Please help me...Im in critical state

[ThePhoenix]

To [B]kohorok[/B]

You seem to be in good hands with these people right now so I will not add anything just yet.

[U]Beware of information overload.[/U]
(I am a school teacher).

As long as you are making these mistakes on a demo account you have nothing to worry about.
You have a very long way to go yet, but be persistant and you will solve your problems.

There is a way of chasing the market with a method using [B]count back lines.[/B]
But don’t you worry about that yet.

It is most important that you are using a [U]proven and tested strategy[/U], not just trading off the cuff.
You should be able to [U]name the strategy[/U] that you are using.

You can then also start practising money management even with a demo account.

[B]The only extra thing I would like to add…[/B]

If you do not know already, find out how to post charts in full on this forum.
That way experienced members here can see your trades, analyse your work and give helpful assistance.

[B]A picture says a thousand words.[/B]

I like this post tymen. Very important point here: " you should be able to name the strategy, not just trading off the cuff."

I spent three weeks working out my first strategy and demoing it over a couple hundred trades. Tried it live, it seemed to work well.

The somwhere in there I just started trading off the cuff because I was getting ****y and or saw a sweet price move. The I realized I wasn’t even trading ANY strategy anymore.

Now it’s part of my strategy to, as you say, “be able to name the strategy you are using.” This makes you stop and consider WHY you are entering a trade and WHAT trading circumstances presented themselves and if they really fit in YOUR TRADING PLAN.

[Cdawg]

I completely agree, you have to know why you are making a trade.

My trade earlier for example:
PA (price action) was testing the DPP (Daily pivot point) most of the morning, PA was making lower highs. The DPP was penetrated, so knowing the GJ, I am confident that its going to go lower, I note hidden bearish divergence on the 5min TF, so I wait for PA to touch the or pierce the 50 EMA, and then set the order.

Most of this is just trading experience, and because I primarily focus on this pair. It was a very good short set-up, and it worked out.

[kohorok]

To all,

Thanks for the insight and it has helped me slowly build back my confidence where I lost it (thats why I started this thread)…

Good weekend everybody…

[tymen1]

Now it’s part of my strategy to, as you say, “be able to name the strategy you are using.” This makes you stop and consider WHY you are entering a trade and WHAT trading circumstances presented themselves and if they really fit in YOUR TRADING PLAN.

Good insight here Phoenix!!

I like your style.

You are systematic and logical.

My psychic intuition tell me that you are going to be our next Honorary FX Member!!