I read charts and everything and i check the futures of the currencies and then i enter the trade. It seems like i think 40% of my trades i had it move very fast in the opposite direction.
So let’s say i am long on a pair suddenly price just shoots down 50-60 pips. It’s the same when i am short on the pair.
Then if i get into the green so let’s say i am long and price goes up it moves super slow maybe like 5-6 pips into my entry so it seems that for a big number of times i seem to be in the red and if i had taken the opposite direction of that trade would have been profitable quick. It’s just so weird.
Hey bud i know exactly what you are going through I’ve been there myself before and it isn’t bad luck, it’s inexperience. I see your letting a trade move against you 50-60 pips instantly?! You need money management rules from the sound of it. You need to determine how far are you willing to let a trade go against you for you to say the opportunity is not working out in your favor before you even enter a trade. Money Management rules are very important and that should help you out big time by keeping those 50-60 pips losses down to a minimum. Protect your capital at all cost and get used to taking losses they are a part of trading and they point the way to success.
Thanks. TBH for like the last i think 20-25 trades i did i didn’t put any SL. Yup none. I was on a winning streak and even though i didn’t lose not all my trades were good. I didn’t put in SL so some of them were like 30-40 pips in the red but luckily managed to close pass my entry pt. I closed some of them earlier instead of letting them hit my TP.
Yes this type of trading is dumb.
Anyway on my 3rd last trade i was on the USDJPY it was on a friday and i was eager to close it out soon cos i hate holding trades overnight and especially over the weekends. I was short on it anyway and price was going up. I decided wth and took my 1st loss over a string of tps. Of course i was mad and decided to open a new trade long on the usdjpy lo and behold price went below my entry so i was in the red. That was during the sep period when usdjpy went over 100 but towards the end of sep and the entire oct it was below 100 and below 99 going down to 96 i think and i didn’t close out my trade at all. I was in deep red but i didn’t close it. Oct comes and goes and nov comes around and usdjpy shoots back up towards the 99 back to my entry pt i am back in the green i thought why not hold it it might reach 100 and i can make some more money for all the time lost spent holding unto the trade. Well it didn’t hit 100 and starts going downwards. Thank god i changed my tp and closed out this trade with a tp but held more than a month, i think it was like 1 month and maybe 10 days so imagine being so long in a trade just cos you refuse to close it and take a loss.
It’s more a psychological thing rather than a learning thing. It’s very easy to put in a sl but to honestly tell you the truth if i put in a sl i think i would be losing over small movements in price. Many of us have seen how price hit our sl then reverses and then shoots in the direction of our trade and well beyond our tp but just too bad it hit the sl first so it closed out the trade and then we start to kick ourselves saying why did i put in a sl?
I need a trading plan with a sl of course but so far i cannot really recreate one for myself.
Losing 50-60 Pips just made my stomach cringe!!! You gotta set your stops buddy. And honestly every single trade you make NEEDS to be a learning experience. You MUST learn from your mistakes and push forward hopefully not wiping out your account.
Patience grasshopper, what you are experiencing is what we traders like to call backtesting. Now you are backtesting with out even having a strict trading system in place which i suggest you get one. There are so many systems you can buy or even make your own. My suggestion would be to just read every book about trading you can get your hands on. Secondly until you face all those psychological barriers you will never be successful and will just continue to win and give the money back to the market even more sometimes. Part of being a professional means every trade has to have a Stop loss in place. The learning part is dealing with the fear of being wrong or the fear of being right and cutting those wins short. Not to mention being greedy and letting trades run overnight or over the weekend!! Only position traders with huge accounts hold trades like that.
I just replied to a thread similar, don’t want to repeat what I have said there. But I would want to tell you to calm down and think things through, right now you are being clouded by the fact that you always make the wrong decisions and that my friend is more trouble.
Just know loses can happen at anytime, but how well you learn from them makes you a better trader.
Simple statement but touched I think, agree if we need to learn from our mistake to get betterment trading skill, and how good we are also will depending with our own capability, in fact each trader having different knowledge and opinion
This mostly happens when you are inexperienced or you seem too much concern about your open trades. Set and forget is the best solution to cope with these kind of situations.