Im sorry the title sound extreme but probably one of you guys the same as me, probably i should use ‘extreme cautios trader’ sounds better
I want to share my thoughts and trading style here and any comment and feedback is welcome
Trader Type
Iam a hesistant, nervous, afraid-of-losing-my-money, unsteady, type of trader .Been trading about 2 years and make some small pocket money. I should have confident in trading but i dont have , always questioning my own method. If you are in this category then we can continue this thread
Trade
I only trade on Eur/Usd and enter if there is ‘break out’ - hence is very rareeee - and trade on channel trend line on hourly chart . Decision is made on hourly chart , 5 mins and daily also being observed. I only use candlestick pattern, rsi 14 , sma 14 and channel trend line — i just add in the pivot point to my trade from my recent reading here
I spot and opportunity that might soon ‘wave in’ an hourly candle close above 13000 , will make the long awaited break out , but if close above 13000 and follow by red candle then i have to cut lost…
Just finish calculating all my trading records and put them in an orderly format month after month
start trading live on sep 07 , with �300 , end of year , up by 90%
year 2008 , i noticed how my small capital is really a stumbling block, during this year i deposited another �300 and �500 but at end of year , pheww still up 26%, hence why i developed a very cautious trading plan…
trading with stop about 50 - 70 pips and sometime less , the less the better i thought , max profit with min risk , always thinking of probability , what is the probability if i enter a trade - in most time i think only 50/50 - its like gambling then - i thought , hence i see the break out strategy will enhance the probability to more than 60% (my subjective opinion) but sometime i can say its up to 80%
trading is like surfing , isn’t it ? im eager to catch that biggg waveee seems like the wave did not come after 13000
just gonna wait till tomorrow and a break off my ‘adjusted’ ascending resistance around 13100 will trigger my buy , mean while i think it will play around sma 14 till the end of day , off to my beer now , end of trading day for me
It’s always good to be cautious in trading. I was also nervous and afraid to loose my money long time ago when I just started trading. But as time goes by and experience built up, I know that there are bound to be some losses in forex trading, but it’s how I manage my money and losses to continue with my trading career.
Why do you lack of confidence when your trading system works quite well for you? And why do you think that your system has only around 50/50 chance of winning? You must be sure that your system does work most of the time and you will be able to build confidence from there. I think most of the people have this kind of emotions barrier that will need to get over.
heart beat is beating so fast u can feel the thumping, blood is pumping , adrenaline racing, no not because a hot chick lying ‘open’ in front of you but it is me when about to enter a trade , this feeling dont go away , i dont know ,maybe because i experienced quite enough that i tried many method and yet market will always have something new to throw at you at the time u least expected, and when you feel so confident that u cant lose , it will bend you,
have you really suppress that feeling? probably there were time when i was in ‘red’ for several months in a row and that really creating trauma and shaking my confidence and dont want to be in that situation again. and once i lost once, that feeling come back, will it happen again ? that painfull few months in a row , where i keep asking myself ‘can i be a trader?’ why? why? i lost ? feeling such a loser especially if ur friend knows u are trading and when they ask me i will say ’ trading is just so - so ’ where inside i know trading is down the drain ,
Thanks tymen , I think I need some psychological fix i am at the earnforex.com as suggested on the forum , and reading the psychological stuff, never been active in a forum before, after trading alone for a while its getting so lonely never know i can improve so much in a forum as this :)))))
Still reading some psychological stuff , very niceee, feel refreshed , some about goal setting - day, week and month - try to apply to my trading , a bit difficult , i cant set target for daily cause most days i dont trade, at least i can have goal for weekly and monthly.
1 week = 100 pips
1 month = 400 pips
hahah much higher than my average trade but will challenge myself , and there is possiblility to attain and i only trade one lot at one time(most time)
today looking to sell at around 13160 if price touch my upper ascending trendline as usual stop around 50-70 target 30-50
angry, frustrated, disbelief, and bla bla bla get myself together , i missed the wave , wave that i ve been waiting forrrr, forgot to put entry order when i got to bed ,
another wave coming in , maybe not as big as first wave, looking to buy if break my resistance target till red candle form, too simple method
When i started live trading after demo accounts for about a year I went from being a rather agressive trader to being very careful. so my pips per month went way down. but then again i used a $10,000 start account with demo’s and only $500 in a mini.
I guess I feel as though using larger amounts gives you more play. markets to move quite a bit and are unpredictable sometimes.
I’m glad that you profit on a regular basis though. almost doubling your account on your first shot is pretty good =}
keep it up and if your strategy is working keep with it. you can allways add new strategies.
It is important to be confident, not arrogant, but confident when considering a trade. If the setup doesn’t look that good to you, don’t take it. The surest way to make more money is to increase the quality of your trades, not the quantity, as most traders tend to want to do. When you do this, you will naturally increase your confidence because you will win more often. Your confidence should come from looking at your track record and knowing that, even though it’s possible you might lose on this trade, at the end of the month the chances are that you will be up.
I hope those who just started their forex journey can learn something in this thread , and also all this time i traded alone and no one to share with , so now my emotion exploded here
I follow the chart whenever i had the opportunity or is it u mean like trading for livingg ,ahhhh,how nice to quit the job
but i calculated it , to have a tight living i need �1000 that means 14000 pips / month
if
1 lot can make = 300 pips /month that means around 5 lot / trade
ideal capital for 1 lot = �2000
5 lot x �2000 = �10000
now where i can get �10000 or is my calculation out of line ? i wonder if anyone who made trade as living could share here ?
sounds better
month after month
