I was always interested in the stock market and success stories from it. It fascinated me. So anyway back in the early 2013 I demo’d it up without a clue as usual. I was making profit, i had no idea how. I just bought massive lots and understood basic RR. It was hardly consistent steady profit. It was risky. As i hit my 18th birthday in summer i opened an account with oanda with £100. Took me a month to lose that. Roll on the next month. Deposit £100. Lose that in a month. Where it got to a point where 2014 rolled around and i was down about £300 - £400.
Made some resolutions to become profitable by the time my 19th birthday rolled around.
I think this is quite possible! So recently, i deposited £250 being the inpatient kid i am i should have saved £500 and lowered my risk. I’m currently trading with ichimoku and trading the signals in order of high, medium and low and change my risk accordingly. (3% max).
Every time i deposit i feel like its a fresh beginning and protect my capital very well. I made £50 in the first week and then this week i had a few losing trades in a row bringing my capital below £300. I don’t know why but somehow i felt like i had to get that balance showing £300 by the end of the day. I over traded and over traded. I felt like my setups were correct and kept altering my stops ruining my 3% risk. Anyway, long story short, I withdrew what was left, £100. I just can’t be dealing with the stress when i have final exams in three weeks time. Once they are over i will be depositing a bigger amount. In the mean time im trading on demo and i’ve vowed to trade quality of quantity trades on just gold. So if this means a few trades a week ill be happy with that! Once university is over and i am a profitable trader with small deposits then the big bucks will be deposited in the mean time i can just about handle a total -£660 loss over 9 months.
Any tips? Like ways to not get angry at the charts? Better ichimoku setups? Fundamentals more important than the technicals on gold?
Some of the questions you’re asking can’t be answered that would be of any value to you. Are fundamentals more important than tech for an example. Depends IMO are you trading long term or short term. I have found the shorter the term you’re trading the less important fundamentals and the tech analysis is more important. Same with Momentum. So if you want the best help, don’t just say you trade using Ichimoku or you depposited x amount of dollars.
Pretty much all experienced traders will tell you that to be successful long term, you need to have a trading method that will give you more positive experiences than negative; you need to apply a money management to your trading method, that will protect your account balance while at the same time increasing it; and lastly, you need to give your trading method and money management plan time to work, by exercising patience and discipline.
Trading method, no matter what method you use, the plan should address : trend, momentum, cycle (movement up and down) support and resistance. Your method needs to have very detailed rules by which you trade by. So to get maximum value, post your trading method and rules so other traders can give you their opinion. (There’s some pretty smart people here, dying to give advice to newer traders, so use them). If you like Ichimoku subscribe to this utube channel, it specializes in Ichimoku and it’s free.
Money management, your goal is to protect your capital and as well grow it. At first glance this may seem difficult. But it’s not if you base your your entry and profit on time you want to have a trade open, make sure you address trend, momentum, cycle, support and resistance in the same time frame and base your stop loss on the risk you’re trading per trade of your account balance; that way you will make the most you can if the trader goes your way, and for those times that they doesn’t you lose the least amount possible therefore protecting your account balance. Remember when you’re first starting out, don’t make a goal of making x amount of pips or s% of your account. At first you want to test your method and money management and their rules to make sure if you apply them constantly will you get more positive results than negative. So same as your Trading method, post your Money Management and rules.
Patience and discipline: This is the tough one. But look on the bright side, if you don’t master the first 2, method and money management, you probably won’t be long enough to master patience and discipline. :>( It’s much easier to master proper mindset when you have a trading method and proper money management. It’s simple under no circumstances at first do you deviate from your method, money management rules. Keep an on going log of your trading session and constantly review it for strengths and weakness. So again post your method, money management plans and the rules for both. The more detailed the better.
Some further observations. IMO a newer trader, with a smaller bankroll should be looking to trade with a broker who offers STP, not a market maker. Market Makers take the other side of your trade, STP trades are submitted directly, When selecting a broker, make sure the broker is regulated, been around for a while, doesn’t charge commissions or swap fees. Again if you are starting with a limited bankroll, fees can ad up especially if you are holding trades over night. And most importantly, do all this plus learn the ins and outs of your trading platform and check the brokers support before you go live.
That’s my opinion any how good luck
Gp
Thanks very much for your insight! Yes, sorry i was a bit vague.
Method:
Monitor 4 hour charts for setup, price approaching cloud, passing cloud or TK cross.
Use 1 hour TF to pin point a buy/short when price closes beyond a cloud along with chikou span on settings 9,26,56. (heard that 7,22,44 may be used too but i dont know which one would be more successful. Will experiment)
Set stop loss below/below recent swing high/low scale lot size accordingly to 3% of account. Now my take profits i draw fib extensions from the recent low to high and look back to see recent Support and resistant levels and set them a bit below.
Money Management
Risk 3% a trade
Change lot sizes to fit with the setup accordingly
If i lose 2 trades in a day. Stop and try the next day.
1 Trade at a time
I can teach u if youre willing to invest a couple hrs with me a week…
Lol…
I would make my own decision if I were you.
Yes alybongo. Decide whether or not you want to listen to someone whose been spamming people asking to train them. Should be an easy decision.
A few trades a week
I got to that point a couple of years back, now I’ve realised I’m better off with a few trades a month, many days just aren’t tradeable and some week aren’t.
Alybongo;628573]Thanks very much for your insight! Yes, sorry i was a bit vague.
Method:
Monitor 4 hour charts for setup, price approaching cloud, passing cloud or TK cross.
Use 1 hour TF to pin point a buy/short when price closes beyond a cloud along with chikou span on settings 9,26,56. (heard that 7,22,44 may be used too but i dont know which one would be more successful. Will experiment)
Set stop loss below/below recent swing high/low scale lot size accordingly to 3% of account. Now my take profits i draw fib extensions from the recent low to high and look back to see recent Support and resistant levels and set them a bit below.
Sounds like a nice little ichimoku system you got there. (7,22,44) or (9,26.52)) is all dependent on your system. After your finals, just load 10 years of data, take a pen and paper and analyse whether or not your system would be profitable on the long term and between (7,22,44) and (9,26.52)) which would be more profitable.
Money Management
Risk 3% a trade
Change lot sizes to fit with the setup accordingly
If i lose 2 trades in a day. Stop and try the next day.
1 Trade at a time
learning to be disciplined isn’t easy neither is it pleasant, if you believe these rules fit best to your system just do a very simple thing, FOLLOW THEM!
Otherwise good luck and congratulations for starting early
Spam? Maybe Im just eager to build a team.