I fail again and again and bite the dust
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Thread: I fail again and again and bite the dust

  1. #1
    I've been trading live for a year and I can not earn money. Anytime I make money I end up giving it back into the market and more.

    I've problems controlling my greed. While I see a fantastic set up I will increase my risk factor a lot and when the transaction goes against me my whole mindset changes. I feel very bad and miserable but the intriguing thing is I can return the next day and put that behind me and be prepared to trade .

    I have a system which operates. I use elliott wave counts with vsa to remain on the right side of this market. I love to remain in a commerce 1 week or more based upon the counts. What goes wrong however is that when there's a retracement that I wish to enter that and exchange it as well. I get greedy and risk more than I can deal with.

    I still haven't disregarded my account but I have put more money in. Is it just me or are there others out there who have been through this phase and can assist me?
    Do I want a mentor? I sometimes think it will help.
    The intriguing issue is that I am a man who will follow principles when there is someone there to punish me when I don't and because fx trading we're our own bosses I am finding it very hard to control my greed and my emotions.

    I've read Mark Douglas books but in regards to trading what flies out of my mind. I intake better advice through audio visual methods instead of reading books. And I've realised that discipline isn't something one can master just by reading books. (atleast not me)

    There have been many a occasion when I've thought of just quitting. I know I am a fantastic analyst. Even my friends say . Nevertheless, in regards to trading I screw up.

    I am asking quite sincerely if there are others who've been through this and are willing to guide me in the right path.

  2. #2
    Quote Originally Posted by ;
    What good does that do if his trading mechanics, currency management, commerce management, and discipline suck? From what it sounds like, he could have tomorrow's news paper and still lose money. I'd gander to say that most traders could still lose even with tomorrow's newspaper.

    Making money always and being able to explain why markets move have little to do with each other.
    Again, you're spot on. Test your rules to establish them. . .then trade them as tested. It is very simple. . .but not simple.

  3. #3
    Quote Originally Posted by ;
    had similar encounters so that I really feel your pain. I am now consistently profitable (took me 3 years) and below are some lessons learnt:

    0) You aren't seriously interested in your trading. In your mind it is OK to consistently lose - therefore you aren't really in this to make a profit.

    1) You may just walk away from a certain mode of behavior when the pain becomes unbearable (this holds for personal and professional connections too). Because you state that you perform well whenever there is someone to punish you when you do not, invent a system to penalize...
    Also excellent advice, Neville.

  4. #4
    My two pennies worth

    traders should quit thinking about winning and losing more about EXITS, EXITS and EXITS

    every trading method must have a defined set of principles for exits - that they may still lose but provided it is within the principles it a good departure

    Bad exits are the ones that don't have control, driven by fear, gread, gut and also the I know better mind set.

    Every transaction ought to be analised to ensure it meets the principles and if not why not.

    Tp's, Sl's, alteration signs etc are all good exits if they meet the principles for your method, anyone can enter a transaction on almost any pair from any stage - but just a few will know whats the best exit.

    Trading is not always about being at the market, a good trade for the day may only be to stay out.

    What this all comes down to is simple - rules

    they should be clear and easy to understand and pasted on every wall that is anywhere near a trading platform that you can start a commerce on

    best of pips

  5. #5
    Quote Originally Posted by ;
    What good does this do if his trading mechanisms, cash management, trade management, and discipline suck? From what it sounds like, he could have tomorrow's news paper and still lose money. I would gander to say that most traders would still lose even with tomorrow's newspaper.
    I would like to have a go though - I believe 1 months worth would compound nicely. Allow me to know when the paper comes out.

  6. #6
    I believe you're asking a lot for just 1 year's worth of experience. First, you shouldn't be opening an account over a $1000. Now look at that tuition. Give yourself a timeline like a quarter or semester. The idea is to should you go above the account check how you got there in the close of the quarter or semester and do the same if you lost cash. Demo's can't get you. You have ta have skin in the game or you won't learn. Demo's are great for learning how to use a platform but little else.

    Having said that, if you have a system of principles in place that work quite regularly, you have to set goals for yourself.

    I use the google calendar:
    Sunday is my account balance, therefore I place AB 1780 (such as ). The next Saturday I set my target price which is 2% every day based on 5 days trading so that would be 1780*(1.1) = 1958 [for sake of brevity, I simply use 1.1, however in the event that you calculate every day, it comes to 1965] therefore I set on Saturday TP 1958.

    Now for Monday thru Saturday I give the increase or decrease of the trade for daily. Sometime I am positioned so I simply put'In Position' for this day. It should look something like the following:

    Sunday AB 1780
    Monday 1816 ~2 percent
    Tuesday In Position
    Wednesday 1906 ~5% (good day)
    Thursday 1925 ~1 percent
    Friday 1982 ~3%
    Saturday 1972 (if it's under 1 percent I do not bother giving a percent) I open another Saturday event and place: Week 1 - 1958 1972 ~11%

    Since your account balance is above your TP then put the new equilibrium down to the next Sunday which would be AB 1972. Your TP now for the next is: TP 2169.

    My goal goals is just 2% a day but if you're new, you should attempt 1% or.5% or something that is suitable for you. My son uses ~5 percent per month and feels that fits his risk tolerance.

    My aim is to go to 3%.

    If you don't have something like that or similar to it, then your sail is just flapping in the wind.

    Wish you my friend.

  7. #7
    Quote Originally Posted by ;
    Having said that, if you've got a system of principles in place that work quite regularly, you need to set targets for yourself.

    I use the google calendar:
    Sunday is my account balance so I put AB 1780 (such as ). The following Saturday I put my target price that's 2% per day based on 5 days trading so that could be 1780*(1.1) = 1958 [for interest of brevity, I only use 1.1, but in the event that you compute each day, in regards to 1965] so that I put on Saturday TP 1958.

    Now for Monday thru Saturday I offer the increase or decrease of that commerce for the day....
    Thanks for this. That which I realiesd is that I did not have fixed daily and weekly targets aside from my trading program. Now that I have a Forex program and with your help a pair of aims. I'll see how next week goes. I realise how important goal setting is and maintaining a journal.

  8. #8
    Quote Originally Posted by ;
    Thank You for this. What I realiesd is I didn't have mended daily and weekly targets apart from my trading program. Now I have a Forex program and with your help a set of aims. I'll see how next week goes. I realise how significant target setting is and keeping a journal.
    I really don't want to confuse you, but I have discovered setting rigid aims to be counter-productive. What happens if you fall behind your daily or weekly aim? This can create extra stress, and lead to overtrading (taking poor quality setups, or trades that don't conform with your strategy ) and overleveraging (risking a lot of your account to a single trade), just to'ch upward'. You can not control the market; you might just take the pips that your program, restricted by the market, offers you.

    This is an excerpt from a post in the trader with 25 years expertise:

    Can this forum handle some truth? Note: this is not a negative post.

    I have been investing for a living for many decades. Using powerful methods which have been successful for decades, and that I hope will continue for more decades.
    ....
    All of the professional traders that I know, whether they trade Currency Market or futures markets, don't make a lot per day. That's a phrase used by marketers, because they understand what novices are looking for, and that is a steady income so that they can get rid of their tasks. Money from the market that you can count on does not come stable or nicely so much per day. Real traders earn profits, budget their expenses, save profits, add some profits to their own accounts for further building of the account, etc.. The same as every business, which is what real trading is.
    ....
    Quickly, name all of your buddies who have that going for them. Two or three good trades, or even a month of good trades, or even a year of good trades is nowhere near enough. To create 50 thousand-plus trades and be ahead, to be able to endure years of shifting markets, politicians, governments, wives, ex-wives, fantastic health, bad health-- while investing profitably is what you need from a border.
    ....
    I will tell the only way a trader is able to earn $1,000,000 out of trading. Here's an example of 10 million transactions. Of these trades, you might lose on 6000 of these for smaller losses, win on 3800 of these for moderate profits, and win quite large on 200 of these. You make your million out of this collection of trades by dropping just $9 million in your own total of losing trades while making $10 million dollars in your total of profitable trades. This usually means donating $50 a transaction a lot or contract (in the case of futures), which is actually good following expenses. Very attainable with robust methods. Additionally, you have to remain on your game or you won't perform so nicely.

    But this is nothing like you've been promised by the gurus and promoters of this cash per day foolishness.

    This is the Entire post. This is another very good post by a prosperous trader, describing the requirements needed to be always profitable.


    I disagree with Taigen's statement that demo trading is unworthy. I utilize many demo accounts to forward evaluation new egies and thoughts; and to learn what's profitable over a suitably high number of trades (500 is complete minimum). For me, knowledge is king. If I really don't have complete confidence that a egy works profitably, then I will never be able to maintain discipline trading it reside. Using demo in this way has probably saved me thousands of dollars; why risk blowing live accounts once I can test my ideas for free? But one obvious caveat: for demo to work, you must treat it seriously.

    Taigen says that he plans for 2 percent per day. When we compound this over 250 trading days in a calendar year, that is about a 14,000% pa ROE. Then he says that he will later aim for 3%. IMO that kind of metric is moot; it's potential to increase or reduce returns to some extent that you want, simply by trading larger or smaller place sizes. What is key is the effect that this has on risk; risk management is potentially the main area of trading.

    Proven methodological border risk management constant execution = profit

    That is the ABC of successful trading.

  9. #9
    Quote Originally Posted by ;
    I do not need to confuse you, but I have discovered setting stiff aims to be counter productive. What happens if you fall behind your daily or weekly aim? This may create extra stress, and contribute to overtrading (taking inferior quality setups, or transactions which don't conform with your strategy ) and overleveraging (risking too much of your account on a single transaction ), only to'ch up'. You can not control the market; you might only take the pips that your program, constrained by the market, offers you.

    This is an excerpt from a post by a trader with...
    Thank you for your input. It's funny because before I wrote that I was studying the exact same thing elsewhere which setting daily goals could be counter productive. What I have taken out of it is. I have the goals set up simply to see my speed.
    I may create my goal for the day or may not but It keeps me in the right mindset to continue forward.
    For example If I'm aiming for 250 pips each week based on my own machine and after a couple months I see that I can only manage about 130. That then tells me that I must lower my likely pip amount.

  10. #10
    Quote Originally Posted by ;
    Thanks for your input. It's funny because before I wrote I was reading the same thing elsewhere which setting daily goals can be counter productive. What I have obtained from it is. I have the goals in place just to see my speed.
    I may make my target for the day or might not It keeps me in the right mindset to keep forward.
    For example If I am aiming for 250 pips per week based on my system and after a few months I see I can only handle about 130. That then informs me that I should reduce my likely pip amount.
    I think you have failed to get the message. You cannot force the market in a framework. What if these couple of months the market has already been ranging. And the next couple of weeks you receive a 500 pips each week cause it abruptly begin trending.
    In great times you ought to try getting every penny out of the market and in bad times you should make an effort to not eliminate money (like in every other company ). Expecting to make the identical number of pips every week whichever market condition is either extremely absurd, or you are a trading genius.

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