Down a couple K this month... Help?

craig5150

Junior member
17 1
Hey,

Down a couple grand this month.

Switching to paper trading until I can
make some consistent cash before risking
anymore capital.

Can anyone recommend a good strategy?

I've tried using several different time frame charts,
at the same time to judge the trend.

3 minute, 5 minute, 15 minute and a 15 second.

I still seem to enter the trade at the wrong time.

I also use level II and time and sales screens.

Maybe my stops are too tight.

Usually .10 cent stop but I often get stopped out
and the trade goes on to make .50 cents to a dollar
after I am out of course.

How much of a stop do you use?

I also find if I set a stop limit it doesn't get filled.

But setting a standard stop usually costs me an extra
5.5 to .10 cents.

You can't win...

I also use a 10 day EMA and a 20 day EMA with MACD and
and RSI but I still manage to get in at the top some how.

Any sure fire tactic or method that can help me?

How do you decide when to enter and when to exit a trade?

A video tutorial would be helpful...

Thanks,

Craig
 

BeginnerJoe

Senior member
3,329 350
I mentioned in your other thread that the market is intelligent but you think it's dumb and likes to give you money. Until you reposition yourself to deal with an entity that is superior to your intelligence in every way, your money will keep disappearing.

They know where your stops are, and they will take you out, simple as that. They love wide stops, it just means more profit for them.
 
  • Like
Reactions: ordinaryguy76

FringFX

Active member
244 6
stops are tight plus you are trading lower timeframes which is probably getting you dizzy and confused. it would be difficult for you to judge the trend with those timeframes
 

NVP

Legendary member
37,536 1,988
Hey,

Down a couple grand this month.

Switching to paper trading until I can
make some consistent cash before risking
anymore capital.

Can anyone recommend a good strategy?

I've tried using several different time frame charts,
at the same time to judge the trend.

3 minute, 5 minute, 15 minute and a 15 second.

I still seem to enter the trade at the wrong time.

I also use level II and time and sales screens.

Maybe my stops are too tight.

Usually .10 cent stop but I often get stopped out
and the trade goes on to make .50 cents to a dollar
after I am out of course.

How much of a stop do you use?

I also find if I set a stop limit it doesn't get filled.

But setting a standard stop usually costs me an extra
5.5 to .10 cents.

You can't win...

I also use a 10 day EMA and a 20 day EMA with MACD and
and RSI but I still manage to get in at the top some how.

Any sure fire tactic or method that can help me?

How do you decide when to enter and when to exit a trade?

A video tutorial would be helpful...

Thanks,

Craig



were you trading real money on a system that was not proven consistently profitable in Demo ?

N
 

neil

Legendary member
5,167 747
were you trading real money on a system that was not proven consistently profitable in Demo ?

N

Well said NVP - A crucial point often overlooked by those in a hurry(y)
 

R.Charnock

Well-known member
400 124
Hey,

Down a couple grand this month.

Switching to paper trading until I can
make some consistent cash before risking
anymore capital.

Can anyone recommend a good strategy?

I've tried using several different time frame charts,
at the same time to judge the trend.

3 minute, 5 minute, 15 minute and a 15 second.

I still seem to enter the trade at the wrong time.

I also use level II and time and sales screens.

Maybe my stops are too tight.

Usually .10 cent stop but I often get stopped out
and the trade goes on to make .50 cents to a dollar
after I am out of course.

How much of a stop do you use?

I also find if I set a stop limit it doesn't get filled.

But setting a standard stop usually costs me an extra
5.5 to .10 cents.

You can't win...

I also use a 10 day EMA and a 20 day EMA with MACD and
and RSI but I still manage to get in at the top some how.

Any sure fire tactic or method that can help me?

How do you decide when to enter and when to exit a trade?

A video tutorial would be helpful...

Thanks,

Craig

Assuming you're not a millionaire who doesn't mind throwing away money, if you're down a couple of k in a month and asking those questions, I think you need to trade less or with lower stakes. Even if you go back to demo, trade in small amounts so the figures mean something to you, otherwise you might make a few k of easy virtual profit, and set yourself up for another big (real) loss.
 

Mr O

Junior member
40 9
In all honestly it sounds like you're a million miles away from where you need to be. No disrespect intended. If you're losing a couple grand and you have no idea why, and need someone to post a video for you then i'm guessing you're 2 years away from being in a positionto even consider trading real money. You shouldn't even be putting yourself in a position to lose two grand. Your post clearly shows that you have no risk mangement structure in place what so ever, otherwise you wouldn't be asking the question.

You should only be trading once you've proved you're consistent over a number of different market conditions. If you can't do that then you're an amature trader, and amature traders don't make a full time living from trading. The time you put into learning how to trade is no different than any other profession. Trading isn't a hobby that can make a lot of money, it's a full time professional job which takes a few years to fully understand. Just like a computer programmer goes to college or university for a few years just to learn the basics, or how a law student studies for years before they become a barrister or how a medical student studies for years before they become a doctor. I don't understand what makes people think trading is any different. They think about the $$$$ and think the learning cruve is going to be as easy as starting a job at Mc Donalds.

Chances are they you probably need to re evaluate how you're viewing trading and your expectations of trading. For example, the firm I trade for doesn't regard someone as an experienced trader if they have been trading for less than 5 years.

Retail traders need to stop thinking about the $$$$$. If you're committed you can do it, but it isn't going to happen over night or in the next few months.... Like I say, no disrespect intended, just giving you a reality check so you don't go throwing good money after bad again....

EDITED TO ADD>>>>

As for what you discribed in terms of how you're getting stopped out. You're making the classic mistake of not understanding market conditions. In range bound markets the majorty are trying to jump on a breakout such as yourself. All the people buying the breakout who don't understand market conditions are just giving the professional and large professional traders an opportunity to sell to all that are buying to return the market to value.... Classic example of stop running....
 
Last edited:
  • Like
Reactions: ZEN archer

dan1986ccfc

Active member
113 3
I think your underestimating how hard this game is.
I'm also down a couple of K ( which is alot of money to me) but I've lost it over a period of two years and learnt hell of alot.
Stop trading lower time frames, stop using indicators and stop trying to make money. Just simply study price action on a daily candlestick chart... after about a year or 2 things may start to make sense.
 

Mr O

Junior member
40 9
The biggest thing that held me back when I first started was thinking about the money. Thinking I want or need to make X amount a week, or I'm going to place my stop at X price because that's all i'm willing to lose in $$$.

Think like that and you'll never make a penny in the long run. You need to understand the market that you trade and its relationship with other markets. For example the relationship between equities, fixed income markets and the dollar. Money is just a side product of good trading. That's all....
 
 
AdBlock Detected

We get it, advertisements are annoying!

But it's thanks to our sponsors that access to Trade2Win remains free for all. By viewing our ads you help us pay our bills, so please support the site and disable your AdBlocker.

I've Disabled AdBlock