Something I am doing wrong.....I wonder what is it

I have been trading forex for more than 3 years. I have been self educating in this area using, babypips, technical analysis web sites, webinars,Etc. I started with no more than $2000 and I haven’t put more money in my account. so far I have $370.00 . Since then I have ups and downs. making money losing money, but lately I have been …lets say for instance losing 20 pips but at the end of the day I finish even.by the way I consider mysel hybrid trader So I am thinking that I am not loosing money any more but at the same time it is a little difficult for me to increase my balance :rolleyes:.
I have clear about my strategy by keeping it simple and it is working

So I am trying to identify what I AM DOING WRONG. lets discuss this probably some other people have the same problem

Hi Sixelad.
There are a number of members here who have taken more than 3 years to get profitable, so you’re not alone, and it doesn’t mean you’re not on the right path.
Do you journal your trades or have a myfxbook account so you can look to see if there are any recurring themes/patterns to your losses?

I’ll tell you what you’re doing differently to most other forum posters: you’re actually placing trades with real money. That’s why your results are different.

Its often said that 90% of traders lose. I think that might be an under-estimate. But its not inability to be able to read the future that knocked them out, its inability to react to the present. Profitable trading does not come from prediction, it comes from reaction.

i use technical analysis and little of fundamentals and I also i trade on the daily basis. At the beginning I was doing nice but all of the sudden my account went down to $20: few months ago i was looking greens in my account i was so proud of myself. mostly good trades, but couple weeks ago I started with bad results. yesterday I traded and I recoveedr almost $25. today I am not going to place any trade until I finish reviewing my journal…because something is wrong…probably over confidence…

well said.

well… when we make an market analysis we use all kind of tools to PREDICT and of course follow a trend; on the other hand price REACT when news comes out that is the point when traders get a little nervous. So I think the reaction comes after prediction. because reaction is a human behavior when you know that something could possible happen

I think what Tommor may be saying is that we need to react when trades go against us, minimise our losses. We then need to react again by examining the trade to see if we could have done anything different, was our decision to enter the trade flawed in any way, did we have an exit strategy (stop losses/take profits)

Indeed, there’s no way to predict what the market will do, as this suggests a 100% certainty. That’s just impossible, the market is too complex and volatile. Best we can do is look at what has already happened and react to it but based on probability.

So, certain (past) price behaviours usually lead to upward price movement, either continuation or break-out. We react to price history by either buying or placing a buy order. A stop is required in case the lesser of the two probabilities actually occurs. The stop is placed at a price at which the probability pendulum swings from next movement is probably up to probably down: no other price makes rational sense.

None of this is prediction, so observing that prediction is impossible is something we have to agree with, but concluding from that that therefore trading cannot be profitable is “illogical Captain”.

Short term ( day trading) has a higher failure rate then longer term trading. I too started out trying to day trade, I was loosing 70% of my trades, it’s when I gave up all the gimmick indicators and started trading off the daily charts on price action signals, matching the strongest currency to the weakest that I started to grow my account. I still have my disappointing trades and periods of draw downs, but when the market is moving in my direction I more then makeup for a couple bad trades.