Confessions of a loser who need to quit

[dandxg]

Quote from Pension_Admin:

I haven't made that many trades, since I couldn't scalp with forex. My last attempt was using a random entry method. Win % was only 38%. The error I have made was using the same fixed pip stop and exit for all currency pairs I trade. I did not take the volatility and the spread of each currency pair into consideration. So, I don't believe I will have the same 38% again, unless the forex market is really rigged.


I don't have a lot of money to trade with. So, forex seems to be the only option for me to test out my strategy.

I will avoid scalping at all cost in the forex market. I know that the retailers are the counter-party to my trades and they would not hesitate to move the price a few pips to take my stop-loss.

1. You aren't going to make it with random entry. How about something simple. Trade in the trend of the next higher time frame. Trade off 15 min, use daily, weekly, not random.

2. Did you catch your own point. You are underfunded if forex is all you can afford. You really should just stop, save up, and fund a real account. When you do that you can trade currency futures, a regulated market, a few shares, the YM or NQ, etc. Because you are trading an underfunded account fear of loss will always be a major issue.

3. Why don't you get a sim, save up, and practice. I know from using it in the past the Ninja Trader puts you last in place for fills on sim. If you can make money on that then you stand a chance since fills are harder than normal.

 

[Jym]

Quote from oraclewizard77:

So for example instead of selling a vertical a month before expiration to capture time decay, you buy them close to expiration in the hopes that they will make money due to a large movement in the market during that time frame.[

Actually I think we're talking about the same thing when you say selling a vertical.

I am trying to catch time decay.
Unless they get stopped out by a really really big move in a single week they'll expire worthless and I'll just cash in whatever the difference was between the option I sold and the one i bought.


Like for Apple this month
I sold 185 calls for .37 and bought 195 calls at 0.07 so I'll collect 0.30 or $30 for each spread if apple closes below 185 next Friday and it's at 172 so that seems likely

In the other direction I sold a 160 put for 0.38 and bought a 150 put for 0.12 so I'll collect .26 or $26 for each of those.

 

[Nattdog]

dude...

Your last effort was trading with a random entry? WTF? If you were fighting for your life would you randomly throw punches in the air or would you try to HIT something important?

The first step of not losing is to simply refuse to lose any longer. Refuse to bleed yourself in the markets. For you that would mean giving up trading.

Do not risk real money again until you are deadly confident in what you are doing. If you can't give it up.. well, you don't have a trading problem you have a gambling issue. I say that not to chastise, it is your business not mine.

 

[Nattdog]

Oh yea.. STOP TRADING FOREX.

 

[ksonsinc]

Forex is very tuff
U might as well trade stock ,s or futures maybe
a lot of variety to trade
You can pay attention to 1 sector of stock
Keep 2 or 3 sector on your radar like oil sector
oil
financials
etc
Screen time is very important

 

[Pension_Admin]

Quote from Nattdog:

dude...

Your last effort was trading with a random entry? WTF? If you were fighting for your life would you randomly throw punches in the air or would you try to HIT something important?

It was definitely a mistake, but it was something I stubbornly had to do to see if entry matter--especially when some leading experts mentioned that once you are in a trade, everything is by chance.

My next attempt will based on trend and gyration.

 

[FB123]

Quote from Nattdog:

dude...

Your last effort was trading with a random entry? WTF? If you were fighting for your life would you randomly throw punches in the air or would you try to HIT something important?

I agree. Random entry is not a trading plan, it is the lack of a trading plan. You need to pick and choose your setups carefully.

 

[Pension_Admin]

Quote from ksonsinc:

Forex is very tuff
U might as well trade stock ,s or futures maybe
a lot of variety to trade
You can pay attention to 1 sector of stock
Keep 2 or 3 sector on your radar like oil sector
oil
financials
etc
Screen time is very important

I understand forex is tough, and that is why I am not putting a lot of money into it.

One day when I have accumulated enough money, I might open an account to trade stocks.

In the mean time, I will just trade in the forex market.

 

[BPtrader]

Quote from FB123:



Go on a simulator and trade your system until you ARE confident. Simulators are for testing strategies and gaining confidence in a system.

Stop giving your idiotic advice. You have no clue of what you are talking about.

Simulator does NOT give you confidence.

 

[TradePilotPro1]

please stop trading forex
go to s&p futures


I would never ever trade forex

good luck to you in whatever you choose