Can't keep my profit!?

Beginner Questions
1

I make profit then i lose it, can’t keep my profit, there is something wrong with my strategy or …!

1-What are the mistakes(Reasons)Makes the newbie trader can’t keep the profit?

2-Is 30min Time frame with No of trades 9 high?
(I have 3-4 free hours/day)

3- I define & confirm trend direction, It reach to TP, So should i close the order or continue?

4-If i reach to TP and close my order and the trend still keeping go up, Can i open new order or not recommended?

5- What about negative relation like eur/usd and usd/chf, can play with that?
for example when i lose 30 pip with eur/usd i go long with usd/chf and keep both open for while like now

[U]Daily trade:[/U]
Many experience traders use daily chart for trading, make the order TP,SL then go sleep or have fun not stay all day front of screen, I prefer to do that
but is that possible with E=450$? TP,SL=45 PIP?

E=450$, Risk=1% pip=0.10$

All help and advice r welcome

2

it could be any number of things… why don’t you post up a screen shot of what you’re doing so we can visually see if there is something you should be altering in your setups and managment to increase your results?

3

Good News!!! Your one of the few capable of making a profit! Now all you have to do is figure out what bone head mistakes you are doing to give them all back.

Figure that out and stop doing them.

Was every entry you made justified?

If so, it is your system.

If not, it is you.

4

I made profit at 1.5813 not sure why i close the order , I think it will reach 1.5900 hope not open new order after i close this.
I will be gratfull if you could answer my previous question

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5

I would classify myself as a newbie but i am able to retain my profit and keep my loses to a minimum so i thought i’d share some of my thoughts.

What are the mistakes(Reasons)Makes the newbie trader can’t keep the profit?

I think this can be a number of reasons, inconsistent position sizing, lack of discipline, no definable strategy or it could be all of these reasons. I think the answer to this question is trader specific, if you look over your past trades I’m sure you can come up with a reason or reasons that apply to you :wink:

Is 30min Time frame with No of trades 9 high?
(I have 3-4 free hours/day)

This is my personal belief but i think nine trades per day for a newbie is extremely high.Think about it, your not that experienced in the market so you wanna trade less not more. Remember you dont have to take every signal your system gives, restrict yourself to the grade A setups ie the setups your very confident about. Yeah you might miss a few trades but you’ll definitely keep your losses to a minimum.

I define & confirm trend direction, It reach to TP, So should i close the order or continue?

Well, from what i see in your trade examples, im guessing you follow some sort of MA crossover system, what do the rules tell you? Maybe if there was a strong trend you could hold on to the trade but i would move my stop to the TP price.

If i reach to TP and close my order and the trend still keeping go up, Can i open new order or not recommended?

That’s a big no i would say, if you’ve taken your profit you should be satisfied. Jumping back in to a trade just because it keeps going will certainly reduce your account in the long term. If price consistently moves passed your Tp point then adjust it.

What about negative relation like eur/usd and usd/chf, can play with that?
for example when i lose 30 pip with eur/usd i go long with usd/chf and keep both open for while like now

Again, same as before, dont open a new trade just because you lost. The net result will be negative.

On a side note, you certainly have a lot of indicators on your charts. I feel in most cases these can be a distraction and prevent you from looking properly at whats actually happening in the markets.

Take a read of daedalus’ fibonacci thread, James’ IB thread and the alternative template thread, all of which will go a long way in helping you learn understand price action.

6

I define & confirm trend direction, It reach to TP, So should i close the order or continue?

The old maxim always applies

" Let your profits run & cut your losers short"

If we drill down into this theory we find that our profits
need to out weigh our loses (basic), we need a risk:reward
of greater than 1:1, say 1:2 where every 2 steps forward,
we then get a 1 step reverse, resultant profit 1 step.

Of course another way of achieving this objective would
be to cut out the reverse step, but as no system is perfect
we need to factor in the reverse step.

So our systems need to be able to see when we are in profit
& squeeze as much as possible from this, but also to evaluate
when we are in a losing trade & stop it for not too great a loss.

7

I would consider myself a newbie as well, but in my opinion

  1. do you have a set trading plan and strategy? I find from experience that i give back my profits when I deviate from my plan, of course hindsight is 20:20, and usually had i followed the rules, i should not of made those losing trades.

  2. I think on 30min TF, you have to be aware of the longer term trend, while trading the short term trend and is that 9 trades in 1 day? or for the whole week? I trade the 15-30min TF as well, but i look to the daily chart to see where the trend is going and as i’ve learned i ONLY trade with the trend now.

3./4. If you can watch the trade, i would manage it to lock in profit and let it run. If you cant manage the trade just let it hit your TP and be satisfied, cause there will always be another trade to make.

  1. I think that you should only focus on a few pairs to start with - forget about the correlated pairs for now - there’s too much to learn just trying to be profitable to start with.

For me I initially though the most volitle pairs would be the best, but I quickly learned i wasn’t ready for them (i.e. GBP/JPY).

Then i was looking at the usd/jpy and the usd/chf thinking that if 1 goes up the other is supposed to go down and visa versa - well i learned (-$$) that that dont always behave “like” they are supposed to.

Since then i resolved to only focus on a couple of pairs and have spent the last month only trading the Euro/usd and the GBP/usd and am far more happy with the results.

Thats my two cents… happy trading to you.

8

Strongly agree with you…Trade the less volatile pair to protect your account…NZD/USD not bad either…Trade with care…