All right, so finally i am here. I am starting this journal because just talking to myself would not help much. so i thought why not put it out there, some one some where will know what the heck is going on. and off-course knows the obvious, which surely i don't know. In this journal , i will post my eur/usd trades, and fellow members are more than welcome to put there meaningful comments. Only request is that show me the path only if you are already walked on this path, and crossed that success door. i have already done so many things if this time this does not work, i am going to stop this forever. so i woke up at 4:30 AM to trade EUR/USD. i have attached the chart , i basically took two trades one long one short, and was sitting there just to see my stop hit. 1st long, i sold half of my size few points above, but eventually it hit my stop loss. 2nd short , was a mistake i think, i should have shorted , where my stop was. but off-course i am learning so i have excuse. i am done for the day, as i have to go to office. I can not post / trade each and every day but i will try to do my best this time, and i really appreciate your comments / suggestions, which can help to reach goal a bit faster.
It doesn't appear that you're learning; seems like you're just trying lots of things. If you want to teach yourself to day trade using a 1-min chart, focus on mastering Bob Volman's concepts as described in his book Forex Price Action Scalping.
very little to 'get'...non-math 'trader' very disadvantaged in current time. will get only worse. not good time for human trader. hftrade impossible to trade against
It may be impossible to compete with HFT but on the other hand, if you know how algos operate, it can be very profitable to "front run" their often very predictable moves.
Hey Note How about telling a little bit about your trading - what you've tried / how you trade / what you look at /key on No "secrets" - just an overview.., so we have general insight into what you're doing / looking at / thinking What are your thoughts on uncertainty..., losing trades What level of discipline..., patience..., humility do you bring to the table I know you're intelligent - do you think that has any baring on one's ability to trade Do you think human behavior can be mathematically modeled consistently Next Below are 3 steps.., that imo.., lay the ground work for successful trading Where are you with each Step 1 - Build PA reading / context creating skills (technical skills) Step 2 - Build one's approach / methodology..., identify the setup(s) signal(s) Step 3 - Forge one's self into a trader Gotta get our bearings sorted out before heading down whatever path btw - I trust you're not hesitant to get yer hands dirty (do the necessary work) RN
Most believe 90% fail. Some believe 95% fail. I believe 99% fail. They fail not because there is something wrong with them. They fail because they don't understand the guy/entity on the other side of the trade needs to, and more often than not able to make a profit on any trade they take on. If you were to give it up altogether, you would be making quite a wise choice. The problem of trading is rather simple to understand as I have described - with regards to what you are dealing with, but quite difficult to solve. There are alternatives to trading that are trading related. You can become a trainer, help market trading websites, signals, and software, or get a job at a broker/market-maker/bank where trading has a greater chance of success simply because you would be on the opposite side of the 90/95/99%. If you are hoping someone will help you to get to where you want to be, the chance is pretty low that you will get it. Those who have found a solution would have paid quite a hefty price for it, and they are unlikely to give it to you for no reason.
Hi Note, Experienced Joe may well be right that 99% fail, but he's too pessimistic about getting help here. Two of the posters above, NoDoji and Redneck, have been giving good advice to inexperienced traders on this forum for a few years now. This is true even if your preferred trading style is a bit different from the price action trading approaches that they employ. "ExperiencedJoe: ...If you are hoping someone will help you to get to where you want to be, the chance is pretty low that you will get it. Those who have found a solution would have paid quite a hefty price for it, and they are unlikely to give it to you for no reason."
Erase everything you think you have learnt, mainly SR and looking for places to play reversals, mugs game. Its all about direction, work out how to see direction and enter with, dont make it any harder. I trade off... 10sma Envelope 10sma 0.06% ( 15pip range area ) 24ema 50ema 100ema. Use Heiken Ashi aswell. Drop them on to a chart and try to get your head around it for a while. Also gbpaud trades better and DAX if you can, EU hasnt got the momo to day trade normally.