So I am just starting to get a hang of forex trading after doing a lot of research and learning how everything works. BTW I am still on a demo account. I am getting pretty decent win rates/profits on my demo account trading with a price action strategy that I developed myself. The only issue is that I feel like I am missing out on a lot of winning trades because I am constantly flipping through a ton of different currency pairs looking and looking for resistance and support reversals then when there actually is one I miss it! I use tradingview a little bit and have tried their forex screener to no huge success. Maybe just some other parameters might help? I’ve also tried the alerts but I am not entirely sure if I am using them to their full capacity. Should I try to focus more on like 4-8 pairs instead? Thank you for your help guys!
You have not said what time frame or combination of time frames your using? Set ups will appear periodically on all time frames of course as price action is fractal in nature. Perhaps you might consider a longer time frame. That way you should have ample opportunity to study each chart, make annotations. notes etc prior to a move occurring. Setting an entry and exit accordingly.
Just my thoughts on making the job more manageable during the session -
Firstly, there are up 7 major pairs for each major currency, such as USD, EUR, GBP. Once you’ve got into say a long position for 2 or 3 EUR pairs, do you really want to go long on another 2 or 3?
Secondly, if your trade decisions are based on say 10-minute charts, then just run through the potential new positions at the 10-minute mark. no need to go over the open positions - they should have SL’s and TP’s already set. No need to run over the third or fourth or fifth potential EUR long when you have 1 or 2 already running. Certainly no need to keep checking the exotic pairs for set-ups - too costly and unpredictable - stick to the 28 majors.
Practising on a demo account is really a great thing you are doing . In context of your winning trades , i think for the start you should focus on a few pairs rather than just sifting through a lot many at the same time. It would be rather better to analyze a few pairs say three or four properly and applying indicators on them . This way you will be able to grab opportunities on time and chances of missing winning trades will be definitely less.
Focus on a few things and improve your skill gradually. You can’t get every pip out of the market. Accept that you’re going to miss trades.
Your job is to extract the easy pips with low risk.
I know that this a very simplistic way of thinking and Im sure alot of traders will disagree with me but here goes:
Missing out on a profitable trade has zero effect on me for the following reasons:
-
Trading opportunities are infinite. If you miss one, dont worry because I guarantee another will come along
-
Missing out on a winning trade costs me zero% of my account. Sure, i lost an opportunity to profit, but on the bright side I didnt lose any money.
3.You only know it was a missed winner in hindsight.
What if that trade you missed out would have turned out to be a losser?
Not only would you lose money, but your also limited in the number of lossing trades you can withstand.
Long story short, missing out on a winning trade is a a defacto winning trade because it cost you nothing. And as Warren Buffet says, rule #1 is dont lose money and rule #2 is see rule #1. If you didnt lose any money, your already doing better than most traders
I’ve figured out the obvious answer to missing winning trades, which is to take all the trades that fit my set-up. Automatically means I get all the winners I could have got. Also the losers but hey-ho.
(I have to say I was worried that the ESMA margin restrictions of 1:30 at best for forex was going to stop me trading but not at all. Though individual positions are small of course, I am regularly up to 8 or 10 or 12 open forex positions simultaneously.)