Try to develop a system with some rules and follow the rules. I think its better to start with a small fixed lot size and enter every trade with a stoploss of i say 15 Pips (if the market goes 15 Pips the other way, its more likely the market will go that direction further and its better to close the trade). If the market is going your direction, then its good to have rules when to go out (looking to indicator or support / resistance)
- #22
- Jun 4, 2015 2:57pm Jun 4, 2015 2:57pm
I believe you need better risk management. You can be a very good trader when it comes to analyzing charts and being spot on. Timing your entry is critical coz that can widen or reduce your stop loss risk. Anyway, here is my advice to you below: 1. Only risk 2-3% of your account size. In your case that is 8 to 12. 2. Based on that risk, you can calculate what lot size to use depending on the margin of the Risk/Stop Loss. Small SL margin will give a higher lot size whereas a high SL margin will give a lower lot size. [SL - Stop Loss] 3. Enter trades...
You have some good points +1 This guy
Some more food for thought is to focus more on the math like this guy. I mean even if you are horrible at trading getting 3 wins to break even out of 10 is good odds lol.
I use a risk reward of 1:1.5
Preference is up to you the larger your reward the less chance of hitting your TP before you SL. With 1.5 for example risking 2% on each trade I can lose 6 trades and only hit 4 and will break even. 40% win rate is what I am going for at least to break even in that case.
Losses - 2+2+2+2+2+2 = 12 %
Wins - 3+3+3+3 = 12%
Alot of times you will be able to close your tp if the trade starts acting funny <not how you predicted>
I also get the jitters when my trades are open and have closed trades prematurly only to kick myself later asking why I did that lol. My remedy for that is I now trade daily charts and I don't check the markets until around close of NY session to see if I want to place any limit orders or adjust any of my live trades.
This really helped me get over psychological MM issues. That and focus more on the Math because hell we are expecting losses and I already know I have no idea what the market is going to do.
But I should be able to at least get 40% just by guessing the market direction helps relieve the stress..
Hopefully that helps some and Good Luck
- #23
- Jun 4, 2015 3:19pm Jun 4, 2015 3:19pm
- Joined Jul 2009 | Status: Winter is coming. Ask Kondratieff. | 8,196 Posts
{quote} Thanks Tom, Rules and strategy going in over the weekend and then re-start Monday as have banned myself for the rest of this week. I'm confident I will get there in the coming months especially with the help support and advice from this here forum. Cheers.
. Yes, it is good to read and educate, but Mr. Market is such a complex beeing noone can grab whole science completely. Also beast evolves, so..even when someone was right every day for a month, doesnt proove anything. Only time proves , long long time. T
"I know one thing, that I know nothing." Sokrates
Try to develop a system with some rules and follow the rules. I think its better to start with a small fixed lot size and enter every trade with a stoploss of i say 15 Pips (if the market goes 15 Pips the other way, its more likely the market will go that direction further and its better to close the trade). If the market is going your direction, then its good to have rules when to go out (looking to indicator or support / resistance)
{quote} You have some good points +1 This guy
{quote} Speaking of public forum advices. Everyone is smart after the battle. Dont take too serious what is written here, it is your cash
Need to focus more on my levels and believe in my plan and trade the probabilities.
On another note I don't always have access to charts (proper laptop charts that is) and find trading off MT4 mobile is where I can do damage so it may be part of the plan to set limit orders before work and have set TP = no emotion during the trade as I have a tendency to check it too often and as mentioned before hinder the results with aggressive SL placement.
Bro, just little add on.
Losing 3k in 4 years is consider not too bad, I'd seen people losing much more, so keep learning and trading.
Lot of wannabe traders self-assumed they are good analyst of price action to find out they still losing after a decade. Be humble and continue learning.
Agreed, only trading on live account will gain you real experience. The only time I felt demo is require is when testing new brokers and platforms, because the spreads, orders fill, quotes, etc may be different on a demo.
- Do not believe too much you read on the internet, most are bullshit, always believe yourself and do your own research, data collections, etc.
- Some time the cause of failures are not due to your strategy or Risk/Money management, it's more about how you understand the market.
- Chart doesn't move the market, charts are just for displaying purposes.
- Trading system doesn't move the market, but it give you a probability in a trade.
- You hold on for huge loss, because most think and hope for the price to/will come back
- Most take profit early as they are not confident in their strategy or market view that it will move more in their direction.
- You need to understand your trading system well (Eg, if you enter a trade, what are the possibility that x pips will go against you, and what is your rules for that, etc) Once you know this, you shouldn't have keep a loss for too long. So do more research on your own strategy.
So just keep learning, reading, researching, and gaining experiences on the price movements.
Good luck.
So I funded another account a few weeks back and have already lost 62.22% since May 13th. I've probably lost in the region of 3k since 2011 and still I make the same mistake time and time again. That mistake is MM and position size and of course the dreaded rage trading.
I see myself as being a good analyst of price but always allow a full stop loss to be hit and never let a winner run. It actually hurts writing this as I can see the issues I make and vow to never break them again but then if I suffer a loss I load up and gone. I know these are my issues
This way I still feel the emotion of real funds and hopefully build some stricter rules in to my approach.
- Do not believe too much you read on the internet, most are bullshit, always believe yourself and do your own research, data collections, etc.
- Some time the cause of failures are not due to your strategy or Risk/Money management, it's more about how you understand the market.
- Chart doesn't move the market, charts are just for displaying purposes.
- Trading system doesn't move the market, but it give you a probability in a trade.
- You hold on for huge loss, because most think and hope for the price to/will come back
- Most take profit early as they are not confident in their strategy or market view that it will move more in their direction.
- You need to understand your trading system well (Eg, if you enter a trade, what are the possibility that x pips will go against you, and what is your rules for that, etc) Once you know this, you shouldn't have keep a loss for too long. So do more research on your own strategy.
So just keep learning, reading, researching, and gaining experiences on the price movements.
Good luck.
The only winner is the one who survive the longest...
- #35
- Jun 5, 2015 2:31am Jun 5, 2015 2:31am
- | Commercial User | Joined Jan 2015 | 1,352 Posts
20 Pips a day keeps centerlink away
- #37
- Jun 5, 2015 2:34am Jun 5, 2015 2:34am
- | Joined Feb 2007 | Status: Small is beautifull | 1,368 Posts
Read (and mean to read it) "Trading in the zone" by Mark Douglas a few times.
Reminds me of a guy who reads "Thinking grow rich" for some 50 years again and again and still finds there something new, some twist he didn't notice before that makes him go "Aaaha, I got it now!"..and he already made a killing in business and still keeps on learning and going for more. Improving/correcting/expanding his understanding of the way he sees the world & the possibilities that exists.
Exploring/Learning never ends. Always new amazing stuff to exlore the Magic of Who we trully are & What we are capable of & What's possible for each and everyone of us!
Markets wispers, just tune in.
have you tried spread betting? At 1 per pip it is a lot more forgiving.
