Stopped Trading....

[Jake]

Hey guys,

You remember me right

Its been a while hasn't it...Well yeah kinda in a sad way I actually stopped trading about 3 months ago. The reason you'd always expect to hear - I wasn't doing too well, id win a few trades (using good MM ofcourse) and then loose them back again, so by the end of the week/month when i check my records i used to be at B/E with my account...I wasn't going anywhere for the last year or so and decided to get my hard earned money back before i went and lost all of it...

(The present)
3/4 months down the track ive been feeling the urge to get started all over again, with a new mindset & plan/strategy etc...

I used to be a member of forexmentorpro, following marc's advice, constantly learning and working hard to improve but it just didn't work out for some reason...

Im not sure what to do from here....I don't wanna throw my hands up in the air and say i give up cuz i have never been that person really...I keep going at something till i get it right but i just hope that i didn't give up too early with trading..

Have any of you successful traders out there been in my place and what have you done to get past this?? Id really be keen to know how you guys did it...

I really love trading and feel like im missing something out ....PLEASE HELP!!!

[raa]

I am pretty much as you are. Been here since Nov 2009, some good success initially in manual trading, but then Greek turmoil started and I kinda could not adapt too well to weird conditions ever since. So I mostly lose when do technical trading so I stopped pretty much. However I had started to trade news since one year ago and been very very well at it. Of course brokers and liquidity is a problem but when it works results are rewarding. Some automated tools seem to be going right as well, such as FGB and looks like I am OK at managing its trades.

I feel I am much better at shorter term trades, not really scalping the market with a "feel", since I got no feel and it is just weird for me as I have analytical type of mind and like to work with facts and calculated probabilities, so I am very much interested in momentum trading, with news being also a type of momentum trading. I think it might be that I will be better in developing a method, back testing it and automating it and then just applying it whenever needed rather than doing manual woodoo trading with 1000 parameters impossible to quantify. Anyway, I am just like you pretty much on the crossroad still. Keep up and look for something that works for you, not all people are good at same sports or hobbies or works so why they should be at trading? Another thing is the age, possible, I think it make a big difference to your trading preferences, risk taking and rewards expectations. So if you are younger than majority of people here it is natural to have it difficult to tune in and succeed at same methods.

[capsmart]

Well Jake,
If this is going to make you feel better after 5+ years I make very small profits and I am happy that I am not losing any more. I know that I can do it and that it is a mind matter.
My advice. Stick to one system and make it profitable. No matter what you see, read, hear of feel stick to one system that it makes you feel comfortable. If you like to follow trends then a trend following system, if you like to go against the trend then this is ok too.
Even if you toss a coin with the correct money management you will still make profits. In our case we have system(s) that do better than 50-50.
So the question is not only to find a system to enter a trade but also have ways to manage the trade.
Set yourself a pip goal (I am not, I am using a dollar goal) and try to achieve it on a monthly basis.
It is important to have a system and be organized and focused. It must be a routine and not a hobby (I know some hobbyist that are very dedicated). You have to treat it like a business. Every day at a certain time there are things that need to be done. Not today I go shopping and not check the charts, tomorrow is nice weather I go for a walk. Having a life is also very important but I am afraid Trading comes first !!!. You respect it and it will respect you. You treat it like an afterthought and you will never make it.
Plan your life around your trading. If you do not want (or cannot) spend your day in front of a computer then choose a longer time frame but again even if it is once a day you have to be there and do your analysis and act upon.
Something that helps me a lot are my affirmations. I have something like 70 short mp3 that I recorded myself and they have a duration of 15 min in total. I listen to them 4 times a day. Things like "I am a successful trader" or "I open trades after thorough analysis" or "In every trade I risk less than 1% of my capital" etc. I gave you 3. Now you have to find another 67.
All these affirmations with time they "stick" into your brain and become your reality.
Hope to hear soon from you again.

[raa]

Great post, Vassilis. As always.

[raa]

Jake, give a good look at Dean's STT, from all methods being taught here that one has clearest rules, and Dean gives up almost ready to go setups each week, you just take whatever comes when all conditions (not too many) applied. I think this is as clear cut trading method as possible, also doesn't take much time and protect you from over trading. I am about to give it another go as well, just wait for markets to revert from catatonic state to something more lively.

[Jake]

My advice. Stick to one system and make it profitable. No matter what you see, read, hear of feel stick to one system that it makes you feel comfortable. If you like to follow trends then a trend following system, if you like to go against the trend then this is ok too.
Even if you toss a coin with the correct money management you will still make profits. In our case we have system(s) that do better than 50-50.
So the question is not only to find a system to enter a trade but also have ways to manage the trade.
Set yourself a pip goal (I am not, I am using a dollar goal) and try to achieve it on a monthly basis.
It is important to have a system and be organized and focused. It must be a routine and not a hobby (I know some hobbyist that are very dedicated). You have to treat it like a business. Every day at a certain time there are things that need to be done. Not today I go shopping and not check the charts, tomorrow is nice weather I go for a walk. Having a life is also very important but I am afraid Trading comes first !!!. You respect it and it will respect you. You treat it like an afterthought and you will never make it.
Plan your life around your trading. If you do not want (or cannot) spend your day in front of a computer then choose a longer time frame but again even if it is once a day you have to be there and do your analysis and act upon.
Something that helps me a lot are my affirmations. I have something like 70 short mp3 that I recorded myself and they have a duration of 15 min in total. I listen to them 4 times a day. Things like "I am a successful trader" or "I open trades after thorough analysis" or "In every trade I risk less than 1% of my capital" etc. I gave you 3. Now you have to find another 67.
All these affirmations with time they "stick" into your brain and become your reality.
Hope to hear soon from you again.

Hi capsmart,

Thanks a lot for your detailed reply. I think one of my major problems is the problem of sticking to only one system and making it work for me. I get too easily distracted by the next new product that promises to deliver the best. Here's the thing - I see trading systems like this:

- Robots (EA's)
- Trading with no system ( Just reading candlesticks/patterns, using s/r, fibs, trend lines etc)
- using a system which has been developed by a programmer with his own custom indicators...

Now,

I do know the basics, i have studied countless number of vids/lessons with marc, dean, even steve nisons stuff and along with Chris lori. Now to use these basics with a system developed by a programmer is a hard thing to do. The programmers rules clash a lot of times with the real basics of forex and this is what makes me uncomfortable and keeps me wanting to find other indicators that work along with the basics of forex. I might be wrong here, there is nothing like that that exists.....(its the real world we live in)

I always risk 1% per trade....Im just not sure what to do from here.....

Jake, give a good look at Dean's STT, from all methods being taught here that one has clearest rules, and Dean gives up almost ready to go setups each week, you just take whatever comes when all conditions (not too many) applied. I think this is as clear cut trading method as possible, also doesn't take much time and protect you from over trading. I am about to give it another go as well, just wait for markets to revert from catatonic state to something more lively.

Raa,

Thanks for your message as well....I have looked at Dean's STT system, it does have some real clear rules...I have traded it on a demo account last year end and did do pretty well although again lost more than i gained...I have to learn to stick to ONE SYSTEM and make it work for me...

If i do stick on to trading and if there's one thing i learn this year, its to stick to ONE and ONLY ONE system...

[raa]

That is right, don't get distracted. But the system you've chosen must be a good one, proven to be working over long-term. STT is that one and has almost no debatable discretion. Which is good. Give it a try. I am looking a bit different direction myself as I am not comfortable with longer term trades since turmoil started over a year ago, so I am looking for an edge to improve my supply-demand trading on lower levels. But if you need one clear system for higher time frame, try STT over few months, but the most important thing to remember to succeed with a trend following system like STT: let winners run, cut losses short. This makes difference between losing and winning month.

I am having a hard time to let winners run so my approach is to take predefined gain mostly. But you shouldn't do that way. Good luck and never give up!

[Thomas]

Hi Jake.

There´s tons of systems out there and You have to dig into Yourself to find out which elements Your personal system must contain so You are comfortable trading it. Then You can make a much more qualified search for that system where You can tick all the boxes to the perfect match. Alex (Raa) mentioned newstrading and I can highly recomend it. In fact Alex introduced me to newstrading some time ago and I have done very well for two months now by just straddle the high impact news - thanks Alex;-) It took me a long time to realise that I can never trade like Marc and Pierre. I trade other systems, not better systems, just systems which suits my personal style better.

[capsmart]

Hi Jake
Thank you for your nice comments.
I will agree with you that fancy indicators is not the solution.
I do not believe in them unless they combine some usual indicators in a more usable way. But again why use a red dot when rsi is in overbought area? We have our eyes and we can see the curve, the speed, the relation with price etc. So maybe the actual rsi is better than a red/blue dot rsi.

I keep searching for the ea that will work without any intervention from my part and will make me a pip a day (every day) but still nothing.

So I will repeat it once again. Money management is the key to your (our) problem and some common sense.

[tradingjunky]

HI Jake
I am the biggest loser on this site

I make bad decisions all the time

I have lost 3000 pips since joining this site
just read my posts

i have been playing this forex like a wild poker game
and i am paying for it

It is not a lot of money and certainly is not affecting my life in any way
as I trade micro lots
the most I have ever won in a day 600pip
and the most I have ever lost is about the same

I have also tried writing EA's and tried out several That I have bought

I believe that the market is always moving so why cant I capture it

In hindsight I see all sorts of entries and exits
but trying to do it in real time "that is the HARD part"
I think a Lot of Traders would know where I am coming from
but in the end I am a losing Trader

SO when my WIFE says your Trading is "PIE IN THE SKY" to me it hurts

and it is my fault !

SO from Now on i will review Marcs ,Deans, and Pierre's vids and Blogs
each week

and write down all the trading info and places to look for a trade

and then try and apply stt and E&S system
I cant trade marc's M1 as it just at the wrong time for me

and his M2 is similar to E&S so that will have to do

as for money management I only put into my account what I can afford

if I were to put $1000 I would have lost way too much by now

so Jake take the bull by the horns

and trade with help offered on here
I have been doing everything but and losing while everyone here is making a living

eg Pierre Marc Dean and certainly some of the members the smart ones that listen to what is being said
and follow their trade suggestions and systems carefully

regards Ron

Note to SELF : Ron you do this too !