with the markets I figure the more long term my view on profit is the better my results. So I just put a 300 EMA on a one hour chart and trade around it - stick my head to it. I am collecting pips slowly but handsomely alright.

If you want profits and less excitement I suggest you do this... cheers

TRABERRY

EDIT: LOL Didn't see this was an ancient thread.

3 years is a long time to go no where.

Log your trades. Every single trade gets a screenshot. Your plan. Your overall strategy. If you get stopped out. Was it a panic, were you early, late? Was it timing or did you get shook out by what is really a pretty normal move? Looks like you are getting shook out by noise.

You should have thousands of screenshots and notes by now. Where are your mistakes...? That is the key to advancing. The guy advising you to make 100 trades and offering to help you analyze them is on target. As is the advice on Seiden / Price action.

You also need to think of this market globally. Sessions matter. Watch the daily ranges of the sessions... who is in pain? Who is currently getting squeezed, who is asleep due to their timezone and getting their stops taken. What will the market have to do to make it's range for the day. We consolidate some days, but most days from Frankie to NY close is pretty consistent.

Look for bigger moves and reduce your position size to control risk. Getting shook out by a tiny pop is death, unless you can take profit by that same instant spike... and that is hard. Try and get the direction for the day right, and know LON vs NY are often at odds to shake out weak players.

Good luck.

How long have you tried systems for? Because maybe you tried a good system for too short a time didn't give it enough time to play itself out.

hi everyone..

thanks..


i still practicing in demo

lately i have been taking things slow...
and taking small tiny profit in that demo
and i did not feel like POS anymore

Sam go the thread (Another simple system - 15 min TF) and read it with desire and follow its rules. You will succeed if you follow the basics first and then you will be able to go into more trading sceneraios as you learn with this thread. Also there are great people there to guide you as long as you post your charts and explain your reasoning for taking the trade. They will tell you there opinion on where you went wrong or congrat you for a great trade. Please do this and you will come out a winner, TRUST ME I was and still a newbie myself been trading for 1 year now and have turned the corner. Best of Luck

if u are confident that market will go against ur trade, start giving out signals to paid customers, just make sure u give opposite signals to ur clients then ur original position this way u make much money for cookies

Hi Sam,

There are lots of ways to trade. Long-term (slow reaction, part-time), and short-term (volatility, action-packed).

I personally trade both styles, depending on how the market is doing. Start with longer time frames (less heart attacks from fluctuations and emotional clicking of that BUY/SELL buttons), like 30MN, 1HR, 4HR.

It sounds like you are executing trades in the fluctuations (when short-term traders close/open/adjust their positions), rather than in the market's movement/bias.

Here's a tip:

If you follow this momentum, then the odds are stacked alongside you, not against you. Of course, there are also ways to spot changes in momentum, price consolidation, and breakouts (my fav!).

Now go and master Price Action to further increase your odds...

All the best.

it is funny how most new traders want to counter trend trade

picking tops and bottoms is very hard

best do the easy thing, find strong trends and hop on

Care to show us how you do that?

not really, I'm not in the teaching business

but if it helps::: a visual

imagine flowing waves rolling up against a beach, only you're not able to judge how strong each wave is; thus can't guess how deep inland it pushes before receding back

so instead of trying to guess the peak of a wave's push, just go with the wave, it's easier to ride it out than fight it