I am always on the wrong side of price direction. If I do get on the right side, my stop loss is too tight, or I’ll watch a winning trade run into profit then right back to my SL. Now a’days I give myself more room for stops, but it doesn’t help if the trade is going bad.
Once the trade is over, I understand everything. Well, almost everything. I’ll still remain convinced that price or the trend is going the other way. But it’s just the way I see it. Every time frame shows a different trend, anyway.
I give lot’s of credit to those who do well. I’ve been working at this for over two years, and I still have over a 90% lose rate. In fact I’m watching a trade race to my stop loss as I write this.
Just one trade… even if it only nets me 2 or 3 pips. I would be so delighted.
All I do is read forex. $$'s in books, printed forum threads from great traders and great methods. Phsycology books and rules. The only thing that helps is going demo. Trading with no money. Then I do fine. Once I turn the money on, every trade is a loser.
I make a couple of winners, but I’ll lose $60, make $0.75, lose $30. make $4.00, etc.
I make all kinds of pips on paper though.
Last night was a great example. the EURUSD. It was all bound up and ready to go. I had in my notes if it moved lower 20 pips to jump in. Looked like a doozy from my analysis. I was excited about it all weekend. I wasn’t around to catch the move though, but I got in as soon as I could. Once it was over of course.
I know the only way to get better at this is to trade. A bit last week and this week so far is the first time I’ve been able to make time to trade since late November '09 and Christmas break '09. Before that it was July/August '09 during summer time off.
I’m forcing myself to trade so I can get better at. I can read until I puke, but if I don’t trade I’ll never get better.
I’m 14… 17… 19… 21 pips in the hole right now, after sitting on a trade all night. I’d kiss a pig to just once, get 14 pips in the positive and maybe have a chance to move my stop to BE and let it ride with no risk. I would be sooo happy.
A good portion of the trades I take start off well. I was just in 4 pips profit, which happens often. Now I’m 8 pips in the hole with a very good idea that it’s over, and I should’ve taken my 4 pips. This is my trading history. Get ahead, then get waaay behind. But 4 pips doesn’t help me set a BE line. 4pips is much too tight a SL. So what to do? I’m going to lose another 20 pips for being greedy and not taking 4 pips.
But it’s not greed. It’s trying to set that BE and getting a trade going! wtf! I can never, ever, get there. a lot of folks talk about setting a BE after getting 20 pips in profit. I’m telling ya. Me getting 4 pips in profit is really something. -11 as I write. Hopefully it comes back. I know your not supposed to hope, but it’s all I can do.
Everyone, send me a pm! instead of giving money to my broker, I will select a couple of folks to give $50 away to. I’m going to lose over $100 today anyway. Might as well put it to good use.
I’ve been going long on EURUSD since I missed the first move last night. I’m serious. Get your pms to me. Rather make someone happy with my money then watch it go away. I just lost another $10!
Ok, now I get a long candle going. This is where I get in!
If I could only take those 1, 2, 4 pips everytime. I’d be in the positive. I’ve burned myself twice this morning going long on the EURUSD, but now that I didn’t get in it cleared 15 pips from where I would’ve entered.
Any advice? Is there something fundamental I’m missing on the EURUSD? I didn’t find anything news worthy. When should I try again? At the moment, all of my trading rationality is gone. I went from a studious, planning guy over the weekend to I’ve just lost over $100 and I need to get it back with quickness.
I’d be happy with one or two pips at a time, but we’re taught to let it ride. Let the trade develop. But I try, and it just burns me. And now the EURUSD is going my way. Finally. But I’m not in…