Thank you dude .
Actually that was what i did in past weeks and i found out interesting things .
In forward testing i don’t have to wait for the opportunity so i can get in when I’m fully sure
But in real live when i open charts i feel i have to do something so get in a trade in bad points.
Now i really try so much to wait. I think every trader should learn how to wait
what can i say “welcome to the real world” ,no matter what you do ,same thing will happen again and again .is there any escape? yes ,it took me 14 years to achieve . i cant give you the direct answer ,but you can ask for direction.
2 Likes
You are such a hero .
But as a young person i really don’t wanna wait that long plus that I’ve seen people doing it in less than 1 year don’t know how does it work for them
-instead hero ,we are competition,every penny you lose might come to me .
-you don’t get to decide how much time to put in before you get there ,some spent their whole life without being successful.
-we all heard those overnight rich story ,those are either 1.fake 2.not for long. 3.you are not that kind of material.
1 Like
It sounds like you are at the stage where you have learned all the basics and are applying them successfully but have found that you are not profitable when you should be, cos you’re following the rules, right?
I think this is a common thing in trading and not surprising when you think of the dismal statistics on success in trading.
Firstly, if you are not loosing money, you are probably still ahead of the pack and you need to tell yourself that. Secondly, to unlock the next level of trading you need to find your edge. This is an individual style of trading that sits well with your psyvhological make up and I think can only be found by experimentation. Is such an individual thing and often you won’t find it in books or educational sources and unfortunately it’s prob not possible to learn it from other people.
2 Likes
Hey blue
Firstly thanks for you guidance this is really worthy to me that people share their experiences with me.
I’m still struggling but it doesn’t mean i loose money cause I’m trading my plans on demo but the problem is my profit doesn’t break 50 pips per week and it’s annoying for me when i see more potential in this market to get
I try to not have a greedy or emotional attitude in market while trading but i think to this as a problem
Do you make any profit on demo, no matter how little?
1 Like
Yes i do but as u sai so little
If your making any profit on a repeated basis then I have to say you’ve pretty much cracked it. If you are comfortable that your profits have been reproducable over about 6 months, then it’s time to go live with a very small account. Stay calm and just do what you do on the demo.
2 Likes
Thank you blue
Yes I’m proud of myself on that too but it’s like I’ve cut off big losses . I have some small losses. I have some small profits. But i guess the next stage is gaining big profits on this journey
Hi there. Welcome to the forum.
I understand your problem, been there, gone through it, but trust me it gets better. Basically, you want to place your stop-loss so that if the price hits it, it invalidates the long trade idea and makes way for a short trading arrangement. You should not place stop loss too close, it will terminate your trade very soon without giving the market a chance to recover and go for an uptrend. Allow stop loss to be placed at 30 - 40 pips below entry point.
1 Like
Hey Hopsack
Thank you for sharing your idea and experience it’s worthy.
And for placing stops yes it’s a huge problem for me though I’ve learned many ways of putting stop in right places it’s really a shame. But i found out the entry point is sooo important than a right stop if the entry point be optimized then the SL can be smaller values but surely not to tight. In the other hand i have a problem of moving stops in trade side and tightening its immediately after price goes in trade side
Thanks you nikol .
I like learning from others we can talk more about each others trading style if you’re interested.
Yes, I also usually prefer to use the Average true rate indicator for setting up SL as information given by ATR can be used to determine how far away a profit target/stop loss can be placed from the entry based upon my trade.
Looks like your trading system lacks an edge, i.e. clear cut idea how you can consistently beat other traders (since forex trading is zero-sum game: your profit is someone’s else loss). You can be consistently better at predicting the future events that impact market prices or be faster, or discover irrational behaviour of other traders that hasn’t been utilised yet (technical analysis patterns). Note that competition is fierce and most probably what you conceived to try has been tested already by others, so simple ideas won’t work.
1 Like
Its a truism to say that trading is a zero-sum game but knowledge of that fact is not the basis for a trading strategy.
I think you’ve ended up down a rabbit-hole. The belief that simple ideas won’t work is dangerously misleading. Is it realistic to think that every new trader must invent a complex strategy that nobody has ever thought of before?
It is realistic to think that a new trader must eventually find a way of doing the opposite of what the majority of market participants are doing.
Chances are, whether you paid for a training course or just mined the internet for free content, the novice trader has a repertoire of strategies that may look great with the benefit of hindsight, but which will get them wrecked in real time.
The trader has to take these hairbrained strategies and dumb principles to the market, find over the course of time that had he simply done the exact opposite thing to what his strategy told him to do, then he would have gotten paid. Then look at why that might be, and see if he can devise a strategy based around that, thus getting closer to a bespoke way of framing the market.
Very often, the trades I take now, are in complete contradiction to everything I was taught, cos I was taught by a complete clunker-dunce (whose Trustpilot page is full of 5* Rave Reviews, apart from mine, which got deleted). Chances are the majority of other novice-intermediate FX traders are in the same boat as I was.
Also, the key to success isn’t necessarily so much in the strategy, as in the trader’s ability to gauge the market. Strategy is just a method of framing a trade, which will only have a chance of working, if the broader analysis is solid.
4 Likes
@MatDerKater Exactly… When I started trading these insidious markets, I would spend my weekends devising hundreds of Grail strategies. Indicators, Time Frames, Charts, Currencies, Metals, Energies, Commodities…
I would back test them all, forward test them all, over and over, jubilant with what appeared to be a guaranteed edge, a guaranteed money maker… Eagerly anticipating markets to open on Monday…
Come Monday, I would trade them on my Live micro accounts, sit back and watch my Grail strategies being systematically torn to shreds within a matter of hours… Blown to bits within days… Discarded within a week…
Come Saturday and I would start the whole process over again… Wash, Rinse, Repeat…
This foolishly moronic cycle probably cost me 6 - 12 months prior to making serious headway.
4 Likes
Imagine the opposite. You found something that was already discovered by others and start to utilise this idea in the market. What happens? You start to claim your share from the “profit pie” and profit per trader decreases. As more traders join to trade this idea profit share will continue to decrease till it becomes equal transaction costs of the least cost-efficient trader. This example shows that any profit opportunity can not last long and the time it exists on the market should correlated with its complexity (the more complex the more difficult to discover, the longer profit pie exists)
1 Like