6th time lucky ?

[advfntrader]

Ok I am starting this thread as I have wiped out 5 accounts now and its time to change.

I need to get control of my trading and make this happen as I can't keep throwing money at the market and losing.

My problems are :

- Not letting winning trades run and taking profits too early
- Not closing losing trades quickly enough and therefore taking larger losses than winners!
- Having stops too wide, and also moving stops in order that they don't get hit ! (related to above)

- Trading the Oil market when I do not have enough margin in my account as it moves so quickly, therefore taking large losses

I have looked through my previous statements and the common theme is a number of small wins and large losses eg:

Cash History

Exec ID Type Cr/Dr Ccy Amount Notes Time Date Ref ID Closing ID
765382 Trade Settlement Debit GBP 32.00 13:44:55 2008-12-15
765231 Trade Settlement Debit GBP 32.00 13:25:50 2008-12-15
765053 Trade Settlement Credit GBP 7.50 12:50:26 2008-12-15
764574 Trade Settlement Debit GBP 31.50 11:21:13 2008-12-15
764460 Trade Settlement Credit GBP 3.50 11:05:30 2008-12-15
764304 Trade Settlement Credit GBP 1.00 10:45:34 2008-12-15
761308 Trade Settlement Debit GBP 25.50 17:34:06 2008-12-12
761144 Trade Settlement Credit GBP 5.50 17:03:19 2008-12-12
760560 Trade Settlement Debit GBP 25.50 15:55:30 2008-12-12
760511 Trade Settlement Debit GBP 1.50 15:53:24 2008-12-12
760198 Trade Settlement Debit GBP 3.50 15:22:07 2008-12-12
759300 Trade Settlement Debit GBP 28.50 14:09:30 2008-12-12
759178 Trade Settlement Credit GBP 4.00 13:59:02 2008-12-12
759147 Trade Settlement Debit GBP 26.50 13:55:06 2008-12-12
758974 Trade Settlement Debit GBP 16.75 13:26:13 2008-12-12
758962 Trade Settlement Credit GBP 0.50 13:23:29 2008-12-12
758873 Trade Settlement Debit GBP 14.50 13:01:37 2008-12-12
758828 Trade Settlement Credit GBP 1.50 12:52:12 2008-12-12
758691 Trade Settlement Credit GBP 7.50 12:26:22 2008-12-12
758604 Trade Settlement Credit GBP 0.50 12:13:16 2008-12-12
758266 Trade Settlement Credit GBP 1.00 11:33:46 2008-12-12
758029 Trade Settlement Credit GBP 17.50 11:09:27
757902 Trade Settlement Credit GBP 3.50 10:47:01 2008-12-12
757842 Trade Settlement Credit GBP 18.00 10:35:12
757663 Trade Settlement Debit GBP 30.00 10:06:51 2008-12-12
757165 Trade Settlement Credit GBP 9.50 09:13:23 2008-12-12
757139 Trade Settlement Credit GBP 9.50 09:09:51 2008-12-12
756883 Trade Settlement Credit GBP 2.50 08:42:36 2008-12-12
756845 Trade Settlement Credit GBP 4.00 08:37:40 2008-12-12
754924 Trade Settlement Credit GBP 66.50 19:57:36
754414 Trade Settlement Debit GBP 31.00 18:00:53 2008-12-11
754401 Trade Settlement Credit GBP 2.00 17:59:18 2008-12-11
754140 Trade Settlement Debit GBP 30.50 17:10:20 2008-12-11
753886 Trade Settlement Credit GBP 22.50 16:30:07
753738 Trade Settlement Debit GBP 14.50 16:14:08 2008-12-11
753706 Trade Settlement Debit GBP 124.00 16:08:37 2008-12-11
753701 Trade Settlement Debit GBP 30.50 16:08:12 2008-12-11
753580 Trade Settlement Credit GBP 7.00 15:49:33 2008-12-11
753241 Trade Settlement Debit GBP 30.50 15:12:15 2008-12-11

My goal here is to post all my new trades witht he aim to RUN winners and cut losses.
No 1 loss whould be more than 2% of account. Account funded with £500, will be trading at 50p per point, so 2% is £10 loss per trade. I will avoid OIL market until I have built up more capital

 

[advfntrader]

I should also mention my method :

- I have been getting sucked in by indicators, stochastics, RSI , MACD on 1min, 5min, 1 hour charts - TOO many variables. so I eventually can't see the wood from the trees.

I will now be trading from 1 HOUR charts only to see how I get on and will be using support / resistance and trendlines / pinbars for trading

 

[everyonerich]

excuse me? did u just said with 500 pound account and youre trading 50 pound per point? that means if drawdown 10 points youre already wipe out your account? lol

 

[JRP2891]

There's no point using real money until you have successfully demo traded consistently for a minimum of a month. You're gambling otherwise.

 

[shadowninja]

My problems are :

- Not letting winning trades run and taking profits too early
- Not closing losing trades quickly enough and therefore taking larger losses than winners!
- Having stops too wide, and also moving stops in order that they don't get hit ! (related to above)

If you continue to do this then you will be posting another thread "7th time lucky?". What are you going to do to stop doing the above?

"If you always do what you've done, you'll always get what you've got."

 

[advfntrader]

50pence per point.

I find demo trading not much use as I consistently win when doing it. I do not find the emotion attached to it

 

[JRP2891]

50pence per point.

I find demo trading not much use as I consistently win when doing it. I do not find the emotion attached to it

You mentioned you were moving up to the one hour TF, how long have you demo-traded this period and were you consistently profitable? You demo trade to remove the emotion for when you go live so that you can follow your system without hesitation.

You need to stop trading with real money as you are in a spiral now, start being intelligent and stop chasing your losses.

 

[JTrader]

OMG

I thought i was s***!

 

[everyonerich]

1.) have consistent result from your demo first
2.) clearly line out your trading rules
3.) ..live money..?

 

[advfntrader]

I know I'm sh1t ! I want to suceed and really want to sort this out. taking losses like that and small wins its no wonder I am wiped. it could be as simple as letting winners run to double stop value.

I will go back to demo for a while first I guess.

 

[JTrader]

small wins its no wonder I am wiped.

r u of a nervous disposition?? r u uptight and panicky and frantic in the moment do u have negative thoughts do u fear letting go in the moment

 

[JRP2891]

I know I'm sh1t ! I want to suceed and really want to sort this out. taking losses like that and small wins its no wonder I am wiped. it could be as simple as letting winners run to double stop value.

I will go back to demo for a while first I guess.

1 month minimum, and do not be tempted to go live until you are consistently profitable for 4 weeks in a row. There are no short-cuts in trading, if you can't admit you need to demo trade profitably first, then there is no hope for you.

 

[JRP2891]

And another thing, i would recommend changing your market to something less volatile as a 20 tick stop trading pins on the 1hr TF in oil is not realistic.

 

[advfntrader]

I agree, I cannot trade OIL with so litle margin. this has been my downfall as it moves too much and spread is 8 pips.

I also admit I need to demo more but deep down I know it doesn't work for me. I actually think I have been scarred by previous losses and this is why I close winners too early.

but surely this can be fixed , right ?

 

[Masquerade]

Come speak to us ADVFN

 

[JRP2891]

If i were you i would demo trade Forex Daily/4hr TF, look at the major pairs - GBP/USD, EUR/USD, USD/JPY and USD/CHF. The higher the timeframe, the more reliable the signal if it is at a good level! I think you can take the emotion out of exits through various strategies, private me and i'll see if i can help you.

 

[hwsteele]

I know and understand how live trading and paper trading are two different birds, SO I guess the question is what happens differently when you are paper trading and live trading? Why is it you win with one and not the other? If you consistently win when paper trading you are either VERY lucky or have a halfway decent system. What parts of the system do you start to neglect when live trading.

 

[rawrschach]

fwiw from what you said in chatzy your problems are a lack of discipline and patience.