Hello boys and gals,
I hope you're doing well trading.
I was introduced to forex 6 month ago.
I had a full time studying every material I could find - Whether it was on youtube, on forums, ebooks, etc.
I've studies Price action, Indicators, VSA, Renko charts (my last study which was really interesting), Elliott Waves, Chart Patterns, ...
Then started trading demo accounts and to be honest I was profitable. I had 5% profit every single week and 5% was the lowest bound.
So I funded my account with 300$ and since I live in a 3rd world country and I'm a student, trust me, it's a fortune for me!
I started trading using a single strategy.
I tried to keep it simple and clear:
I traded whenever I found a ranging market (channels, rectangles) and I sold at the highs and bought at the lows and I had the price action and candle patterns to confirm these reversals.
Couple of weeks passed, and guess what?
It didn't work!
I lost a lot more than I gained.
The 300$ was shrinking. Not closely as I planned.
So I started to look for a new strategy.
I found a guy named joseph james and noticed he had great incomes trading futures using renko charts.
So I started making a strategy to trade futures using renko charts.
For a simple and straightforward approach I decided to only trade crude oil and gold.
Couple of weeks passed and this time I seemed to lose even more!
The initial 300$ was now 200$. I was desperate and hopeless.
I tried to study more. I believed my loses came from lack of knowledge.
I'm still studying but nothing new seems to come up.
I believe those guys posting videos to youtube showing how harmonic patterns work, or let's say how much they can make trading a wedge breakout, they are just choosing one of their winning trades - out of so many losses they have trading same patterns - to sell their membership.
I still have no idea what I am doing wrong.
I you think it's because I change my strategy too often, believe me I don't. I changed my strategy only when I lost 100$ and again once I lost another 50$.
Please give me some hope...