Please help me...Im in critical state

[kohorok]

I am in the situation where I buy, the price went down..

and

once I exit to cut loss, and change to Sell, the price immediate went up...

and it goes the other way round...

Im facing this condition since 3-4days ago..


Whats wrong with me? what should i do?

[n_aftab]

hi,

I think anybody that wanted to help would struggle.

Lets start by looking into what your doing and why


post details of the trade and also your trading rules, i'll go through it with you.

If you have no confidence in your trading plan its just going to cause fear and thats just going to add to your loosing.

The offers there!

N

[vincentlim123]

hi koho,

i from singapore too. you using which broker for live trading?

[kohorok]

Originally Posted by vincentlim123

hi koho,

i from singapore too. you using which broker for live trading?

Hi,

My account is with Oanda Corp..

Originally Posted by n_aftab

hi,

I think anybody that wanted to help would struggle.

Lets start by looking into what your doing and why


post details of the trade and also your trading rules, i'll go through it with you.

If you have no confidence in your trading plan its just going to cause fear and thats just going to add to your loosing.

The offers there!

N

Im gonna cool down for few days

[mytwopips]

You seem to lack a true trading plan and choose to chase the market.

You should look into developing a strategy and testing it before jumping back in.

[Dandan]

Originally Posted by vincentlim123

hi koho,

i from singapore too. you using which broker for live trading?

Hi,

I'm from Singapore too. I heard good feedbacks on CityIndex, IG and GFT brokers.

Regards,
Daniel Su

[ThePhoenix]

It sounds like you are chasing price. That is buying because you see a sudden move up. Sure you can get lucky doing that, but more often that not, when you see a move it's already too late. By the time you get in that way the price will have lost momentum and go the other way. So, you end up buying near the top instead of somehere at the middle where momentum picks up.


If you are trading on support and resistance. (I hope) Try this. First decide if there is a directional bias or trend. Then only accept trades in that direction. If price is in a range, the ping ponging should be obvious. It which case do as below, but you can trade in either direction. (though it's still better to look at higher time frame and see if their is a long term bias and still only trade in that direction)

If waiting to go long, wait for price to go below your entry. That is a retrace to or below support. Then set your entry NOT on support, but above a recent high. (or at the very least a few pips above support if in a tight range) That way if price continues down you never enter. If if bouces back up you can catch the momentum in the middle of the move, instead of at the top when it's already tired out and set to retrace.

Remember support and resistance are soft target areas. So, pretend that a suppport/ resistance line has a moving invisible aura about it. Price will not exactly hit support and resistance every time. It can go just short of it, just past it or hit it exactly and fly away.

Demo the above first before trying it live.

[kohorok]

Originally Posted by ThePhoenix

It sounds like you are chasing price. That is buying because you see a sudden move up. Sure you can get lucky doing that, but more often that not, when you see a move it's already too late. By the time you get in that way the price will have lost momentum and go the other way. So, you end up buying near the top instead of somehere at the middle where momentum picks up.


If you are trading on support and resistance. (I hope) Try this. First decide if there is a directional bias or trend. Then only accept trades in that direction. If price is in a range, the ping ponging should be obvious. It which case do as below, but you can trade in either direction. (though it's still better to look at higher time frame and see if their is a long term bias and still only trade in that direction)

If waiting to go long, wait for price to go below your entry. That is a retrace to or below support. Then set your entry NOT on support, but above a recent high. (or at the very least a few pips above support if in a tight range) That way if price continues down you never enter. If if bouces back up you can catch the momentum in the middle of the move, instead of at the top when it's already tired out and set to retrace.

Remember support and resistance are soft target areas. So, pretend that a suppport/ resistance line has a moving invisible aura about it. Price will not exactly hit support and resistance every time. It can go just short of it, just past it or hit it exactly and fly away.

Demo the above first before trying it live.

Hi Phx,

Which time frame do you suggest if dor me to day trade ( im not a person who can wait 1week for the trade to happen)..

thanks for your advice bro...

[ThePhoenix]

Originally Posted by kohorok

Hi Phx,

Which time frame do you suggest if dor me to day trade ( im not a person who can wait 1week for the trade to happen)..

thanks for your advice bro...

If you are short term (day trading, in and out the same day), use one time frame for all over bias of direction and a shorter one to pinpoint the trade entry and exits.

For short term I like to use 4Hr for bias and trade on 15M. It's not a bad idea to look at even larger ones to get an even bigger picture of directional bias.

For a little longer trades I like to use daily and hourly.

Nothing wrong with trading short term per say, but you actually have a better chance at winning the longer term you trade. The shorter and tighter your trades and stops the more the spread and volatility goes against the probability of winning.

You can also get more pips in less trades with longer term trading. But, your account has to be able to weather a larger stop loss. Also, when you are new (like us) it can be quite boring to have to wait several days for an entry.

[echonomical]

I agree with phoenix that if you are just trying to chase price around, usually by the time you get in it's going to retrace and wipe you out. You want to focus on finding a method that will enable you to identify a price move at the beginning of the price move, not in the middle or, even worse, at the end of it. This is something that took me a little bit to learn too, and it wasn't until I found some really quality training, practiced a lot, etc. that I started to get it down. Stick with it, and always remember to keep your emotions in check.