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  #1 (permalink)  
Old 07-28-2008, 09:54 PM
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Join Date: Jul 2008
Posts: 11
Default Overtrading
Hey all! I know there are some smart pipsters out there. So here is my question.

Should I move to a longer timeframe in order to cure my overtrading?

First off I have only been trading for a short time.
I am trading demo.
I win some and I loose some.

I noticed that I am trying to catch the short term pip movements. Yet im FAILING.

I think I should try tymens candle method on a daily chart, using the 30 min to plan my entry points.

does anyone have any tips or suggestions?

thanks.
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  #2 (permalink)  
Old 07-28-2008, 10:45 PM
 

Join Date: Jul 2008
Posts: 8
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I think you're doing the same thing that I am and you're trying to find that elusive sense of control. The lesson that I learned today was that trading in the short-term is very difficult due to some wild swings that happen. So you hit some of these swings and emotion tends to take over. I'm presently backing off in my test account and moving towards a longer-term strategy. This is due in part to watching swings in the GBP/JPY that scared the living begeezus outta me. I think I squeaked out 25-30 pips today but I can't say my anxiety level was anywhere near as good.
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Old 07-29-2008, 03:39 AM
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Im also more or less a newbie, but i think patience is very important, if you dont feel like trading or feels just too messy for you, just dont trade, and wait for those nice breakouts and you still wont be everytime right. My biggest problem was also overtradin, and chasing markets,... Its better to miss a oportunity then too lose capital. I think im gettin there, and i think just my patience did that for me, cause i really wait for nice "moves", and if looks messy for me just dont trade, its also not bad to take a day off... About a short/long term trading, thats what you have to decide, what does work for you, how much time you have, and other factors..
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Old 07-29-2008, 11:15 AM
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I'm in agreement with the first folks that replied. I became interested in forex thinking I was going to sit down for a couple of hours a few times a week and make some money. I've been playing with demo for a month now and all I've done is fail.

I log in and get ready to start trading, then notice I've missed some good movement by an hour or two - which happens frequently. Then I sit there and watch things flatline or zigzag without any real patterns. Eventually I get in only to lose.

I'm also looking into longer time frames, but it seems that longer time frames will switch me from pure technical trading to a bit more fundamental, which is not my plan. I think longer time frames is definatly a more practical way to trade unless day trading IS your job and have the ability to monitor things ALL day.
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Old 07-29-2008, 12:55 PM
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Quote:
Originally Posted by edacsac View Post
I log in and get ready to start trading, then notice I've missed some good movement by an hour or two - which happens frequently. Then I sit there and watch things flatline or zigzag without any real patterns. Eventually I get in only to lose.
Didnt you just answer yourself?
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Old 07-29-2008, 01:10 PM
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Quote:
Originally Posted by Avion View Post
Didnt you just answer yourself?
I wasn't questioning anything. I was just adding my opinion to this thread from what I've learned and experienced so far.
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Old 07-29-2008, 02:55 PM
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This is good stuff guys. It seems to me that if we start with a good foundation, all we have to do is weed out our faults and we might just make some pips!

Also I have noticed that we share a lot of the same problems. So if anyone has tips as to how they overcame their problems, sharing them would be great!

thanks all.
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  #8 (permalink)  
Old 07-29-2008, 04:07 PM
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Quote:
Originally Posted by edacsac View Post
I wasn't questioning anything. I was just adding my opinion to this thread from what I've learned and experienced so far.
I know, i just wanted to say, that you have the wrong approach, didnt mean anything bad,... There are many oppurtunities on Asia, London and Us, sometimes here sometimes there,...

Yeah i noticed my overtradin and not being patient, and i was "punished", on 8th july i started completely on new demo account and im up to this day like 11-12 % , not tradin a lot, just takin "less risky" positions, and im up, also money managment in place and it works out for me. I have 76.04% winning trades. But can also see what was the problem on other trades which didnt go in my favour, of course some of them i did everything right and still lose, but on some i did same mistakes like i did: "chasing trades" where there wasnt a good time for tradin. You must always remember that YOU are the one who "pull the trigger", market will always do whatever will want to, you just have to look for "low" risk trades, and that by knowin the basics and learnin from books, of course babypips, and then learning, testing for yourself and that just never ends,blablabla . I like that moto which i guess saw here: I didnt fail, i just found out many ways which doesnt work
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Old 07-29-2008, 04:09 PM
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don't force trades either. When I trade shorter terms I seem to do that. If the trade isn't there... It just isn't there. Wait for the next one.
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Old 07-29-2008, 04:24 PM
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Originally Posted by RConner04 View Post
don't force trades either. When I trade shorter terms I seem to do that. If the trade isn't there... It just isn't there. Wait for the next one.
Yeah exactly, someother day will be so simple, that you just wont believe, how simple it was
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