im 16, have been trading live for 3 months now, after 1 year of demo, and right now am down 20% , im a swing/day trader and i've just been trying to buy dips in uptrends and short rallies in downtrends, that hasn't got me anywhere and i'm feeling pretty crap, after 1 year of good demoing to end up down 20% live,this is forex as well. bloody hell this trading is hard, and i dont anymore have people to talk to/get advice from, whereas those i knew started off with some kind of mentor. i don't know what i am doing wrong in this business. help!
I`d highly recommend JH method (no kidding here): http://www.elitetrader.com/vb/showthread.php? s=&postid=2151467&highlight=vdu+du#post2151467 http://www.elitetrader.com/vb/showt...perpage=6&highlight=ve bar&pagenumber=1...... ..andsome others threads to get through as well... After that, call for me and i`d give you the Holy Grail for free.... happy trip
here's a trade im in now: short cadchf; upper trendline/daily 50 ema in downtrend, stop loss is 2x daily atr.--at 0.9592
i think that's a good setup in cadcfh, but today i was stopped out of a usdjpy short, i closed a eurusd long for a scratch, i risked about 8% shorting eurusd and that lost, a few stupid day trades which pissed away any gains made. what i'm finding very hard is adapting to when the market just keeps going up and up without any good pullbacks, i tried to make a system to trade the H1 trends but was pretty crap now that i look at it. so i just wait and wait, and eventually take a late entry about the same time price action gets ugly and choppy
Spent a few free days in this Trading Room ... http://www.signaltrading.net/ Looked like it might be good. Good luck.
Only piece of advice you'll need is this, 'GET IN THE HABIT OF WINNING' period. Don't seek for the holy grail. Knowing some techincals will help you learn, but if you don't manage your risks properly, they'll fail. In time, you'll understand what I mean. good luck,
I highly recommend a mentor, it's the next step. Why would anyone try to do something as simple as cutting grass without first getting experience from a great grass cutter? I have done just about every mentorship out there, but there's only one that I ever found truely valueable. But beware, especially in forex, most out there are complete bullshit. PM me if you want the contact info.