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Still losing

  • #1
  • First Post: Edited 5:19am Dec 10, 2012 3:38am | Edited 5:19am
Hi all. I am still loosing, I'm so sad. Can anyone help me?
I would like trade EURUSD and GBPUSD.

Skype: Cheezy_cz
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  • #2
  • Dec 10, 2012 5:23am Dec 10, 2012 5:23am
Im so sorry to here that, wish you luck
  • #3
  • Dec 10, 2012 7:09am Dec 10, 2012 7:09am
Stop trading with real money and learn how to trade.
It never gets easier, you just get better
  • #4
  • Dec 10, 2012 7:42am Dec 10, 2012 7:42am
Using stop losses would be a good start.
  • #5
  • Dec 10, 2012 8:22am Dec 10, 2012 8:22am
dont jump directly to live accounts and stick to demo, take your time to learn more about different systems and choose one thats suits your life style and a system that actually works, back track and do some reviews and check the basicks "school of pipsology" (google) is a good place to start, and remember its not about how many times you fall, its all about how many time you pull your self together and stand up. keep your trades small and safe. best of luck
  • #6
  • Dec 10, 2012 8:24am Dec 10, 2012 8:24am
You went short where I would of gone long.
  • #7
  • Dec 10, 2012 9:19am Dec 10, 2012 9:19am
Quoting Cheezy
Hi all. I am still loosing, I'm so sad. Can anyone help me?
I would like trade EURUSD and GBPUSD.

Skype: Cheezy_cz
What strategy are you using?

What system?

Do you have a traidng plan?

Have you proved that you can make money on a demo?
Anything can happen.
  • #8
  • Dec 10, 2012 10:19am Dec 10, 2012 10:19am
Quoting Cheezy
Hi all. I am still loosing, I'm so sad. Can anyone help me?
I would like trade EURUSD and GBPUSD.

Skype: Cheezy_cz
Your entry might be well timed haven't checked CADJPY yet today. Perhaps place your stops above the confluence of TL's / low of previous engulfment?

Edit: just checked the pair. This wouldn't have worked out but who cares? Have a plan over there!
http://i49.tinypic.com/687ubt.jpg
  • #9
  • Dec 10, 2012 11:51am Dec 10, 2012 11:51am
Quoting Cheezy
Hi all. I am still loosing, I'm so sad. Can anyone help me?
I would like trade EURUSD and GBPUSD.

Skype: Cheezy_cz
So, let me get this straight.... you say you want to trade EURUSD and GBPUSD yet you are trading CADJPY?? First thing you need to do is start trading the right pairs. In fact, just pick one pair and begin to learn how to trade it.

Reduce your lot size to the minimum allowed by your broker.
  • #10
  • Dec 10, 2012 12:56pm Dec 10, 2012 12:56pm
I would like trade only EURUSD, for me its good smaller Timeframe,
maybe 5min, i want be in trade only few minutes.
  • #11
  • Dec 10, 2012 3:17pm Dec 10, 2012 3:17pm
Quoting Cheezy
I would like trade only EURUSD, for me its good smaller Timeframe,
maybe 5min, i want be in trade only few minutes.
why if I may ask?
  • #12
  • Dec 10, 2012 3:28pm Dec 10, 2012 3:28pm
Quoting Cheezy
Hi all. I am still loosing, I'm so sad. Can anyone help me?
I would like trade EURUSD and GBPUSD.

Skype: Cheezy_cz
why do you think these are bad trades?
  • #13
  • Dec 10, 2012 4:12pm Dec 10, 2012 4:12pm
The answer to your problem is support and resistance based trading with confluence. I want you to read this post by hanover first, and then once you've done that, read through the beginning of the following two threads:

No Brainer Trades by BillyRayValentine
James16 Chart Thread by James16

If you find the above interesting I'll PM you another thread that's on a different forum but has also been very helpful, and was written by a user named Trader_Dante. These threads have made all the difference in how I approach trading, because they're based on some real foundation that isn't voodoo like crossovers or other indicator based lagging nonsense and people trying to sell you their failed "systems".

And, as was said by another user, you need to use stop losses, period. They should be located where the market has proven your fundamental reason for entering wrong, but when you don't have a location that proves you wrong, that's kind of hard to do. Once you've educated yourself with the above you'll have a different view of how you can concretely define your risk.
  • #14
  • Dec 11, 2012 6:47am Dec 11, 2012 6:47am
Quoting Kanzler
The answer to your problem is support and resistance based trading with confluence. I want you to read this post by hanover first, and then once you've done that, read through the beginning of the following two threads:

No Brainer Trades by BillyRayValentine
James16 Chart Thread by James16

If you find the above interesting I'll PM...
I really need to study Price Action hard, this is the real deal, can you pm me the link that you mention earlier?

or do you have any PDF about price action?

I have just started learning Forex for 2 months, so
I Have Learned to Take Some Losses to Make Profits
  • #15
  • Dec 11, 2012 7:45am Dec 11, 2012 7:45am
You are sad, because you lost the money. So minimize your lotsize, so that you are not sad anymore, if you are losing more money. If you are still sad, the lotsize is still too big.
Anyway you should practice your trades first on a demo account.
  • #16
  • Dec 11, 2012 9:56am Dec 11, 2012 9:56am
You've been a member here for nearly a year so have probably been trading at least a bit longer, by now you should know that you will have to post more information about what isn't working to get help. Your post doesn't tell us anything and I find it difficult to see from your chart why you took trades at that time.
My best advice is to go to babypips.com, they have a lot of very good information and it might help you develop a better way to trade.
I notice you want to trade short time frames, I did to when I started in forex but now I find it a lot easier to pick good trades on the D1 and H1 time frames, I am now quite successful at that and am now going back to five minute to see if I can find a winning strategy there too.

I might suggest you pick an indicator such as the Stochastic or the RSI and read and learn about it and use it as the basis of a system, and also support and resistance and learn about candle patterns, personally I nearly always use Heiken Ashi candles because I find them easy and clear.

with the above you can make a winning strategy, it won't happen overnight but if you work hard and pay attention to what you do it will come.

Good luck,
Don't ask me, I have no idea what's going on.
  • #17
  • Dec 11, 2012 12:41pm Dec 11, 2012 12:41pm
Quoting Cheezy
Hi all. I am still loosing, I'm so sad. Can anyone help me?
I would like trade EURUSD and GBPUSD.

Skype: Cheezy_cz
Quoting GDR3k
You went short where I would of gone long.
I agree with this. So many beginners buy when the price is at it's highest / sell when price is at its lowest and is about to reverse. I had the same problem when I first started, and IMO, it has to do with the psychology of being comfortable trading in one direction only after price has shown you something. Obviously, this is the worst time to put a trade in that direction because price will probably reverse.

Cheezy, as you begin to understand trading, you will see that you want to buy when price is low and has yet to produce a green candle/upswing and vice versa for selling. You have to understand that the people behind the move are about to take profit before price reverses so this is your opportunity to get in at a good price and profit from the reversal of the order flow.

My personal advice to wipe your charts clean , forget a lot of the things you've been taught about trading, and start keeping records of why price reacts at the areas that it does. Use a free program like Jing to take screenshots to help you document it. Some day, if you truly put in the work and dedication required (can't stress this enough) you might begin to see patterns emerging that you can profit from.
  • #18
  • Dec 11, 2012 1:26pm Dec 11, 2012 1:26pm
Quoting Cheezy
I would like trade only EURUSD, for me its good smaller Timeframe,
maybe 5min, i want be in trade only few minutes.
EURUSD is pretty hard to trade and I would not recommend it for a newbie. Try an easy slow moving pair like the NZDCAD on the daily chart. Keep your margin requirement at 5% or more and wait at least 20 minutes between each trades.

Let us know in three months how things are going.
  • #19
  • Dec 11, 2012 2:31pm Dec 11, 2012 2:31pm
Protip for new people on Forexfactory

Be careful of advice from people who don't have a myfxbook or an explorer. Soo many people give advice to others but they dont want to post account info....why??? because they arent making money and are just as lost as new people.
  • #20
  • Dec 11, 2012 9:02pm Dec 11, 2012 9:02pm
Quoting valdor
EURUSD is pretty hard to trade and I would not recommend it for a newbie. Try an easy slow moving pair like the NZDCAD on the daily chart. Keep your margin requirement at 5% or more and wait at least 20 minutes between each trades.

Let us know in three months how things are going.
Sorry but why do you say the EURUSD is hard to trade when elsewhere it's been voted as the number one pair for beginners? I'm also a beginner and I'd like to know why you are opposed to the 'trend' so to speak so I can form my own opinion and keep an eye out for things that may trip me up.Cheers
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