is like trying to make money from being a sports star but hating the sport?
Let’s say you aspire to be a sports star because it earns you a lot of money so you want to play soccer/football, basketball, rugby etc.
The thing is you just hate the sport. You hate playing basketball. You don’t go to the basketball courts whenever you are free to play but you want to be a basketball star well the chances of you succeeding is not a lot i would guess.
Do you think this is similar to someone who wants to make tons of money trading fx but you know doesn’t really want to study the markets etc. Just makes trades based on his gut feeling or emotion at that time or maybe draws a few charts like fib levels, reistance/support lines and just enters a trade.
I think i have been trading for like 1 and a half years lost quite a huge chunk of my account and that’s why i can’t risk 1% of my account because even if i make any money it’s going to be so slow to build it back.
I guess i’m going back to the drawing board again. Relearning stuff. I understand support and reistance and fib levels well enough i understand about looking at a larger time frame to gauge where price is really headed to but i don’t think i have enough capital or am willing to stay that long in a trade were it to go wrong. Let’s say on the monthly chart price is going downwards you know that price can and usually will move upwards for quite a long distance consisting of a few hundred pips before it starts to move downwards. Nothing unusual about that.
I know about elliot waves but don’t really study it that intensively. Actually i don’t really have a plan or maybe i’m too impatient. I should have done demo more before i started but i couldn’t wait.
I understand that psychology counts either that if it goes the wrong way just cut well easier said than done.
Overall the biggest mistake i made was psychological. There was a period of time i refused to put in a sl. Yup i would enter a trade if it went against me i would just wait before it became positive before closing it off with a small profit or hope it made a large one. Well because of this one trade it killed off most of my account.
I also blame family pressure. My family member when she knew i was trading fx would ask me everyday so how much did you make today. I didn’t tell her how much i lost only how much i made and sometimes when i didn’t make anything i would just make up an amount. Yup not the pips i made (cos she doesn’t know what the hell pips are) but the amount of money i made now everyone understands that. Anyway she recorded it down and the amount is like what 900% of my original amount while i’m now deeply down. Why didn’t i tell the truth. The amount of sh!t i would get when i told her i only made 100 cos some days i didn make like 500 or didn’t make what do you think would happen if i said i lost instead.
I don’t really know anyway. I read everything in baby pips before trading i made sure. So much information to absorb. I signed up for online fx sites like james 16. I listened to their webinars etc.
It’s nuts but i understand that most people don’t even give themselves a chance to lose enough money or to learn enough before they become a competent trader for a 3rd party observer it’s even worse. The minute you make a screw up and the 3rd party non trader sees it they don’t believe in it and they spread their negativity unto you.
I think i know where i went wrong and i think you should know where i went wrong but it’s nuts i held on for so long cos true i lost a lot but i did make back a lot but not enough to bring me up into the positive. Seems like i have fallen into such a deep hole i probably need new funds to bring myself up or just start over with a clean slate.
Treat it like a business they say and you know how businesses fail. I don’t know cos in fx you always have the naysayers telling you it’s gambling and the concept of mind control and emotions is quite abstract. People wanting give results and unwilling to bear the losses and them spreading it unto you. That sort of crap.