JB's day trades

[julianbrookes]

I am trying to get rich trading forex. I have been trading since July 2000. So far I have lost over £10k. My problem is that I am an eternal optimist. I try to place my trades between 7-8am in the morning and then go to work. I have a live feed at work but try not to get involved. If my limit is not reached during the day I close before I go to bed at night.

Today's trades:
USD/JPY long @ 116.73 limt 117.23 no stop
EUR/USD long @ 1.1204 limit 1.1241 no stop

I am posting this info for a bit of fun and also to learn from the experiences of other serious forex traders.

 

[JonnyT]

Julian,

How can you be a serious forex trader trading in such a manner?

This is meant to be constructive.

You might be better off trying to trade over 2-3 days (i.e. swing trade) rather than trying to pick some of the days action whilst not monitoring?

With my limited experience most days have two good trends. This may be why you are so far a net loser?

JonnyT

 

[julianbrookes]

Thank you JonnyT for advice.

Over the last 3 years I have been thru many different stages and tried plently of trading systems. My main problem is me. I have found that if I monitor my positions too closely I tend to over trade and this strategy has lost me money. If I leave my trades over 2-3 days then I find it difficult to cope with large losses. One day's loss is all I can stomach.

My current strategy is based on probability. I am hoping for 60% wins.

I am interested to know what % wins other traders expect from their trades.

 

[darrenf]

Also have limited experience and I trade part time. My positions tend to be as Jonnyt sugests, and last generally a few days at a time.

If you are not actively involved during the day ALWAYS USE A STOP. I am sure this must be the main reason you are going wrong.

I have been trading Forex for about 2 months now using my current methods and my allocated capital is up 14%.

With a failure rate of about 60% (ie 6 out of 10 trades are losers),
a defined stop is an absolute essential. I've not worked it out, but I am sure if I had not had a stop in place, then I would be considerably down by now.

As I see it you are limiting your profits and prepared to let your losses run. This is the exact opposite of what most would consider to be a successful trading strategy.

I'm not surprised you have lost 10k.

I'm not even sure if this thread is serious but if so, if you take one thing away from this, USE STOPS.

 

[Trader333]

JB,

You posted ......................I am hoping for 60% wins.


There is simply no room for "Hope" in trading and if hope is what you base your trading on then you will end up a consistent loser.



Paul

 

[sidinuk]

JB

you are currently cutting your winners short by using a limit and letting your losers run by not setting a stop. My advice would be to reverse this situation. Do your trade in the morning set a stop where you normally put a limit, then close at the end of the day if your stop has not already been hit. Then you are letting the winners run and cutting the losers.

 

[rglenn]

JB

If you have been trading forex for so long and still losing- I suggest you stop trading for now and look at another instrument.

Research it inside out and then start trading again when you fknow basically from day to day what will happen with that iinstrument.

You need a firm strategy in order to succeed.

You just can't put a trade on and hope for the best- as the best will never come as you have already experienced.

Sorry to hear about your misfortune however!

 

[julianbrookes]

Regarding stops

Thanks for all the interest and advice.

In fact I lost most of the 10k Spread Betting indexes. I moved onto curriencies last year and have found them less volitile than indexes.

I am in 2 minds about stops. Yes I have experienced big losses, but I have found that when using stops in day trading the win/loss ratio goes down dramtically.

Today's trades @ 5:30pm:
USD/JPY limit met +50
EUR/USD currently down -20

 

[julianbrookes]

Update:
USD/JPY limit met +50 (117.23-117.73)
EUR/USD closed @ 19:45pm +8 (1.1212-1.1204)
Day total for 10th Sept +58

 

[JonnyT]

Julian well done.

Keep us posted with your progress won't you.

JonnyT