I am on the market 18 months, I am still losing. I know all this stuff about psychology, greed and fear it is true, no doubt about it, but it is trivial. As in my post I mentioned opinion that trader who is not pay taxes of capital gains is not a trader (bcoz is not earning - simple), newbie is not a newbie , when is only on the market gambling without ANY rules. But there is hundreds or thousands real newbie’s like myself, studying , working hard, knowing a lot about psychology, having in his library number of red books (all Douglas’es, Van Taharp’s, Buklowski’s, Schwager’s, DiNapoli’s… list is quite long) and using MM and not giving up and still losing. What is reason why they (me) are losing? For 18 months I lost maybe 25 hundred bucks, but never wiped out my account (yet), so don’t tell me I am not patient, I am greedy and all this. Tell me please what to do to improve my trading, how to apply knowledge, how to analyze market, how to feel it, how to place order and be sure price will go MY direction…
If we talk ONLY about greed and fear, this thread is for nothing, is turned to those who will never become traders… my thoughts
Jacek The newbie
Trading is all about preparation, familiarization and organization.
In order to succeed the operator (you) is going to require more than a basic level of initiative, common sense, and organizational ability – which judging by most of the activity and requests for assistance on these type of outlets, rules out at least 98.5% of candidates.
It’s a fast track world to trade in nowadays. Markets nerves are stretched and desperate for the next round of data/news and conjecture so players can justify their stance. If they begin to smell a rat or get unnecessarily spooked, they’ll run prices through layer after layer of stops in a heartbeat.
You’re going to need to be flexible, nimble and nail high probability levels with pretty accuracy to cancel losing group membership.
Tell me please what to do to improve my trading…
Learn how to identify high probability/low risk levels on a technical chart.
Develop your own trade risk strategy model that allows you to place low trade risk level stops on a technical chart honoring your MM rules.
I Trade one penny because most of us are outsiders and We must know who and what we are up against and I use stoplosses or alerts because drawdown can take the account. An insider “wizard” admitted that forex is all about “relationships” and was still making phone calls during the interview. reportedly, 95% of trader fail. Unfortunately, this reality is just part of what we outsiders are up against. Articles can be found, programming ensured that no matter whether the outsider wins or loses, the brokers make money. The computer can easily keep the outsider out of profit but move any number of points against the position. No matter what market or platform, the markets move together correlated as seen in FreeStockCharts by comparing any two or three things. I trade one penny because this develops good qualities of patience and discipline and provides exponential growth potential while keeping losses very small and it is very difficult if not impossible to make any money even with the best of strategies. I shut everybody out because this develops self reliance and an outsider doesn’t really know who they are dealing with behind the psuedoname. Sometimes i can get a slightly better price by placing the mouse on Buy (or Sell or anything) button and watching the computer read MouseOnBuyButton() or equivalent and often the next bar reverses.
They fail because they lack proper management of money and poor infrastructure.
No we can primarily focus on improvement and how one can develop on becoming a good trader. Trading is just not gaining knowledge but implementing them virtually.
That is a point. That’s a real challange. When people talking about management they forget simple thing, to manage something first you have to have something to manage.
Yes taking alerts is very crutial as on should remain updated about the market and its trends.
You mean to say many of them are under capitalized ?
Theres no point talking about capital. Its all about handling your capital. Only investing all you have doesnt work. You need to follow the rules that market offers and aslo the tricks that come along.
You need to learn hot to execute your trading strategy without changing it mid-trade after your trades moves against you. A lot of traders like to adjust their strategy hoping it will turn around. Becoming a good traders has nothing to do with hope. I think discipline is one of the biggest hurdles for traders. Lack of discipline and emotions.
because we are pattern seekers and we try to seesome order on markets
I agree with this: 3. They think trading is a game of chance and luck and do not get the proper education to succeed.
Trading is not an easy thing. You have to learn the ins and outs of the business. Learning might be overwhelming but that’s what it takes for anyone to succeed. Xiexie!
many of them have their entry well but problem with exits they dont wait untill target or target much less than stop loss or closes position as in little profit and while of losing trade they wait for long, ending up with loses more than profits.
Any trader knows that the profits are dependent on the exits more than the entry as all entry can be justified if the exit gives some profits.
And what time we must wait depends on the trading strategy of the trader and the goals that he has in his minds 
Nobody beats the computer, not in chess, not in taxes, not in trading. Except for a very few with insider access.
Many of them have bad entries (I think most of them) and in this case all exit technics are for nothing :34:
There is the [B]inside game[/B] everybody talks about and the never mentioned [B]outside game[/B], these [B]four observations[/B] are [I]part[/I] of the most important [B]outside game[/B], the hidden big picture, that anybody can replicate and observe:
Make bid-ask lines (BA) visible, best seen in 1m or 5m to speed things but occurs all timeframes, time periods, pairs, brokers, accounts, clients, and markets.
[B]1. Mousetrap[/B] - place mouse on Buy (or Sell) button, observation: tick freezes and BA [B]pulls back and reverses[/B].
[B]2. Cat’nMouse[/B] - chase trades in demo, Buy, Close, Sell, Close, Buy… BA [B]pulls back, reverses, and/or sideways[/B].
[B]3. Clone[/B] - FreeStockCharts, settings comparison of any 2 or 3 things, [B]all[/B] markets move together correlated or inversely.
[B]4. LiveWire[/B] - live accounts require [B]signed agreement[/B] the broker-dealer is trading against all trades.
My suggestion is to trade the [B]smallest possible size amount and account[/B] and to only trade when you have a confident setup. The proper mindset for new traders is to [B]focus on risk[/B], [B][B]don’t lose any money on anything[/B][/B], [B]#1 manage the risk not the reward[/B], #2 manage the reward [B]by managing the risk[/B], #3 repeat 1 and 2.
Well, you do make your money when you enter the trade and not when you exit it.
Find Your Edge
So you have a trading system but do you know what makes it profitable? Have you any idea of its strike rate and can you trust it? A question many traders cannot answer. A simple system that gives you 51 winners versus 49 losers from every hundred will make you money if you know how to manage it correctly, but there is an element of trust needed. Before you trade your system you need to properly analyse it to find out how often it wins and how often it loses. How big are the wins compared to the losses? How big is the drawdown? After answering these questions you will gain an element of trust in your system and be able to ride out the lean times to harness the gains from the bigger picture.
Stick To A Plan
If you are in a hurry to get somewhere you wouldn’t take the long route would you? Would you drive 1000 kilometers without consulting a map? I would think not. Much is the same with trading. Your system (or edge) is your plan and when travelling to your destination you must stick to the highway. Never stray from the plan and ignore any signs that tempt you to try a different route.
Don’t Spend What You Can’t Afford
Often a big mistake a losing trader will make is to trade too heavy in one single position. To lose a large percentage of a trading account on one trade is suicide and in doing so you are giving yourself a mountain to climb whilst clawing yourself back to breakeven. Not even mentioning the psychological damage it will do. Trade small in comparison to your trading account, the market will always be there tomorrow and trades will come each and every day.
Focus On Points Not Profit
We are all in this for one reason and that’s to make money, but money is also the root of all evil. By focusing your mind on percentages of your trading account, counting the points won (not dollars) and risk reward ratios eventually the money will stack up on its own. Thinking “I lost 20 points on that trade” rather than “I lost $200 on that trade” will also help you to stay out of the markets emotional games.
Learn From Mistakes
They say the clever people in this world are the ones who can instantly learn from their mistakes. This is also true when trading. If you repeat the same mistakes over and over its possible you may not have the correct frame of mind needed to become successful in this game. Learn and never look back. If you stray from your plan and lose try to understand the mistake and reinforce to yourself that it will never happen again.
Less Is More
How much time can you commit to this? This is a question that should be answered well before you select a system. Trade when you feel happy, trade when the markets open, take your money and leave. Often no position is the best position. Overtrading is one of the biggest downfalls of any new trader and will most likely lead to your account (and mind) burning out. Takes some trades and go do something else to stay fresh.
Live Your Life
Last but not least never forget what you are doing this for. You are doing this to give yourself a better life and more money. Enjoy it, take some time to live your life and don’t get caught up in the trap of being addicted to the markets.
I do manage my loss not profit