Please Have a Seat...

[VielGeld]

I'll dedicate this one to the rough patches we might be going through. A bit like mine right now...

So I'm in this weird position where I think I might have something, but I'm not there yet. The obvious course of action is to keep on trucking. This hasn't recently stopped me from doubting whether I should just give up trading. What if I keep plugging at it for years and nothing comes out of it? My trading has been inconsistent over the last year for various reasons. Despite this I know that whenever I see an A+ trade line up, I'll nail it. But then I run into a string of outsize losers and lose faith that there's anything there on-screen.

Well, that's me right now. Wavering between "is this really worth it?" and "dude, you have something, keep at it!"

So anyone have any stories, or perhaps problems of their own? Trading's a tough venture and it can get to you if you're not careful. Sometimes it's good to share the rough spots.

 

[malaguti]

I'll dedicate this one to the rough patches we might be going through. A bit like mine right now...

So I'm in this weird position where I think I might have something, but I'm not there yet. The obvious course of action is to keep on trucking. This hasn't recently stopped me from doubting whether I should just give up trading. What if I keep plugging at it for years and nothing comes out of it? My trading has been inconsistent over the last year for various reasons. Despite this I know that whenever I see an A+ trade line up, I'll nail it. But then I run into a string of outsize losers and lose faith that there's anything there on-screen.

Well, that's me right now. Wavering between "is this really worth it?" and "dude, you have something, keep at it!"

So anyone have any stories, or perhaps problems of their own? Trading's a tough venture and it can get to you if you're not careful. Sometimes it's good to share the rough spots.

I'm with you on that one. I've been trading my system for some time and just recently I hit 12 losing trades on the trot. Never had that before, so I get a little bit nervy and decide not to take the next signal..I'm sure you can guess what happens! Even though I can have over 20 winning trades, its when it starts biting we start getting second thoughts.
So, I will stick with this and ride it out but rather than not taking a trade, I'm reducing the size. Now i'm 3 back to the good.
Its worth it, I know it is..its being able to ride out those bad times. We can always refine the strategy though. I wont tinker too much with mine, but I'm looking to weed out the smelly ones that's for sure.
wish you the best in yours. What are you trading by the way? I wonder whether another analysis might help...dont need to know the strategy, just tell me the instrument and time frame. I bet we see different things

 

[VielGeld]

Yes, part of being consistent is to keep going despite losing (something I struggle with). I would agree with reducing size until you're back on track if things aren't going well, though that's personal preference. That DD can get to you eventually. Best wishes to you too.

What are you trading by the way? I wonder whether another analysis might help...dont need to know the strategy, just tell me the instrument and time frame. I bet we see different things

Actually, I suspect many of us look at the same things, just differently. Just a hunch I've had for a while now from watching other's methods on this site. The styles vary widely, of course, but the trades are sometimes similar.

In any case, I'm trading about 5-6 currency pairs + the S&P right now. I usually look at the 1h and 4h for ideas then go lower for confirmation, but this is mostly preference as any TF could work for either. I form a broad view of the market and choose the pair(s) that seem(s) to be offering the most and pick that one (those) for the session.

For example, I have E/U, Usd/Cad, Aud/Usd, Usd/Jpy, Gbp/Usd, and S&P on-screen right now. The trends for each from my perspective is: down, up, down, range, down, range. From here, I get the idea that Usd is strong, and pushing Cad around. I see Aud as sorta' weak (Usd may simply be stronger), Euro weak, Gbp hella weak, and Jpy may no longer be massively devalued. From here it's all about finding a good spot for entry (or setup if you'd prefer).

But I don't think this is any different from many on here, and is far from being a refined method. At least it's worked for me so far.

 

[wackypete2]

Yes, part of being consistent is to keep going despite losing (something I struggle with). I would agree with reducing size until you're back on track if things aren't going well, though that's personal preference. That DD can get to you eventually. Best wishes to you too.



Actually, I suspect many of us look at the same things, just differently. Just a hunch I've had for a while now from watching other's methods on this site. The styles vary widely, of course, but the trades are sometimes similar.

In any case, I'm trading about 5-6 currency pairs + the S&P right now. I usually look at the 1h and 4h for ideas then go lower for confirmation, but this is mostly preference as any TF could work for either. I form a broad view of the market and choose the pair(s) that seem(s) to be offering the most and pick that one (those) for the session.

For example, I have E/U, Usd/Cad, Aud/Usd, Usd/Jpy, Gbp/Usd, and S&P on-screen right now. The trends for each from my perspective is: down, up, down, range, down, range. From here, I get the idea that Usd is strong, and pushing Cad around. I see Aud as sorta' weak (Usd may simply be stronger), Euro weak, Gbp hella weak, and Jpy may no longer be massively devalued. From here it's all about finding a good spot for entry (or setup if you'd prefer).

But I don't think this is any different from many on here, and is far from being a refined method. At least it's worked for me so far.

Take a look at the FXCorrelator strength meter from NVP's thread. It shows the strength /weakness of each of the currencies relative to each other. Pretty handy tool. You can then find your own entry on the currencies at the extreme. Couldn't hurt to look.

http://www.trade2win.com/boards/forex/71854-correlation-trading-basic-ideas-strategies.html

Peter

 

[NVP]

Take a look at the FXCorrelator strength meter from NVP's thread. It shows the strength /weakness of each of the currencies relative to each other. Pretty handy tool. You can then find your own entry on the currencies at the extreme. Couldn't hurt to look.

http://www.trade2win.com/boards/forex/71854-correlation-trading-basic-ideas-strategies.html

Peter

sure

I use strengthmeters ...........even if you dont trade using them its useful to see when the G8 market is increasing in volatilty and trending (when most lines are diverging away from the zero .........thats the time to be trading and making money (buy a riser and sell a faller) .......then when you see them peak and then mostly start converging back thats the time to consolidate and tighten stops ......as the fun is over for a while and the market is closing up shop until the next diverence phase....

my 20ma basic indicator on the thread is as simple as it gets ....

N

 

[NVP]

Yes, part of being consistent is to keep going despite losing (something I struggle with). I would agree with reducing size until you're back on track if things aren't going well, though that's personal preference. That DD can get to you eventually. Best wishes to you too.



Actually, I suspect many of us look at the same things, just differently. Just a hunch I've had for a while now from watching other's methods on this site. The styles vary widely, of course, but the trades are sometimes similar.

In any case, I'm trading about 5-6 currency pairs + the S&P right now. I usually look at the 1h and 4h for ideas then go lower for confirmation, but this is mostly preference as any TF could work for either. I form a broad view of the market and choose the pair(s) that seem(s) to be offering the most and pick that one (those) for the session.

For example, I have E/U, Usd/Cad, Aud/Usd, Usd/Jpy, Gbp/Usd, and S&P on-screen right now. The trends for each from my perspective is: down, up, down, range, down, range. From here, I get the idea that Usd is strong, and pushing Cad around. I see Aud as sorta' weak (Usd may simply be stronger), Euro weak, Gbp hella weak, and Jpy may no longer be massively devalued. From here it's all about finding a good spot for entry (or setup if you'd prefer).

But I don't think this is any different from many on here, and is far from being a refined method. At least it's worked for me so far.

people that last the course end up trading pretty similar methods I figure and most certainly display the same rigid discipline and risk / money management traits that have kept us in the market ....

agreed - we probally are all along similar lines

N

 

[Shakone]

Vielgeld, just get away from distractions and pressures and be honest with yourself, and you'll have your answer re should you carry on.

In terms of strength meters. Are these weighted with respect to the volume, i.e. EURUSD is 900 billion a day, GBPUSD is 450 billion etc?

 

[Triggerfish]

.....Despite this I know that whenever I see an A+ trade line up, I'll nail it. But then I run into a string of outsize losers and lose faith that there's anything there on-screen.

Hi VielGeld
Assuming your A+ trade line up is a winner.....why don't you just trade them all the time.....would that not solve your problems?
Keep the good and throw away the bad?

 

[VielGeld]

Hi VielGeld
Assuming your A+ trade line up is a winner.....why don't you just trade them all the time.....would that not solve your problems?
Keep the good and throw away the bad?

Well, that's the idea.

Sometimes I see a great trade right in front of me. But for whatever reason, I doubt it and don't take it. Guess what happens? My best stuff is usually when I'm clear-headed and instinctively can't resist the opportunity. But picking trades in a dynamic environment is nonetheless a continuous effort, which goes without saying.

I guess all there is to it is practice, practice, and more practice. Get good at picking those moments you're aware the probability's in your favour. Every once in a while you'll get a runner. The rest is managing risk and being patient.

But as with everything, easier said than done!