Getting good at taking losses!

[bustech]

Well, In the longer term, it would appear I've got a lot WORSE!
Not me personally, I supposed; I've remained consistent. But my results.
Like I said, I had about 5 months of profits nearly everyday. Thought i'd cracked it.

My problem now, Is that I don't know how anyone can really think they are consistent and can have confidence in their ability. Maybe one needs to make profit consistently over a 5 year period, live, before they can say they've finally found something of value?

We're all just waiting for the market to change it's mood and render our 5 years worth of 'homework' useless?

Or are we just flipping coins, with the inevitable few making money consistently due to blind luck? lol.

I'm not clever enough to answer most of my own questions, so for now will just carry on.

UP 83 pips so far this week, now.

Even being a day trader doe's not mean you have to trade every single day.

As the previous poster's said cherry pick your trades and be patient.

If the trade's not there on the day, don't touch.

Good luck/work with your trading.

 

[NVP]

Even being a day trader doe's not mean you have to trade every single day.

As the previous poster's said cherry pick your trades and be patient.

If the trade's not there on the day, don't touch.

Good luck/work with your trading.

and I will keep sayin it ..........dont go fishing till the fish are feeding

N

 

[scholfield]

One trade so far for +20 pips.
short cable at 1.5003 and out at 1.4983

so +103 pips for the week.
About the same as the amount of pips my method lost last week!

 

[neil]

One trade so far for +20 pips.
short cable at 1.5003 and out at 1.4983

so +103 pips for the week.
About the same as the amount of pips my method lost last week!

Take a look at the Ryanmcd zip in the post by "Cyrus"

Jankone M5 thread - Page 78 @ Forex Factory

Then go to beginning of Jankones' thread (based on Ryanmcd 's approach)
Jankone M5 thread @ Forex Factory
and you will note in both that patience waiting for the right trade is required.

You will see a lot of, erm, unsuitable people post on these threads who clearly have not studied the threads or are deluded by dreams of riches.
The overall theme is of patience and observation, coupled with lots of practice and not taking counter trend trades every time a Pin etc appears. Amazing how many people fail to understand trading with the trend is better than fighting it.
Ryanmcd has old posts on Forexfactory but bear in mind that 5 minute time frames are fast and not for people who have not studied price action, support and resistance etc - I usually push
james16 Chart Thread @ Forex Factory
as a place to start learning.
Babypips also has a lot of basic stuff but James16 (above) really goes into it in depth.
You don't have to find a trade everyday

 

[scholfield]

Missed a trade which would have given me another +20, leaving me +40 on the day.

So, just teh one trade at +20

 

[scholfield]

Today (Friday)
+20


Friday= +20 pips

 

[scholfield]

Week 2 results:

Monday -16
Monday +30
Monday +20
Tuesday -15
Tuesday +20
Wednesday +20
Wednesday +20
Thursday -16
Thursday +20
Friday +20

Total = +103 pips

 

[scholfield]

Trying something different on CL since Monday.
Was told by someone here to wait until 100 trades was taken, and then see how we look.

First 25 done.

 

[scholfield]

Will update with the next 25 trades when they're done. Probably Monday close at a guess, based on current average number of trades per day.

All spread bet firms seem to have gigantic spreads on CL.OIL(WTI) so i'd get killed trading scuh short term moves.
And the CL is worth $10 per tick trading 1 contract, which is much more than my usual £1 per pip stuff I usually do. I'd need to have a LOT of confidence in my results to entertain the move.

I almost hoping that this current 100 trades experiment is a non-starter, because if it does well, i'll be tempted to 'go for it' with a futures account which could end in tears, lol