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…