Interesting you mention this. ThinkOrSwim platform allows you to do this very thing. You can create custom groups, for example high, medium, low quality setups, or maybe strategy related groups like harmonic pattern, elliot wave, candlestick, etc. When you take a trade you can assign it to one of this groups. Then you can produce financial reports for each group and really start to scrutinize various strategies and setup qualities.
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Youāre definitely on the right track here. By reading your posts I see that you have the necessary mind and skills but struggling on actually practicing it. Discipline and putting your ego aside would be the key in this case, at least in my opinion. Perhaps you could step back, work on your plan a little bit more on demo and the go back to live. And my other advice would be to not spend money you donāt have or need for important necessities for trading because you could feel pressured and stress is not a good adviser.
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Yeah, I feel the same way. If you cannot stick to your plan, perhaps you could ask for help and get a friend or family member check in with you whether you are executing what you planned for the day or not. Some extra attention might do wonders sometimes.
I can see a lot of you are pointing me back to paper trading, leaving me with little choice but to take your advice.
Perhaps thatās where i can get rid of this ego and impatience Iām struggling with.
Appreciated.
Holding onto a losing trade being to confident essentially loss aversion and Iāve also had a great deal of distractions in my home throughout my journey I try to trade when itās quiet and Iām not expecting everyone.
I have done that twice now and both times it was entirely my fault. These days I am trying to follow my trading plan closely and not revenge-trade as I used to, but the impulse is ever present, Iām afraid.
Itās perfectly normal to loose at least for the first 5 years, so my recommendation would be to trade with micro lots, and also use a practice account. You also have to study technical analysis, and keep record of your results. Itās not the quantity of trades, but the queality. I only trade one instrument which Iāve been following for years so Iām very comfortable with it. And the idea is to find trend reversal points, there are many techniques for doing that.
Hi,
Iām not a pro, only recently began being profitable. I scalp but even so, I would tell you what I did myself after blowing my account twice. One, let your trades play out. Two, based from your arguments, I suggest that you keep your lot size to 0.01.
When you stick to your plan and let your trades play out and keep your lot sizes low (0.01), slowly by slowly you begin to be profitable. Iām saying this out of experience. I got humbled trying to make quick profits, worked once or twice but one time the GBPUSD swung in the opposite direction really quick and continuously and got me wiped out. Lol.
In conclusion, there isnāt better advice than what Iāve read in the replies. Wish you profitable trades.
I hear you.
Iāve been making nickel and dime trades on a practice account since November, and saw small but steady gains. Iām only using $1000 of the fantasy account because $1000 is all Iām going to trade with if I ever āgo liveā. I decided to get a little bit bolder, and I got clobbered with several trades that stop-lossed out. Iām now down by about 2%.
Thereās nothing Iād say here that hasnāt already been said by others. Discipline yourself to stop overtrading by having a tight risk management plan. If your going to make ten trades a day please try and make sure it doesnāt exceed 5% of your equity. In that way even if you lose 100 trades in a row (which is almost virtually impossible) you still wouldnāt be fearing a margin call. Also try and develop a simple entry and exit plan no matter how small the profits may seem. This can help boost your confidence.
I hope this helps and good luck with your trading.
If you are not scalper and your timeframes is bigger and you are doing good on demo you can switch with confidence to live account. Your only enemy will be only fear or greed which are easy to cope with if you follow hard rules.
Hello,
I am not posting so much here but i can tell you what everyone told you here with some of my thoughts.
- You need capital. What you are doing with 50$ accounts leveraged 1:400 wonāt do you any good. Think about it the other way. How many months i need to put 50$ to get a 1000$ account? DE-LEVERAGE!!
- Once you do this you will learn a basic discipline(to save money)
- Now reverse engineer everything sort of. You worked so hard to safe all this money. How can you save more by trading? Are you a good protector of your hard work?
- Stick to some goals. Letās say that your goal is to reach 5% each month. Once you reach your goals, go to your trading journal and see what you did good and what you did wrong. Reward yourself and start again next month. Goals need to be set realistically
- Never ever trade sentiment , as soon as some news are coming out, never trade! Algos will chew you alive and you wonāt make rational choices.
- Always combine fundamentals with your techincal analysis
- If you are winning too much in a day, just stop, go outside and again, reward yourself.
- Educate yourself, pay for some courses or why not, find a mentor.
- what people wonāt understand. you canāt get rich overnight from trading! Stop following weird scamming instagram accounts that show you how the big boys do it yet they donāt have any history or track record of their accounts
- ALWAYS! ALWAAAAYS! This is the most important lesson of all and the most important thing that should come to your mind. You need to PROTECT your capital, this is the most critical lesson and most important. If you canāt be a good keeper of your money, you need to stop. Maybe you need to reasses everything or maybe you are just not cut for it.
PS: trading should not involve emotions. To give a quote āGood day iām okay, bad day iām okayā.
To wrap it up. Gain capital, protect it as if your life depends on it, stick to your trading plan, include fundamental analysis . If you have the urge to press a button, go outside and take a chill pill.
All the best wishes. I was like you one day and i know the pain. But if you canāt master discipline you need to do something else until you educate yourself more.
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Iām just kinda bummed because I havenāt had a successful trade in several days.
You could study candlestick patterns, Harmonic Trading and Elliot Wave Principle. There is another approach which is the best, itās like time analysis; but itās the most demanding in terms of study hoursā¦ The idea is to avoid the casino style, where you make quick bets instead of placing long term investments. Donāt depend on good luck.
Do you have any books or study guides you could recommend thatās NOT someoneās āuse my formula (and pay a hellacious sum of money) to GET RICH QUICKā scheme?
Harmonic Trading, Scott M. Carney
Volume 1
Volume 2
Volume 3
Elliott Wave Principle, Robert Prechter
Elliott Wave Principle: Key to Market Behavior
Time Analysis:
Luther Jensen, Astro Cycles and Speculative Markets
George Bayer
W D Gann
I have harmonic trading Scott m Carney vol 1 and 2. Get in touch if you want to read them.
I learned Harmonic Trading on YouTube, that is the easiest approach to grasp, then I studied Elliott which is a little harder but now I only use Time Analysis. Thank you anyway.
Iāll look up the YouTube videos. Thanks
Try trading less.