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Why Can't I Trade?!

  • #141
  • Jun 27, 2015 7:12am Jun 27, 2015 7:12am
Trading takes years to learn... If your not winning.. STOP NOW.. Go back to DEMO or micro account.

I can not comment on your trades, as I don't know your system, nor do I have a list of your trade rules.

Trading requires independent thinking... So every trade must be your own to truly learn. You will get tons of advice here.. Some from unprofitable traders thinking they can help.. They are actually hurting you. Be careful who you take advice from on here. Trust no one.

1. Seek out training from a proven profitable trader that you connect with their style of trading... Be it fundamental, technical, Elliot waves, Price action, momentum, carry trades, moving average bounces.. I only want to learn from mentors who have made a living for over 10 years trading... If your not connecting with the first mentor... seek another...

2. Find the area of the market you connect with... Specialize in one trade.. back test it 1000 times.. Know how the trade will perform over time. (example win 60% lose 40%). Once you know these figures and you have backtested it 1000 times, you will be more likely to stick with this system, and trust the system.
Keep a journal of your trades and make extensive notes.

3. The biggest mistake I see new traders making is using too much leverage. PISS POOR MONEY MANAGMENT IS COMMON among beginners. (you have to have a big account to make big money), as your account goes up in value your trade size goes up.. If you have a bad week, your trade size has to come down.. This keeps you in the game for a long time.. I'd recommend risking .5 to 1% per trade MAX.. Some would say less.. and they may be right! But defiantly don't risk more then 1%... Money management is more important then your entry or stop or target. There was times when I was learning that for some reason I got off track.. Sometimes it takes months to get back into the swing of things... During this time trades smallest possible lots your broker allows, or go to demo, until you get back on track and are getting consistent wins.

4. Also reading a few books on trading psychology helps.. Learn about Fear of missing out (price jumps 20 pips, so you chase it, just to see it fall back down), fear of being wrong (holding onto losses). Greed (holding onto a winner too long just too see it come back to 0 or trading too large for your account). A lot of trading is just a battle with controlling your emotions and instincts, which often tell the new trader to do the exact wrong thing at the wrong time.
The only system that will work is one designed by and for yourself.
  • #142
  • Jun 27, 2015 7:35am Jun 27, 2015 7:35am
Quoting bloodpoodle
I'd recommend risking .5 to 1% per trade MAX.. Some would say less.. and they may be right! But defiantly don't risk more then 1%... Money management is more important then your entry or stop or target.
Yes, MM is important, but it'S not the holy grail, and as you write, the only reason of MM/RM is to keep you in the game.

With 1% per Trade you will need over 500 Losing Trades in a row to burn your account!

So if you are afraid of 500 Losing Trades in a row, you can take the 1% or you can start to optimize your edge.
The reason why people use a such low Risk, is the emotional side, but that's another story.

In my Opinion there ist no - recommend risking size - it all depends to your Edge (RR) und your emotional stability!
  • #143
  • Jun 27, 2015 11:13am Jun 27, 2015 11:13am
Money management will kill you faster then anything else.. Especially for a new trader. I see it everyday. ITs a huge part most new traders miss.
Its almost the holygrail for any new trader, just staying in the game for long period of time, is priceless in your first few years.

Sure an expert might be able to bump it higher.. But why?
The good news:
If you can risk 1% to make 2%.. and can do this every day, and don't take money out... you can turn $1000 into over $1,000,000 in about 1 year. Do the math at www.compoundaily.com (one d in the name)...

There probably is some high risk/reward strategies that can work with higher leverage, for advanced traders... but I'd 100% say its wrong for this person.
ALL THE LONG TERM TRADERS I KNOW KEEP RISK LOW.
#1 rule is protect your capitol.

Ps. I do like the comment "With 1% per Trade you will need over 500 Losing Trades in a row to burn your account!" Exactly what every new trader needs!
The only system that will work is one designed by and for yourself.
  • #144
  • Jun 27, 2015 11:55pm Jun 27, 2015 11:55pm
Quoting TraderinSD
I will not be going back to demo as I still have a whopping 400 in the account and so I think I just need to learn to reduce my position size which is around 1-3 lots and start to trade between 0.10 & 0.50. This way I still feel the emotion of real funds and hopefully build some stricter rules in to my approach.
This is a good idea. My approach is, 0.1 lot for every $500 in equity. So, when I started trading, with a $2,000 stake, my max position size was 0.8 lot, with typical trades being 0.2 to 0.4 lot, depending on my tolerance for risk. IMO, with 400 in the account, you should be trading the minimum, 0.1 lot.
  • #145
  • Edited 4:28am Jun 29, 2015 4:27am | Edited 4:28am
The thread title is: "Why Can't I Trade?!" which implied to me that you were looking for advice.

However, it seems that you are more interested in proving your (not profitable) trading.


Quoting downandout
Look at every rally on a 4hr chart. You can see every move started when the 15m was down. If the 4hr is up then I look at 15m flow being down as an opportunity to buy at a good level to get back in line with the overall direction at a pre marked level as I did at 15757.
This sounds like picking tops / bottoms. Which needs years of practice and even then is not profitable for most.


Quoting downandout
[...] we all trade differently [...]
Don't say that as long as you are not profitable.

Two quotes from you: "we all trade differently" / "Why Can't I Trade?!" - Hmm, what shall I say, perhaps these quotes have some kind of relationship..

Quoting downandout
[...] will concentrate on shorts short term at that point until 15m chart breaks a significant high. Flows are still down so I will continue to look for shorts until I see price back above 15800 and then I will look to hold trades longer when in line with the overall 4hr. Any trades taken here will be for 30-40 pips as to me it is counter trend trading. If price continues below 15680 then I will look for levels at 15630 and 15555 to come along.
Suddenly you are trading countertrend (in your definition). However, you are still aiming for about the same TP like when you are following the H4 direction..

It looks to me that you have no trading system with well defined rules. Therefore you can't have any real stats for your system. You have no reason to trade until you know that your system is profitable.


Stop trading and instead think about all the input you got in this thread.
Good luck!
..
  • #146
  • Edited 12:21pm Jun 29, 2015 12:21pm | Edited 12:21pm
Quoting bloodpoodle
Trading takes years to learn... If your not winning.. STOP NOW.. Go back to DEMO or micro account. I can not comment on your trades, as I don't know your system, nor do I have a list of your trade rules. Trading requires independent thinking... So every trade must be your own to truly learn. You will get tons of advice here.. Some from unprofitable traders thinking they can help.. They are actually hurting you. Be careful who you take advice from on here. Trust no one. 1. Seek out training from a proven profitable trader that you connect with their...
Thanks bloodpoodle - reading Mark Douglas at the minute to help with money management and psychology.
  • #147
  • Jun 29, 2015 12:24pm Jun 29, 2015 12:24pm
Quoting MFirst
{quote} Yes, MM is important, but it'S not the holy grail, and as you write, the only reason of MM/RM is to keep you in the game. With 1% per Trade you will need over 500 Losing Trades in a row to burn your account! So if you are afraid of 500 Losing Trades in a row, you can take the 1% or you can start to optimize your edge. The reason why people use a such low Risk, is the emotional side, but that's another story. In my Opinion there ist no - recommend risking size - it all depends to your Edge (RR) und your emotional stability!
Yes very good advice.


Quoting MisterWhite
{quote} This is a good idea. My approach is, 0.1 lot for every $500 in equity. So, when I started trading, with a $2,000 stake, my max position size was 0.8 lot, with typical trades being 0.2 to 0.4 lot, depending on my tolerance for risk. IMO, with 400 in the account, you should be trading the minimum, 0.1 lot.
Thanks - I have cutmy risk accordingly over the past few weeks.
  • #148
  • Jun 29, 2015 12:39pm Jun 29, 2015 12:39pm
Quoting Slicktick
The thread title is: "Why Can't I Trade?!" which implied to me that you were looking for advice. However, it seems that you are more interested in proving your (not profitable) trading. {quote} This sounds like picking tops / bottoms. Which needs years of practice and even then is not profitable for most. {quote} Don't say that as long as you are not profitable. Two quotes from you: "we all trade differently" / "Why Can't I Trade?!" - Hmm, what shall I say, perhaps these quotes have some kind of relationship.. {quote} Suddenly you are trading countertrend...
Slicktick - not sure why you took offence here. I am using the advice I am being offered and taking the good and bad. Your comment was simply answered by me based on you stating I should set a stop loss on the 4hr chart which I believed I answered in a sensible way as to why that wouldn't work for me.

In none of my trades am I trying to catch tops and bottoms but more looking at an area on a chart where I might be able to trade in the direction I am anticipating. The mere fact that I have stated I will trade breakouts too (and have done during this thread) disproves the theory I am trying to catch tops and bottoms.

Again the fact I stated we all trade differently is simply that - fact. You appear to only trade breakouts when all your charts suggest flow is up - 3 ducks system I believe whereas I am looking to buy a dip or sell a rally in the longer term direction. This is two different strategies.

My TP is generally old highs and old lows again as already stated and shown in trading graphs shown here. If overall 4hr trend is potentially offering more than I may hold for longer and opt to take some profits as each old high (or low) is revisited. We are in a volatile market right now so I am trying to increase my RR by taking profits as this is something I mentioned earlier in the thread I was looking to improve on and was also advice I was given in here by other traders so again contradicts that I am not willing to learn from the others in this group.

Happy for you to continue posting in here but lets be clear - I do appreciate the comments of the contributors on this thread but if there is something posted that isn't going to fit in to how I trade then I will answer why that is as I have done in your case with a constructive answer.

All the best
  • #149
  • Jun 29, 2015 5:37pm Jun 29, 2015 5:37pm
downandout, targeting old highs and old lows is a dangerous game, you may have to go through 3 levels of s/r to get those highs and lows... Each one could be major s/r lines... To build confidence why not target the next s/r level.. Get those pips booked in first and foremost.

These major s/l levels may be the reason you are not winning...
  • #150
  • Jun 30, 2015 3:45am Jun 30, 2015 3:45am
Quoting rolandW
downandout, targeting old highs and old lows is a dangerous game, you may have to go through 3 levels of s/r to get those highs and lows... Each one could be major s/r lines... To build confidence why not target the next s/r level.. Get those pips booked in first and foremost. These major s/l levels may be the reason you are not winning...
Hi rolandw - my old highs and lows are my support and resistance levels. I get what you are saying as I have been reducing my take profit levels as you will see over the previous posts and although I am leaving pips behind I am growing my account and that is what matters.

I'll be looking at old highs and lows as take profits more on a 15m chart going forward to aim for a 3:1 RR with a trailing stop loss to lock in early profits.
  • #151
  • Jul 1, 2015 6:36am Jul 1, 2015 6:36am
Sold 15700 this morning after price ran old highs at 15715. Didnt take entry here due to news and so waiting for the spike to occur and sold the break of the 15min candle with a 20pip stop loss and 40 pip take profit.
Attached Image (click to enlarge)
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  • #152
  • Jul 3, 2015 9:16am Jul 3, 2015 9:16am
Quoting downandout
I still feel the emotion of real funds and hopefully build some stricter rules in to my approach.
How easy is to spot the error at others, how hard is to spot at me!

I was on the same situation like you.

Because the trade size is to big, that's why you FEAR a winning position to not go to looser one.
Because the trade size is to big you ARE HOPING it will not hit your wistual stop lose or margin call.

Just remove the sentiments.
You can't sleep with position opened? Oh, because you have sentiments?
Very easy the solution: reduce the trade size and use a SL.

Of course you will not have +50% trades and maybe you will not be at yearly 800% for 2-3 weeks at the Leaderboard, but are you trading for that?

Be inactive a bit to calm down.
For sure you will have opportunities later.
Just try to watch the charts on a bit longer term. What if you are allowed to open only max 1 position in 3 week and on that you can risk as how much you want?
Try to see where are the trend changes, continuation, weakness.
Let's say the risk is max 10% per trade and you are allowed max 4 trades in 3 month.

I hope your trade system it will change and the desire to prove anything for you or others will be null.
The same "happiness" will you have for a losing trade as for a winner trade, because it is just 1 trade from many others, what are you doing and all it matter the trade size, the entry and the exit rules.

Every trade system will be unprofitable with a certain leverage, depends on his win-lose ratio and SL-TL level: Mathematically it can be proven.
I want to buy PATIENCE
  • #153
  • Jul 7, 2015 4:36am Jul 7, 2015 4:36am
Quoting matheszabi
{quote} How easy is to spot the error at others, how hard is to spot at me! I was on the same situation like you. Because the trade size is to big, that's why you FEAR a winning position to not go to looser one. Because the trade size is to big you ARE HOPING it will not hit your wistual stop lose or margin call. Just remove the sentiments. You can't sleep with position opened? Oh, because you have sentiments? Very easy the solution: reduce the trade size and use a SL. Of course you will not have +50% trades and maybe you will not be at yearly 800%...
Some good advice in there thanks.

No trading since last week as been on a city break but looking to get going again this week.
  • #154
  • Jul 7, 2015 7:36am Jul 7, 2015 7:36am
Quoting downandout
{quote} Some good advice in there thanks. No trading since last week as been on a city break but looking to get going again this week.
Be warned that things are getting volatile this week, make sure to use an ATR (or similar) based stop, so as not to get faked out too often.
  • #155
  • Jul 7, 2015 9:46am Jul 7, 2015 9:46am
Quoting Tavurth
{quote} Be warned that things are getting volatile this week, make sure to use an ATR (or similar) based stop, so as not to get faked out too often.
Yes trailing stops being used this week as a well as hard stops - trading the levels this morning got me just over 80 pips although I missed first entry early session.
Attached Image (click to enlarge)
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  • #156
  • Jul 7, 2015 10:15am Jul 7, 2015 10:15am
Quoting downandout
{quote} Yes trailing stops being used this week as a well as hard stops - trading the levels this morning got me just over 80 pips although I missed first entry early session. {image}

What made you short this level? Whats the TF?
  • #157
  • Jul 7, 2015 10:48am Jul 7, 2015 10:48am
Quoting SheldonFX
{quote} What made you short this level? Whats the TF?
Hey SheldonFX as price traded through the 15493 level I had marked I sold the re-test of this level. The next level also lined up with a previous low and also a major support and resistance which is why I exited here expecting a bounce. The short expectation was based on flows being for short entries at present.

If you look at the 4hr chart there was no bounced at the old lows so this was confirmation for me to expect the next level down to come in to action.
  • #158
  • Jul 7, 2015 11:19am Jul 7, 2015 11:19am
u need balls and brains same time
Early to bed, early to rise, keeps you healthy, wealthy and wise.
  • #159
  • Jul 7, 2015 12:00pm Jul 7, 2015 12:00pm
Downandout,

I can tell you exactly why you're having a hard time. FOREX IS A RIGGED MARKET. WE LOSE BECAUSE THE BANKS WANT US TO LOSE.

I tried everything - indicators, price action, supply/demand, order flow, fundamentals - NONE of it worked.

The forex market is a sucker's game. Get out while you still have some money left.
  • #160
  • Jul 7, 2015 12:02pm Jul 7, 2015 12:02pm
Quoting gravitist
Downandout, I can tell you exactly why you're having a hard time. FOREX IS A RIGGED MARKET. WE LOSE BECAUSE THE BANKS WANT US TO LOSE. I tried everything - indicators, price action, supply/demand, order flow, fundamentals - NONE of it worked. The forex market is a sucker's game. Get out while you still have some money left.
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