If I have traded opposite of myself, I would be rich by now!

Trading Discussion
8

You also have to understand daily price movement ranges. For instance, EURUSD average(68% of the time) can move
.009-.0105. That’s like from 1.1650 to 1.1550, today. 30-40 point stops often times are set off when you don’t give 'em
room enough to breath.

9

I usually trade Pound pairs but once it goes against me and hits my stop, it is very difficult to make the lost money and make a profit on top of it. I personally have come to realization that it is better for me to trade pairs that move very little (20 to 30 pips) since I can hold on to it much longer and give it room to breathe.

10

I show Cable average daily movement .01-.0125, even more then EURUSD.

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11

lmao i mean, there are only 2 options, buy or sell, so i guesss youre right :joy:

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12

We see two possible reasons in support of your observation that limit orders are beneficial.

  1. By setting a limit order and waiting for it to be filled you are exercising patience and being selective about price you are willing to accept. If nothing else, this is an improvement over traders who enter a trade immediately with no thought to whether the current price available in the market presents a good risk/reward opportunity.

  2. Limit orders give you the potential to benefit from positive slippage when your order is filled at a better price than you requested. In July 2018, which is the last full month, for which FOREX.com compiled execution statistics, 59.14% of limit orders executed at a price better than the requested price, and the average price improvement per limit order was 1.01 pips.

13

If I can add a little here @anon46773462, When I started off in early 2000’s I was doing “ok” at first.

SO I decided to “Learn more” and trade full time - After a few months of trading - I had lost £3000 of my £5000 account and stopped to “Learn more” However I also had all my records so I analysed my performance as well and was amazed to find that in fact I had traded slightly positive - but the “Spreads” had cost me the £3000 !

So I would add ;

4 ) - SPreads - You have to trade really quite profitably just to cover the costs of the spreads - especially so on short - term trades.

    • Believing that “Others” are better judges of the market than you are and trying to be “Part of the crowd” by betting the same way they do (Remember 95% of THEM are going to lose money too ! ). Trust your own judgement and take responsibility for your own decisions - it can be hard - not having “someone to blame” when it turns to ratchett, but at the end of the day your bank manager will blame you anyway ! (This section includes in my opinion - “Mentors” and “Courses” ) - Ok for “Learning” from as a lesson - no use (IMO) to Teach you to trade - You can only trade “Your way” - nobody else’s
    • The expertise of “The market” in getting you thinking in exactly the wrong direction ! - Anyone who doesn’t believe this just go “scalping” 5 minute chart, on a demo account - without indicators - just take a bet ! Your sole objective is to allow 2 pips per bet for spread (If “Paper trading”) and to trade for a day and come out of it “in profit” - Those same feelings will invade your thoughts, whatever timeframe you trade ! SOme say it is deliberately set up that way - some do not. :slight_smile: Whichever - it is certainly an expert in Crowd psychology !

  3. Trying to “Range trade” a trend - or to “Trend trade” a range ! The market is not static - it ranges, trends and has “Dead periods” when nothing at all seems to happen. Knowing what condition it is in is sometimes the hardest part ! - Not Knowing will get you killed ! :scream:

3 Likes
14

i wish you could elaborate more on #6.

15

i also come up with different reasons as to why i am not profitable. the more i try to make sense of the market the more i realize that purely lack of capital is the main reason. that is why many people are profitable with demo accounts. after all if i enter at a reasonably good price compared to the average price of a currency, with enough capital i could withstand the fluctuation and take the profit once it gets there. this forex market keeps going up and down all the time.

16

Hi @alirezaakbarizj,

Have you tried placing smaller trades in your live account?

For example, if you had success placing standard lot trades (risking about $10 per pip) in a demo account with a $50,000 virtual balance, then you could try placing mini lot trades (risking about $1 per pip) in a live account with a $5,000 real balance, or try placing micro lot trades (risking about 10 cents per pip) in a live account with a $500 real balance.

17

i have thats why i am still in the game.

18

If you reduced your position sizes for live trading, then why do you still consider lack of capital as the main reason for your not being profitable? Is it possible you have not reduced your position sizes enough?

What percentage of your balance do you risk per trade? You may find this article helpful in understanding the rationale behind risking only 1% of your account balance per trade: The Most Important Math in Trading | New Trader U | Page 4

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BC i am trading with a 100 account.

20

i am planning on topping my ctrader account to 1000 then continue trading 0.01 lots. that way i can withstand 200 to 300 pips movement without suffering a stop out. today for example i got stopped out of GBP/USD on two trades then the damn pair skyrocketed. on my metatrader account i didn’t put any stop loss and it is going well. don’t ask me why i have two accounts, i cant even explain it myself.

21

We rock d same both dear. That feeling wen it looks like the market is jst waiting for you to come. You jump in then it starts the reverse move. Or you see the market moving aggressively, you think you wanna join the ride, then immediately you hop in, there’s an initial stand still. You can readily predict the next move. It ain’t going beyond your entry. Rather it ll start reversing immediately.
However, I’m DETERMINED to NEVER give up. I must be among the about 5-10% that make it in FX. I’m presently working hard to see what strategy works best for my, & I intend to desist from live trading except if my entry is by a strategy I’ve proven consistently on demo (that’s the most difficult job actually).

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22

You’ve already proved that !

Now there are a couple of questions you must ask yourself ;

You KNOW what is going on !

Ask yourself - exactly WHO is trading “Opposite of yourself” ? - And go looking for how to overcome that issue ! :smiley:

23

New strategy: find the worst trader in existence and do the opposite of them.

Billionaire status, here I come!

24

you can trade against me, just promise to give me a %.:grinning:

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25

I think you are on to something, but I am not sure if that is how it works. Who is opposite of me, well they call it THE MARKET. If you are referring to brokers and so-called smart money (I don’t really know what does that mean), well, one big fat pocket that can stand to lose way more than me, until I give in. It is like wrestling with a giant. But is there a way to be a giant even though a small one.
I am slowly concluding that this is an impossible endeavor to succeed in. I have tried to come up with different explanations as to why I am not profitable. But I think I am trying to justify my failure in a way that I call it denial. It is like how they say if you put your mind into anything you can do it. That’s just not true. I can’t climb mount Everest, and if I try I will get wasted on the way (early on).
The so called experts keep saying stick to your strategy (which is impossible other than an automated EA, recall the Everest), don’t forget the stop loss, which I call sure loss, and the ones who want to teach you how to trade for a fee (the fortune tellers), most of them are trying to make people like me believe this is a quick way to get rich. But this is not lottery, casino, or money tree or an old rich lady. That is why almost everybody is attracted to this forex market in the first place.
I think unless one has big capital like over $50000 and low expectation of return (20 to 30 % a year) one can never succeed. I was thinking about $1000 start but who wants to go through the stress of trading for a few bucks.
There are exceptions of course. Refer to the Everest analogy. Even then since one is trading with their own money, there is always the fear factor. I think there is only one way to have a reasonable return trading forex. Once one spots a high or low on a daily or weekly chart, which even a layperson can do ( I have tried it with different people of no background whatsoever) and on a SINGLE pair, it is almost certain that entering at a reasonably and historically good price, will return a profit (like buying GBP now) and if one cannot spot it then wait until an obvious one appears. It is just a matter of time and the trader’s patient to turn a profit. An analogy although might be a weak one is if one is travelling from one city to another. Half way in another city on the way to the destination if one gets stuck in traffic, he or she doesn’t decide to turn around and change the destination. Unless one is completely on a wrong direction, like buying high and selling low, one keeps on going until one reaches the destination.
Another analogy is if one buys a property. One doesn’t sell it right away if the market cools down. It takes time and patient to profit from property. I believe the same mentality must be utilized in trading the market. I personally haven’t been able to do so yet and I might never be able to.
Just my opinion. Forgive me if I am all over the place.

26

I don’t think you’re “All over the place” - there’s a lot of sense in your post. It is NOT “easy”.

Just out of curiosity - Are you in a wheelchair ? - WHY can’t you climb Everest ?

Possibly - or just wait until “Property” is already way undervalued ?

I think it was Jim Rogers who said “I buy my straw hats in the fall” !

Almost any fund manager in the world would be over the moon with HALF of that ! - To that extent we have an advantage - we can get in and out at a stroke - he can’t because he will move the market just by trying to do so. (That in My Opinion is why “Bitcoin” is stuck in the quicksands at the moment - “Smart money” trying to get out and not enough “penny punters” wanting to buy !)

Ok so you can’t wrestle a giant - but you don’t have to ! - All you have to do is bet on the giant ! He can do the work and you can profit from his work !

Now you already know how every bet you take is likely to lose - Your problem is the same as all the rest of us - to “know” which way the giant is betting.

Try that excercise I posted here in number 6 - and get your self respect involved ! - Your only aim is to be profitable more days than you lose !

Why does “IT” always turn when you bet ? - That cannot be accidental - it just happens too often.

Here’s athought ;

https://forums.babypips.com/t/the-cat-and-the-rat/138632

Many many people have been doing this for years and years and still do not make money - many more PRETEND they make money. -

A few do.

A good many will tell you “It’s easy” - It’s NOT !

Up to you - walk away if you want to - or else just keep at it for as long as it takes ;

https://www.amazon.co.uk/Pit-Bull-Lessons-Streets-Champion/dp/0887309569/ref=sr_1_1?s=books&ie=UTF8&qid=1536789114&sr=1-1&keywords=pit+bull

27

That mostly happens because of inexperience, patience and stability about you decisions also very important factors while trading

fear_greed_