I like point 5 about respecting the market and it NOT being a pet.
I often compare trading to playing in the traffic and crossing the road. It is a decision: are you playing in the traffic or are you crossing the road?
@EmilyT do not trust the market and demonstrate that by using a stop loss.
Understand the traffic. There are peak times and quiet times. That is when it is safe to cross. A setup should not automatically equal or result in a trade. Just because the road is clear, does not mean it is safe to cross.
Meaning, the traffic light has to be green for you and even then, you must look left, then right, then left again. Your entry point has to be clearly defined.
@EmilyT, my two cents’ worth: Asian pairs do not usually work well with those sessions. They work well in the Asian Session.
USDJPY and AUDJPY used to be my favourites, but they have to be traded during the correct session (Asian).
US and EURO pairs work better during London and New York.
Please use a stop loss.
It helps you come to terms with being wrong. Being wrong is not failing and the sooner you discover that you are wrong, the better.
It follows then that you can begin working on a solution sooner as well. My stop loss never exceeds 18 pips. My profit target is a modest 31 pips, then I often watch my setup mature to 200 or even 700 pips.
Lastly, who do you listen to? Learn, finish the lessons, then listen to yourself as you practice and dissect what you have learned and adapt it to your personality.
Second: change the pair if JPY is too volatil for you
Third: use 4 timeframes simultaneously, i.e. if you trade m15, then have 4 charts in 1 window: m5, m15, h1 and h4. To have a great trade probability, all 4 TF should give same direction. the m5 give you the sniper entry, the h1 and h4 the trend confirmation
I don’t think the psychology behind wanting to get back losses is a good mental as is always losses do really suck and tend to cause self criticism jpy time is cool esp at those two times you mentioned try charting pre London and pre New York sessions also what type of trading style do you prefer are you scalper day swing 15 minute break outs are cool but maybe you’re over holding without the implementation of stop losses I bet most of the time you’re in profit with a success rate of 66% but tend to not take I say with a trailing stop loss you’d break even or take profit be mindful you can also trim your positions and take profits with a trailing stop loss also consider the amount of leverage you’re risking on lot sizes as I tend to see that’s what used to screw me up on losses being majorly bigger then I wanted them to be . I say continue going don’t give up also if you’ve been this successful I say try for a funded account and be restricted to their draw downs to implement some risk management and use a leverage outside of your own so you’re not risking as much capital
Hi Emily, I have a very similar story and I bet most people do. First thing, don’t blame yourself.
I have followed the advice of some of the smartest people and it has been wrong. They will admit it too so it’s not a secret that no one knows what will happen next. Everyone makes the wrong call - a lot.
Your account is not too small. I find I actually make more money by resisting the urge to bet big. It works better to make much small trades.
I think it is good to have a demo account too (I use TradingView). But if you stop trading live you won’t have a chance to make your money back either, so keep both.
I also find this to be pretty lonely as no one I know personally actually trades. It would be great to have family or good friends who have been trading for a long time to help.
Watch the No Nonsense Forex channel on YouTube.
Conentrate first on trading psyhcology, then money management, then work out your strategy.
I lost loads until I realised the reason I was dying was that:
I was not accepting losses (or I was letting them run too far);
My position sizes were terrible, so I was risking too much;
I kept changing strategies when things weren’t going well. A good, back-tested strategy, requires consistency.
And now I’m profitable. The gains aren’t world-changing - that also takes time, but I’m not losing…
I am yet to hear of any successful trader who has gotten to that point without going through some sort of tribulation first and If I am to be honest your story is not the worst I have heard. Some report losing many thousands of dollars. And here is something to keep in mind…many traders give up just days before they would have finally made the breakthrough.
I read all of his blogs and watched his nnfx videos….he is very very detailed but the wins are wayyyyy too tiny compared to the losses. You barely have to ever lose with his strategy to be profitable. The idea of letting your trades run at 1% seems cool but think about how many times does that actually happen? lol not often at all. Plus the upcoming recession and state of the economy is making any news event whipsaw trades so in my opinion holding trades for a day has become really risky
Some valid points about NNFX, but i think it works great if you can come up with a mechanical system with high win rate. You can survive if your system has less then 65% win rate and it does not work as great for lower time frame. As for news events, you can ignore them if you’re trading daily timeframe.
I’m sorry to hear about losses that you suffer but remember “only those who dare risk a fall” according to me how I come back and get recover my money …I was stopped out in 21 and then decide the same as you are and now I have more than what I lost even triple than this. The only thing was always use cross trades and the best market strategies. 15min chart for all the pairs more than trades keep an eye on political jitters, country reports, and things related to this… only this is my success story… I deposited 1000 USD on 22nd Dec and now I am 2230 and with 330 in minus…regarding other respected traders may be this is nothing for those who are reading but that’s true I BELIVE ON ME AND YOU SHOULD BELIVE ON YOURSELF…
Never affected me… with 1.5 x ATR on daily is rather a large SL, news had never affected my trades… i gave up on NNFX cauz its too slow… sometimes it took me weeks before my first TP hits…
lol we seem to have opposite experiences with it. It would only take a day or two, sometimes not even a day for my sl or tp to get hit. But I agree, too slow and wins too tiny. His discord group has loyal followers but his fb group, everyone trashes the method
Obviously “Trading JPY pairs on 15 min chart, breakout strategy in LON and NY opening sessions” is not working for you.
You need to redefine the rules of your strategy, and backtest them. Sometimes we just dont want to Accept that a strategy does NOT work, and we won’t let go.
If you can’t succesfully backtest it, you better switch to something else.
66% success rate, means nothing, if your losses are larger than your winners… this only means that your strategy is NOT profitable. Look for something else or tweak It.
For example, you could look at Richard Wyckoff trading ideas, and see if you can apply them to your breakout strategies. Maybe that helps you filter some bad trades.
Are you a scalper? You say: 66% success rate, but my losses are often bigger than my wins. How big your average losses are compared to average wins? Get disciplined to put fixed SL and set TP for 1:1 or more. Go back to your journal and see it would have reduced your losses - and then adjust it with your realistic objectives. Don’t think about money. Think about pips. Remember we have to take what the market gives. Stay away from greed and fear. And never take a trade against the 15M trend - and in confirmation with 1H or 4H trend. TAKE A BREAK AND QUITE RIGHT TO RETHINK YOUR TRADING PLAN BUT PLEASE DON’T GIVE UP!
I’m a long term trader and I trade on the daily. I also don’t care if I am in a trade or not, so NNFX works fine for me. And actually, his rules can be easily translated to day trading if required in terms of finding your own indicators for the algo and taking care of your pysch and Mny Mgt.
I also got a lot of good info from this thread - MeiHua - it’s very old but there are nuggets of gold that, without them, I woud not be successful now.
Finally, I also credit YouTuber Trading Rush in helping me realise you have to look at the bigger picture (in his case 100 trades) - which is where I think you possibly went wrong Emily.
My suggestion is to be prepared to accept that a single position may cause you to lose a small amount, but confident that, as part of the bigger picture (over a year/100 trades), the algo that caused you to open the position in the first place will actually end up giving you a decent return over the long term.
It is a FACT that not every trade taken as part of any strategy (profitable or otherwise) will be a winner, and it is a FACT that if you go for gold with every trade and do not treat it as a small part of a grander strategy, you will lose.
So it is a very good idea to get used to closing losing trades, accepting the loss within a (hopefully) winning strategy, and moving on. I sincerely wish you a lot of luck.
Hello Emily!
I saw you have couple of people offering help to your problem.
I am a full time trader and does have a tradingview account, and if you are keen can follow me over there.
I do see a couple of issues here.
1 - not putting stoploss as you also know is deadly it can be a vicious cycle and main cause of blowing you r account.You might get lucky 1 2 3 times but once you got a Stoploss that is bigger than what u gain previously…you are pretty stucked…work damn hard on this.bad habit number 1,number 1 killer for account and bad for trading psychology.
2 - 2k account, what is your risk per trade? 1?2? 3%?
3 - understand volatility by using ATR, tune your setup according to ATR of the day.it changes.if ATR is 10, do give ur trade a bit allowance to breath…MM are out there to take your SL! (this is to you dont know where to put SL)
4 - 66% rate is good…but on what horizon?6 months?1 year?
