Its good to see truth out there, a lot of forex heroes out there with demo accounts… Lol
Yeh, i have lost 2 accounts now, Im a slow learner, usually takes me at least 3 times heha
Basic Strategy now is smaller lots,
No longer then weekend close trades
very early SL
chasing SL profits rather then TP
always confirm my instinct with at least 2 reliable websites.
The one thing i have learnt is why set a stop loss so far away? Even within 10 minutes if the trade is going against you then you need to re assess the trade… Its Obviously not doing what you thought it was doing - get out early.
Maximize / trail SL Good trades, Minimize SL Bad trades.
Working much better for me, but, im still not making big gains… Better as time goes on
What pairs do you trade?
Ive been doing some damage on AUD/CAD the last 2 days,
It is crucial that you learn how control greed and fear of losing…overconfidence and afraid of losing are 2 components that I think preventing a trader not gaining a consistency… need to learn where and when to stop so the greed won’t take it over and learn to accept loses so fear won’t get in the way for not taking a trade when a good set up comes up. Neutral is needed all the time when being expose to the market…
Mistakes happened all the time. Accept and learn from it.
The time where you are able to bring back some of your loses, one step at a time when this happened again and it will, you will gain the confidence back. This is not the first and the last… You will always experience this but how you handle it when you are in this situation again is the key if you learn anything from those mistakes… I am not perfect but this is what I have observed and base on my own experience as well…
I won’t say I told you so. Okay, maybe just a little. That said, I think every trader has made this mistake at least once, including me. One very good quality you have for trading is that you’re honest with yourself. I think you’ll learn from this and become better. I’ll close with a link to my favorite poem: If
Thank you, my FX Mistress! WHen I was experimenting with my Seven Majors system on demo, I had come up with an ADP (Average Daily Profit) target, which I used to stop myself, among other things, from over-trading…
Perhaps it is time to reintroduce some similar concept into my trading…
By the way, thank you for the tip, and I am really finding the book a great read:
Thank you, Jason, and the same to you! The year of the horse - great for gambling at the races…maybe also for spread betting?
Er… the poem is known to me and I particularly appreciate these lines: “If you can meet with Triumph and Disaster
And treat those two impostors just the same”. Now that is a neat trick; I will work on it.
So you just started trading? Let me give you an advice that will save you years of losing and losing in Forex. Go to your broker’s website and set your leverage to 1:100 and below.The lower the better. This is to overcome our greed.
People keep saying they lose because over-leveraging,but they never changed the leverage setting.
I thought I should quote this for the benefit of all, in Chapter 7 “The Trader’s Edge: Thinking in Probabilities” of said book (Mark Douglas, [I]Trading in the Zone[/I]):
“Although few would admit it, the truth is that the typical trader wants to be right on every single trade. (S)He is desperately trying to create certainty where it just doesn’t exist. The irony is that if (s)he completely accepted the fact that certainty
doesn’t exist, (s)he would create the certainty he craves: (s)he would be absolutely certain that certainty
doesn’t exist. When you achieve complete acceptance of the uncertainty of each edge and the
uniqueness of each moment, your frustration with trading will end. Furthermore, you will no longer be
susceptible to making all the typical trading errors that detract from your potential to be consistent and
destroy your sense of self-confidence.”
Hello Aussienoob! Well, AUD/CAD is not one that I have been following, I must admit, although I follow many pairs and rotate my trades frequently, which answers your question, really!
I have posted a couple of trading analysis videos on EUR/GBP and NZD/JPY here and on YouTube, so I have kept an eye on those more closely; recently, I have taken healthy returns on AUD/NZD (long), EUR/AUD (short), EUR/GBP (short), USD/CHF (short), USD/CAD (both short and long), and so on. There is never shortage of opportunity, really.
The problem with me is that I do not like sitting on trades for months and watch them swing several hundreds of pips against me (and if you trade tiny amounts, that is perfectly comfortable within a small account such as mine): but, in the case of my CAD/JPY long, for example, I have let this one run to collect carry/rollover in the long run, on the theory that what goes down eventually comes back up. I have currently a -400pips on this trade, but, in trading, anything can happen. I am comfortable with the level of risk on this trade and that is my one long-term carry trade (I will not have others).
As you can see, it was going so well in January, and then…
I have been hatching a plan, beginning next week… The greatest challenge will be integrating it into my daily routine; I may test it manually for a while but aim to have it coded pending on monthly results - all in an effort to improve on current performance (risk management, mainly, and keeping track of trades).
The FXBook opened my eyes to the statistics behind my trading, and in a way that would have taken me hours of manual calculations, showing me exactly where I have been going wrong: RISK MANAGEMENT… My profit is down even though I had won 65% of my trades, meaning that I have let losses run or used a negative Risk-Reward ratio (indirectly through widening of stops).
FXCM often show that traders with this broker win the majority of their trades but are still losers, because they cut their winning trades short (=fear) and let their losses run (=fear, again)… How true this is in my case too…
I advise anyone who has not done it to use MyFXBook immediately!! It is fantastic.
I just got back from a business trip (I wish it is more for vacation but that’s okay) and not been around much lately…
Oh wow, you did open up a myfxbook. I would say that , for me, it helps me to keep track where I am at. It will also help and hold myself accountable into trading even if it is a win or a lose atleast I know where I stand. Accountability can help you to be honest for every trade and decisions you’ve made and to a point where you will think twice before you place on that trade. I think it is not for everyone but I like it because I do not need to do all the work ( calculating, recording, etc) and it all done it for you…
Hope you get back up in a green soon… just take it as a learning lessons…
I’d like to call myself as a consultant rather than a sales person ( a little bit of marketing to) focusing on medical product/industry. We partner with businesses, manufacturers, trade associations and international regulatory authorities for safety certification and testing are just a few. I am very fortunate that I land a job and work with this company and it turn out that I like what I do. It had help me to grow as a person and continually improved and take me where I am today. Trading is just a secondary for me. I like waking up in the morning, going to work knowing that I will make a difference by helping other businesses/people inside and outside of the company. But sometimes, things change, people change and if there is another opportunity come a long way that I could not resist then I’ll take it lol…There is always opportunity if you just know where and what to look for. If you are genuinely good with people and good at connecting with them, you will get a job and there is always an open door for you. Technology is only there to help minimize some of the “labor” work but we forgot that connecting with other human being is still works and more often than not, it is a powerful tool than talking to a machine…it will never change unless we turn out to be bunch of robots lol… Thanks for asking
My trading is doing well. Last month I made 15.75% and currently at 6% but I might take some loses with these so we will see how the end of the month will go. I would be happy to get atleast 10% this month and or as long as it is not in a red. If I am consistent for atleast 6 months in a row, I can make a conclusion that I do have a good system working for me and that I will be more confident. So, given that I have a little over 4 months to go and test this thing out…It is really a journey, trying to figure things out and I realize that I have learn so much more about myself as a trader rather than the system…A good/positive Psychological mindset is really a powerful tool not just for trading but dealing with work and other personal life issues…
I’ve read somewhere that says : [B]“ You will be the same person as you are today. Except, for the people you meet and the books you read” [/B]something like…
you are nothing but an inspiration for many newer traders… A professional who is unemotional in her part-time trading but who is in touch with the humanity of her full-time work; an honest individual who does not hide her mistakes and is willing to share them with the community, taking time to post on these forums; I could go on, but I do not want to exaggerate.
I hope that your trading, as small a part as it may be in your daily routine, will be consistent enough for you to feel confident of your strategy in taking it forward to the next six months and beyond.
Thank you also for sharing with us what your profession is, and your outlook on a work ethic and on life…
Not a problem at all… And thanks again for your kind words…I wish I could do and share more here but unfortunately I am currently limited of what I know. Though, as you can see, my strength is on Pschycological side. So, I tried to leverage that strength and apply it here, through my work, and my personal life. I think that finding what your strength/s are can help you to see through and can learn quickly even if you are a analytical person, visual where you like to see charts, etc… Everyone have their strength, weakness, and different skills set. So, find what works for you and go from there…
Okay, I better stop!! Lol … Time for me to watch my all time favorite soapy on TV! Lol j/k… night all
Dear PipNRoll, I hope you had a nice weekend… Here it is Sunday night and I just got back from a trip away with my other half… Now it is time to have a quick look at my new system and check a couple of things that I want to update… You are right, psychology of trading is essential, or rather, as essential a skill as reading charts correctly… Good night x
As I was saying to PipNRoll, I am just back from a trip away, so I need to catch up with my stats from the newly minted system, but it is not set in stone yet, so I am going to change one or two parameters at the moment, in preparation for the week ahead, as I think it will improve results. All details will be published in a new thread.