But the problem padutrader is after 20 years you have trained your brain to look for trades that will fail. This is how I believe, my brain is the bottom of my foot, I wear shoes and after awhile the shoe has conformed to my foot by pressure and brain is all happy, but you have trained your brain that no matter how bad the old shoe becomes to the point of cutting your foot entirely up, you sticking to those shoes. You get another pair of good shoes, but your bottom of your feet don't like them even though they will not destroy your feet, your brain is very unhappy and giving you pain. This is similar to when you might enter into a profitable trade, I bet you have all kinds of emotions going on ? Way too often people do not realize they love to lose cause that has become their habit by doing it so much and it very difficult to change ingrained habits. Like the trade you had on the chart, you knew where upper resistance was and you feeding yourself lies of calling it Momentum cycle which no one could see as momentum was going up. Are you more concerned with missing the trade? The one of the fewest areas we can control is risk and not profit. Have you tried instead of looking for profit first is concentrating on risking the least and don't care about the profit, so risking the least means we have to physically see price bouncing off resistance then enter. But if like on one minute chart, there is a close above the resistance, that not showing weakness. Am not trying to offend you in anyway, we all been down this tunnel and sometimes thinking about it in different way might aid you to consider other ways, otherwise what is the point of anyone helping you? I actually see it 180 degrees opposite of how you see it. "trading is an opportunity because you can customize it to your needs :it is like getting a job that fits what you would want exactly." I found it better to understand what charts are showing and I adapted to the markets needs which is usually against what is logical. Like the ES went up 30 plus points, most would hope for it to go higher and yet I saw it as time to sell short cause of H&S, has nothing to do with how I want to trade it at all. It went up way to fast and most likely come down as fast too, so unusually Friday. If you keep losing, you have to make radical changes to your habits.
It does feel like I'm dumbing myself down to even try to explain which I'm sure for you is a given , if padutrader had good probability over the years of his trades I'm sure this thread would be very different , even with bad money management psychology etc , if he were winning with a "profit factor " around 70% or so he'd have a hard job not being ahead , a long way ahead by now .( and visa v)
there are traders that do exact opposite of what you do and still make money consistently:if not, when you sell, who the hell is going to buy.whoever is taking the other side of the transaction is not stupid, he just has different objectives and time of holding
not necessarily....because someone who takes the other side of your transaction may be trading different time frame......you may be in 5 min the other person may be holding it for a year or an hour...
my thinking for ten years...yes ten years.... is not about systems, risk reward... not probability.... the big boys do not throw dice and trade..... therefore my only objective is to understand how the market moves.....it has cost me in excess of 100000 usd in ten years.....my goal is not the same as 99% of traders in this world because of my psychological make up:i cannot be comfortable in a trade unless i know what is happening. i am willing to bear the cost of this search for knowledge.trading is not get rich quick scheme. I can only trade, if i am confident, if not the uncertainity will make me do stupid thing i am close to my destination and when reach there, all i will be doing is posting statements ...not charts like now we all have different objectives
Padutrader/Pradeep sodarudu, When I hear your trading journey I hear this.... kārpaṇya-doṣopahata-svabhāvaḥ pṛcchāmi tvāṁ dharma-sammūḍha-cetāḥ yac chreyaḥ syān niścitaṁ brūhi tan me śiṣyas te ’haṁ śādhi māṁ tvāṁ prapannam and this....... man-māyā-mohita-dhiyaḥ puruṣāḥ puruṣarṣabha śreyo vadanty anekāntaṁ yathā-karma yathā-ruci I think you need to see the market for what it is, a manifestation of Devi's/Maya's throwing and catching - bewildering potency. Even her husband Mahadeva can come under the influence of the illusory potency. Only Vishnu is above and all knowing of his deluding external potency Maya. The greatest traders of all times, the greatest teachers of all times, the largest money of all times, shit, even those issuing the money get it wrong as the market reinvents herself again and again. You are trying to find out how Devi works so you can control her. It is just not going to happen. You might figure out some minutia for a moment but then again the market/Maya will morph. That is Her service to the Supreme and no one is better at it then Her. Just to be clear, you want to know why every company in the world makes it business decisions, every person in the world wants to travel or purchase imported goods or foreign property, all international commodity consumption and production, every Country's monetary policy, that involves USD or Euros and how that effects the exchange rate that you have chosen to trade. Hmm..... Remain arrogantly demanding all knowledge of the universe or become humble by applying the knowledge acquired so far in a DISCIPLINED manner and earn some profits you and your family. It is your choice. The Market: It is Springtime, plant seeds in fertile soil. Padu: I will not plant crops unless I know why it is Springtime. Wait, I can't control my gambling instinct and am confused so I will throw seeds everywhere - the road, the river, fertile soil, barren desert. I will keep doing this for 20 years or for eternity. And please, everyone stop telling me I should just plant seeds in fertile soil - profit from the markets with a positive expectancy strategy that includes using a fixed R:R ratio. The harsh words of a friend, They PS. In the early 2000s I taught a dozen or so people how to trade. Yes, I went to the darkside for a year (Vendor). I taught the systems that I was trading and how to develop their own systematic trade strategy. What I learned from that experience was you can teach people the concepts of how to trade but there is one thing that you can't teach them, and that is discipline. Someone either has it or they don't. For your inspiration...
IT TAKES HARD WORK TO BE A TRADER..... it takes perseverance and you will succeed i have succeeded in what my objective was....i never believed trading was system based...it is reading the market.....this reading takes years maybe decade of experience watch this space from monday
dude..you are trading 5 minute Forex...no mention of a longer timeframe and its analysis...other than a lower high on 5 minutes then you jumped in.