So, I’ve been studying and demo trading forex for a few months now. I usually keep my mental state in check, my trades are systematic, impulse is usually at a all time low and I follow any setup rules.
However, It seems My trades just keep loosing. Let me explain what I do to get in trades and maybe you all can help on what I’ve done wrong, if I have.
I trade usually on 5-15 Minute time frames, however, I look all the way at 4 hour time frames to confirm trend direction. I usually trade EUR/USD.
I follow price action (obviously). I set up support lines, resistance lines, and look for chart patterns. If the price breaks a resistance and retests and hold, I go long. My long is 10 Pips, with a stop loss under the resistance lines 2-3 pips.
I will also do, if it hits the resistance and bounces off I go short. Profit at around support level, stop loss above resistance line 2-3 pips.
I trade double tops and wait for fake outs, Head and shoulders and wait for fakeouts. Rising wedges, triangles, channels, Everything!
But over and over It’s like the market goes the complete opposite of what I thought it would. Every time I get stopped out and it goes my way or it just plummets. I don’t understand what I could be doing wrong? My green days could be 23 Pips where my red could be 30-50. I dont chase, I dont FOMO, But when I lose, I try to grab another trade. I only trade London/NY overlap so I wake up at 7 and trade till 11. If I lose I keep trading, If I get 10+ Pips I stop for the day.
I know its hard cause I have no physical examples but im just getting a bit discouraged? Should my stop losses be farther away?
Thanks for any answers or opinions you guys give.