I have been trading demo for about 3 months, I read Trading in the Zone and I learn that losing is part of the trading, and I’m convince of that.
Now I only have lost and no wining, I’m sticking to my plan, Money Management, Follow my signal and go, I have a plan A (Bollinger Bands, trading between bands) and Plan B (SMA 20, I wait until price cross the bar, wait for pull back and then I place the order), maybe I’m missing something because I just put losing trades, don’t know what is to win, and is all my fault. Any Expert Advice?
If plan A and plan B doesn’t work for you, then you have to go for plan C, D, E until you have a successful plan.
You need to study and find out what is lacking in your current plan. Do you exit too early? Stop loss too early? Enter too early? Always learn from your mistake.
How about going the reverse of your plan? Does that earns you pips?
I am no expert, but I feel you are not well versed with Bollinger Bands trading. May i know what are the settings for your Bollinger Bands? If the setting is 20 2, your 20 MA will not be relevant. The middle Bollinger Bands with settings 20 2 is equal to your MA 20, in addition many ppl do not use the middle Bollinger Bands for trading. Normally traders work with upper and lower Bollinger bands. Maybe you can read this thread to find out more about Bollinger Bands trading. 301 Moved Permanently
In the thread tymen1 uses candlestick patterns combined with Bollinger Bands.
Hope it helps. Relax and spend more time refine your trading skills, you will do well eventually.
tanks for the reply, my setup for the bb is 20,2. I don’t use the ma and the bb together (I know the middle bands of the BB is the MA), i use the ma in other time frames by itself (1 minute), for scalping most likely, thanks for the link I read part of it already, very interesting.
I don�t agree to much with your plan B, SMA by itself cant be too useful as you think, that can be combined it with another one, another indicator can be perfect your you. I don�t know if you know MACD or Envelopes, the last one is simpler than MACD but it can work for you.
I don�t know if you are telling us your plans because you are a beginner, but if you are not, you can mix too many indicators you want. Think about it.
FX Rookie, I think I’ve seen you in the chat area… some time when you see me there again, say hello and I can maybe show you some things that could help you…
For starters, try changing your 20 ma to a 13 sma on an M1 and just watch how it acts as both support and resistance at different times. That alone, I think, should help with your scalping.
I understand where you are with it all, but, believe me, you aren’t that far away from where you want to be.
The book will teach you a lot about mastering your psychology. But, pay closer attention to the part of the book where you need to develop an edge. Without out an edge and money management a great mindset won’t help much if you continue with an edge that simply isn’t working.
Remember an edge would be a trading strategy where you have a good win to loss ratio, that is when you follow your paramaters for entering a trade the probabilities are in your favor of the trade going postive.
If you are following the book you need a sample size of 20 trades, stictly following your entrance and exit paramaters, without any hemming or hawing or second guessing.
This is where demoing comes in. Demo until you think you’ve found an edge. When you are comfortable with your edge then test it live with small lots.
I used to use the bands all the time with macd and even ma.
Then i discovered some other indicators.
Since you are only using a demo its ok to lose, try different indicators.
And develope a style.
Different people trade differently. Some scalp for 8 pips and others wait it out to try to get 50 pips. Its all up to your style. It certainly takes time. I havent been in the game for awhile and had to relearn everything i learned over a year ago, but it all came back to me, mostly. Except for the market hours
I like to use CCI Woodie, StoMach and the Waddah Attar, there is a cool system called SkyDart which i like also, but i also use other indicators as well as there is no perfect system. You might also want to try to find a few indicators that will give you buy/sell signals, this will help you see especially by backtracking over the past several days or weeks, where the sell and buy signals occured and help you understand why. There is an indicator called TRIX which works very nice for this purpose, but it should not be used by itself. I also use MetaTrader so these indicators are for MT4.
I attached the Trix indicator if you want to check it out. Also a momentum indicator, i dont use it much but i hear its good.
Remember practice makes perfect. Everyone loses sometime or another.
NOW wait a second — if your system once worked and now it doesnt, what has changed ?
the latest volitility and candle range is playing heck with a lot of people who use stop losses that are a bit too tight.
so are you getting stopped out of trades that then go on in the direction you had figured or are they just plain doing the complete opposite of what you thought they would do ?
THAT information is needed first !
enjoy and trade well
mp
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As a child, i used to watch from the darkness as the secrets were debated and annotated by the elders. No one there held a single thought of my presence – BUT I KNOW WHERE THEY HID THE KEY !![/I][/B]
Well My Stop Loss Is Around 30 Pips To Look For 30 Pip Profit As Well, Most Of The Time I’m Looking 1:1 Thats With The Bb. Scalping I Dont Use Stop Loss, When I See That The Market Moving The Other Way I Cancell The Order, Most Of The Time I Wait Until The Candle Close At The Other Side Of The Ma.
well I think I didn’t express my self clear, sorry, I’m doing my best with English, I cancel the trade when the price close at the other side of the MA. at least 3 or more, something that is clear that is not a pull back, maybe I’m pulling the trigger to fast trying to protect my account. I scalp in 1M or less, sometimes 10 seconds.
I’m a no0b too and trust me when I say, I have made alot of losing trades.
At this point in my trading career, it is a good thing. You and I are both still in the learning phase. If you do not make the mistakes and learn from them now, you will surely make them later.
One thing I learned tonight was how important support and resistence levels were. All of my indicators were indicating an uptrend but I neglected the support and resistence levels and ended up losing.
“A mistake is a good thing if you learned from it, its only bad if you had fun doing it” - futureBLESS
Definitely the learning process in here is very long, I want to start the phase of learning from myself because at the beginning it has been learning from others. something important for me now is that the simplest the strategy is, the most knowledge you get from. My mistake was trying indicators and different things, at the end I couldn�t get results. it is better a well developed idea.
