Daily Chart Dilemma

I started out trading on the 15m chart, but for the last two weeks or so I’ve been on the daily chart because I’ve seen larger profits there. But I’ve been having a couple issues trading on the daily that I wanted to correct (while still on the demo account).

Ok… So after I enter a trade, it’ll start at around -1.70 [B]and if I’m lucky[/B], within the next 30-minutes-to-an-hour it’ll be in positive turning a profit. [B]But more often than not[/B], when I enter a trade it’ll start at -1.70 … continue in the negative and just hit my stop-loss. This happens more often than me profiting in a trade.

Can someone help me identify my trading issues?

Hi john ,

I suggest you read all the school of pips , after your done u can find many good trading systems and rules on free trading system section , u hv to keep trying many systems untill u find one that u like n prove to be profitable at least 2 month before u go live .

You start negative because you’re paying spread to your broker.
It sounds like you have an entry issue. Not enough information here to diagnose.
But, it is a perfect representation of the herd mentality.
If almost every trade you make is an immediate loser, it’s bc your trapping yourself at the worst possible times to enter the market.
What is your strategy?

Hi John,

Like a few of the other commenters here, probably not enough information to have a look at your entries. One thing I’d like to add though, there are larger pip moves on the daily timeframe, but the risk will be larger. You might find greater risk/reward (profit potential) on a smaller timeframe.

As forexunlimited said you start with a negative balance because of the spread and that happens regardless of which time frame you trade. Since you are not trading and playing around in demo you actually do not trade and have no losses. I suggest you spend a lot more time educating yourself before you start trading. Also keep in mind that luck has nothing to do with trading.

You’ll have to look at the trend line of the trade, do your homework and look for the lowest point. It look like (from my understanding) you jumped into the trade in the middle of the trend falling. Look at the graph of the trade you want to buy, see how far it will go down during the time frame that you are trading. (IE: 30 mins) Once you find the lowest point of the drop. Set Limit buy to that price. That will limited your loss by jumping into the middle of the drop. Hope this helps. This is what I learn so far from when I started 2 - 3 weeks ago.

Extreme Trader