Losing money!

[isamel]

Hi.
Im a novice trader and a very young trader. I've been trading the stock market now for a couple of months after reading several books and trying to understand the "fundamentals" behind the stock market.
Now, I have started my stock trading endeavour and it's going REALLY bad, I've lost 8% of my account the past 2-3 weeks. I study at school, so I do not have enough time to day-trade.
I was hoping someone could give me some info and perhaps show me HOW to swing trade? I use NT as platform, and it has only "Daily"-charts.
Thank you for your time!

 

[tenbobtrader]

STOP

pat yourself on the back

good trading to realise so quick your in over your head

take your time and start again

Andy

 

[Technically Fundamental]

John Carter's book is a good starting point. The exact title escapes me at the moment. Mr Charts swears by it and apparently he make mega cheese.

 

[isamel]

Hello and thank you for your replies!
What I am searching for is a good strategy, with indicators. I have tried several strategies but none of them are working, i have discovered that the ones that you pay for are the ones making you pay more (=losing more money besides PAYING for the "system")

 

[Hoggums]

What you must realise is that, for the last week especially, we are in a ranging market, any indicators will be lagging and still atuned to the miracle bull run we've had since May.

If anything it is now looking like that bull run may be over - but it will take indicators days/weeks before they turn.

Time to stop trading and do a little more homework.

 

[Rhody Trader]

Im a novice trader and a very young trader. I've been trading the stock market now for a couple of months after reading several books and trying to understand the "fundamentals" behind the stock market.
Now, I have started my stock trading endeavour and it's going REALLY bad, I've lost 8% of my account the past 2-3 weeks.

Believe me when I say that having only lost 8% as a total newbie at this point probably puts you well ahead of most when it comes to real money trading.

That said, have you done any demo trading?

I study at school, so I do not have enough time to day-trade.

Don't feel like you need to day trade. Identify the time frame you can consistently trade and stick with it. Then, look for strategies which fit that timeframe.

 

[TAjammy]

james16 Chart Thread @ Forex Factory

 

[overstreet1983]

Yeah, I started off pretty well early in the year only to lose a bit of money in the past month.

 

[Matrixtrader1]

Hello and thank you for your replies!
What I am searching for is a good strategy, with indicators. I have tried several strategies but none of them are working, i have discovered that the ones that you pay for are the ones making you pay more (=losing more money besides PAYING for the "system")

I commend you as a new trader to only have lost 8%. Most traders would be down at least 40%. Start off with a trading plan. Set the who, what, where,when and why. Then paper trade your plans. Trading is 90% psychological and 10% technic. If prepare yourself, you will succeed. Good luck.

ps what are you trading?

 

[isamel]

alright, thank you for your post!
However, I do not understand what you mean by "trading is 90% psychological and 10% technic".. how is the "psychological" part?
Thank you sincerely for taking time!

 

[Matrixtrader1]

alright, thank you for your post!
However, I do not understand what you mean by "trading is 90% psychological and 10% technic".. how is the "psychological" part?
Thank you sincerely for taking time!

What I mean is the you have to prepare yourself mentally. Have you ever heard of the phrase " perception is greater than the true". You can have a well planned strategy with proper money management and still lose out because of discipline. Don't trade the market if you are tire, sick or had somethink to drink.. You will find yourself forcing trades, taking profits too early which can sku your ratio. All I'm saying is practice every aspect there is to trading. It will make you a better trader.

 

[isamel]

thank you for your responds! but how do i learn? what do i start with? first of all, i have understood that FUNDAMENTAL things come before TA. And by that I mean that you "listen" more to fundamental news than to TA. However, where do I find fundamental news? And how do I "take advantage" of them; "how do I take the right decisions based on the news".. thank you!

 

[frankeast]

Hi mate.

thank you for your responds! but how do i learn? what do i start with? first of all, i have understood that FUNDAMENTAL things come before TA. And by that I mean that you "listen" more to fundamental news than to TA. However, where do I find fundamental news? And how do I "take advantage" of them; "how do I take the right decisions based on the news".. thank you!

Look I am newbie as well, but not trading fundamental, only technical. Thats 10 percent...
Psychology is, that my account is 600 usd now, was 680 during last two weeks.... Why is this psychology? Cos I know HOW TO GET PROFIT.... but I am not PSYCHOLOGICaLLY FIT (i think), because I am not consistent in taking profit... and again... WHY? cos I know that my charting software (ICHIMOKU) is showing me pretty nice, when to enter, but usually I AM TRIING TO PREDICT WHAT COULD HAPPEN next... What will price do.
I know I can not to do it, but I do!!! Secondly I am greedy, because, I want to get a lot more pips then I probably can, doing quickier entry, but my system does not show me that THIS ENTRY CAN BE NOW!!
of course I am loosing all my hard worked profit but more!!! selfconfidence as well.. That is this 90percent of trader..
Thus, if I improve my brain, I will get a lot of winners in a row, if not, I am probably going to blow off my account.
Thats psychology my friend.

 

[subarashi]

Watch your Back

Hello and thank you for your replies!
What I am searching for is a good strategy, with indicators. I have tried several strategies but none of them are working, i have discovered that the ones that you pay for are the ones making you pay more (=losing more money besides PAYING for the "system")

It's all about protecting your capital. You can do that by having tight stops but expect your transaction costs to be high. Loosen your stops and take a longer view of things. Don't let the froth of day trading concern you; it is random!

Read Fooled by Randomness by Nassim Taleb and A Mathematician Plays the Market by John Allen Paulos to give you some perspective.

Then keep a journal and use just one indicator and paper trade it for a month or two. Do the same for several other indicators, one at a time. Don't worry about the performance of the equities in these tests; think about how you felt using the indicators. Did you stay disciplined? Did you try to second guess any? When you have one or two you feel comfortable with and if they don't conflict in the information they provide try using them together paper trading. Did the set up do better than either used by themselves? Don't forget to discount the randomness. In a few months trial 90% of your results are probably ascribable to random movement and not skill!

Good luck!

 

[wh92stang]

Your start sounds like mine. I began by increasing my trading capital by about 7% within the first two months of trading. Then I started taking much too large of risks, getting larger each time to try to make up for previous losses. Ended up losing about 25% of my trading capital over the next four months, a majority of it being on a two really bad trades.

The key is to take a step back, make a plan and follow it. I have started over with a new mindset and new rules and so far I feel much more confident. It's definitely a learning process that doesn't come right away. All the reading and learning is good, but experience is the only thing that will truly improve your trading.