Iím New To TRADING Ė Where Do I Start?

This is a discussion on Iím New To TRADING Ė Where Do I Start? within the First Steps forums, part of the Reception category; Originally Posted by timsk Hi Donwealt, Welcome to T2W. You have two clear issues that you need to address and ...

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Old Aug 5, 2018, 10:23am   #241
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Joined Aug 2018
Originally Posted by timsk View Post
Hi Donwealt,
Welcome to T2W.

You have two clear issues that you need to address and I recommend that you stop trading until they're sorted. If you carry on without addressing them - the situation will only get worse and you'll continue to lose money.

First, you need a clearly defined trading plan. One that's properly back tested and then forward tested on a demo account. If - and only if - this is working and making consistent profits should you then go live and trade using real money. And, even then, only use the smallest amounts your broker permits. Once you have a real plan in place, there'll be no chasing trades and entering/exiting them based on fear and greed, as your plan will stipulate exactly - and I mean precisely - when and where to open and close them.

Second, if you've done all of the above and are failing to stick to your plan - you've gotta ask why? Why deviate from a plan that you know is profitable - only to take unplanned trades that lose you money? Why do that, indeed, why would anyone do that?! My guess is that even though you might think you have a plan, you've not arrived at it in the way I've outlined above and it's nowhere near robust enough. Consequently, you don't have total faith in it and your ego thinks it knows better and gives you carte-blanche to deviate from it. If your plan really is properly watertight and you just can't stick to it, then you're not cut out to be a day trader. In which case, your choice is to pan out to become a swing or position trading or, if you absolutely insist on day trading, get yourself professional help from someone who specializes in trader psychology.
Thanks Tim. I already got a plan but I miss a lot of my trades out of lack of concentration or fear. Then seeing it 5 to 10 mins later vehemently moving as expected, I try to do catch up which means I don't enter at the precise entry point though the setup is still valid. This messes up my SL position(as I used fixed amount of pips) and break even point. Thus I get frequently spiked out. I think I need a sort of alert system to get me alerted once my setup occurs to ensure early entry. I will sort out the fear issue.
Thanks once again.
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Old Aug 5, 2018, 11:11am   #242
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Joined Jun 2004
hey D

you have to be confident in your system ....and trade it with 100% dedication

if not change the system until you can be confident in it

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Old Aug 6, 2018, 8:21am   #243
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Joined Aug 2018
Happy new week guys.
Please what's the best way to trail a trade strategy on 5mins TF that has 10pips SL and 20pips TP.
Secondly at what point is should be breakeven.
It's has been frustrating so far getting stopped out and watching trade move as anticipated and on the other hand, getting over 12 pips and only getting 1 pip out of it. Please help a newbie.
Thanks and happy trading.
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