Hi, I am new to Forex, been trading with FXCM’s micro demo for about 1 week now, and had made couple of posts on the forum.
After taking a couple of knocks in the game, I am getting a little bored and frustrated with forex because some of my losses. My biggest one is about 60 pips happened yesterday because of the mini euro reversal that occurred between 28-29th.
The question is for all the seasoned traders out there. how often do you guys experience losses? out of 10 trades how many are winners?
Also, I have decided to use the technical analysis as my trading approach. How should I start on learning? I have do know the basic stuff such as S&R, basic patterns, and Fibs, moving average and a couple of other stuff.
but there are so much stuff out there, so many different systems, i don’t know where to start.
I lose trades all the time
Get used to it!! use good MM and learn to cut your losers don’t move stops. I get a little over 50% wins I chose to trade with a plan with a lose entry right now. (I am new to live trading) I expect a lot of losers. It forces me to practice good MM and takes some of the mental stress off me about trying to win every trade. I am sure I will get tired of losing so many trades but when that happens and I move to a stricter plan I will have the important habits of good MM and I will know what to do with a trade that’s going against me and I wont hesitate to close it. .
Don’t get down on yourself it’s part of the game. I lost a couple of trades yesterday and bounced back today. What I never like to see but, happens is the same trades I loss yesterday took off today. Just make sure you manage your money and play only when the odds favor you.
Trading is like poker you see the same players consistently winning or placing well. Same thing applies to trading have a plan, manage your money and when the odds are in your favor strike.
If you know the accuracy of the method or system you use that is even better. I attended a webinar years ago and they performed a test with a bunch of PhD’s. They tought them a system that was 60% accurate and out of 20 only two of them managed to make money. In other words they couldn’t figure out how to risk the same percent or amount of money on each trade.
basically all your answers are in front of you and it is a matter of working you way through it all eperience comes with time, and there is no substitute for experience, and you cant speed up experience-it is a long haul to get that experience-but once you do then it may be worth it-if you stick around lonf enough to get it
Well…FOREX is no free candy shop for starters. If you put your fingers in the jar you are expected to pay for it. Sounds like you have had your first experience of that and now you have difficulties adjusting to it.
My biggest one is about 60 pips happened yesterday because of the mini euro reversal that occurred between 28-29th.
Well…FOREX got ya to pay for your candies. Who said life was always sweet…?
The question is for all the seasoned traders out there. how often do you guys experience losses? out of 10 trades how many are winners?
Well…everytime I put my fingers in the candy jar. Because I [U]expect[/U] to pay for my candies [B]before[/B] I grab the candies.
Also, I have decided to use the technical analysis as my trading approach. How should I start on learning?
Well…the Babypips school would be a very good place to start.
After finishing school you might grab one of the sytems you find in the Free Forex Trading Systems Forum and give it a go.
If you have any questions they are always welcome here.
I am sure you’ll be much better prepared…for your next FOREX candy shop visit.
Well said cas
Something else to in keeping with the candy analogy. Don’t forget [B]YOU[/B] decide how much you are going to pay for your sweets, not the market.
Honestly I’m not sure they didn’t show the system. It dealt with psychology and why traders lose. Being greedy, money management and over trading were a few things on the list.
use good MM and learn to cut your losers don’t move stops. I get a little over 50% wins I chose to trade with a plan with a lose entry right now. (I am new to live trading) I expect a lot of losers. It forces me to practice good MM and takes some of the mental stress off me about trying to win every trade. I am sure I will get tired of losing so many trades but when that happens and I move to a stricter plan I will have the important habits of good MM and I will know what to do with a trade that’s going against me and I wont hesitate to close it. .