Quote:
Originally Posted by juchu
I made couple of trades today. Unfortunately today is the day I decided to start trading live. The results are terrible! After first couple of good trades with some small profit, there came losses on all pairs I traded at the same time. All pairs hit stop losses which was enough to not only wipe out all the profits made but also to take a lot of my money away.
Im asking for a little help here and Im especially asking the original creator. Theres so many posts here (and got through all of them) that I obviously simply lost the track of what to do and what not to do. Could you please state exactly (in a single post) following:
1. which version of your system is it you are using (exactly when do you enter the trade and when do you leave it)
2. Which timeframe
3. which indikators
4. what SL/TP
5. What time of day do you trade, what time you do not trade.
6. How do you recognise it is not a good day for trading (if you do such thing).
Please, I would really need it and Im 100% sure everybody would appreciate this. Even restoring my original money on my account will take for ever, so please help!
Thanks.
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juchu,
Thanks for your honesty. I can not help you or anyone else can't help ou if you do not post a picture. Having a picture will help me and others see if you were right on or if you are missing something. I have already helped someone realize they had the wrong indicator up. He put up a picture and we figured it out. So that is number one put up a picture.
Second you mentioned you had demoed this before you went live. If that was the case you would have had this situation before. Your money management would have been adjusted based on what you would have done in this situation. If you were right on ever single trade you did in a demo before today. Then today would have been a small loss compaired to every day past today.
Truth is you don't start live until you have figured out how to deal with the loss. We have talked about divergence etc. in this thread. We talk about loss and how to improve our entries. There is no single trade that works all the time, every day, year after year, month after month. So you learn Money Managment.
Money Management is different for everyone. There are few who will do it the same. It will be as different as there are people who are different. You have to read and learn for yourself. Learn how to manage loss by demoing it first and it will be more automatic when you go live. I share alot of different things that I do. I adjust to market conditions, my Draw down, support and resistance, Fibs etc.
There is no perfect 1,2,3, to step 4 = Im now rich. The world does not work that way. Stop Looking for the perfect system were you don't have to learn and just earn.
I know there are alot of posts here. I love that. I'm glad you and others are contributing. This really is how we learn. Including me. I have received alot of good indicators and different views form others. I still us 2-3 Indicators per set up and keep it K.I.S.S.
I use all my trades. They are all on the first thread. The very first trade. I have not added anything to each trade but a 100 sma. I included that on the first thread. It again depends on the day on the mood. If I see that one will work better then another. I have not shared all of the trades I use. I'm always coming up with new ones. I love having lots of TSU's. I do that not to be confusing but to make sure that if I have a bad day I can pick another trade to go to. I also watch 3-5 different TSU's I have 4 screens and 3 computers. I have a demo account for each running with that specific TSU on the screen. I watch them all waiting for a trade to come up.
I don't expect anyone else to be as dumb as me and as crazy and watch that many trades but I like to keep busy. It's second nature to me. I also run a real estate business at the same time. I tell you all of this because you are wanting exactly what I do and when.
I trade 7am NY time tell 5-7pm NY time.
I use the indicators that each TSU that is on thread #1
SL/TP are all different like I mentioned above.
Time frames for Trade #1 is 5m, but can work on all of them.
Time frame for Trade #2 is 1hr.
Time frame for Trade #3 is 15m
If I knew ever single day was a good or bad day I would be rich. I get caught in bad days and bad trades just like you. My Money Managment is key to my success.
My last piece of advice is to practice, practice, practice. Make sure you traded them enouph tell you have lost trades demoing and have still been able to make a profit before you go live. You would have thought nothing of this bad day if you would have demoed long enouph.
Thanks for letting me be blunt and sticking your neck out there. I hope others will follow and let us all try to help each other get better.
Please post your pictures.
JS