Need some help!

[bwallace530]

I have been trading off retracements. But again today I lost, I just cant seem to win and I do not know why?

Its really killing me sense this is my sole income.

I am using global zen trader. I like it somewhat.

I was thinking about using this http://itunes.apple.com/us/app/stock...16401850?mt=12

But do know if this would help at all. I just need some pointers from People trading the Emini S&P 500.

I was doing good but now I cant even seems to make a couple bucks, goes up half a point then goes down and stops me out.

Need some help Please I was doing good and making money but now just cant seem to turn a profit at all.

 

[shadowninja]

Some days the market just doesn't work in the way you like and you have to just step away. The question is how many losses do you take before you accept that the day isn't a good one?

 

[bwallace530]

Once I lose once for the day I am done. I do not have a huge account.

 

[shadowninja]

Without knowing more about your trading style, it's hard to give specific advice. You need to figure out how to minimise the losses, of course, but how, I cannot say without giving vague and generic advice.

 

[bwallace530]

I trade off of retracements. Trades up then down and I get in. Or vice versa. I dont really have a strategy that I follow. I was using the stupid and simple thats what My dad was calling it.

 

[enragedcow]

i'm a new trader like yourself

i would suggest step away from trading, buy/loan from library books about technical analysis and learn everything you can until you feel ready to trade

fib retracements are VERY difficult to trade PROPERLY investopedia.com has an article about the 4 common mistakes people make using fib retracements. i place them on charts but haven't traded them as yet, still figuring out the best way.

you mentioned you don't really have a strategy, you do, fib retracements. trade "on paper" untiol you figure out a profitable way to trade

also get a job (sorry i know it's a dirty word) no one can have trading as a sole source of income (when they first start out) Jack Schwager put it perfectly in his book. quote "you can't win if you have to win"

also you must accept losses as a trader, the art is to keep them smaller than your wins... i just lost $40 on a eur/usd short that decided to correct upwards (past my stop)

i hope this advice from one rookie to another is of use

 

[bwallace530]

How do I set up FIB retracements. I got them on my chart but they do not look right.

 

[enragedcow]

what platform do you use? on CMC you just use the drawing tool i'm assuming the one you use has something similar

just remember, start the retracement at any point you want, but ALWAYS use the last major high/low as your end point for retracement otherwise it apparently invalidates the retracement

fib retracements never look right lol

 

[bwallace530]

I am using Global zen trader.

Here is a screen shot

 

[bwallace530]

I got them going right. Just need to learn how to use them now.

 

[JRP2891]

I have been trading off retracements. But again today I lost, I just cant seem to win and I do not know why?

Its really killing me sense this is my sole income.

I am using global zen trader. I like it somewhat.

I was thinking about using this http://itunes.apple.com/us/app/stock...16401850?mt=12

But do know if this would help at all. I just need some pointers from People trading the Emini S&P 500.

I was doing good but now I cant even seems to make a couple bucks, goes up half a point then goes down and stops me out.

Need some help Please I was doing good and making money but now just cant seem to turn a profit at all.

Use the money in your trading account to buy some 'decent' books about trading psychology and trading for a living (message me if you want). Get another source of income, as you won't be getting it from trading for a while yet from how you talk in your posts. Also open up a demo account or an account that lets you trade for pennies per tick, and try to formulate a strategy which you must write down. You're underprepared and undercapitalised to be trading for a living. I don't mean this to sound harsh, just honest.

 

[bwallace530]

The way I talk has nothing to do with anything. You have gave me no info just your opinion thats its.

 

[trader_dante]

This is surely a wind up.

 

[cristiano]

and shame on you JRP for offering advice

 

[JRP2891]

This is surely a wind up.

That's what i originally thought, but i chose to take as i found which looks to have been a mistake.

 

[robster970]

We've all seen it before:

no strat+arrogance = fail.