Hello all,
I am new to trading and still practicing on a demo account using the cowabunga system.
I have never been profitable for the past 2 months. Whenever i enter a trade when the 5 and 10 EMA cross over each the trade immediately turns against me. Please what could i be doing wrong cos i am getting pretty frustrated?
Also, i need ideas for other good strategies for entering and exiting trades.
Thank u
In today’s volatile environment, FX trading successfully is very difficult and what you’re experiencing is not uncommon. However, although I don’t advocate changing strategies, as you’re trading a demo account you could try the below to see if it makes any difference.
A trend is not a wave trend, but a long term trend. On MT4 click the zoom out button a couple of times to see the true trend. You could find that the 4hr chart is reflecting a retracement, not the long term trend - in which case you need to be careful how you trade this.
I suggest you could try the 21 & 51 EMA. instead.
Try setting the MACD parameters at 3-10-16. See if that improves your entry signal.
Finally, set up supply and demand zones which are short term daily support and resistant zones, Price action breaking out of these zones is a better probability that you’ll get it right.
Best of luck.
Thank you so much Steve. I will try this method and see how things improve.
Welcome. I omitted to mention that if you’re following the S&D zone breakouts, the breakout candle must be ideally a big fat candle with tiny wicks. Not a spindly, skinny one with long wicks - which is a signal that the market hasn’t made up its mind whether to break out, or retrace.
Follow that, for GBP/USD, GBP/JPY, GPB/CAD & USD/CHF and the probability of a winning trade is good, providing you set your S/L and 1.5 TP - then walk away as there is a likelihood of several small retracements along the way, which could give you a heart attack if you’re watching… .
Hello, do you understand exactly how this system works. Seems like your problem is timing, as I have at one time considered using this system, but it is not viable. Anyway, have you tried getting and installing a good EA? I got one EA 5 weeks ago for about $200, and it has been consistently making me $75+ every week, and that’s because my capital is very low. Some well designed robot can be consistent for up to 6 months. So you should trying using automated systems designed by pros.
I presently cannot afford an EA, i have a $50 real trading account which i have not touched yet because i am trying to learn with a demo. The learning process is not going well at all
I like this advice. I started to kick the habit of checking on trades throughout the day.
I only check in the morning while doing my trading. That’s it.
But yesterday, my day off, I was trading later than usual, and the NY session started.
All of a sudden the numbers started flashing really quickly, and my anxiety started going up.
I said “I’m getting out of here!” Haha
Price started getting super close to one of my SLs and part of me wanted to close it. But I just walked away. I felt much better after I left.