This is really really hard!

[iza9090]

Hey, I am a newbie and I have a live account - I made consistant profits on mon,tue,wed and today I lost all of it plus my own money. It seems that if I choose something it always goes the other way - I don't know if my startegy is good;


To go long;
- I look for when the MACD signal line is crossed (going up)
- Slow stoich must be crossing ovet out of oversold.
- CCI must be coming out of oversold
- RSI must be going up

I trade in the direction of the overall trend only ... this is so frustrating!!!

 

[LiamH]

Hey, I am a newbie and I have a live account - I made consistant profits on mon,tue,wed and today I lost all of it plus my own money. It seems that if I choose something it always goes the other way - I don't know if my startegy is good;


To go long;
- I look for when the MACD signal line is crossed (going up)
- Slow stoich must be crossing ovet out of oversold.
- CCI must be coming out of oversold
- RSI must be going up

I trade in the direction of the overall trend only ... this is so frustrating!!!

Pretty much everyone has had this problem where the market always seems to do the opposite you do.. It's not nice. Unfortunately I can't comment on your strategy as I don't use any indicators - Have you paper traded/demo traded your strategy to ensure it works consistently?

Do you find that you're losing money in a particular way each time such as being stopped out before a move in your intended direction occurs or are you taking profits too soon?

What market(s) do you trade?

 

[bnaimy]

Hey, I am a newbie and I have a live account - I made consistant profits on mon,tue,wed and today I lost all of it plus my own money. It seems that if I choose something it always goes the other way - I don't know if my startegy is good;


To go long;
- I look for when the MACD signal line is crossed (going up)
- Slow stoich must be crossing ovet out of oversold.
- CCI must be coming out of oversold
- RSI must be going up

I trade in the direction of the overall trend only ... this is so frustrating!!!

Hi Iza, i am sorry to hear that you lost some money, but dont give up, it takes time to learn how to trade and u need to build up the experience,look at the money lost as a experience.When u loose money ,the marked is telling you something and u payed money for that information. Its very importent u go true all your trades that you dide , and i am sure u will see what u dide wrong.

It might be as simple as that your trading strategy is not working or its not something for your personal style.

There is another thread in this forum in the Daytrading & scalping area that is called This is the way i trade the emini ym. have a look at the trading strategy there and try that out, its a very simple and easy to understand.And most people will make money with it if they stick to the rules.

I also suspect that you are not using any good moneymanagment , cause how can you give away severel days profit in one day .You should have realistis stops and never risk to much on each trade.

I am more the willing to help you out with any questions you might have, just private message me or post your questions in my post in this forum.


http://www.trade2win.com/boards/day-trading-scalping/40616-here-way-i-daytrade-emini-ym.html


With kind regards
Bashir Naimy

 

[iza9090]

Yeh I tested it on a demo account for a few months - it bought good returns - but i want to improve it by using more patterns... erghhh... im disappointed

 

[dick_dastardly]

- I look for when the MACD signal line is crossed (going up)
- Slow stoich must be crossing ovet out of oversold.
- CCI must be coming out of oversold
- RSI must be going up

I'm not an expert on use of indicators ( or trading for that matter :cheesy: ) but I think I remember from my flirtation with indicators that the golden rule was never to use more than one oscillator

and I think all of the above are oscillators aren't they ?

I could be wrong of course, anyone ?

dd

 

[counter_violent]

Hey, I am a newbie and I have a live account - I made consistant profits on mon,tue,wed and today I lost all of it plus my own money. It seems that if I choose something it always goes the other way - I don't know if my startegy is good;


To go long;
- I look for when the MACD signal line is crossed (going up)
- Slow stoich must be crossing ovet out of oversold.
- CCI must be coming out of oversold
- RSI must be going up

I trade in the direction of the overall trend only ... this is so frustrating!!!

Consider that all conventional "indicators" are derived from price movement...lose the indicators and study price action.

 

[LiamH]

I'm not an expert on use of indicators ( or trading for that matter :cheesy: ) but I think I remember from my flirtation with indicators that the golden rule was never to use more than one oscillator

and I think all of the above are oscillators aren't they ?

I could be wrong of course, anyone ?

dd

dd - I think you're right...

Iza - Bnaimy has what looks like a decent strategy that is working well for him, I would suggest maybe taking a look at it to see if that helps push you in the right direction..

 

[Bolimomo]

Without knowing the details of your trades, I think the problem you are having is:

1) You cannot solely rely on indicators to place a trade. Indicators are assistance in timing. You gotta look at the price/volume action first. Price pattern is what dictates how you should trade. Not indicators.

2) These indicators: MACD, Stochastics, CCI, RSI are all momentum indicators. They all pretty much tell the same thing. (You can throw the "Momentum" indicator into the mix if you want.) You don't need all 4. Just pick one. And be good at using it. This will simplify and clarify your strategy. OK, may be MACD is different. Keep MACD but choose one among Stochastics/CCI/RSI/Momentum.

3) These momentum indicators have "dual" characteristics. What does that mean? That means their "overbought" and "oversold" are to be interpreted differently (right the opposite) in different contexts. In a trending market: you should buy when these indicators are in "overbought", and you should sell/short when these indicators are in "oversold". ("Buy high and sell higher") In a trend-less (or randing) market, you should buy when these indicators are in "oversold" and you should sell/short when these indicators are in "overbought". ("Buy low and sell high") See they work in completely opposite ways depending on the nature of the market. You can only tell which kind of market you are in by looking at the price pattern, not the indicators themselves.

 

[iza9090]

Thankyou so much... great help

 

[foredog]

You say all your entry criteria but make no mention of your exits....

was your loss one BIG hit or lots of smaller losses?

 

[iza9090]

How important are candlestickes in the EUR/USD spot market?

 

[iza9090]

My losses were made up of many small losses... I exit when indicators are strongly overbought/sol

 

[wrobinson]

Do one thing for yourself before you lose your shirt: read The Disciplined Trade by Market Douglas. You will find it very enlightening!
Good luck (I've been there!)
WR

 

[Lee Shepherd]

iza9090,

I know nothing of your strat or your trading methods, however, one thing slaps me right in the face here:

If you made profits mon, tues, wed but lost it all plus more on thursday then the answer is simple:

You are not letting your profits run and cutting your losses soon enough. This is a simple case whether you are using small consistant stops on lots of trade or huge stops on small trades.

Either way, you shouldn't be able to throw away 3 days worth of profit plus more without realising something is wrong.


So:

Where your stops consistant to your plan?

Where your targets consistant with your plan?

Was your lot size (or pound per contract) the same?

Was your trades per day the same?


One of these questions you WILL answer no to, this is obvious due to the fact of being able to lose in 1 day more than what you've made in 3 days plus more of your own cash.

Go back over your paper work for these trades and you'll see the flaw staring back at you.

 

[jiggly]

You say all your entry criteria but make no mention of your exits....

was your loss one BIG hit or lots of smaller losses?

good mention,

you also have not spoken about your money management at all. you are getting frustrated because you dont fully know what you are doing and it seems you have not compiled a complete system encompassed within a rational psychological framework.

do you know what your edge is? can you tell someone within a short paragraphs worth of explaination? if you dont know exactly where your edge is coming from, you dont have one, so it is no suprise you are finding yourself on the losing side of trades.

you have too much going on with regards to entry criteria, and this is absolutely nothing in respect to the grand scheme of things.

every successful trader knows where their edge is coming from, and I will give you a hint, the bulk of it is in how you manage your money, this alone will dictate how much, how often and when to exit your trades, when to add to your position and how much you make when you are right compares to when the market does not follow through (notice i have not said when you are wrong). it may very well take a long time for you (any newbie) to accept this even though it is said a million times by a million wannabees and professionals alike but for some reason the wannabees are still not doing it.........

so far your system is telling you to begin trading and nothing else with regards to the above.

at the end of the day, for every trader, trading revolves around risk, we are passing risk around to each other so if you focus more of your time on this and cutting the crap out you will start to do a lot better.

 

[sjrider2397]

You should take some of the great advice on here already. You do not need all of those indicators. pick one and learn it. I prefer the macd but I do not trade "the crosses". Why do you always sale when the indicator is overbought, I have seen those things stay overbought for hours, driving the price higher. I would recommend entering a trade based on s'r lines and one indicator, with an emphasis on price action. I also would recommend exiting on price action or your target being hit. I would also practice better money management. You should never lose 3-4 days worth of profit in one day.

You win by not losing, sometimes you should just turn off your pc and walk away before you lose more money, there will always be another trade, the market will be there tomorrow

 

[StockHunter]

1st off don't give up! If it was easy everyone would be daytrading.

It sounds to me like your strategy might be good only in certain markets (i.e. nice trending days), and you might also be stopping out too early. You can find out if you are stopping out to early by looking at your trades at the end of the day. To find out if it's the market just look at what days that were good/bad and compare to a index chart to see what kind of a day it was.

If your stopping out too early you might want to come up with a different way of exiting then you currently are.

Hope that helps .

 

[madmentrade]

Iza,

Sorry to hear that you've been having some problems lately....it's been a tough trading environment for all traders and investors.

I would suggest that you revisit which time intervals you're using.....sometimes, when I use more stable timeframes such as 3 0r 5 minute charts, I get better results.

I also incorporate several moving averages to play off of depending on the overall trend.

Have a look at this guy's blog, it might help you a bit.

DayTrading With Gil Young Jo

 

[fakhar]

sorry for your loss but give up all indicators and try to focus on the chart only. A chart will tell you what is the mechnism of the market.

 

[StockHunter]

sorry for your loss but give up all indicators and try to focus on the chart only. A chart will tell you what is the mechnism of the market.

True, but indicators shuch as SMA's help to see price movement better.