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Why Can't I Trade?!

  • #41
  • Jun 6, 2015 2:26am Jun 6, 2015 2:26am
Sorry for not posting yesterday work was really full plus I wasn't trading as mentioned earlier.

Thanks for all the posts and comments - I appreciate people chipping in where and when they can.

deanoracer - Agree on the set number of pips. I too use the old highs and lows for these plus a few to cover stop runs / spread. That said I rarely have a SL above 30pips as usually I'm with the wrong direction I've found if beyond 30pips.

Thanks - edgartan, investing101, behram, Gwan & Black Bird

Hammertop / plukin - It is a good book I have listened to..... Maybe I need the hard copy and listen / read it when I'm less distracted. Agree there is some sound advice which actually helped in my personal life a great deal.

kinspk - I'm sure the trade log will help in gaining more experience and to continue to aid in my learning - appreciate the comments.

Sorry PaulDaemon - I have to admit I can't follow those guidelines, if they are working for you then well done but as mentioned above I trade intraday where possible and so that sort of drawndown would not suit my style or personality.

Bicarus - this is true I have a set-up around London session that has worked well in the past so I will continue to focus on past winners and how they arose to try and improve my accuracy / preferred set-ups.

Thanks SheldonFX - agree with the 2% max risk.
  • #42
  • Jun 9, 2015 3:29am Jun 9, 2015 3:29am
I opened a position in the GbpUsd this morning shorting at 15352 after the market rejected 15368 where there were likely longs stopped from yesterday. My SL was 20 pips and I was aiming for old resistance to turn possible support at 1.5305 and so I took off half my position here and moved my stop loss to 15352 to see if the trade would move further in my direction towards 1.5262 and 1.5220. This is where I see my final TP levels.

The price is currently retracing and so I am going to leave the station here as I don;t want to become emotionally involved. 1.5305 should now act as resistance and if it doesn't then my stop loss is now at 15330 locking in 22 pips.
  • #43
  • Jun 9, 2015 3:33am Jun 9, 2015 3:33am
Attached Image (click to enlarge)
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  • #44
  • Jun 9, 2015 3:56am Jun 9, 2015 3:56am
Quoting downandout
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...
some advise from my opinion, try to look and see totally different. we think that we already try all, we already try all indicator, system, etc but we don't realize that we actually still on the same view on the same philosophy.

I do not know what inside your head, so its on your shoulder to find it. for me the key to success of this game is on what I called "greedy and fear meter" a measurement on how we assess our greed and fear. by that we can conclude when we still capture the move or when the time we stop.

I remember someone ask "how to get 10 pips a day consistently". if someone in a day can do waiting the best entry zone and try to capture a move in 10 pips and then stop close the chart everyday, definitely he/she will grow consistently. for some people this "10 pips" question is something silly. but for me this was great philosophy, on that question rely "greed and fear controlling".

we don't predict, we only ride
  • #45
  • Jun 9, 2015 4:01am Jun 9, 2015 4:01am
Quoting downandout
I opened a position in the GbpUsd this morning shorting at 15352 after the market rejected 15368 where there were likely longs stopped from yesterday. My SL was 20 pips and I was aiming for old resistance to turn possible support at 1.5305 and so I took off half my position here and moved my stop loss to 15352 to see if the trade would move further in my direction towards 1.5262 and 1.5220. This is where I see my final TP levels. The price is currently retracing and so I am going to leave the station here as I don;t want to become emotionally involved....
As price did reject 15305 area I have moved my stop loss to protect 40pips. If price comes bck above this level I won't re-enter as I am now unable to monitor the chart for the rest of the morning due to work commitments.
  • #46
  • Jun 9, 2015 4:04am Jun 9, 2015 4:04am
Quoting cakrajaya
{quote} some advise from my opinion, try to look and see totally different. we think that we already try all, we already try all indicator, system, etc but we don't realize that we actually still on the same view on the same philosophy. I do not know what inside your head, so its on your shoulder to find it. for me the key to success of this game is on what I called "greedy and fear meter" a measurement on how we assess our greed and fear. by that we can conclude when we still capture the move or when the time we stop. I remember someone ask "how...
Greed & Fear are definitely an issue. Part of my new plan is always having the final objective in mind so I know that my R:R is greater than 1:3. This will mean I will leave pips behind but overall I make a positive improvement day over day.
  • #47
  • Jun 9, 2015 4:07am Jun 9, 2015 4:07am
Quoting downandout
{image}
Nice trade. Perhaps if you post some loosing trades, with a small analysis of what you did, we might be able to help?

I've also been through a stage where I over leveraged. It's very important that you pay attention right now.
The next few months will make or break your trading career.

You need to find a system for your mind, one which makes you personally effective.
When you don't follow this system, deny yourself something nice (The ice-cream in the fridge, that cigarette).
When you follow the system, do something to treat yourself.

This is really the stage where you are fighting with your subconscious habits and behaviours.
If you don't change them now, you will engrain them further.
  • #48
  • Jun 9, 2015 4:14am Jun 9, 2015 4:14am
Quoting Tavurth
{quote} Nice trade. Perhaps if you post some loosing trades, with a small analysis of what you did, we might be able to help? I've also been through a stage where I over leveraged. It's very important that you pay attention right now. The next few months will make or break your trading career. You need to find a system for your mind, one which makes you personally effective. When you don't follow this system, deny yourself something nice (The ice-cream in the fridge, that cigarette). When you follow the system, do something to treat yourself. This...
Yes Tavurth - I plan to post losing trades as well, it just so happens this was the first trade since this thread started.
  • #49
  • Jun 9, 2015 8:22am Jun 9, 2015 8:22am
appart from starting with a demo account also study the different tutorials that a lot of brokers offer
  • #50
  • Jun 9, 2015 12:13pm Jun 9, 2015 12:13pm
Hi man, see, I have subscribed under you coz you posted analysis. Have thought it is gonna continue and am still hoping. So stop this self whipping nonscene. Thread name is awfull. You catholic or trader?

T
"I know one thing, that I know nothing." Sokrates
  • #51
  • Jun 9, 2015 4:59pm Jun 9, 2015 4:59pm
Looking at AudUsd this evening and the chart suggests selling rallies.

Therefore there seems to be old highs at 07720 that could be targeted during the Sydney / Asia session so I have a limit order set just shy of this.

First target would be old lows at 07600 so good RR with a 30pip stop loss.
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  • #52
  • Jun 9, 2015 5:08pm Jun 9, 2015 5:08pm
If the old highs aren't taken first I'll also have a sell stop at 07665, stop loss 20 pips with a 60 pips take profit.

This is a new pair for me as I don't often trade it but the 4hr shows a nice downtrend from Mid May so while we remain below 07720 I remain bearish.
  • #53
  • Jun 9, 2015 10:28pm Jun 9, 2015 10:28pm
Quoting downandout
If the old highs aren't taken first I'll also have a sell stop at 07665, stop loss 20 pips with a 60 pips take profit. This is a new pair for me as I don't often trade it but the 4hr shows a nice downtrend from Mid May so while we remain below 07720 I remain bearish.
Sell limit not triggered. Sell stop triggered and at breakeven. Back to 😴
  • #54
  • Edited 4:14am Jun 10, 2015 3:51am | Edited 4:14am
I'm not sure about your system, but as long as you took the trailing 20pip stop at about 0.7665 then It's a good trade. If you're not using trailing stops while sleeping on a trade, then I suggest changing something.

Attached Image (click to enlarge)
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  • #55
  • Jun 10, 2015 1:53pm Jun 10, 2015 1:53pm
Quoting downandout
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...
With that account size its 0.01 lots ONLY, anything else is COMPLETELY crazy if you ask me.
Im NOT going to offer ANY textbook advice because i havent found ANY thats worth a damn.
My signature is: "Classified".
  • #56
  • Jun 10, 2015 2:14pm Jun 10, 2015 2:14pm
Quoting Tavurth
I'm not sure about your system, but as long as you took the trailing 20pip stop at about 0.7665 then It's a good trade. If you're not using trailing stops while sleeping on a trade, then I suggest changing something. {image}
No - this ended up as a BE trade as my manual stop loss was hit at break-even. Unfortunately my broker does not permit trailing stop from the mobile application, I did consider taking partial profits but as an issue I have had is letting the winners ride I decided to let this one run.
  • #57
  • Edited 3:47pm Jun 10, 2015 3:37pm | Edited 3:47pm
Quoting downandout
{quote} No - this ended up as a BE trade as my manual stop loss was hit at break-even. Unfortunately my broker does not permit trailing stop from the mobile application, I did consider taking partial profits but as an issue I have had is letting the winners ride I decided to let this one run.
For the best, it was a good trade from a management perspective. The reason it failed was that you walked unsuspectingly into a bear trap (Or as R. Wyckoff named it: A number 2+ spring). I won't tell you how to avoid this, but I'm sure you will be able to figure out something for yourself.
  • #58
  • Jun 11, 2015 5:36am Jun 11, 2015 5:36am
Here is a nice trade coming in the same instrument. Perhaps try your money management on this, you can see I've posted ~10pip stop, but feel free to use 20 if it helps you.

Attached Image (click to enlarge)
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  • #59
  • Jun 11, 2015 7:30am Jun 11, 2015 7:30am
Quoting Tavurth
Here is a nice trade coming in the same instrument. Perhaps try your money management on this, you can see I've posted ~10pip stop, but feel free to use 20 if it helps you. {image}
I'm out, getting faked out every time.
  • #60
  • Jun 14, 2015 12:28am Jun 14, 2015 12:28am
Quoting Tavurth
{quote} I'm out, getting faked out every time.
Yes a shame there you were a little too early and hit with a news whipsaw but with a tight stop loss in place drama averted. I'll take a closer look at Wyckoff on holiday as my main study has been Larry Williams. No trades rest of week as I haven't had the time so no more to add at this stage. Will do analysis shortly for next week.
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