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M.A

Still Losing? Start Again

By M.A, in Trading

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M.A    10

M.A
Posted (edited)

Are you frustrated by your trading results? If not then continue ur practice. If yes then how about starting from "Point zero"?

 

You r frustrated because u have considered forex as an "ehyip" (extremely high yeild investment program). IT IS NOT.

 

If u r frustrated then u r no longer ready for trading. Neither on demo nor on live. Everything is already messed up so what good can u extract from this messed up situation. Take a break.

 

Test ur stamina

During messy period, you had learned a lot about trading but wasnt able to implement in past because ur brain was busy in calculating and then crying over the loss.

 

Now that u have taken a break from trading, open a fresh demo account. Dont even look at ur past demo account. On NEW demo account, if u still want to scalp or even day trade... Think again. If you still want to be over aggressive... Think again. If you considering "NEW demo" still a demo.... Think again.

 

For those of you (including me), who do not get real (hidden) message behind a phrase, Think Again = DO NOT.

 

Trade on longer timeframes. You will not only increase your "patience" skill level but also be able to lower ur "greed" level significantly.

 

Try to divide ur time, which u have allocated to trading, in more than one session. For example 4 sessions of 1 hour may be a good idea. After each trading session, take a break. Most of you may not be able to make more than 2 sessions but thats ok. The logic is that trading in different times will tell you which time yeilds better results for you.

 

Place one trade in one hour. It means u have 59 minutes to analyze and 1 minute to place ur trade and if u r fast then just 20 seconds to place a trade and remaining time to analyze and read chart.

 

Apply same strategy in all sessions.

 

Analyze ur performance on monthly basis.

Analyze collective performance and performance of each session.

 

After 6 months, your results will tell u if you r able to trade on a real account or not.

 

I have to remind you an important point... "Trade on longer timeframes".. You must look at daily and weekly or even monthly timeframe to analyze trend and then place ur trade accordingly which may end in a day or 2 or a week. Do not try to trade like a day trader or scalper when u r practicing.

Edited by M.A

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elliot wave    10

elliot wave
Posted

Thanks very much for this,

 

It's kinda what I needed to come across today.

 

I found your advice very insightful, especially the bit about trading longer time frames. Beginners tend to trade on the shorter durations wanting to get feedback as quickly as possible and I feel this sets up a structure that can only hurt their chances in the long run.

 

Anyway thanks again, keep the useful posts coming!

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