@David You need to cross-check once. I myself used these indicators and because sometimes the pair takes a long time to line up in the best buying position, there are very few chances for the actual trading to take place.
Not a real vacation, even though that would be nice. A vacation from live trading, is more like it. Just take a step back, review your trades. Look at where you entered, where you exited, and see what happened. Zoom out a little to a slower time frame and look at the same trade. What did you think was going to happen? What actually happened? What could you have done differently?
Do the same thing for all your trades. Then do a tally. Count your mistakes and categorize them. You may notice you repeat the same mistakes several times.
Then, try to correct it.
In the past I’ve traded many times before some big news is expected, which I think is not that great an idea.
My thought process was that I could make use of the better spreads.
Did you backtest that? Go back to previous months and see if it worked.
I experiment with both indicator intervals with XM and the crossover lines up quite differently.
With turnkey forex, on the other hand, I tend to go a bit more adventurous and add RSI indicator to these two.The fact that I can trade just a few dollars to see how a new strategy works, is something I quite like.
When I apply my strategy on a demo account, or test with past data, it almost always works. But same results are hardly replicated in real.
That could be a couple things:
Your trader psychology
Backtesting was faulty
During your backtest you may have seen what you wanted to see. I have done the same thing.
Keep trying live, perhaps on demo. Try to figure out why it’s not working. Analyze your trades.
It’s not only you, we have all been there. In fact, it took around a year for me to make my first profit. Keep patience because that’s what helps you stay in the market for a long time.
Consider making some changes to your strategy. You may be lagging there.
Looks like you are losing your calm. Forex trading needs you to act smartly and wait patiently. You can’t make profits from the very beginning. The earlier you know it, the easier it gets for you to accept your losses.
I really like the muppet’s so I’ll wear that badge with honour
I have put out a few of the strategies I have used over the years on my blog, though in all honesty, I don’t think many (if any) will have profited from them, because the first sign of a loss, and they will be on to shinier balls than the ones I have to offer.
However @therealInsideBar I do think you have a valid point.
There is so much myth and what I can only call traditional inside-the-box thinking on this forum, that the real gems of wisdom are hard to find.
Mine excluded - lol
One final point, certain stocks have been on a rip roaring ride of late and there has been great money been made there, I have not had anything from gold for ages, and I suspect there is generally a lack of decent price action in the forex market too - if all you do is focus on one asset class - you are always going to go through periods of no advancement.
Do whatever it takes - I like that.
For me though it was really just making every mistake in the book and repeating them that I just got bored with making them - and in the process became profitable.
As I have highlighted once or twice I don’t have an analytical mind, have multiple character deficiencies that affect trading ability - but I burnt my bridges - so in the end it had to work.
Actually I take part of that back, when I began I didn’t have an analytical mind, that has improved tremendously as my trading did.
But when you’re losing over and over, each loss is a reason to quit. And when the reasons to quit keep piling up, people you know are telling you to quit, you see videos online of rich traders offering fake mentorship, and your trader psychology has gone thru the floor…something has to keep you going.
Because from a statistical perspective, it’s not worth continuing. @Johnscott31, what kept you going?
Like I said I burnt my bridges.
Also, I am blessed with a positive attitude - and am very stubborn.
Note though that in trading a positive attitude can be a curse. You always think the next trade will be a winner, or that loser will come good.
In trading thinking each trade will be a loss, but simultaneously thinking you will win in the end is the best recipe.
I have been facing the same issue. When do you think is the right time for me to take an action if nothing seems to work?
There could be a lot of factors that your strategy isn’t working. I went through the forum and some gave you advices on using indicators etc. With this, make sure you are managing the risk well. Risking 1% of the capital will cut down your losses with every trade. Go for those trades that give you a risk to reward ratio of 1:2 at least.
Backtesting I think has its own flaws, who is to say that what worked in the past is bound to work as well or with similar profit ratio in the future too ?!
Also, your backtesting is only as good as your ability to see all the cues. Maybe you ignored some cues. I’ve done that.
I think it’s good to backtest, then trade with the smallest lot possible.
Just my opinion.
Every trader has a different story. If you can’t afford losses, I believe you should reconsider your decision. Losses are an integral part of your trading journey and you cannot move ahead without losing your money.
I completely agree with you. Honestly, I have been an impatient trader in the beginning but as I gained confidence and learnt new ways of preventing losses, I realised that I had not been putting in enough effort and was depending on my luck with avatrade. I kept taking unnecessary risks, as though I got truck loads of money haha.
Thankfully, I had been maintaining a trading journal and realised what wrong I was doing. So, to save myself from all this, I ensured that I do a proper market analysis before risking my money going forward. And now with turnkeyforex, I record my trades on myfxbook by linking my system to it. The instant feedback I get helps me a lot. On the basis of recommendations of a lot of experienced traders I make changes for my future trades.
So if you are not maintaining a trading journal that’s one thing you surely need to start doing.