Guide a struggling trader

That’s rough dude. Any tim I see slippage it’s 1-5 points, not pips! Trade brokers maybe? You could always switch to instant execution…oh you’re not on mt4 or mt5. Can you switch to instant execution? That will protect you from slippage… a bit. You may miss a trade or 2 but you have a choice to enter or not if the slip isn’t going your way. Might not work fir pending tho.

Chop and change. Look at multiple timeframes to build up a market bias. Looks like my other trades in the GBPUSD that week were taken on the hourly, or thereabouts…but in reality, multiple timeframes

I only enter on the 5m. I look at all the tf fist thing when I make my watch list tho. Mostly I watch 3 pairs all day (4-6 hours).

Lol sorry, fat fingers, small phone.

I have 21 market charts open on my spreads. USD and JPY pairs, as those are the only ones that have tolerable spreads over ‘the witching hour’, but with even majors like GBPUSD widening up to 10 pips, and the usual indices and commodities, which don’t have widening spreads at all, thanks to the futures markets upon which the cfd prices are based, closing for 1 hour. Recently however, everything has been about the USD so the cross pairs have been kind of irrelevant although historically my best trades have been in the GBPJPY…perhaps cos my style suited the big volatile daddy long legs moves into key areas that this pair tended to offer up. Whereas the EURUSD, which for many traders is the ‘easiest’, doesn’t suit me as I am always sitting too deep for it’s shitty little 50% retraces.

Also coming over to the idea of focus, where my best trades are coming about when I choose to focus on just one market, and follow it’s story closely for that time period…cos lets face it, most of the time as traders we are looking for an answer to a question that hasn’t even been asked yet…so erm…pay close attention…but would never say to myself, right, I trade X, Y, and Z. leave everything open for consideration so long as it has appealing market structure…unlike say USOil for the past few weeks…or the EURUSD in between it’s big impulse moves,

I trade in E/G - i.e. I do business on the only land border for Euro/Gbp thus buy & sell in both currencies.

A currency trader is a speculator and takes the other side of a commercial - if I’ve bought Euros with Pounds and later those Euros have increased in value and the Pounds decreased then obviously I’ll sell those Euros (and get more pounds).

Btw - Tom Dante trades the Bund - Bond markets are great for learning the market - they give a sense of investor sentiment in live time.

If you look at my chart up above and that arrow and and then later that push up on price that I mentioned - there is another chart that has to be watched when thinking of EG - because of current climate the UK10yr.

The day before that push up in price I had an arrow - down this time and a clear signal of investor sentiment

save me posting it all again details are here:
Current Affairs effect on the market - Trading Discussion / News and Economy - BabyPips.com Forum

Edit: zoomed out on the 10yr to give a better perspective - I just added little trendline but in reality was very easy to see when live. - the key element was the horiz - see how the daily price of the bond hesitated and then fell - lots of TA in that - the FA was that investors were waiting.
See too that price is almost back up since then - imagine where price will be come next weekend - that’s the place to learn - right side of the chart :slight_smile:

UK10Yr

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The more effort I put into my trading the less successful it seems to be. I have certainly never really felt under pressure though. I think the environment is important too: when I was working there were constant distractions and interruptions! Now I am retired I have to work in the only room on the house to have a reasonable internet signal - and there are constant distractions and interruptions.

‘The More I Know, the Worse I Get’, is a good sign you may be doing the wrong things.

No shortage of Wild Goose chases and Red Herrings in this space.

Distractions are a big No No as well though.

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As traders, mistakes are bound to happen! But if you are not learning from them, then you are stopping your growth. So, study your previous moves, modify your strategies and then trade.

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Dear Richard.
thanks for sharing the experience with me. :pray: :smiley:
well i’ve learnt that a bit ago but the thing i feel right now is no matter how hard i try to debug my faults and learn from them and put a condition based on that in my plan to don’t commit them anymore, i find out there is more to learn and i commit new mistakes. don’t know if you ever happened to be in such a stage in trading but it’s exhausting as hell
thanks again for commenting

Hey Mat.
thanks for replying again.
the thing you just mentioned in your comment may be correct .
but since i’ve worked in programming field and debugging is always a stage of work i sometimes think that there’s a point which we may find out the correct formula of trading, just like world class traders out there or even normal traders with good profit level. :grimacing:

Compared to a computer, our rational processing power is pretty sh!t.

Compared to a computer, our sub-conscious processing power is light years ahead.

I would say the best human traders must play to their advantages, which is largely relying on intuition to make the right moves. Certainly we have all heard of George Soros’ back pain playing up, giving him a sign that there was something wrong with his positions.

I don’t know how it was back in the pre computer algo era. Perhaps a lot easier. Perhaps lots of the textbook strategies did once upon a time work a treat, when the markets were much more prone to human psychology and emotions, and the markets really could be effectively exploited with a few simple bags of tricks, which were once the preserve of the market initiated, but are now widely available for free all over the internet…and that is the thing. Even if there was a ‘correct forumla’ of trading. If too many participants latch on to those formulae, then in a zero sum game, they are no longer going to work…and that is without the algos actively trading against those well known formulae.

Markets are constantly changing and I think that any trader that allows themselves to get too mechanical, is in for a rough ride over the duration.

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Helloooo! :blush: Decided to drop by to check on how you’re doing. :smiley: Demo and Live trading could be really different, so it takes a few tweaks and adjustments before your strategy can be profitable for live trading. :open_mouth: But how have your trades been? :blush:

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You also have a very active thread! :smiley: Lots of people are here. :blush: I hope you’re getting all the help you need! :smiley:

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Hey Ria .
thanks for your comment​:sweat_smile::wink:.
well actually if i can tell about win% i usually have a 50 to 60 percent win rate on backtests and now that i’m trading on demo it’s like 30 to 40 so that a huge drop but with money management my account is growing so slowly i’m just thinking if i turn to real again i become a loosing trader with lower win%.

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With your dedication and effort, I’m sure it’ll all work out! :smiley: You’re even a more responsible trader than I am. :sweat_smile: But just to confirm, you also trade part-time for now right? :blush:

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I’m a college student so i have to trade part time :joy:

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OOOOHHH! That’s nice. :blush: I wish I also started trading when I was in college when I had more free time. :frowning: I was so excited to work back then. And now that I’m working, I just wanna go back. :sweat_smile:

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It’s hard though cause there were times i had to check market during class😅

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Well. :sweat_smile: That’s the challenge to it. :smiley: But I hope you’re not too distracted from your classes. :thinking:

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