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Experts, help me please!

  • #1
  • First Post: Edited 5:25pm Feb 9, 2016 3:47pm | Edited 5:25pm
Hi guys,

I just needed to talk to someone, I feel so desperate because I am doing the same mistakes over and over. I just need someone to give me advice on what to do to combat this. I've had ups and downs in my account and I feel really frustrated. I do not want you to read a long story, so I'll shorten it in a few lines, please if you experienced this before, or know how to get over it, please please give me advice. I'm really going mad cause of this.

- I find myself many times closing profitable trades before they reach the target I planned ( And in over 90% of cases the target is reached ) when I close only 10% or 20% of my target cause I fear that the position will reverse on me.

- In many events I open a position which I am quite sure about, and it shoots against me then I close it in loss but it then returns to my planned target.

- Why do I feel that the trades I stay in for longer time give me hard time and bigger drawdown, and the trades I close turn to be the most profitable?!

- Can this happen constantly by chance every time? Is it my bad habit?

- Just thinking that I could have made 1000% of what I made by trading logical and leaving my targets makes me go mad. How do I beat this feeling?

- Today for example, the crude was exhausted on the downside, so I bought a bit early, it went against me by 80 cent or so, then I bought again, it didn't move I closed a big loss then it shoots up. Is that also my bad habit? Why the market won't go in my way until I close my positions. It happens more often to me, I mean this is like 80% of my trades are like that, why? Could I be just a bit unlucky? am I impatient? What can I do to get over this dilemma please?

Is trading really not for me? But almost every trade I pick (It's not holy grail) but yes over 95% work to the targets I planned. So why this happens? I'm losing cause of my mentality only. I close too early, or take lose while it's a profit trade (just need time)

Please if you have any advise for me to beat my mental problems with trading I NEED to hear them. I am really fed up and can't believe I've lost money due to my fear only and not because the trades were bad picks.

Thanks everyone for listening to me.
  • #2
  • Feb 9, 2016 4:30pm Feb 9, 2016 4:30pm
Quote
I find myself many times closing profitable trades before they reach the target I planned ( And in over 90% of cases the target is reached ) when I close only 10% or 20% of my target cause I am scared that the position will reverse on me.
- Suggestion: As soon as your position gains some "breathing space" USE TRAILING STOP. Also try to learn to use breakeven stop losses as soon as price gains in your direction. Trailing will protect your profit, AND allow for maximum profit, while breakeven stops will cut your losses significantly.

Quote
In many events I open a position which I am quite sure about, and it shoots against me then I close it in loss but it then returns to my planned target.
- There is no such a thing "quite sure about" - each position when taken, has a 50% chance to go in both directions AT THE TIME OF TAKING. So you need to remove your mindset from "I am quite sure about" - that is also an invalid sentence construction - you are either sure or not; there's no "quite sure", or relatively sure or any such thing...and THERE IS ABSOLUTELY NO certainty in market. What you described is a standard "wash 'n' rinse" which happens to all new traders and it will take time/money/frustrations/hard work to master it. You have to be aware that there is a high probability you will never make it - but that's just a statistical point of view. Each person has a chance to learn it and it is by far one of most difficult things in life - to start trading the financial markets. To master it to a desirable degree - it will take years and you need to accept that. Can't stress out this last sentence enough.

Quote
Why do I feel that the trades I stay in for longer time give me hard time and bigger drawdown, and the trades I close turn to be the most profitable?!
- You probably wont understand this bit, because it took me for example 5 years to understand the notion of "feelings" in market...But you need to stop feeling. Yes, you guessed it - it will take time/money/hard work/ frustrations.

Quote
Can this happen constantly by chance every time? Is it my bad habit?
- It has nothing to do with chance. It never has. It is product of your actions. Never, and I cant stress "never" enough - never blame the market or participants or big boys or anything for your failure. Quite simple. Also blame is an emotional response. Emotional responses and trading go together like a catflap in an elephant house.

Quote
Just thinking that I could have made 1000% of what I made by trading logical and leaving my targets makes me go mad. How do I beat this feeling?
- setting real money targets will absolutely drive you mad. It drives mad even the consistently profitable traders. Until point they become broke. Just because they started chasing real money goals instead of doing their homework and continued chasing CORRECT DECISIONS. Once again, learn to use trailing your positions on demo account before indulging into real time trading. Also I suggest you expel the word "chasing" from your trading dictionary. Always let the price come to you. NEVER enter without some sort of confirmation (or whatever you may think a confirmation is). For example if you see 5 consecutive red candles in an (obviously) downtrend - DO NOT ENTER A LONG THERE. As a new trader, catching falling knives/bull by the horns is a VERY easy thing.

Quote
oday for example, the crude was exhausted on the downsi....
- The reason why it shot up is because traders like yourself were positioning themselves and their stops were filled, thus propelling the price up. Try to understand the concept of price, and why it falls or rises under certain market conditions. AND I MEAN NOT "WHY" AS TO "which news or institutions or any other stupid fundamental reason" - But the concept of bid and ask and how are market orders filled. Once again - it will take you quite some time to grasp that concept and some more time to have enough balls to implement that into live trading.

Quote
Is trading really not for me? But almost every trade I pick (It's not holy grail) but yes over 95% work to the targets I planned. So why this happens? I'm losing cause of my mentality only. I close too early, or take lose while it's a profit trade (just need time)
- Thinking about a plan and executing it are two absolutely different things. Try not to think in terms "is trading not for me", but rather think from reversed perspective - WHY AM I NOT FOR TRADING. - by starting there, you will be on the right path...

I wont express my condolences about your mental state because, believe it or not, it is quite normal how you feel...it is the learning curve of trading the financial markets.

I don't know what to recommend you, since I think each successful trader went through same muck like you are now - But I would suggest you read "Trading in zone" and stop trading live until you get used to correct execution on demo account. Which will also take a lot of time (as it should).
  • #3
  • Feb 9, 2016 4:35pm Feb 9, 2016 4:35pm
Quoting midouch
Hi guys, I just needed to talk to someone, I feel so desperate because I am doing the same mistakes over and over. I just need someone to give me advice on what to do to combat this. I've had ups and downs in my account and I feel really frustrated. I do not want you to read a long story, so I'll shorten it in a few lines, please if you experienced this before, or know how to get over it, please please give me advice. I'm really going mad cause of this. - I find myself many times closing profitable trades before they reach the target I planned (...
Reduce the risk to a level where you feel comfortable in case of loss.
  • #4
  • Feb 9, 2016 5:22pm Feb 9, 2016 5:22pm
Quoting DemoAntares
{quote} - Suggestion: As soon as your position gains some "breathing space" USE TRAILING STOP. Also try to learn to use breakeven stop losses as soon as price gains in your direction. Trailing will protect your profit, AND allow for maximum profit, while breakeven stops will cut your losses significantly. {quote} - There is no such a thing "quite sure about" - each position when taken, has a 50% chance to go in both directions AT THE TIME OF TAKING. So you need to remove your mindset from "I am quite sure about" - that is also an invalid sentence...
Oh I am really glad that I am not alone and that all new traders went through the same thing. Thanks for all your suggestions, I need to start learning how to use BE stop and do not let my losers run and eat the account. It is very difficult thing like you describe it, and obviously only a small percent of traders CAN make it.

Thanks so much for your time, I just needed someone to reassure me that what I am feeling is normal.
  • #5
  • Feb 9, 2016 5:24pm Feb 9, 2016 5:24pm
Quoting seahorse
{quote} Reduce the risk to a level where you feel comfortable in case of loss.
Good point. I'll try that, and will also try to use SL / Stops / BE. Hope it improves my trading, if I failed, I'll just be one of those millions who failed. No surprise
  • #6
  • Feb 9, 2016 5:35pm Feb 9, 2016 5:35pm
Check out TRD's thread, you will have a chance to learn there some really nifty stuff for a newcomer perspective.
Also, check "price action and pattern trading" thread in which I have posted a few entries and how i handled them (few positive entries and a few stopped out). Just to get a feeling of trailing and stop loss positioning. Of course, that is how I trade (strategy), and my system is also very simple - and I'm aware it needs/will forever need improvement.

I'd suggest you stay away from EUR/USD or any other thread that propagates quantity. Too many posts there, and of course, too many "pro's". Concentrate on threads that propagate trading psychology rather than threads that describe trading systems. Systems can be learned (in basics) within few day's time. Psychology, unfortunately cant.

Try to set it as a personal goal not to trade while learning...it may sound ironic - setting NOTtrading as a personal goal, but try to do it and you will see it's almost impossible. Almost. Until you realize you are spending 6+ months on a demo platform executing entries like a pro. Then start trading live with small lots to get the feeling and be able to mentally withstand losses and gains. And let noone fool you - losses and gains are mentally completely same thing.

If you can find this helpful in any manner, I suggest you read some of my posts from last 2 months...don't bother reading what i wrote here 3 years ago - back then I was EXACTLY like you. So were many others...

And most important of all - DO NOT be impressed by anyone or anything. The progress HAS TO COME from you. Revelations about market have to come from your analysis and mental projection(s). I cant stress this enough. And it will take you ages to truly comprehend it on a quality level.
  • #7
  • Feb 9, 2016 5:43pm Feb 9, 2016 5:43pm
Also - if you will read any of my posts - stay away from words like: "skyrocket, profitable, 100%, daily/weekly/daily profit goal, NEWS, easy, 80% success rate system, blah blah blah you will get the point.

Words you'll be looking for are those that don't sell: hard, consistent, beginner's, starter's etc...

And do try to not to get hooked on some "advisors" who sell "courses" in trading - I'll repeat once more: It HAS TO COME FROM YOU ALONE. Nobody can teach you how to lose/win.
  • #8
  • Feb 9, 2016 6:40pm Feb 9, 2016 6:40pm
Thanks a lot for your kind words and recommendation. I feel happier that many traders went through this like me I was feeling like a zombie or weird. I think that 90% of trading is Psycho / mentally and the rest 10% is your entry/actual trade. The market seems to be smarter than every new trader and can let him resign soon enough. I try to hold tho, not sure for how long. After reading the last replies I feel that ONLY few people can succeed in trading and the percentage that I'm one of these, is a slim chance.
  • #9
  • Feb 9, 2016 7:16pm Feb 9, 2016 7:16pm
Hi! I'm not sure I would call my self an expert but, what you need to do is develop a trading plan,
a trading plan is just your strategy or method written down, then you read it before every time you trade,
until it stick! it should contain everything such as,

1. entry, where, when, how much, (money management)
2. stop loss. where? (you need to know this before entry)
3. profit target where? maybe a risk to reward 2 to 1, if that is what you need, you must follow it,, either you go to target or stop out, there is no other way.
4. in trade management, do you use trailing, how? write that down
5. exit where is your target (must know before trade)

voila, your trading plan is finnished, then all you have to do now is follow it,
if you have set your strategy to a certain risk to reward ratio,
you must follow it, or else you will be hurting your system to a negative risk to reward.
when you got these 5 things, unless you have something more you want to add,
there is nothing more you need to do,
you place the trade according to your rules,
if you use a fixed risk to reward ratio, then just forget about the trade
close the chart and go look at it next day.
one thing you must master is discipline.
try to have a simple system with not too many rules,
that will help. if you have a sound method which will be profitable over time,
then it's easy to take a loss. losses are a part of the game.
Bulls are stupid Animals!especially when Im short!
  • #10
  • Feb 9, 2016 7:46pm Feb 9, 2016 7:46pm
Do any one can put stop loss for this EA



Attached File(s)
File Type: mq4 100 pips EA.mq4   4 KB | 323 downloads
Attached File(s)
File Type: mq4 100 pips EA.mq4   4 KB | 323 downloads
  • #11
  • Feb 9, 2016 10:42pm Feb 9, 2016 10:42pm
Trading is simple. Never make it complicated . have patience.
Patience is best EA in Trading
  • #12
  • Feb 10, 2016 1:42am Feb 10, 2016 1:42am
Quoting DemoAntares
Also - if you will read any of my posts - stay away from words like: "skyrocket, profitable, 100%, daily/weekly/daily profit goal, NEWS, easy, 80% success rate system, blah blah blah you will get the point. Words you'll be looking for are those that don't sell: hard, consistent, beginner's, starter's etc... And do try to not to get hooked on some "advisors" who sell "courses" in trading - I'll repeat once more: It HAS TO COME FROM YOU ALONE. Nobody can teach you how to lose/win.

I agree with Roughtader and DemoAntares dont fall into the trap of all these people trying to sell systems etc. all scammers. Unless you have a honest 1 on 1 mentor but thats rare to find. Trading plan and stop losses as mentioned are extremely important!! i would recommend going to Babypips.com you will learn everything and search for a book from Mark Douglas - Trading in the Zone. Its about Trading psychology, your emotions and basically what you going through, im currently reading it and its been a great read so far.

Anyhow, Good Luck
  • #13
  • Feb 10, 2016 3:24am Feb 10, 2016 3:24am
I think this is one of the best posts by anyone here...and it encapsulates what I wanted to say..
There are no hard and fast rules...two people can do exactly the opposite things and still profit in this market.
I can relate to the poster because I don't like the old cliches around Fx, and I believe that most people's initial information on trading is misleading to say the least.

Enjoy:

http://www.forexfactory.com/showthre...32#post8628132
Wealth comes from what you keep, not what you earn
  • #14
  • Feb 10, 2016 6:09am Feb 10, 2016 6:09am
Quoting rosyfx
Trading is simple. Never make it complicated . have patience.
Easy said If trading is simple, all traders would have been winners and you would not see these forums even I guess. I am a web programmer so I know what's a difficult job, and trading is really really beyond difficult. It requires a very high level of concentration, self control, mentality, personality and more. It is just too tiring. I bet it was not easy road for the profitable traders and they deserve it, and I think one must have lost a fortune before turning into a winner.
  • #15
  • Feb 10, 2016 6:14am Feb 10, 2016 6:14am
Quoting roughtrader
Hi! I'm not sure I would call my self an expert but, what you need to do is develop a trading plan, a trading plan is just your strategy or method written down, then you read it before every time you trade, until it stick! it should contain everything such as, 1. entry, where, when, how much, (money management) 2. stop loss. where? (you need to know this before entry) 3. profit target where? maybe a risk to reward 2 to 1, if that is what you need, you must follow it,, either you go to target or stop out, there is no other way. 4. in trade management,...
You know when I started I would not ever accept a loss and would keep on losing positions hoping they turn BE or green, and usually they won't you know but after losing a few accounts I started to actually CLOSE a losing trade and this helps me cause I can recover. At least I have removed the idea of "No you can't lose in this trade" actually closing a loss will free up margin and let me do other trades without worrying about the losing position. However, I've tried the RR plan TP/SL and more often the SL is hit then the market turns, I then started to believe that market movements are choppy and intentionally to stop out people on both sides before riding a trend. So that's why I am not comfortable about it, I feel that some people manipulate it to stop out small traders because they know where they entered and that their stop is close and can't afford a big drawdown, am I right?
  • #16
  • Edited 8:04am Feb 10, 2016 7:14am | Edited 8:04am
Wow so many great things and thoughts are written down here and I agree with all of them, so thats why I dont write so much but one thing i have or want to say.
Im quite sure that you have no plan how to trade I dont want to sound arrogant, I just want to say, that you need a plan. What is a plan? You know, i have the same experience like you in having fear and all these thinks and what me helped to survive was that I only trade what i want to see! or in other words, there have to be exact the conditions that I need to take a trade. Maybe it helps you to think about what exactly you need to see, to take a trade.
After that is MM, SL and TP and thats the easy part because then you know what you trade and when to exit.

sorry for my bad english, i hope you understand me
(.)(.) think first ...
  • #17
  • Feb 10, 2016 8:15am Feb 10, 2016 8:15am
Quoting midouch
{quote} Easy said If trading is simple, all traders would have been winners and you would not see these forums even I guess. I am a web programmer so I know what's a difficult job, and trading is really really beyond difficult. It requires a very high level of concentration, self control, mentality, personality and more. It is just too tiring. I bet it was not easy road for the profitable traders and they deserve it, and I think one must have lost a fortune before turning into a winner.

yes yes agree. Its not that easy. It needs lotta patience and practice and over the years of experiences. It is not quick rich game or place of gambling. All we need to think Forex trading like any other business . Realistic profit target ( return expectations) also very important including technical trading skills with money management.
Patience is best EA in Trading
  • #18
  • Feb 10, 2016 8:29am Feb 10, 2016 8:29am
Midouch,

One more little thing regarding your entries: When you enter and put a stop loss (WHICH BY THE WAY CANNOT BE MOVABLE IN THE COUNTER DIRECTION OF YOUR POSITION) - try to think like this: "So, ok - I have limited my downside potential which is capped at the value of a stop loss size. I AM DONE THINKING WHAT WILL HAPPEN WITH MY POSITION IF PRICE STARTS MOVING AGAINST ME. FULL STOP. I have completely and fundamentally negated any fear as to what will happen with my account balance in this trade SINCE I am prepared to lose exactly this amount - no more. Now, let's have some fun about thinking about UPSIDE POTENTIAL: What will happen with my position IF price reaches a desired level? Hmm...this is where things get interesting - I could either move my stop loss higher (in direction of my trade, OR I could even move my stop loss to breakeven. Let's see does moving it higher/to breakeven have any sense...ah yes, here is where I think there might be a possible resistance, and my position is in the green already - so maybe I should try to move SL to BE, and from there see how price action develops. Then you analyze potential pullback size per average and notice that you can, IF the price moves more in your direction, say this: hm...I'd like to protect at least a small part of my profit, BUT I'd also like to allow my position to reach the level I think the price will not breach - THEREFORE - I'll start a "trailing" of my position xx pips wide, so any price movement counter my direction will "stop me out" WITH PROFIT, WHILE at the same time, IF price doesn't fall by the size of the trailing, I am allowing the price to reach my potential profit target.

Technically, THIS WHOLE THOUGHT PROCESS IS DONE BEFORE ENTERING THE TRADE. Can you imagine this?
  • #19
  • Feb 10, 2016 8:55am Feb 10, 2016 8:55am
Quoting DemoAntares
Midouch, One more little thing regarding your entries: When you enter and put a stop loss (WHICH BY THE WAY CANNOT BE MOVABLE IN THE COUNTER DIRECTION OF YOUR POSITION) - try to think like this: "So, ok - I have limited my downside potential which is capped at the value of a stop loss size. I AM DONE THINKING WHAT WILL HAPPEN WITH MY POSITION IF PRICE STARTS MOVING AGAINST ME. FULL STOP. I have completely and fundamentally negated any fear as to what will happen with my account balance in this trade SINCE I am prepared to lose exactly this amount...
Right. But to be able to make profits using this strategy, I have to hit a high win rate (Which is very hard nowadays) because I'm pretty sure that more often than not my stop will be hit. I have watched markets for long time, and the big players love to hit stops in both sides. Otherwise, I'll have to put a very wide stop loss (Increasing my loss risk) and what if I get 5 or 10 consecutive losses? See, that's the real difficulty of trading. Inconsistency, market is always changing and playing traps for bulls and bears. I hoped it was that simple
  • #20
  • Feb 10, 2016 9:26am Feb 10, 2016 9:26am
Midouch

What time frame are you using?
How much time do you spend or want to spend trading?
Are you happy with your strategy?

Try a larger TF if you want to spend less time on your screen.

Based on the TF that you are using, place your order or limit order, your stop loss, your profit target and look away.
Try staggering the TP if you aren't sure.

Use a smaller position that you are comfortable with and be conservative with your target price.
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