maplegum wrote:Thanks for all the warm wishes and welcome !
Sorry haven't posted in a few days.
I decided not to trade NFP day as have previously blown accounts.
Sadly however, Thursday knocked my confidence and I feel like even without Thursdays misfortunes I feel like it's so much easier to lose pips than to make them
I feel like making 1 pip in 3 hours trading is not a good return on investment... I can't work out if I need to have smaller SL than TP. Or if this fixed idea is the problem; maybe I need to learn to 'flow with the market' and 'take what I can'.
Not sure anyway been reading loads of forums that TRO has started on Kreslik, trying to pick out any pointers or hidden gems I can!!! TRO says a lot to trade what you SEE but I'm not sure about this yet.
Yesterday, I lost two trades and won 1 for total = -£3.72. Yes I changed strategy but it was still a horizontal line cross. I changed to EU as I realised the pip value was larger (for 0.01 lots 1 pip is £0.08 instead of on USDJPY £0.053), I also thought bigger SL/TP might help. Maybe over the course of a week/month it may do as I have backtested the idea for past 3 months and it is net positive.
Basically one day I think I know what I'm doing and the next I feel stupid and like I'm just stabbing in the dark. Sigh
You don't have the money to trade, that's the problem
Suffering real loss, dulling the pain in a cold shower, and running towards an uncertain future is how you come out the other side a hero.
If you're going to act like a
pssy then that's all you'll ever be.
You can do this, just not how you're doing it;
trading is hard enough as it is without chopping off your own feet.
Step 1:
- open a futures account in an amount equal to 300 working hours.
- 90 hours is for risk, 210 hours is set aside as margin money.
- assuming you're not a bum, you're risking no more than 2.5 weeks of work.
Step 2:
- find something for which you have the margin to trade at least 3 contracts, and trade it with 1 contract:
with money for at least 4 contracts, preferably 5, you can start entering trades in two parts.
Money for:
3: trade 1-1
4: trade 1-1, or 2.
5: trade 1-2
6: trade 1-2, or 3.
7: trade 1-3
8: trade 1-3
Step 3:
- start by trading H4 charts, entering with the help of the minute chart:
- watch the M1 until you reach the target position size.
- when the H4 closes beyond an extreme, manage the trade from the H4.
- if it feels like the H4 has reached a top or bottom, go back to managing from the M1.
Step 4:
- gain a cushion of profit, remove risk, increase lot size towards your max size (money for 3, 4, . . . 8 )
