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1.why we could not all or most of us agree to a strategy prooved success ?caus there is not any clear one there is no magic indicators can predict the price
what i mean is you may look to a candle anit is red and falling nicely in the 1 hour frame and then it can be green in the last 20 minute and u enter when it goes down and it closed in a higer price and u see big minus of pipes and u have to wai to the next one hoping it goes up
The simplest thing a beginner can do is to Follow the price. Whenever you fancy - click a buy (or sell) with 0.1% of capital. It it goes immediately in profit - good. If not add a opposite trade after x pips ( say 10). Keep doing it with the price, till you get net profit. You will never blow your account. use volatile pairs (e,g, eurjpy).
When you do this process 2 things happen -
1) you are free of expectation that your initial direction is right! This is a liberating moment for you my friend. 99% of folks lose bcoz they believe price wil come back. Price does not care! Dive towards the ball, not away from it. And if you are wrong the first time, get up, dive again.
2) you net position will come in profit eventually, if done right with risk control measures.
Ofcourse more advanced strategies include determining enties, size, pip distance, tgt etc.
But this is a good first step. As you discover that there is no magic in indicators - price can go in any direction, any time!
1st off let me tell you that I dont post much if at all unless i feel I have to in these forums, so its on you to question my credibility. Im more focused on trading than posting and thats how I learned. I have a few points for you.
Get some discipline for with that comes profits.
And be disciplined day in and day out. Also dont be in denial of it either that you are but ur not fully. focus on it.
possibly youve been doing the same thing for 4 years and things haven't worked out. Do things differently.
Please lower your trade size when u trade horribly. Dont try to get back at the market because the market always has you waiting for you to put more money into it for it to take.
Dont turn a winner into a loser. take the profits whenever you can.
Earn your right to trade bigger positions. build up to it. dont over leverage yourself and consider your risk to reward.
Develop a plan and stick with it and dont change it unless its to improve it.
dont ever try to be someone else or implement someone elses ideas into your own. remember its SOMEONE ELSES IDEAS and you are NOT that SOMEONE thus it wont work for you like it worked for them if it even worked at all.
Dont ever let your loser exceed your biggest winner. EVER. this is why you break even or worse end up negative.
Live to trade another day. Another day another dollar. If you dont survive today you cant make that dollar tomorrow.
Your best loss is your 1st because it gives you a plain signal that something is wrong. and if you continue on with it then you shall lose again. You should be apalled for thinking of executing a plan to make the same mistake again.
Also you talk of hope and of winning.
Ill tell you this. There is no hope but there is winning.
IF you hope you are guaranteed to lose. There is/are no FOREX GOD(S) there is no EUR/USD goddess no USD/JPY SAINT no GBP/JPY god.
The only god is the market itself and it owns all traders who risk their capital...just that its giving to others and not to the rest.
lastly...
*Winning isn't everything...Its the only thing.* For you to win someone has to lose plain and simple. But winning shouldnt be interpreted as just gaining more capital on wining positions. It can be taking a small loss and limiting it to get you in better position of a better trade.
Dont ever take a big loss EVER because those hurt and prevent your winning day/session/week whatever timeframe you trade.
Also fuck the news, Its history when you hear it. The ones that made the money are the ones that made the news. The ones that had their positions set before the news even happened. you have to be a part of that. because if you aren't youre gonna be the loser getting in... when everyone else just closed out.
Also don't speculate for if you do you will lose its basically gambling dont even over think it. Speculation is lack of knowledge. put your real knowledge to use somewhere else.
Dont aim for hitting home runs with 400 pip moves etc hit some singles doubles triples and the occasional HR.
You'll score more hitting singles than ever hitting a grand slam every time.
Also love to lose money early and get out of your losers early. make the 10-20 pip Stop losses and if those get hit then it was a bad entry try again.
If a trade won for you do it over and over again and build a foundation with it. then later on you can magnify it.
All traders are created equal in the market no matter what capital you have the bottom line is how much you make in comparison to the size of your account while minimizing your losses.
Dont over analyze the situation for if you do you will hesistate and you will be to late. One must act on impulse because the same price will never be there again at the same time. yes you might land at the same price later on but it would have been time you lost and your point of entry is done.
Know when to exit, dont be greedy the market loves to take back what it gave to you and give it to someone else.
In the end the market has all the calls, it is the judge and it is always right. the question is how much are you willing to be right with it?
Just a few things from me to you. I dont write this much but the markets are closed so I might as well. dont ever give up given up is when youre dead. and this will no way kill you. relax re focus and return to trading.
-FX_Capitalist.
__________________
MONEY = MOMENTARILY OWNED NEVER ETERNALLY YOURS
"Go back to old school" statement is the right one ...find what's the trend ,support and resistance , how to draw trend line or dow theory ...
all of them are basic knowledge of chart movement but it's very useful to build our trader character before we're going to use any advance tools in trading ...
thanks to all of you replies
what u all write is exactly my mistakes
-greed i get 100 pipes in gbp jpy and iwwit untill they becoem a zero
hoping they can be 400 pipes
cause some one told me it is wrong to tkae the profit and run the market will trend for days and weeks
but some times yes and most of times no
-i trade for 12 hour per day
i make continous profits for the 2 weeks and loose all and more in the third one cause as u all said over trading
-when i loose a trad i feel like i was hurt and how in the hell i can loose after 4 years of trading but as u all said it happens and u have to enter to the next trade
-also i try to be a smart and when i have a sell signal lasted for 3 or 4hours
i feell like it is the end and donot wanit untill i get opessite buy signal and go buy and i loose much as u said sir no despline
finaly , thank all of you i will take a brake and go back again
and i will read and read your advices cause it realy the solution for my case
thanks again
Anyways, its seems like your strategy is lacking position sizing and risk management. When you enter a trade, do you know your stoploss and target profit? And is your stoploss and target profit dynamic? (meaning it is not the same for each trade)
Well, if it is, then you can size your bet according to your stoploss. The bigger the stop loss, the smaller the bet size. So your dollar loss can be equal on each trade if your stop loss is hit.
If you don't have an consistent edge, there will not be enough zen stuff to get your profitable. So you gotta look at the 2 weeks of profitability and then that week that you lose it all. Is it the edge or you just changing sometime in the 3rd week? Basically, if you have followed what you had done the first 2 weeks, would have have been profitable or slight loss on the 3rd week?
I forgot to ad the most important point we should all consider, the broker data.
People who have traded futures and stocks for 20+ years would never ever even consider using charts and data provided to them by anyone other than a pure data provider.
Because of course it gets tempting for the broker to fiddle with the data in order to not have to even clear any of your trades and just hold them server side make you lose and keep your deposit.
Data does not come under the NFA CFTC regulation because you sign a disclaimer when you sign up that says although they try and maintain the accuracy of market data and charts etc they cannot be held liable for any mistakes in it.
MT4 is a great platform however it easily exploited by the broker.
Eventually when someone gets some expensive programming done to have a bridge to allow pure E-signal feed into MT4 and the trades cleared through a commission based ecn who couldn't care less how you trade or whether you win or lose because they get paid anyway, like MBtrading, they will find EA's and indicators to be alot more profitable.
The markets are hard enough as it is they always have been since they started, to have to be up against some guy sitting in an office altering your data on the fly to make your system generate false signals early exits late entry's etc is beyond the scope of just beating the markets.
People who dismiss this usually are either new to trading or don't trade and encourage people to trade because they are selling something to do with it and don't care if someone loses money because there next sucker is just around the corner.
Backtesting and Demo trading can be considered completely useless you need a live account and paper trade it.How many times ive heard of someone trade a demo into 3-400% profit then go live only to lose the whole account in 1 week.Its not the same.Demo is designed to make it look profitable and easy if they made demo's the same as live no one would ever open an account.
Last edited by kjhfdgjfhdghdf; 01-27-2008 at 11:52 AM.
Everyone has their own style and their own way of making cash. So all is good advise... I am not being critics of anyones methods. -- My feeling is if you cant make a profit on a 30% win rate -- your money managment is poor and I am not sure how you will make it in this game. I am sure some are; but I never did for at almost 3 years and counting when I venture into the 5-15 mn autoscalping stuff. The lower TF are so tempting and draw you in. -- You see a big move and Whammo! you fall in love with the action -- but after getting your head beat in a thousand times you realize for everyone one of those moves.. .There is about 5 chops your gonna need to survive through that indicators probably wont make it... .It takes a special person to leave em alone. After 4 years, I am the same as crazy bunny when it comes to analysis. -- Tell me what is going to happen --- not what did happen! Trading isnt a monday morning quarterback activity. As far as metrader, I think all brokers play against you with the exception of a very few. I know fxcm will and they are not metatrader. On the other hand, Interbank will and they are metatrader. Also, I hope your not doing this stuff for a living. Up until about a year ago, I would have been living under a bridge had I went out on my own. It takes a lot of thinking, a lot of work, a lot of dead ends and a lot of patience to come up with a system. I spent months studying neely, rashke, gartley, brown, eliot, mark douglas, rhagbee, Systems like wolf waves, 8/8, cat 50, John murphy, woodies wonders, pivot points, vanessa, bunny, turtle, vegas etc Sites like fx boot camp, fff, cci, babypips, tsd any thing.. Ea's and programming time. Anything and everything for the war effort has go to be your motto! Most of this stuff is bullcrap -- but there are nuggets... and like a salesman does.. (I am a acct/financial mgr by trade), you turn over rocks until you find a gold piece!
Have no expectations
Crazy Bunny
Some good advise from Guru Trader
Linear Mode
