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Please tell me your method!

  • #21
  • Aug 20, 2006 3:48am Aug 20, 2006 3:48am
Dan
I'm a loser too
I know the reasons
greedy
trying to enter a trade each time I'm front of PC
Not sticking on a single system
Not sticking on stop losses & TP
Trading on small time frames
.
.
.
.
.
My advice: Take free time away of FOREX;1 week,2 weeks or whatever you feel's enough.But don't think about FOREX.

I'm FOREX adicted and think u r too
Good Luck
  • #22
  • Aug 20, 2006 4:11am Aug 20, 2006 4:11am
Quoting sachin
Here is wat i think,
1) Wat u got to do first is just realx forget that u wasted 4 yrs of time in forex. Bcoz wat i personaly think if u gave 4 yrs to forex there might be some (say it very few) things which u might be able to do very well, rite ? (Take ur thoughts in +ve direction.)

Ok, now as u lost alot of money in forex in ur this 4 yrs, consider them as ur Most Expensive Forex-Trading Course, ok.
Then, Start trading Demo (I MEAN IT....I REALY MEAN IT.) FORGET LIVE ACCOUNT, Just Trade on DEMO.

2) Try to find a Mentor (which i think is realy a key to sucess in any field) who himself is a Trader and Trades his live account not any particualy companies training course or some like of expensive FxTrading Training package. If u can find a Mentor who trades his own account live would be the best Mentor to Teach.

3) Trade one trading system, stick to it untill u get hold on it. Don´t jump from one trading system to another trading system. (its foolishness...nothing to be rude..)
Give urself time to make ur Demo trades profitable. Apply Patience.
Make a Promise to urself that u won´t trade LIVE ACCOUNT untill u have 3-Winning consivutive months with (say 300 pips/month.) folowing the Same Trading Method/strategy.

4) Treat ur DEMO Account as Ur REAL MONEY. It should Pinch u Inside if u make a losing trade. Bcoz the more losing trade u make the more time it will take for u to have 3-consicutive winning months and the more time it will take to get in the the Real Live Account.
So trade wisely, As its said... Make a Trade Plan and then Trade that Trade Plan.

5) Keep a Trade Journal of all the Trades u make with a snap shot of the charts with all the details Entry, Exit, Trading Strategy used, Trading time, If any Eco. event happend at that time each and every thing should be in ur TRADE JOURNAL. And u shouldnt miss a single trade writing down in ur T.Journal. This is not all. U should Review them frequently Daily-Weely-Monthly...And learn from each of ur trades u made either Wining or Losing.
This is wat i will say for now the things does´nt finishes here its just the starting... if u want to make a living in forex (i will rectify myself... there is nothing like ¨Make a Living¨ in forex as ppl say, wat i believe is Either u are Filthy Rich in Forex or u r Losser...watever.)

Apply these few things which i have mentioned and then i will like to share more...
.

sachin,

Very good man. You should post some more of how you feel about this.
JOHN 3:16
  • #23
  • Aug 20, 2006 6:22am Aug 20, 2006 6:22am
Dan,

losing money is hard especially if you lose money over a long period of 5 years. i too lose a lot at the beginning, so i start contemplating what was wrong. i dig into a lot of books..get a lot of others examples..and found out there are two things very common to me, they are my fear and my greed. over time after losing so much money i fear to trigger a good trade and end up joining the losing crowd when i finally decided i should enter. and i found out that my greed prevent me to stop when i was i profit although there is sign to stop. my greed also prevent me to admit that i should stop to save my balance when i am wrong.

you should try to see what is wrong with yourself. try to know yourself as you would not be able to trade well if you do not know yourself. most important know your risk tolerance and whether it suits your resources (capital). managing our capital is sometime very hard to do and we end up losing our account again and again if it is not manage properly. there is no single system or method of trading suitable for every market environment or instrument. you should now are you are the type of person patience enough to wait for breakout or to wait till trend was developed nicely before you join the trade or brave enough to trade a tight range. back then i also found out that by manage my money i know am i able to sustain when price fluctuate etc etc. When you know yourself then you should try experimenting trading system. another thing is that self discipline is rule number one. no discipline means we violate every and each rules which was there to prevent or limit our loses.

i keep telling myself that patience is virtue. dont trade when you are not in your sane mind. stick to a method and most important is evertime we jump into a trade we must have a good reason.

i usually stop for a while when i am slacking of and i believe every experience trader will get away so you too should take a break for a while.

happy trading and good luck,

Korn_trader
........... have nothing to say..........
  • #24
  • Aug 20, 2006 6:30am Aug 20, 2006 6:30am
I have nothing to say but i am very impressed with the feedbacks.People who come to FF are friendly and, helpful people. Well done guys. Anyone wants to give me free money? heheh I guess that wud be too friendly eh?? aahha..Cheers to everyone..
  • #25
  • Aug 20, 2006 6:35am Aug 20, 2006 6:35am
HEHE

No money to be given away but all the secrets and keys to make the money are here though.
JOHN 3:16
  • #26
  • Aug 20, 2006 7:37am Aug 20, 2006 7:37am
Dan

I can assure you that many traders all over the world must some or other time deal with what you are dealing with at this point in time. Don't be so hard on yourself. Remember only 10% of traders are successful! <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o></o>

Most of the time it is a lack of discipline and poor money management that will either make or break you...<o></o>

Then again if you do have discipline and money management it is still no guarantee that you will make money. There are very bright traders out there who are well educated, but still doesn't make money consistently. Why?<o></o>

The good news is that the forex market can be traded in many ways. Technical analysis and news trading (fundamental analysis) are NOT THE ONLY WAY. Have you ever asked yourself why you are still losing money when applying technical analysis? You can have all the technical knowledge in the world, but the market can keep you from profiting from it. It is a fact that brokers and large institutions know that traders trade technical. (They even give free lessons on TA) This means that they know your strategy and where your stop losses are placed. They simply trade against you and take your money. <o></o>

Technical trading allows you to make profits, but in most cases only to give it back to the market soon after you have made it.<o></o>

I will tell you what worked for me. <o></o>

I started to trade against the so-called "rules". I hedge and I add to losing positions! All still within the framework of good money management and low leverage. The results: I MAKE MONEY. I do not have to baby-sit my trades. (The market cannot hurt me the way it did previously) No more stress. Like I said there are many ways to trade this market. Take a demo and try it. Remember different personalities = different approaches and different styles. Find what works for you and DO it.<o></o>

This is only my opinion! <o></o>

<o></o>
Never Ever Give Up!
  • #27
  • Aug 20, 2006 7:47am Aug 20, 2006 7:47am
I think you suffer from greener grass syndrome..........you said you jump from system to system spend 7 hours a day losing money.......sit back relax....sytem jumpng and over trading will tear anybody apart. and definetly do not revenge trade.....it will just dig your grave.

trading shoud be borring, you don't have to be in a position 24 - 7.
look into the James 16 groupe.
Same Whore .... Different Dress
  • #28
  • Aug 20, 2006 8:11am Aug 20, 2006 8:11am
Dan

First off what currency are you trading?

Tom
  • #29
  • Aug 20, 2006 9:23am Aug 20, 2006 9:23am
Dan,

Have you figured out What you want?

I have been doing Demo's for about a year now. I have read a lot on this forum and many others. I have looked at some of the same systems as you probably have. I have seen some of your posts on this forum. I am usually a lurker on the forums, as I do not yet have the knowledge or experience.

I would like to take a moment to thank all the usual suspects for the information you have shared here as it has been a great help.

I have been slightly profitable in Demo's. I am hoping to go Live soon. Some of the best threads I have seen are not the "Hey this system Kicks A$$", They are the ones on money managent. There are some wonderful Sticky posts here and on other forums. Read them.

After you should have an idea on how to get what you want. I have figured out I have to use the 4H charts as I am working full time (EST). I am looking for ony 10 pips a day. If I can do that for a year I will be happy. I am currently looking to write up all I have learned for MM and how I want to apply them to me. There is a document, I can not remember where I found it, that you fill out as a trading plan. I will look for it, or if some one knows the one I mean, please post it or the link.

Find a method you can understand. Learn it then trade it on one pair. It could be just one indicator or EA or it could be one that turns your chart to spaghetti, but YOU have to know it inside and out. It may trun out you get only one trade a month or 10 a day. The market will dictate it to your system. Do not deviate from your plan. Use the time to read and learn.

I hope this helps. I would love to be able to give back what I have gotten from these forums.

Pips for everyone,
Labrat407
  • #30
  • Aug 20, 2006 9:43am Aug 20, 2006 9:43am
Quoting johnedoe
I think you suffer from greener grass syndrome..........you said you jump from system to system spend 7 hours a day losing money.......sit back relax....sytem jumpng and over trading will tear anybody apart. and definetly do not revenge trade.....it will just dig your grave.

trading shoud be borring, you don't have to be in a position 24 - 7.
look into the James 16 groupe.
Yes, since your a 4 year trader, this is probably no question of basics, but a question of inter system jumping.

You should stick to ONE system, a lot of them make money, check out the Sidus for example.

Good luck to all of us
Trading is a long and a short story.
  • #31
  • Aug 20, 2006 10:01am Aug 20, 2006 10:01am
This will probably sound stupid, but here goes:

if i set my leverage at 10:1, then i am profitable.
at 50:1, i make huge amounts of money..... which, btw, is a super high feeling which pisses me off because i then lose those huge amounts of money when I am "high" and greedy. I know that I have to control these emotions or quit.
I ordered the book money master recommended and I hope it helps.

you might try the leverage thing, you HAVE to seriously manage your trading at 10:1 and i think you are much less likely to enter stupid positions.

try minimizing the leverage. i wish you luck, i am still really new, only 6 months experience. after 4 years though..... you might look at a different market. There are ALOT of ways to be successful at this market... problem is, there are 1000 ways to screw up each and every successful trading method. Anyway, try really lowering the leverage or at least post what leverage you are currently using... I bet it is more than 20:1
happy trading
  • #32
  • Aug 20, 2006 10:37am Aug 20, 2006 10:37am
ps

I am still an overall loser. my account is 50% of my initial starting position and I don't want to misrepresent my experience level. Even after 6 months though, I know a way to make money with fundamentals.
The greed and emotion is a problem for me. The low leverage takes the "high" out of it for me and seems to be working at this time.

Maybe at 10:1 leverage, I won't throw up the night before the first Friday of the month (Non-Farm report). Also, I know the answer is inside me and your answer is inside you. Maybe both of us should NOT be trading in this market. That is what I am currently struggling with....... should I quit? it would make my wife happy. But, I hate , hate , HATE failing.
Plus, this market is very doable. I should easily be able to outperform any of my stocks;however, I have yet to actually do it.

Anyway, happy trading.
  • #33
  • Aug 20, 2006 10:59am Aug 20, 2006 10:59am
Quoting squat1962
ps

But, I hate , hate , HATE failing.
If this emotion fractals down to each individual trade, it's overkill and will doom you to failure. What do you do with a losing position? How can you accept you were wrong & that it is a bad trade, Get Out, without this emotion getting in the way.

Failing is a fact of life. Failing does not mean you are a Failure. It means you are a Player who does not expect to be 100% correct 100% of the time.

Some would say "If you expect to lose, you will!" That doesn't stop them them from losing.
  • #34
  • Aug 20, 2006 11:08am Aug 20, 2006 11:08am
We can all feel you pain!! Every trader has a "dark night of the trading soul". Those of us that go on to succeed probably followed similar steps.


1. Take the the emotion out. Give yourself a break. You pick how long. Maybe one week, or one month. See what internal shift happens.

2. When you are in a neutral but optimistic mindset, reenter the game.

3. Join James16 private forum. It's $129/mo and it will pay for itself very quickly.

4. Do not trade demo or live until you have buzzed the whole forum and are very comfortable with the price action material, the money management, and have checked out the systems on the J16 site.

5. Pick one or two systems and one or two currencies. Start demo-ing.

6. Exercise discipline. Do not deviate from your chosen systems and Figi's money management principles.

7. Only begin trading live when you have successfully gained consistent gains on your demo.

8. Take Money Master's advice on Trading in the Zone and ANYTHING else he offers you. Psychology is more than 50% of the game. Discipline is the other 50%++.

If you cannot slow yourselft down enough to read the book, invest in the forum and demonstrate discipline, admit this is not the career for you.

Wishing you every success!
GTrader444
  • #35
  • Aug 20, 2006 12:21pm Aug 20, 2006 12:21pm
Hello Dan,

First of all I have been where you are so I will share with you the methods and incites that help turn my trading around.

You must accept that the difference between a winning trader and a losing trader is emotion. You can give traders the same successful system and still most will lose money since they will do what comes natural to emotional traders...they let their losers run thinking they can't be wrong and cut their winners short because they don't want to lose what they have made. You must accept that no one knows which way the market will move, no indicator will always be right, that said you must accept that loses are normal, nothing more than the cost of working in this industry.

If you can learn to accept the above than you will begin to accept that trading in probabilities with good money management is the only way to make money. You should pick a few indicators and learn how they move and work, know them cold and don't worry about all the rest. Study price action for one or two currencies and learn how they move and react with your indicators. Use well placed small stops but no less than 20pips and be wait for the best setups.The most important thing I can tell you is how to help eliminate emotion.... Use a small lot size relative to your account balance, earn the right to increase your lot size as your account grows. By small I mean try to risk no more than 1-1.5% of your account size. (If you have a small balance use 3% as your max since 1-1.5 won't give you a large enough stop). Also set weekly targets for your self but use pips not profit.
When a trade goes your way sell some of your lots so you can "free trade" but always let some ride to capture more of the move. Adjust the stops on the balance of your lots as the trade moves further in your favor.

Good Luck
  • #36
  • Aug 23, 2006 7:58pm Aug 23, 2006 7:58pm
Thanks guys ! And, I will not quit and just keep on remembering that I wasted 4 years of my life for nothing. Whenever I trade DEMO, I win. Whenver I trade LIVE, I lose. Can someone please just tell me thier Method by sending me a Private Messgae? I will really appreciate it! Thanks.


Thank You,
Dan.
  • #37
  • Aug 23, 2006 11:59pm Aug 23, 2006 11:59pm
Van K. Tharp has a web age and conducts seminars that may be of help to you. http://www.iitm.com/
Your troubles do not seem to be related to trading. As Ed Sekoya says, "you get out of trading what you want", or something like that.


Quoting Dan7974
Thanks guys ! And, I will not quit and just keep on remembering that I wasted 4 years of my life for nothing. Whenever I trade DEMO, I win. Whenver I trade LIVE, I lose. Can someone please just tell me thier Method by sending me a Private Messgae? I will really appreciate it! Thanks.Thank You,
Dan.
In trading, there is no bullshit. You either make money or you don't.
  • #38
  • Aug 24, 2006 12:47am Aug 24, 2006 12:47am
Quoting Dan7974
Thanks guys ! And, I will not quit and just keep on remembering that I wasted 4 years of my life for nothing. Whenever I trade DEMO, I win. Whenver I trade LIVE, I lose. Can someone please just tell me thier Method by sending me a Private Messgae? I will really appreciate it! Thanks.


Thank You,
Dan.
Dan

Wake up and smell the coffee there are plenty of systems for free but that wont help you one bit until you take responsablity for your own mess and listen to what people are trying to tell you.
Go read this post/poll and see where you fall
http://www.forexfactory.com/forexfor...ead.php?t=3156

I have only 6 months under my belt so feel free to, also discount my words but mate, the problem is in your head not in the system you use.

Ademac
  • #39
  • Aug 24, 2006 12:57am Aug 24, 2006 12:57am
Quoting Dan7974
Thanks guys ! And, I will not quit and just keep on remembering that I wasted 4 years of my life for nothing. Whenever I trade DEMO, I win. Whenver I trade LIVE, I lose. Can someone please just tell me thier Method by sending me a Private Messgae? I will really appreciate it! Thanks.


Thank You,
Dan.
Dan,

I know what one of your problems are dude. You can't stick to one thing long enough. The day you posted this thread, I saw it right away cause I keep up with the posts pretty good when I am at work. I had sent you a PM right when you started this post. I was telling you about the sidus thread and you should go check that out and I would help you with it. You have been to the other system threads quite a bit in the past and you are still asking for help. Why don't you go read through the sidus thread. Yes the whole thing. That should take you a while. Then the things you don't understand, like I had told you in that PM, you can PM me with your questions. I am willing to help you get things started on it. Why don't you stick to one thing instead of jumping around from one thing to others. You can't tell me either you have read through that thread and have tried it. Cause if you have and are trying it, you wouldn't be back on here asking for help with giving you a system. You need alot more time than that to figure out if it will work for you or not. I think I have even given you the james16 chart thread to read. That should take you a couple weeks to go through in depth and at least 6 months to try and see how well it works.

Basically what I am saying is, stick with one system for more than a couple days or week. It is a very wise thing to do.
JOHN 3:16
  • #40
  • Aug 24, 2006 1:01am Aug 24, 2006 1:01am
Quoting Dan7974
Thanks guys ! And, I will not quit and just keep on remembering that I wasted 4 years of my life for nothing. Whenever I trade DEMO, I win. Whenver I trade LIVE, I lose. Can someone please just tell me thier Method by sending me a Private Messgae? I will really appreciate it! Thanks.


Thank You,
Dan.
Well, that is the problem with most people. But if you can win in demo, you are half way there.

So, now it comes to what has been said by all the nice people in this forum, greed and fear, the emotional side of it.

After successful in demo, you should try trading with micro minis. Start off with 1cent per pip(US$ pairs), then move the numbers up as you gain more confidence.

Trust me, the emotion of trading demo vs micro mini live vs mini lots are VERY different.

I lost money in my early days too(lots of it). But I am trading +ve right now.
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