hoi! Is there really something like an unlucky trade? I've lost many trades, but never felt unlucky, more like an idiot. I don't really focus on any positive profit number, not for today, this week, or by a year. Still I want to have a goal, something to reach for, to measure up to.. something that is possible, even quite hard.
Wednesday 24.Sept. 6 trades, 1 breakeven, 5 loosers Net (299$), (loss) 5 signals 2 taken 2 taken in wrong manner Losses: 1 wrong entry level, due to use of market order in spike, hence stopped out 1 signal stopped out 2 misinterpreted signals, stopped out, should been winners 2 chaser trades (1 BE) GOOD: Signal potential BAD: Poor execution/ not attentive Did not respect daily loss cut-off of 150$ chasers Hope you all did better!
This is just a tough market in which to trade with small capital. The volatility is hard. I'm down -$35 for the day and decided I needed to quit trying today rather than try so hard to make it back into the black and possibly widen my loss. Tomorrow is another day.
It was a bad feeling when i lost $80K. I wouldn't say it was devastating because i still had a good job. I am good in playing with ER2 (now TF). The mistake i made was that i was attracted to QM because of volatility. I am a counter trend player. Earlier i was shorting every rally and buying every dip. Now i am much more selective.
You sound like a huge dreamer to believe that you can actually be profitable when you have no knowledge of any profitable methods. At least you have money to live i suppose. Anyways i would say you would be lucky to break even. You would have to make over 500% in one year alone to turn 2.5K into 100K. Theres 240 trading days in a year. You would have to make over 2% a day in order to accomplish this. Not impossible but for someone who is not experienced with success i would say highly unlikely.
Oooh soz to hear that mate. What exactly do you mean by 'signals'?? You have like mental target levels where you enter and exit as your signals?? Ive made 1,188 so far this week..
Be patient, your conclusion is a bit premature I would say. But it's a good bet.. about 95% chance for you my friend.
LOL Yes there are too different types of losing trades; Unlucky 1s, and foolish trades. Foolish trades are when im traidng oil and i see the dollar weaking abit and just hovering uncertainly, oil has gone down in mild rally of maybe 60ticks in about 1minute, and cos i get greedy i sell then as a chaser trade. That would be a foolish trade. And unlucky trade, like the 1 i made, is when i get my sell trade in from a good high resistance level, after oil as been down trending strongly, an dthe fundamentals are all negative for economy but dollar satying strong, only to then have oil start to rocket and rocket up for no expalinable reason. I dont do foolish trades cos im experienced enough to just know not to, and unlucky trades happen to everyone, but i am skilled and experienced enough to not only avoid getting into lost of them, but also then when i am in 1 to know that im in 1 and to take the loss. And as for targets, its great to have targets, everyone should have some. But instead of having a ''cash number'' as your target, why not have a % as it instead, or a % combined with a minimum cash per week target?? For example i restarted trading fulltime this week after the 2weeks i had had to take off, starting from just under £2,400 capital, since id withdraw to pay all the rent till xmas and stuff, and ive already made 1,188 so far this week at just £1 t £2 per tick. -I have a monthly target i need to hit of atleast £1,000 min per month, and so cut this into a minimum target per day of £50. -And have a daily % profit target of 5% - 10% per day of my capital. Sounds extremly high and hard, and it is, but ive been doing in consistent day after day, week after week, month after month now since i put in those targets.. Because if you look at your account capital if you have only £2,000 it will be alot harder for you to make £3,000 profit in 1day, than it would be for someone who had a caital of £250,000, they should quite easily be able to make 3k. So from the start 100k will seem impossible target, but if you break it down in %s, then you can build up capital very fast, and the moe capital you have the easier that 100k will become. Goodluck
By signal I mean entry signal. I trade on price action. A signal can be a pattern, or the price reaching a certain point relative to prior price action. It's somewhat intuitive. I call it a signal, if the price reach such a point that I'm looking for. Exits are the same, based on prior price action.