Is there someone that’s willing to help?! I continue to lose when I go live but while I’m demo trading I am winning (no charlie sheen). I dont know what to do.
HELP PLEASE.
Hello IXLU,
I can offer some guidance. Contact me privately.
Thank you,
Captainx
Beware of wolves in sheep’s clothing. Don’t contact random people on forums offering to “help”.
I can think of one reason why you are not trading well on a live account.
EMOTIONS
Because there is real money involved, you are now acting more on an emotional level rather than following your analysis properly. You need to trade like a robot. Don’t look at the money. Look at your charts and trade accordingly. You don’t really care much about the demo money. Try to feel the same way about your live money. Start with a micro account if you have to. A micro account can help you to develop a trader’s mindset while risking little to get there.
Go to review pips they have people listed under mentors with reviews and ratings.
Hello,
Well instead of me typing yet ANOTHER ‘inane’ post on the same subject take a look at this thread i.e. same thing:
Read the thread and note my last post.
Regards,
Dale.
Thanks a lot
Hi Buddy,
you just need to spend more time reading and studying the markets. Go on few other forums too.
It takes time to become good at this and once you are there is pure sailing the currency waves of green pips.
Do more demo trades and make sure you do all these for at least 6 - 8 months before going live, most will tell you it only take a few weeks and you can go live but as you can see, you can go live only to loose money to those that urge to go live early.
Some one has to loose for some on to win, that is the curst of it and most of all it is patience and decipline that you need. Attend some online webinars of forex trading and go over and over some of the stuff. That is the only way you will get there, I am not such a pro myself but has been on the for almost a year. As some goes on you will notice you are getting better and better at reading the trends. Get used to Pivot points and using fibbonacci tools. Don’t rush anything in the forex market, if it was as easy more than 95% of traders will not be loosers out here. Think about it, whooping 95% is alot indeed. so that is it buddy and wishing all the best.
Sharemaster2
Okay, if you succeed in demo, there’s no reason you shouldn’t have the same results live.
Try this quick fix.
Use your standard system.
EXCEPT, the next time you get an entry signal, DON’T ENTER WITH A MARKET ORDER.
Instead, place a PENDING sell, or buy order, a few pips closer to your stop.
So, let’s say your system generated a sell order for the EUR/USD at 1.4150, and your stop was going to be placed at 1.4180, with a t/p at 1.4100.
DON’T ENTER, place your pending sell at 1.4170, and your stop at 1.4185.
Okay, two things were accomplished here.
One, you cut your loss in half, and have a MUCH better reward for that lesser risk. And two, you’ve actually given your trade more room than you had originally planned for your stop.
You may not always get a trade entered, but it will definitely teach you patience, and help you cut some losses.
Hop on demo, and give that a shot.
If you’re comfortable with your strategy, then cut your lot sizes in half on your live account, and try it there.
Cheers!
Thank you all for your replies. I’m definitely going to try everything you guys said.
I’ve been drawing the trendlines and support and resistance levels.
I shorted the EUR/USD @1.4013.
With Support and Resistance levels being:
1.4246
1.4036
1.3863
I’ll let you know how it turns out.
Next Question.
If I know the resistance level is 1.4246 and the big wigs normally play the 50 and Zero levels where should the stop loss be placed and the Take Profit?
-And the trade ended with a loss of 100 pips.
Big wigs don’t always play the 0, and 00. Those numbers matter, but the bigger players are either slightly above, or slightly below. They know the rules.
As for stops, try using the latest swing hi, or low, on the time frame you have selected to enter off of.
And re-read my post above. It would have saved you 50 pips. In fact, getting in at 1.4063, you may have gotten out at b/e or even a tad profitable when price failed to break your chosen direction.
As I recall, that bounce last night was fairly resolute. That would have been your cue to take the safe route, and either reduce risk, or just kill the trade.
The obvious question I’m compelled to ask is… why do you know that resistance is at 1.4246? If thats the case, where do I buy into it? Thats pretty exact! In my ‘humdrum’ world I pretty much look for likely areas of S/R and look to PA to confirm or deny my theory! LOL