Losing streak never seems to end

[4xNewGuy]

Hello boys and gals, I hope you’re doing well trading. I was introduced to forex 6 month ago. [B][U]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, …[/U][/B] 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$. I was desperate and hopeless. I tried to study more. I believed my loses came from lack of knowledge. I’m still studying but nothing new seems to come up. I believe those guys posting videos to youtube showing how harmonic patterns work, or let’s say how much they can make trading a wedge breakout, they are just choosing one of their winning trades - out of so many losses they have trading same patterns - to sell their membership. I still have no idea what I am doing wrong. If you think it’s because I change my strategy too often, believe me I don’t. I changed my strategy only when I lost 100$ and again once I lost another 50$. Please give me some hope…

Honestly, you should probably just empty your head of some of that stuff, and just start developing your own method. For the most part with my trading, I’ve just been doing my own thing. I’ve read some snippets here and there that have filled in a gap or two, and learned a couple of things from a friend at work that trades stocks, but my methods are largely my own as far as I know. There probably are other people out there doing the same things, but I haven’t been searching for them.

IMO, if you’re relying on other people’s methods, you’re not relying on your own methods. You’re not the one trading your account, it’s almost like other traders are trading vicariously through you.

My suggestion, take a break from live trading, and get back to practice for a bit. Also, if you haven’t been doing it already, take a few currency pairs, and focus solely on them. Pay attention to how they move, and how they react to certain conditions. Don’t try broad-based methods on whatever pairings you can find. Study the charts of a few, and learn them inside and out. Once you’re good with that, THEN start live trading again.

[victoriajensen]

In my opinion it might be wise to do two things:

1. Maybe go back to using a demo account for some more time until you have accumulated more experience.
2. It’s prudent, I think, to take a break when possible, especially if you’re suffering a losing streak. Clear out your mind, calm down and begin again.

[Valentin_Potapenko]

One well-known trader said: “The components of successful trading are: 1) prevention of losses, 2) prevention of losses and 3) prevention of losses. If you are able to adhere to these three rules, then you have a chance.”

[Royalblood]

Am sure that one can avoid freqent losses by backtesting their trading strategy on demo account such that profitable trades can be taken on live account. If you have been frequently losing then its high time to change the trading strategy, following the trend or being along the trend always helps to profit.

[bearish]

One well-known trader said: “The components of successful trading are: 1) prevention of losses, 2) prevention of losses and 3) prevention of losses. If you are able to adhere to these three rules, then you have a chance.”

Good traders must realize that it’s impossible to trade without loss at all in trading so for me, it’s no need to prevent loss but how to manage our account so the profit can be bigger than the loss so in overall, you’re still profitable in your account. Don’t ever believe if there is system, robot, indicator, or anything which can guarantee 100% profit without loss at all. Traders must prepare themself in any condition of market, including take risk with loss condition.