please need some help!

[phoenix25140]

You say you don't have an edge but what is your strike rate over say 100 trades? A trader with strong money management can lose 60 and still win overall. Its the target running on 40 winners that is more important than the 'hopefully' cut short 60 losers. Cut your losers to 6-8 pips and allow your target runners to stretch out 40-50 pips.

 

[Fugazsy]

You say you don't have an edge but what is your strike rate over say 100 trades? A trader with strong money management can lose 60 and still win overall. Its the target running on 40 winners that is more important than the 'hopefully' cut short 60 losers. Cut your losers to 6-8 pips and allow your target runners to stretch out 40-50 pips.

Yes or one can use the end of the day as to take profit, one day can be 40 pips another day 15 or another 100.

 

[Bowgett]

You say you don't have an edge but what is your strike rate over say 100 trades? A trader with strong money management can lose 60 and still win overall. Its the target running on 40 winners that is more important than the 'hopefully' cut short 60 losers. Cut your losers to 6-8 pips and allow your target runners to stretch out 40-50 pips.

6-8 pips stops seems way too tight.

 

[Pat494]

I wrote this for another newbie hopeful here !

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You are young and in a hurry. I understand that eagerness but take a valuable tip from an old stager. I used to spend most of every day hunched over the computer charts, neural nets etc, for years. It is only recently I have realised I had it all wrong and wasted years of life enhancing activities.

Keep your day job or get another and do your day trading after getting home again. Put your trades on last thing at night. Let the markets work for you while you sleep, work and play. Don't become like I did a short term trading obsessive. It ruins your health, curtails your other activities and makes you no more money even.

So get yourself set up with a free demo like MT4 and ONLY start trading real money when you are regularly profitable.

There are loads of defunct threads of youngsters just like you on this forum. Check them out too as well as the stickies. There's lots to learn.

 

[gerryg]

I wrote this for another newbie hopeful here !

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You are young and in a hurry. I understand that eagerness but take a valuable tip from an old stager. I used to spend most of every day hunched over the computer charts, neural nets etc, for years. It is only recently I have realised I had it all wrong and wasted years of life enhancing activities.

Keep your day job or get another and do your day trading after getting home again. Put your trades on last thing at night. Let the markets work for you while you sleep, work and play. Don't become like I did a short term trading obsessive. It ruins your health, curtails your other activities and makes you no more money even.

So get yourself set up with a free demo like MT4 and ONLY start trading real money when you are regularly profitable.

There are loads of defunct threads of youngsters just like you on this forum. Check them out too as well as the stickies. There's lots to learn.

IMO Demo account is useless, spent 8 months on HF demo, then spent one year to realize that real account is completely definitely (firstly because of human nature which is psychologically unstable)

 

[Splitlink]

IMO Demo account is useless, spent 8 months on HF demo, then spent one year to realize that real account is completely definitely (firstly because of human nature which is psychologically unstable)

I don't think that demo helps much, although I've never used it. When I am trading with a new idea, I do trade with minimumss, though, and I use 50p bets very often.

I trade as a pastime, I would not depend on trading to raise a family, I would not sleep properly.

I heard on BBC 5, yesterday, how employers are looking at employees' use of company time and equipment to trade at work, so watch out for that, anyone concerned, who wants to keep his job.

 

[Pat494]

IMO Demo account is useless, spent 8 months on HF demo, then spent one year to realize that real account is completely definitely (firstly because of human nature which is psychologically unstable)

Yes you make a valid point, a demo account is not quite the same but....
1. You can bear this in mind while practicing and treat it like real money. Some newbies get so scared of losing that it cramps their style.
2. You are not losing any real money whilst trading and learning.