well thats my problem then !
"if at 1st you don't suceed try, try again "
Don't risk another penny until you can answer these questions:
1) Why am I trading? Don't just say "to make money" - that is what everyone says and believe me it is not the reason everyone trades!!
- Are you looking for something exciting to drag you away from a mundane working life?
- Are you looking for something to "legitimately" fulfill a gambling instinct? (the wife may get on your case if she knows you are visiting Ladbrokes but she probably won't if you say you are learning to trade/invest)
- Are you looking to prove a point to someone in some way? I know someone that divorced from his wife because he was constantly involved in the markets and had no time for her and so they drifted apart. He then threw himself even deeper into the markets in order to prove to her that it was all worthwhile - that all along he had been trying to make money to provide for them both.
- Are you looking to prove a point to a friend/family member? Perhaps you have failed at things in your life previously and you are trying to prove that you can succeed at something. That you can be successful. And perhaps trading appeals to you because you can make a huge amount of money very quickly and therefore prove that success in an immediately quantifiable way.
- Are you trading to fund a retirement plan?
- Are you trading because you want to earn a consistent income? Take a set wage home each week?
Your objectives will define your style. There is so much on this for free on the web and its worth while searching for and reading. But briefly: if its either of the first two points you may almost certainly be attracted to the lower TFs and start overtrading in order to fulfill your objective of obtaining excitement. If you are looking to prove a point to someone, you may be on any TF but you will no doubt try to take excessive risk in order to get rich quicker. If you are trading to fund a retirement plan you may find yourself on the daily and weekly TFs looking to take conservative risks that offer a good chance of steady growth. If you are trading to earn a consistent income then you may need to go onto the 1hr or lower in order to make money each and every day.
2) What are your targets?
You should have targets and targets must be rewarded. You must have a goal. Too many people think of targets along the lines of: "my target is to earn millions and be the best trader out there". So what happens when you have earnt £5m and you are the best trader out there? Are you going to retire? What are you going to do? Where do you want to be? What do you want to do with your life and how does trading fit into that?
3) How are you going to achieve your targets?
This is your trading plan. You need at the very basic a RISK MANAGEMENT rule that stops you blowing up. You need ENTRY rules and you need EXIT rules.
Write them DOWN and follow them without fail for 1 month regardless of the results. Don't second guess the system because you lose 3 trades in a row. Keep following until you have taken at least 20 trades and then re-evaluate. Where did those trades go after I came out? What do you notice? Does the system work just as well without stochastics? Are your results from inside bars better than pin bars? Do you always seem to get stopped out at the low or the high? Do the trades always continue on in the same way you were positioned after you came out? Maybe your profits are down but your win/loss ratio is high? All of this tells you important things.
If you can't answer these questions, you are NOT READY FOR THIS.
Mate, trading is such hard work.
There is absolutely no such thing as find something simple, follow it and make money.
You always need to work and improve.
This is one of the hardest jobs in the world. I have seen so many people come in to a professional firm, get access to great training (on fundamentals, technicals and reading the market order flow) get the best equipment with the fastest execution and have Q&A sessions, asking whatever they want with proven traders that have made millions upon millions of pounds. And still there are more and more leaving all the time, joining the ranks of those that are unable to make money.
