Will try to keep it short, got introduced to trading made some mistakes, gave a lot of time learning and understanding the markets, ofc no one can ever understand markets fully.
All I want to say is I’m not the noob i used to be, I think i have developed my own understanding of spotting levels, and reading the charts, all is good. whenever I open a chart I can spot an opportunity using my method where my interest levels would have been and the price/candlestick behavior that would’ve triggered my trade and boom, it looked so easy.
Now I finally after more than a year i’ve given to learning, i decided I’ll go ahead and fund my account, and start trading atleast to practice my real trading how it would look like after leaning. To my surprise It sucks more than being a noob, where i could randomly go long short and still be in profits.
When I started trading opened my charts and marked my levels, waited for price to give me a signal, but in reality i didn’t wait idk what happened in that moment I just made random guesses my I would just open a position and put my stops, and my stops got hit twice in a row but in reality my levels worked and went in my favour only after that. I checked out the charts with a fresh perspective, then I realized I would’ve never taken the trades i got into and got stopped.
Just trying to get your input on what can I do to fix it, I think whatever my understanding of charts is good enough for me to make money, but however just that is not enough I would need to work on something else too, Idk what and how, please do let me knwo
Try trend trading, which means you only go one way at a time. Aim to identify the price level where your T/P would reach, which is usually just before a previous resistance zone area. This is critical to becoming successful.
You will get best results trading the Daily and 4hr, while making sure the 1hr is also following the trend.
Once you are familiar with the T/P placing, just place a S/L with enough breathing space to resist a minor retracement.
Are you really sure your early trades were just random guesses? The fact that you actually looked at the charts and selected which pairs to trade and when to trade them and in which direction suggests these choices were not at all random. So can you go back and set out what was your mental process for each trade?
yes, there is the fact that says do not marry any assets.
I did not marry in my real life but in the world of trading I married to EURUSD.
I open the chart only on it. :)))))))))
I would have to agree on this, everything was well planned, the instrument i selected, my levels to act on and just that I acted to early taking guesses instead of waiting for an actual sign of trigger, i think i had this feeling that the trade would go right but was too afraid to lose the opportunity, i just jumped in making up imaginary triggers saying yeah the price would go down now, and i jumped in, couple of times and got stopped out
What works really well for me is never taking a live buy or sell. I always set pending entry orders. So I see the chart I like and set the order where price will have to move to to confirm both that my TA is good and that the wider market is going that direction and soon. Price movement is confirmaiton and my entry order is then triggered, not before.
Here’s the thing, the powers that be on this and actually most other public websites have deemed in their infinite wisdom that you are far too removed from reality to be provided ‘true’ reasons why people fail to make money in the financial markets, by removing that content, namely that you are not supposed to make money but endlessly keep trying to.
You will notice just as everyone is being squeezed they will ‘remove’ any offending content not keeping the great system going, the trick is to place offset trades, 1 short then when it’s in good profit 2 long then when it’s in profit 4 short, then when it’s in profit 8 long.
Now there are details how to do this which will take you time to understand via training, but this little ‘trick’ will make sure you are breakeven from day one and avoid 5,000hrs of training, go to the world and ask them about this method, they will say it’s impossible and will not work, because it’s not supposed to work, which is why it works, funny world.
The “trick” is probably one of the oldest “trick” on forex forums.
The “trick” is a sure way to increase ACCOUNT BALANCE, but it’s not sure it will increase ACCOUNT EQUITY.
The “trick” is to look at your freaking equity, and see if it increased or decreased.
If you have a 1000 usd account, increase your ACCOUNT BALANCE to 1100 but your equity is at 990 let’s say.
DID YOU MADE MONEY?
The “trick” says you made 100usd, the reality says you lost 10usd.
Good luck arguing with your broker to let you whitdraw you 5k account balance while your equity is 500usd or 400usd.
sometimes it will happen due to stop hunting and sometime the SL is not in a good place. you can record how many time your stops reached and how often the price moved in your predicted direction after it. if most of the time your predictions are correct so try to adjust your SL position and set them at a better Level.
The USD are physical profits (funds to be withdrawn), apparently rudimentary math is too complex these days, I was using it for a student I’m training and we booked 10% the past 2wks, I also use it myself but there are also a couple other strategies to deploy
“they will say it’s impossible and will not work, because it’s not supposed to work, which is why it works”
Truly I could not see these banal comments coming a mile off
Maybe you entered a bit early. But don’t waste too much time worrying about it. It’s just MAYBE. The fact is no matter how perfectly you execute your trade, It can still become a loser. You’re going to get plenty losers. Just make sure you manage your loses well ( small enough sizing, a good stop level and not moving it) and know how much loses you can take in a day before you go on tilt mode. Your next win is around the corner and with a good RR you’ll be fine. Just make sure your next win comes to meet your account alive.
You mentioned learning and seeing the charts and where you would have taken a trade. This sounds like you’re looking at historic data and telling yourself you would taken a specific trade. This is very deceptive, because you can also see what happened next on the chart. Very easy to tell yourself you would have taken a trade.
But my main question is, have you done any demo trading? If you take the babypips course on here, you will notice it demands you make a promise with yourself that you will not trade real money on a live account until you’ve demo traded extensively and been successful with that. This is NOT the same thing as looking at historic data and asking yourself if you would have taken a trade.
Aside from this, if I am wrong on my assumption, and you have traded on a demo account until successful, then maybe consider the emotions you are experiencing now that you are trading with real money. Real money WILL change your emotions.
You mentioned that the trades hit your stops and then turned around and did what you originally expected them to do. This suggests your stops are too tight. Reduce your lot size and place your stops further away. Yes, it’s less money in a win, but it’s also less losses. You don’t have to become successful/wealthy overnight. In 5-10 years you could be better off than you ever would have been without trading. That’s a good thing. Accept that it will take time.
And lastly, you said you looked back at your trades and realized you never would have taken that trade based on your experience and system. This sounds like you just wanted to be in the market and jumped in, despite not having a good signal. I can sympathize with this as I have done that plenty myself. Be aware of that and start asking yourself before you hit the buy/sell button: “Is this actually a trade setup, or do I just want to be in the market?”
Entry price level is probably the least important factor in trading. If you’re losing more trades than winning, the distance of the TP is greater than the distance of your stop loss or the spread is too much of a factor. Use a wider stop loss or smaller take profit distance to increase wins. There are no shortcuts to profitability in FX.
Maybe that your placing your stops too close. I believe this is a huge problem with new traders, they think too much about risk than reward. The higher the risk the more likely the reward, the lowered the risk the more likely you’ll fail. You need to make sure your trades have enough room to breathe.
If you’ve don’t your initial analysis and you can see your potential profitable trade, place your stop above (if doing short) or below (if going long) the last major trend break out, as in theory if the market is trending in your direction it shouldn’t go back there unless there is a major trend reversal.
