I am in the situation where I buy, the price went down…
and
once I exit to cut loss, and change to Sell, the price immediate went up…
and it goes the other way round…
Im facing this condition since 3-4days ago…
Whats wrong with me? what should i do?
hi,
I think anybody that wanted to help would struggle.
Lets start by looking into what your doing and why
post details of the trade and also your trading rules, i’ll go through it with you.
If you have no confidence in your trading plan its just going to cause fear and thats just going to add to your loosing.
The offers there!
N
hi koho,
i from singapore too. you using which broker for live trading?
Hi,
My account is with Oanda Corp…
Im gonna cool down for few days
You seem to lack a true trading plan and choose to chase the market.
You should look into developing a strategy and testing it before jumping back in.
Hi,
I’m from Singapore too. I heard good feedbacks on CityIndex, IG and GFT brokers.
Regards,
Daniel Su
It sounds like you are chasing price. That is buying because you see a sudden move up. Sure you can get lucky doing that, but more often that not, when you see a move it’s already too late. By the time you get in that way the price will have lost momentum and go the other way. So, you end up buying near the top instead of somehere at the middle where momentum picks up.
If you are trading on support and resistance. (I hope) Try this. First decide if there is a directional bias or trend. Then only accept trades in that direction. If price is in a range, the ping ponging should be obvious. It which case do as below, but you can trade in either direction. (though it’s still better to look at higher time frame and see if their is a long term bias and still only trade in that direction)
If waiting to go long, wait for price to go below your entry. That is a retrace to or below support. Then set your entry NOT on support, but above a recent high. (or at the very least a few pips above support if in a tight range) That way if price continues down you never enter. If if bouces back up you can catch the momentum in the middle of the move, instead of at the top when it’s already tired out and set to retrace.
Remember support and resistance are soft target areas. So, pretend that a suppport/ resistance line has a moving invisible aura about it. Price will not exactly hit support and resistance every time. It can go just short of it, just past it or hit it exactly and fly away.
Demo the above first before trying it live.
Hi Phx,
Which time frame do you suggest if dor me to day trade ( im not a person who can wait 1week for the trade to happen)…
thanks for your advice bro…
If you are short term (day trading, in and out the same day), use one time frame for all over bias of direction and a shorter one to pinpoint the trade entry and exits.
For short term I like to use 4Hr for bias and trade on 15M. It’s not a bad idea to look at even larger ones to get an even bigger picture of directional bias.
For a little longer trades I like to use daily and hourly.
Nothing wrong with trading short term per say, but you actually have a better chance at winning the longer term you trade. The shorter and tighter your trades and stops the more the spread and volatility goes against the probability of winning.
You can also get more pips in less trades with longer term trading. But, your account has to be able to weather a larger stop loss. Also, when you are new (like us) it can be quite boring to have to wait several days for an entry.
I agree with phoenix that if you are just trying to chase price around, usually by the time you get in it’s going to retrace and wipe you out. You want to focus on finding a method that will enable you to identify a price move at the beginning of the price move, not in the middle or, even worse, at the end of it. This is something that took me a little bit to learn too, and it wasn’t until I found some really quality training, practiced a lot, etc. that I started to get it down. Stick with it, and always remember to keep your emotions in check.
Actually only part of what you said is correct. You don’t want to try and find the exact beginning of the price move. That is like trying to pick tops and bottoms. Price could just continue the other way.
You want to put the entry in a spot that gets tripped as momentum builds in your favor. Actually the middle is a great place to get in the move, as it still has plenty of momentum. By trying to get in at the beginning of the price move, momentum hasn’t build yet as traders pile on. So, you lessen the probability of price continuing in your favor.
It is nothing like trying to pick tops and bottoms - I never said that. The system I use identifies the BEGINNING of a price move ( 10+ pips), which could happen anywhere; Not a move before it even starts to happen, and not necessarily a reversal.
You’re right, the middle can be a great place to get into a move - half the time. The other half the time, it’s not. Every system is different, and there are many different systems that work. The system that I use doesn’t allow for entries in the middle of a price move, but instead focuses on higher probability setups - which may be fewer in number, but have a higher success rate.
Both Economical & Phoenix are correct, I believe trading methos is individual…
I understand phnx method, as he wants to avoid the possibility of going against him.
This might happen lot of times, but Phnx; if you are talking about enter in the middle, dont you find a lot of “nervous retracement” during the mid of trend? sometimes I see it could be few pips to hundred pips…
Hi kohorok,
We are from the same country. Just an advise for brokers, IG, CMC and GFT are fine but avoid C***. I heard bad comments about them. For Singaporeans it is better if you open a trading account with brokers found in Singapore as MAS provides protection for our funds compared to opening an account overseas.
There are many different ways to trade support and resistances. Phoenix method is one way. I like to observe price actions around the support and resistance and enter when price tells me it is ready to go long or go short. If you really want to learn trading well, you have to read more and demo trade more until you really find a trade trigger that works for you most of the time. Enjoy and trade well. 
This past week was very volatile. So you need to be extra careful while trading in situations like these.
One reason you lost could have been extremely tight S/Ls.
Can you post some screen shots of your trades, on the timeframe etc when you took the trade-this will allow members to analyze what may have gone wrong.
Actually you are in more danger trying to get in at the start of the move. If you get in somwhere in the middle, sure it may not immiediately go your way. It may retrace back the other way, but if you are right about the direction it won’t usually go as far as your SL, then it turns arounnd and hits your TP.
The idea it to catch the momentum as it goes in your direction, if it goes in your direction. Momentum isn’t built at the start of a move. Momentum builds after a direction is established and traders pile on and add feul, becaues they see the direction. With this method you aren’t just jumping in, you’ve already set your entry to get tripped if it goes your way.
Keep in mind this isn’t a 1/5M scalping strategy. This is more of a 4Hr /15M Daily/Hr1 strategy, meant for day trading.
Scalpers do look to capitolize on sudden moves or get in and out of a big move before it’s over, as they see it moving.
Thanks for the input Phnx…I am looking deep into ur strategy.
Hi Punjabi,
I do not know which one I should screen shot, but the other members are saying right thing, that I was “Chasing the market”.
I tried to look back and found out that Im chasing like a fool indeed…
Hi Ray,
Probably we can discuss it further…do you have msn ?
Don’t feel bad about jumping in and chasing price, everyone is at least tempted to do it at first. The thing to watch is to ignore feelings of, “dang if I had just got in, that would have been a lot of pips!” After the move has happened, if you are not in just let it go. Always another opportunity somewhere else.
If you do chase, what it sometimes leads too, when the trade inevetiably goes againt you is the feeling of, “the market is against me!, or, my broker is cheating as soon as I put on the trade price reversed!”
You can use those, “dang only if,” moments to help plan for future trades. Early on, you can learn a lot just by observing and demoing and planning, “what if trades.”
Hi Phoenix,
May I ask, do you trade when the market/trend is consolidating…like EUR/USD for the past few days?
If yes, mind to share how do you trade during non-trending market condition?