From loss to loss.... now time for profit?

dgtrading

Active member
205 16
Profile

I am a 19 year old student that has been trading demo/live for around 6 months now. Like most beginners I thought I was ready to jump from demo to live way too soon, and several account deposits later and £1000 poorer I almost gave up. But I refuse to be beaten and lose that money for nothing (which is a fair amount to me).

I used to primarily trade daily and 4hr charts, but I found even on the 4hr charts I was overtrading badly. I found daily charts to give me clear market direction and strong trade setups; studying weekly charts has also stopped me trading against key levels and against the major trends. My technical analysis has improved significantly I feel.

Strategy

- daily bar price action
- trade with trends
- risk 5% per trade, slightly higher in the future if consistency improves

Moving averages/indicators

- 10 day EMA
- 20 day EMA

keeping it simple :cool:
 
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dgtrading

Active member
205 16
EUR/GBP sell

entered trade after last nights close (10pm GMT 22nd June)

- lower low and lower high on weekly chart
- series of lower lows and lower highs on daily chart
- moving averages crossed to downside
- long tail rejection of 10day EMA
- stop loss above high of rejection tail at 0.7212
- take profit at potential support down at 0.7023

RISK £34
 

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dgtrading

Active member
205 16
BMW buy

entered trade on the European open at 8 am GMT this morning 23rd June.

- surge in price at key weekly support
- double bottom on daily chart
- price closed yesterday above downward trend line and above the previous lower high and above both moving averages

stop loss below the double bottom at 94.77
plan to scale into this trade and ride the trend as far as possible

RISK £38
 

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dgtrading

Active member
205 16
gap down for EUR/GBP netted me a profit of £107.80

however I was also long EUR/JPY at the end of last week......which resulted in a loss of £157.31

oh well more trades on the way
 

dgtrading

Active member
205 16
selling opportunities arising for AUD, awaiting the daily close then picking the most suitable pair to short.
 

ffsear

Senior member
2,157 439
Profile

I am a 19 year old student that has been trading demo/live for around 6 months now. Like most beginners I thought I was ready to jump from demo to live way too soon, and several account deposits later and £1000 poorer I almost gave up. But I refuse to be beaten and lose that money for nothing (which is a fair amount to me).

I used to primarily trade daily and 4hr charts, but I found even on the 4hr charts I was overtrading badly. I found daily charts to give me clear market direction and strong trade setups; studying weekly charts has also stopped me trading against key levels and against the major trends. My technical analysis has improved significantly I feel.

Strategy

- daily bar price action
- trade with trends
- risk 5% per trade, slightly higher in the future if consistency improves

Moving averages/indicators

- 10 day EMA
- 20 day EMA

keeping it simple :cool:


why not! as good a chance as anyone. Just keep those emotions in check.,!! Don't do what i do and make money for 6 months and blow it all in one day!
 

dgtrading

Active member
205 16
why not! as good a chance as anyone. Just keep those emotions in check.,!! Don't do what i do and make money for 6 months and blow it all in one day!

thanks for the support, so far its been months of losses but I'm getting there :)

in regards to handling emotion I try and think like a robot and trade what I see in front of me
 

dgtrading

Active member
205 16
AUD/USD sell after bearish engulfing bar

sold AUD/USD on tonights close with a stop loss at 0.774

- break of recent bullish trend line
- retest of bullish trend line and engulfing price action to downside
- bearish price action in line with downtrend line
- moving averages crossed to downside

I am aware possible strong support lays below but it has been tested many times therefore a break could be on the cards, if not there might be a false break then ill get out with a small profit/small loss
 

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dgtrading

Active member
205 16
GBP/CAD pending order on inside bar breakout

lots of bullish momentum and a nice inside bar formation on the daily chart after creating a new higher high on the weekly chart.

pending order on a break of the mother bar to the upside with a stop loss below todays low
 

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dgtrading

Active member
205 16
BARC bullish engulfing bar

plan to buy into this stock on the European open tomorrow morning.

- bullish engulfing bar at trend line support
- higher high
- higher low
- moving averages crossed to upside
- stop loss below todays low at 2.6
- take profit at 2.7721
 

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dgtrading

Active member
205 16
BMW position update

stock has been choppy recently, a fairly bearish bar has formed today however it is not enough to get me out of the position.

keeping my original stop loss below the double bottom to avoid getting stopped out from any chop. However I will exit early if a stronger sign of selling presents itself.
 

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dgtrading

Active member
205 16
closed AUD/USD with a tiny profit due to the reversal signal i suspected. However don't plan on going long due to price still being contained under the bearish trend line

closed GBP/CAD early for a loss due to a false break bearish hammer of the inside bar setup. However still looking for bullish price action.
 

dgtrading

Active member
205 16
Sell USD/JPY after bearish pin bar

- lower low and lower high in short term daily down trend
- bearish pin bar in line with short term downtrend
- against weak bounce off longer term bullish trend line
- stop loss above tail of pin bar
- take profit at key support level of 122.017
 

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Jason101

Experienced member
1,372 215
Profile

I am a 19 year old student that has been trading demo/live for around 6 months now. Like most beginners I thought I was ready to jump from demo to live way too soon, and several account deposits later and £1000 poorer I almost gave up. But I refuse to be beaten and lose that money for nothing (which is a fair amount to me).

I used to primarily trade daily and 4hr charts, but I found even on the 4hr charts I was overtrading badly. I found daily charts to give me clear market direction and strong trade setups; studying weekly charts has also stopped me trading against key levels and against the major trends. My technical analysis has improved significantly I feel.

Strategy

- daily bar price action
- trade with trends
- risk 5% per trade, slightly higher in the future if consistency improves

Moving averages/indicators

- 10 day EMA
- 20 day EMA

keeping it simple :cool:

gap down for EUR/GBP netted me a profit of £107.80

however I was also long EUR/JPY at the end of last week......which resulted in a loss of £157.31

oh well more trades on the way

Like: The dailies- You going with the trend- Your keeping it simple- Your attitude.

Dislike - 5% risk with 6 months experience, Several accounts & £1k worse off makes me wonder if you are being honest with yourself on risk, was your £157.31 loss really just 5%?

Advice: You are young enough to make a fortune compounding over the medium and long term, but only if you are still in the game, stay in the game by reducing risk. Carry on trading (and refining) in the longer time frames in your spare time throughout your studies and working life. Your biggest edge is your age and potential for years of compounding. No hurry wait for strong trends and easy set ups.
 

dgtrading

Active member
205 16
Like: The dailies- You going with the trend- Your keeping it simple- Your attitude.

Dislike - 5% risk with 6 months experience, Several accounts & £1k worse off makes me wonder if you are being honest with yourself on risk, was your £157.31 loss really just 5%?

Advice: You are young enough to make a fortune compounding over the medium and long term, but only if you are still in the game, stay in the game by reducing risk. Carry on trading (and refining) in the longer time frames in your spare time throughout your studies and working life. Your biggest edge is your age and potential for years of compounding. No hurry wait for strong trends and easy set ups.

My stop loss gave me a risk of 5% on that trade however it did not save me from the large gap down.

That is some great advice, the dream is to be able to live off trading profits (the same as a lot of people i presume) and I know I will reach it if I take my time to grow my account.

Thanks for the support :innocent:
 
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