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Please help me help myself

  • #21
  • Jul 8, 2013 10:03pm Jul 8, 2013 10:03pm
Quoting Tok
{quote} I have tried my hand at swing trading before, and made very good profits off it. The issue is, I usually always lose most of the profits. It just does not suit my personality. Or, there is news that changes the direction of the trend completely/wipes out my profits/takes out my SL. Just don't enjoy the style in all honesty.

News is a must data everyone should be aware.But we are talking beyond news.
Once in profit move your Stops to BE and you should then let it ride but keenly aware what price action is telling.
As example of my recent trades.I exited at the right time.All the trades were less then a week over +600 pips.Could you scalp that much in a week?
Anyway you know yourself better what works for you
http://www.forexfactory.com/attachme...3&d=1372335860
In trading, you have to be defensive and aggressive at the same time
  • #22
  • Jul 9, 2013 2:25am Jul 9, 2013 2:25am
Quoting Tok
{quote} About a year. I don't have any commitments at the moment, and wish to make trading my career. I spend at least 15 hours a day in front of the charts, all throughout the beginning of the asian session, to the end of NY. I sleep, but my full focus is on trading. I want to succeed at this so much, but its just so disheartening. It feels as though I can't trust any of these systems. I just want something solid I can trust, and build on. Currently 20 years of age.
How long does it take to become a professional eg. Doctor, lawyer, phd etc?
You mentioned you want to make trading your career.
So means you are going to be a professional.

Trading is no different than being any other professional. This is misconception almost every neebie has or had, including me. That oh i am going to be a trader and few clicks of mouse everyday, porsche in my driveway. It takes time just like everything, its a process and the money you lose is your tution fee, just dont pay for everyone in the class aka cut losers. And just like university, some will fail, drop out, average and some will excel.

Keep at it and in time charts will start talking to you. I am newbie too but charts have started to talk to me, not everyday but atleast sometime now.
  • #23
  • Jul 9, 2013 3:22am Jul 9, 2013 3:22am
Well, you can review some of the free online resources to learn more start with baby pips, but when it comes to using indicators, no one in their right mind would use the whole darn lot so just use a select few. I know it can be frustrating when nothing seems to work but hey, if fx was that easy, we would all be ..
  • #24
  • Jul 9, 2013 3:30am Jul 9, 2013 3:30am
You're trying to profit from the movement of price. Study how your chosen market operates and where the buyers and sellers are that will move price at certain times of the day and at certain areas (you're on to round numbers already).

If you catch a great trade and its in line with what's going on in the market ie; you short the Yen and BoJ announces QE, ride the trend. Don't pick a TP level right away, but limit losses by moving a stop to BE when you're comfortable.

Good post, Davit
  • #25
  • Jul 9, 2013 4:40am Jul 9, 2013 4:40am
dude,you're so lucky....only 20 and learning to trade.Give it another 2 yrs of constant research to start to see improvements.Time is on your side.
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • #26
  • Jul 9, 2013 5:28am Jul 9, 2013 5:28am
Quoting pemully
dude,you're so lucky....only 20 and learning to trade.Give it another 2 yrs of constant research to start to see improvements.Time is on your side.
But I feel as though I am getting no where.

Trying 50 systems. None of which are reliable enough for me to fully trust..
  • #27
  • Jul 9, 2013 5:31am Jul 9, 2013 5:31am
Simple answer. Don't give up. Don't trade with real money until you can observe a system that works in back testing and forward testing.
  • #28
  • Jul 9, 2013 5:48am Jul 9, 2013 5:48am
I just wish someone successful could help me out here via mentoring.

None of this rubbish gets me anywhere. Even price action fails 90% of the time.
  • #29
  • Jul 9, 2013 6:22am Jul 9, 2013 6:22am
Quoting Tok
I just wish someone successful could help me out here via mentoring. None of this rubbish gets me anywhere. Even price action fails 90% of the time.
trade fundamentals then, do away with all your charts, form an opinion whether a currency pair schould appreciate or depreciate over the coming 3 months, hit buy or sell, unleveraged, no SL, wait and just hope for the best

will save you a ton of time, results might be the same though
  • #30
  • Jul 9, 2013 6:34am Jul 9, 2013 6:34am
Quoting Tok
So far from experience, I know a general idea of what I am best suited towards: -Lower TF (15 min charts). -Tight SL (Do not enjoy drawdowns). -Trading off of S/R (monthly pivots, weekly pivots, Round numbers). -Setting Predetermined TP at a good R/R ratio. I find I like to take decent profits, and get out of the market, ASAP. Even if it means missing more potential pips, I want to lock in the profits.
So far from experience, I know a general idea of what I am best suited towards:

Well I think that if you have been consistently losing by trading this way, then you should have a general idea what you are not best suited towards.
Lower TF and tight SL are a killer for all but the very experienced because of the impact of the spread.
Please Do Not PM Me With Coding Enquiries
  • #31
  • Jul 9, 2013 7:30am Jul 9, 2013 7:30am
Quoting Tok
{quote} But I feel as though I am getting no where. Trying 50 systems. None of which are reliable enough for me to fully trust..
This quote shows a big part of your problem. You are to dependent on the system. Remember that all "systems" only work because of the same underlying price action "principles". At the end of the day, you are only trying to go with the majority, if it is only for a few pips at a time. Price action is watching the moves of the majority. The mass will always win. The mass is also subject to habit. This is why price action works, because people are creatures of habit. "Systems" are nothing more than a way to measure what the majority is doing. IN OTHER WORDS, read and study all of the information you have been given from so many people, on this thread and all of the others you have visited, and start to digest it. Secondly, pick just ONE pair and focus on its behavior. Pick one system to put on that chart. Take your own winners and the losers and study them. Better yet, pick just 2 MAs and maybe one oscillator to put on the chart, then sit back. You will see patterns. If you do not see these patterns, it may be best to go a different route in terms of vocation. Once you start to recognize these patterns, choose an appropriate money management strategy and start to trade. You will lose some, that is part of the game. EVERY business owner has losses. Fortune 500 companies have losses. What makes you think you will be different? Keep plugging along.

Jumping from system will not give you what you are looking for, it will only lead to frustration and a defeatist mindset, which is what you have. This has to be an emotionless game. Out of my 4 children, I would only recommend Forex to 1 of them, the others are to emotional. That may be you too. Take the time to really learn ONE pair, one timeframe, one setup with your 2 MAs and 1 oscillator.

Until then, quit berating other peoples threads and systems and trying to prove them wrong, as you have done countless times. Hope this helps.
Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #32
  • Jul 9, 2013 8:17am Jul 9, 2013 8:17am
hi there...when just using one timeframe, the easiest is probably trading breakouts, you'll often see consolidations form for ages then will go into a rampage
however, if you implement multiple timeframe, it allows you to see bigger picture...
for example:
say you like trading on the 15m chart...then take a look at the hourly chart first to identify the trend, identify key support+resistance...
then on the 15m chart, identify your favorite setups, make sure you go long or short based on hourly chart trend...
then move down to 5m chart and pinpoin exact entry...

ok that was just an example...

also try reading Dr. Alexander's books, especially Come Into My Trading Room
it's very helpful
and no, you don't have to follow other people's system but at least understand the basis of their system, why does their system work?
how can i modify their system so I can make it mine?
when you make a system make sure you backtest it
oh and dont backtest it automatically, try to do it manually, see what kind of results you get
you see, you can get a lot of experience just practicing by backtesting and demo'ing
of course, if you go live, your emotions will be there to hit you!
so there's a limit of what you can do between backtest, demo and live
live is the real thing the real world with your own money!
are you prepared?
  • #33
  • Jul 9, 2013 7:07pm Jul 9, 2013 7:07pm
Quoting Tok
I'm so sick and tired of trying so many trading systems and non of them ever producing good, consistent results. I've spent so many hours and many thousands of real dollars trying to learn, but in the end, it seems like it is all a waste. I just don't know what to do anymore. My preferred style is lower TF (15min), and I enjoy trading using S/R. Can you guys recommend a PROVEN strategy that you truly believe to be profitable ? I really just want to learn and SEE RESULTS FOR THE WORK I PUT IN, but it seems like no matter how much I follow strategies,...
Occam's Razor.
The simplest explanation is usually the correct one.

a profitable strategy does not exist.
  • #34
  • Jul 9, 2013 9:54pm Jul 9, 2013 9:54pm
I remember how frustrating it was for couple of years. 1 yr trading is "nothing" compared to people taking ages to learn trading. For me, only recently I'm starting to grasp how the market and how the human mind works in the market. What I'm saying is we try to be successful overnight but the reality doesn't work like that. Anywayz most of the newcomers don't listen to experienced traders until they learn about themselves. It's not the system is ruining your life, it is you.
My journey began just like yours, trying system to sytems and blaming the system when it's not working. But after losing couple of accounts and couldn't fund additional fund to my account (bankrupt), then you start to realize why you're constantly losing money? And then you try to dig more and eventually you'd be in the starting point which is "Risk small, controlling emotions, having rules, discipline" all of those were the essentials.
And here is my two cents, do not get involved in EAs, I've been messing with EAs and learned nothing, but ofcourse once you learn how the market works and how risk management works then it could be something different to try but before that I wouldn't really recommend trading with robots. Maybe you'll learn some risk management with outstanding robots like blessing etc but it just delays your learning curve. And once you learn about yourself, there will be the time "everything will be calm" you will know even simplest MACD crossover system could make money.

P.S. throw the system thread out of your window(mind) and start digging more in psychology part of trading. And once you have those vouchers to vouch people, don't forget me lol
  • #35
  • Jul 9, 2013 10:02pm Jul 9, 2013 10:02pm
I am very interested in PASR trading of lower TF breakouts.

Everything from breakout triangles and patterns, to reversal formations.

does anyone have a website/text that educates specifically on these matters?
  • #36
  • Jul 9, 2013 10:20pm Jul 9, 2013 10:20pm
Here is interesting read. I've found from one of the dial's posts. You will know exactly where you are after reading this.
Here is a good video you can watch too, it consists part 1 and part 2 make sure that you watch the videos.
Inserted Video

Inserted Video
Attached File(s)
File Type: pdf 5steps.pdf   42 KB | 278 downloads
  • #37
  • Jul 9, 2013 10:25pm Jul 9, 2013 10:25pm
The way this guy trades PASR is exactly what I want to do:

http://www.forexfactory.com/showthread.php?t=360425

any literature specific to these methods?
  • #38
  • Jul 10, 2013 7:57am Jul 10, 2013 7:57am
the moment you realize trading with the trend is the secret, you will be astounded.The trick is to buy the dips sell the rallies.It has been said so many times it seems stupid.
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • #39
  • Last Post: Jul 10, 2013 12:20pm Jul 10, 2013 12:20pm
Tok, there are tons of people on here that can give you advice on how to trade. Even I figured it out after awhile.

I'm going to give you some life advice. Take it if you want or leave it... No difference to me.

The money... It will come and go. The time... Once its gone, its gone forever my friend. You're 20 years old and you're telling me you spend 15 hours a day in front of a chart? LIVE LIFE my friend. You only get this chance once. You can make steady income off a 4hr or daily chart just as easy as a 15 min chart while only checking it a couple of times a day at most.

Anyways, thats my .02 cents.

Hope you find what you are looking for.
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