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Experts, help me please!

  • #21
  • Feb 10, 2016 10:41am Feb 10, 2016 10:41am
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 (...
Have you tried to place trades opposite to your first decision? If you lose for example 70% of trades based on your first decision, then you have to win 70% of trades with opposite decision with same risk management setup. Correct? Try it on demo first, don't take my words for it, cuz we just play probabilities there.
  • #22
  • Feb 10, 2016 10:49am Feb 10, 2016 10:49am
Quoting sclipp
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.
I am trading off 1m to 30m charts because I do not have the nerve to hold trades for days. I am willing to spend all time on screen if it is worth it, but actually spending more time looking at charts leads to me making more mistakes cause I can't control myself. I'm happy with my strategy as it has a high win rate, BUT I still do little or lose because of my psychology and NOT the trading method itself. So I find it a very difficult battle to fight with yourself. I tried to do swing trades but didn't have the patience especially when prices consolidate for weeks, it becomes boring.

Thanks a lot
  • #23
  • Feb 10, 2016 10:52am Feb 10, 2016 10:52am
Quoting leebsurag
{quote} Have you tried to place trades opposite to your first decision? If you lose for example 70% of trades based on your first decision, then you have to win 70% of trades with opposite decision with same risk management setup. Correct? Try it on demo first, don't take my words for it, cuz we just play probabilities there.
Do not worry, one thing I learnt is to not take words for it anyway - How many times large banks have predicted the markets and they were wrong? Top analysts also did the same mistake. It all comes down to risk and money management. That's where I fail. My psychology + trading do not go together. My problem is that I hesitate a lot to close a trade so timing + my own psycho are the things that mess up my trading. Do not know how profitable traders get the ego to trade like a pro? Am I missing something obvious? Maybe I should be feelingless exactly to be able to trade in FX

Thanks for replying to me, I appreciate it really.
  • #24
  • Feb 10, 2016 12:24pm Feb 10, 2016 12:24pm
Quoting midouch
{quote} 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...
This statement doesn't coincide with this
Quote
But almost every trade I pick (It's not holy grail) but yes over 95% work to the targets I planned.
- from your first post. If your "plans" (and estimates) are indeed 95% correct, than you don't have to have a high win rate. The most successful retail trader of all times had 4% win rate, but he was an artist...I digress - If you see price will be going somewhere in the future (TF), just trade it - with proper money management. 5-10 consecutive losses? It's among normal occurrences among successful traders. But difference between "pros" and the rest of traders is pros don't care. I've already told you what you need to do in order "not to care" - instead you're immediately thinking of how will 10 consecutive losses affect your account. Has it ever occurred to you to invest the smallest lot possible in order to practice? What would be 10 consecutive losses on your account size with smallest lots - nothing.

You need to start questioning your market assessments. Idk what to say furthermore...I understand your sentence completely, but you need some consistency in it.

Stop thinking about losing. Start thinking of how to preserve winners. Two completely different things those are...
  • #25
  • Feb 10, 2016 12:26pm Feb 10, 2016 12:26pm
Quoting midouch
{quote} Do not worry, one thing I learnt is to not take words for it anyway - How many times large banks have predicted the markets and they were wrong? Top analysts also did the same mistake. It all comes down to risk and money management. That's where I fail. My psychology + trading do not go together. My problem is that I hesitate a lot to close a trade so timing + my own psycho are the things that mess up my trading. Do not know how profitable traders get the ego to trade like a pro? Am I missing something obvious? Maybe I should be feelingless...
Pro traders don't have an ego. It's non-existent. I even suspect pro traders don't have an ego in real life too...
  • #26
  • Feb 10, 2016 12:27pm Feb 10, 2016 12:27pm
Quote
Have you tried to place trades opposite to your first decision? If you lose for example 70% of trades based on your first decision, then you have to win 70% of trades with opposite decision with same risk management setup. Correct? Try it on demo first, don't take my words for it, cuz we just play probabilities there.

Absolutely incorrect.

His problem is not positioning on wrong market direction. His problem is not cutting the losses and not riding the winners.

People also don't understand that's impossible to be wrong in 70% of cases on a same time frame. But it's possible to have wrong execution in 100% of cases.
  • #27
  • Feb 10, 2016 12:55pm Feb 10, 2016 12:55pm
Quote
I am trading off 1m to 30m charts because I do not have the nerve to hold trades for days. I am willing to spend all time on screen if it is worth it, but actually spending more time looking at charts leads to me making more mistakes cause I can't control myself. I'm happy with my strategy as it has a high win rate, BUT I still do little or lose because of my psychology and NOT the trading method itself. So I find it a very difficult battle to fight with yourself. I tried to do swing trades but didn't have the patience especially when prices consolidate...

Working on a timeframe that low for a new trader (yes, you're still considered new since you can't control yourself) is a suicide. If you can't be patient with a daily timeframe, how do you expect to be patient with lower time frame? In other words, timeframe and patience have nothing to do with each other. You're either patient for all timeframes or inpatient for all timeframes.
I for example, don't want to do lower TF's yet. No time + I have other obligations. If I switched to a lower timeframe, I would have to fundamentally change my life habbits in order to trade, for which I'm not ready at the moment.
  • #28
  • Feb 10, 2016 2:12pm Feb 10, 2016 2:12pm
Quoting DemoAntares
{quote} Working on a timeframe that low for a new trader (yes, you're still considered new since you can't control yourself) is a suicide. If you can't be patient with a daily timeframe, how do you expect to be patient with lower time frame? In other words, timeframe and patience have nothing to do with each other. You're either patient for all timeframes or inpatient for all timeframes. I for example, don't want to do lower TF's yet. No time + I have other obligations. If I switched to a lower timeframe, I would have to fundamentally change my...
Thanks so much. I'll try to apply what I have read in small position size and see how I get with it. Yes I am still new, since I can't control emotions when I am trading like you say. I lost a few accounts as expected, this time the account is positive so far but I've went through ups and downs .. sadly, all trades that I lost were profitable ones if i kept on market.

Regarding timeframe, I can't switch to trade a higher timeframe because my strategy and entry rules are only for intra-day or scalping. So it won't work on 4hr and above. Even in 1hr chart I am so cautious before taking it.

Thanks
  • #29
  • Feb 10, 2016 2:43pm Feb 10, 2016 2:43pm
Quoting DemoAntares
{quote} Start thinking of how to preserve winners. Two completely different things those are...
I think thats the best advice for him.... its all about staying in the "game" for as long as you can.
  • #30
  • Feb 10, 2016 3:17pm Feb 10, 2016 3:17pm
Quote
How many times large banks have predicted the markets and they were wrong? Top analysts also did the same mistake

Once again - they "predict" and we execute. It has nothing to do with each other. The reason they work in a bank and don't trade is because predicting is the only thing they're good for. And as you may well know, predicting and profiting from that prediction are two absolutely different things...

I even stopped ignoring NFP days regarding news, and I cant remember last time I've read something connected to macroeconomical aggregates in the last 6 months... (funny thing I've just passed an exam in university named "macroeconomy" - yesterday). And let me tell you one thing...when you stop reading other ppl's "analyses" and start doing yours only - you will start to feel enlightened - I guarantee you that.
Once you start making progress and execute trades based on YOUR hunches and whatever it is that you base your entry system upon - only thing that will be left for you to do is a proper money management .

Regarding predictions, there were "market analysts" which are predicting dollar crash for the last 70 years. There are some that predict S&P crash for the last 7 years (and while they predicted that crash, spx made 350%) - just to show you how futile is to listen to anybody regarding "predictions". I can tell you I see S&P closing above 1940 by the end of friday. Will it happen - I have no clue, but I'm trading it (unless I get stopped out) - this last sentence is the whole wisdom of trading. When you accept it as non-controversial - you're on the right path.
  • #31
  • Feb 10, 2016 4:25pm Feb 10, 2016 4:25pm
Quoting midouch
{quote} I am trading off 1m to 30m charts because I do not have the nerve to hold trades for days. I am willing to spend all time on screen if it is worth it, but actually spending more time looking at charts leads to me making more mistakes cause I can't control myself. I'm happy with my strategy as it has a high win rate, BUT I still do little or lose because of my psychology and NOT the trading method itself. So I find it a very difficult battle to fight with yourself. I tried to do swing trades but didn't have the patience especially when prices...
Lot of good advice and opinions here. But one thing that I will reiterate and that is - you need to do this for the right reason and cultivate discipline and plan.
It looks like you are looking for some kind of adrenaline rush and entertainment. For that, my friend, you should probably go to some amusement park.
If you are thinking of a get rich quick scheme then again you have come to the wrong place. Try selling snake oil.
Staring at the screen with ticks jumping around will only play on your already frayed nerves. I suggest stop torturing yourself and consider going the larger time frames.
True words do not sound pleasing. So do not take it to heart but understand with your mind. Best of luck
Live life king size !
  • #32
  • Feb 11, 2016 11:12am Feb 11, 2016 11:12am
Quoting foxtrader16
{quote} Lot of good advice and opinions here. But one thing that I will reiterate and that is - you need to do this for the right reason and cultivate discipline and plan. It looks like you are looking for some kind of adrenaline rush and entertainment. For that, my friend, you should probably go to some amusement park. If you are thinking of a get rich quick scheme then again you have come to the wrong place. Try selling snake oil. Staring at the screen with ticks jumping around will only play on your already frayed nerves. I suggest stop torturing...
Thanks for your advise, Do not worry I take it to my mind and it is really true. I'll try to apply all the things I've seen in the replies and improve myself. Thank you!
  • #33
  • Feb 11, 2016 3:11pm Feb 11, 2016 3:11pm
Quoting midouch
{quote} I am trading off 1m to 30m charts because I do not have the nerve to hold trades for days. I am willing to spend all time on screen if it is worth it, but actually spending more time looking at charts leads to me making more mistakes cause I can't control myself. I'm happy with my strategy as it has a high win rate, BUT I still do little or lose because of my psychology and NOT the trading method itself. So I find it a very difficult battle to fight with yourself. I tried to do swing trades but didn't have the patience especially when prices...
Practice with a coin flip entry, it is a fast free way to improve your skills.
It is relatively easy to find good entry’s, Most all ea’s are good at it. Ea weakness and trader weakness is in finding the best close. Your anguish is perfectly normal..
Take a new demo and flip a coin, heads long tails short, Choose a tf, 1m to h1 and at the next candle close take the coin flip trade. regardless if you agree with the coin direction do at least 50 trades before switching tf focus on learning when to hold em and when to fold em. It will teach you quickly about who is in control where and when and finally the why. The mkt is extremely efficient at finding money don’t let it be yours
  • #34
  • Edited 12:24pm Feb 13, 2016 12:03pm | Edited 12:24pm
Please, quit. This isn't a game most people are going to win and it took me four years to finally understand how rigged it is against retailers. You'd be better served starting your own business than trading forex. Lots of people out there who are not looking out for your best interests, want to sell you the holy grail (even though they won't call it that), and institutional trading mouthpieces who will tell you that the RSI, moving average, or other crapola or some magic combination of them will lead you to profits so you will buy and sell at the wrong time to fill their orders. It'll save you a lot of headache and crushed dreams.

With all due respect to the participants in this thread, most of you have absolutely no clue what you're talking about and this thread looks more like group motivational therapy than anything else. Discipline and faith in your strategy and "money management" won't get you far or even breakeven. And EAs? All complete baloney. They occasionally get lucky but use one for the long term and you'll find yourself with a margin call.
  • #35
  • Feb 14, 2016 10:37pm Feb 14, 2016 10:37pm
Quoting Kanzler
Please, quit. This isn't a game most people are going to win and it took me four years to finally understand how rigged it is against retailers. You'd be better served starting your own business than trading forex. Lots of people out there who are not looking out for your best interests, want to sell you the holy grail (even though they won't call it that), and institutional trading mouthpieces who will tell you that the RSI, moving average, or other crapola or some magic combination of them will lead you to profits so you will buy and sell at the...
Hi Kanzler
Four years to understand FX is quite average. I dont think starting your own business offers a shorter learning curve and also, just like trading, business start-ups have a very low sustainable success rate.
Midouch is asking for trade management tips on a practical and psychological level.
Considering that you already trade profitably http://www.forexfactory.com/showthre...65#post7445165
Asking miduch to quite trading is all you have to offer ? Come on ..surly as a profitable trader you have something better to offer than this ?
  • #36
  • Edited 11:06pm Feb 14, 2016 10:41pm | Edited 11:06pm
Quoting Squiggles
{quote} Hi Kanzler Four years to understand FX is quite average. I dont think starting your own business offers a shorter learning curve and also, just like trading, business start-ups have a very low sustainable success rate. Midouch is asking for trade management tips on a practical and psychological level. Considering that you already trade profitably http://www.forexfactory.com/showthre...65#post7445165 Asking miduch to quite trading is all you have to offer ? Come on ..surly as a profitable trader you have something better...
Even if you hand someone the answer it isn't for most of the people here. Most people want a casual, let the indicator do it type of trading. Trading based on real market mechanics is explained by RedSword and those who followed him, but it takes a lot of practice and understanding it isn't as easy as following a script, lots of subjective analysis that requires thought. But there's a lead if you want. I still stand with what I said...most people would benefit from just staying far away from forex. It's a money loser for sure for the vast majority considering how much propaganda is out there to make you do just that.

Edit: J16 is still a scam. Beware.
  • #37
  • Feb 14, 2016 11:16pm Feb 14, 2016 11:16pm
Quoting Kanzler
{quote} Even if you hand someone the answer it isn't for most of the people here. Most people want a casual, let the indicator do it type of trading. Trading based on real market mechanics is explained by RedSword and those who followed him, but it takes a lot of practice and understanding it isn't as easy as following a script, lots of subjective analysis that requires thought. But there's a lead if you want. I still stand with what I said...most people would benefit from just staying far away from forex. It's a money loser for sure for the vast...
Seems you have nothing to contribute to help the feller and you think quitting is the way to go. Quitting isn’t going to get you anywhere is it not in any adventure. Good luck with your trading buddy..
  • #38
  • Feb 14, 2016 11:22pm Feb 14, 2016 11:22pm
Quoting kavinda
Do any one can put stop loss for this EA {file}{file}
i cant believe you guys youl find the stoploss in the bin and thats where the ea should be as well
  • #39
  • Feb 14, 2016 11:25pm Feb 14, 2016 11:25pm
Quoting Squiggles
{quote} Seems you have nothing to contribute to help the feller and you think quitting is the way to go. Quitting isnt going to get you anywhere is it not in any adventure. Good luck with your trading buddy..
OP's comment indicates some serious frustration with his trading activities. Maybe something more constructive would be to suggest he take a month or two's break from it instead. I know his frustration, been there done that, for some forex can become an addiction to either get lost money back or simply because they can't stand not knowing the answers. Sometimes it's wise to just go back to real life for a bit instead of becoming totally obsessed. He definitely shouldn't hold his breath and stress himself so much, it is a long journey ahead if he really wants this.
  • #40
  • Feb 14, 2016 11:30pm Feb 14, 2016 11:30pm
shit guys its up to you to help yourselves ,all the answers are here i have read and reread hundreds of posts in all forums and found guys like geppy ,for goodness sakes use the search function its here for you to use and im not telling you who follow im just trying to show the quality of people in here and the advantages you can gain by simply reading
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