I’m thinking of publishing my own trading signal. I’m calling it DETOOWIDAYWBR signal. " do exactly the opposite if what I do and you will become rich"
I’ve been doing mostly paper trading but it’s like if I see a trend and enter a trade the market proceeds to move in the opposite direction. Has had me laughing mostly. It’s like the market is conspiring against me.
Of course I’m kidding, the market doesn’t care what I do or how I trade but do others get that experience? I’m sure I’m not alone here.
Anyways it’s good to be here and I’m eager to learn.
Peter
You’ve made me laugh with the thread name in first place but, i have to say, although there is no logical sense, as you said, that the market is having an conspiracy against you, I have experienced such periods during my years of trading. At this point I realised, there is no such thing. For me the issue was I started to take it personal, which is definetly wrong. Forex market is pretty unpredictible for the past years. In the end it’s not the same as futures market, where you could stick with a trend and keep it on a long rung for days/months/years. Anyway, been there, my advice, don’t try apply your “go the other way” strategy, I believe it will cause more psychological damage to you than to your balance.
You are not the first (new) trader who had that feeling. My suggestion is to look at your approach and see what goes wrong with your entries. At least you noticed a pattern so try to capitalize from it. My guess is that if you simply take the opposite side of what you initially think would be the right direction you will go with the ‘conspiracy’ theory again. Take what you have now and work with it.
I suggest you learn about supply/demand and how it applies to every market as the driving force behind price movement.
One principle is that higher price may attract SELLING. If you find yourself taking breakout trades late in a trend, you can get caught out there seeing it reverse as soon as you enter.
Thanks guys for the good advice. I think petefader is right, I have been taking the trades late in the trend just when it’s reversing. I guess the trick is to find the reversal and go with that. Up to now I have been exclusively trading the AUD/USD, being from Australia that made sense to me. Iv’e noticed that every currency pair has it’s own unique ‘personality’ with the swings and volatility so I’m starting to see that with the AUD/USD. But the market will always seem to destroy any theories I have lol. It’s an interesting ride but exciting too.
Trend reversals take some time to master but work once you know what your doing. You can also look for entries with a trend but after a retracement. Typically 50-61.8 fibonacci levels, previous s/r etc. That’s a good place to start.
In time you’ll also see that the market has different moods and goes through different phases. Don’t assume what you might have seen in the past month or two is all there is to it.
Enjoy the ride.