Will i ever get it.

[ExperiencedJoe]

Who's emg ? I have some shares in EMG that's for sure.

Showing your PnL is no good to anyone. If you want to show PnL, you go make your own thread. In this thread, we are trying to show OP the light. If you want to really help, put up your trades and show the OP how it's done. This is a trading forum, there's no shame in showing people you are trading.

 

[ScottColeFTA]

The first mistake I see by the original poster is that he has no edge. You can't possibly become a successful trader if you don't know what your edge is before you put your capital to work. This is the biggest reason why most fail. Do yourself a favor, stop trading and start doing some hard research, and then develop a business plan. Trading is a business, not a hobby.

 

[Redneck]

I see...,

The ole ole deflect…, minimize…, endear...., and of course - crawfish

Go figure

Minimize or Crawfish (either one works me thinks)

Who's emg ? I have some shares in EMG that's for sure.

Showing your PnL is no good to anyone.

If you want to show PnL, you go make your own thread.

Traders get paid for one thing only – our performance

We produce one thing only – a PnL

No ass to back up your mouth - go figure


Endear

In this thread, we are trying to show OP the light.

We???

Just who invited you into Note’s Journal

Oh..., and before you step on yourself more…, Yeah...,I was


Simply Bullshit

If you want to really help, put up your trades and show the OP how it's done.


This is a trading forum, there's no shame in showing people you are trading.

Both these statements are beyond idiotic




More Deflect

If we needed PnL, we are better off asking to see Turveyd's.

He 10x his money every few days.

This is between you (ej)..., and me

Try to remain on track

RN

 

[Redneck]

The first mistake I see by the original poster is that he has no edge. You can't possibly become a successful trader if you don't know what your edge is before you put your capital to work. This is the biggest reason why most fail. Do yourself a favor, stop trading and start doing some hard research, and then develop a business plan. Trading is a business, not a hobby.

Instead of dog piling - how bout we allow him to sort through this shit - and come up with a path

He fully knows he up against the wall


RN

 

[alexkofler]

Let's get back to helping the OP @note

My respect for getting up at 4:30 to trade before your job.

First, I believe you should find a better instrument or time frame for trading than EUR/USD. EUR/USD is very tough intraday. Rather start with a cash future, like ES, YM and NQ for daytrading.
If you don't have the time to trade intraday, do swing trading, best on the hourly timeframe. You can also swing trade currencies like the EUR/USD if you like.

You asked for feedback on your trades:
Of course it's easy to say in hindsight, but I'd say your reaction is too slow. You must to make plans before any trade. Look at two things: trend and support/resistance. For your beginning, trade with the trend and use S/R for timing. That's it.

1) The first trade was contrary to the trend, started from a s/r low. The entry was very good. Your SL was beneath the S/R low? That's fine. But you must take your profit!! You see, the EUR/USD ran up to the other S/R (=1,2472). Take your profit there!

2) The second short was far too late to work with a small SL. You see how much the EUR/USD travelled down from the previous S/R at 1,2472? It's likely to get kicked out in a pullback.
Either you set your SL at the high of 1,2472 and let the trade run for a day or two, or if you want a small SL you must to get in earlier.

The best bet would have been to go short at the S/R of 1,2472 any time of the day, because this was a downtrend day.

Good luck and don't give up.

 

[NoDoji]

The first mistake I see by the original poster is that he has no edge. You can't possibly become a successful trader if you don't know what your edge is before you put your capital to work. This is the biggest reason why most fail. Do yourself a favor, stop trading and start doing some hard research, and then develop a business plan. Trading is a business, not a hobby.

I've spoken at length with at least a couple dozen people at ET over the years. The successful traders in this group had a plan and the ability to follow it.

One without the other results in a 90%+ chance of failure.

The majority of these people had trade ideas (a lot really good ones, too) but no real plan such as how to enter, where to place a stop loss and how to take profit. Most had never done a statistical analysis. A few had a pretty detailed plan, but it was not well-defined (using terms such as large bar/small bar, extended, choppy, really high, trending, etc. but no specific definitions of these terms) and so they were usually confused in real time.

If those with good trade ideas had simply traded every appearance of their setups and implemented a fixed positive R:R using bracket orders, they'd all have been profitable.

Instead they had all sorts of reasons for not trading valid setups (price had already gone too far, wanted to protect a profit, clawed their way back to even and called it a day, the price action "felt" weak, the dog needed a walk, mercury in retrograde, and so on).

If you're confused, you hesitate on setups, you think price is random, you believe the only way to make money is to have an edge limited to big professionals (inside info, HFT algos, massive capital to average down with), then you haven't studied price action and tested ideas based on patterns that appear every day.

 

[NoDoji]

Of course it's easy to say in hindsight, but I'd say your reaction is too slow. You must to make plans before any trade. Look at two things: trend and support/resistance. For your beginning, trade with the trend and use S/R for timing.

This is great advice.

 

[alexkofler]

Thanks @NoDoji
BTW, I like the rabbit in your photo

 

[bornwarrior]

Think of it in another way. If statistics say that 90% of those who tried to cross this road ended up ran over and dead. Would you still consider it a good idea to cross ? Here is another reason why people fail, that they think the market is a mechanical device like an ATM, that you can just press the right combinations of buttons and the cash will come out. The market is nothing like that. It is made of flesh and blood. If you win, someone is going to lose his lunch or dinner money. Unfortunately for most people, they bet against the richest banks on the other side. The banks will certainly not lose the lunch or dinner money for the people they employ.

Imagine you are on the street looking at someone counting his lunch money and you try taking it from him, what will happen ? Taking money from those in the market is a bit like that, except those counting the money are the gorilla banks. The chance of getting hold of that glinting cash is, well, use your imagination.

To succeed, you'd need considerably more than positive thinking and positive encouragement. If only positive waves are what you need, then you will find plenty because everyone here is a winner. Some, like tuveyd, will 10 times their money by this time next year.

I thought the fact that you considered the possibility of giving up was because you might have glimpsed something. If not and you can afford it, then yes, it's worthwhile getting some genuine experience on it. It will save you all the wondering if you have never done it.

90% fail in trading because those 90% would have failed to reach success in any competitive environment. Period.

 

[ExperiencedJoe]

Of course it's easy to say in hindsight

Indeed. Reason why I insist people sweat it out with their foresight.