Thread: I fail again and again and bite the dust

Originally Posted by ;

I believe you have failed to find the message. You cannot force the market into such a frame. Imagine if these couple of weeks the market has already been ranging. And the next couple of weeks you get a 500 pips each week cause it abruptly begin trending.
In great times you ought to try getting every penny out of the market and sometimes you should make an effort not to lose money (like in every other company ). Expecting to create exactly the identical number of pips every week no matter which market condition is either extremely absurd, or you're a trading ace.

I got your message loud and clear.
The goal is a goal not a limit. If you can't get your goal for a few weeks then it likely means you have set too high a goal for yourself. But if you end up achieving your goals that doesnt mean you quit trading.

For me the daily targets are similar to the light in the shadow, or a path. You create a goal and if you dont reach it there its ok as long as its a sensible goal and you're on the right path.

You can later look back and see ok last week was determined thats why I didn't handle my goal or this week market was trending well so I managed to make 3 times my goal.

Like I said the daily and weekly targets are just a path to tred on. ITs not you have let yourself down as you neglected your pip goal last week. For me it keeps me focused.

Originally Posted by ;

I don't want to confuse you, but I have discovered setting stiff goals to be counter-productive. What happens if you fall behind your daily or weekly aim?

[color=Blue][I]Can this forum manage some reality? Note: this isn't a negative post.


All the professional traders that I know, whether they exchange FX or futures markets, don't make so much daily. ....
....
I will inform the only way a trader can earn $1,000,000 from trading. Here's a good illustration of 10 thousand trades. .... This usually means averaging $50 a trade per lot or contract (in the case of futures), which is really good after expenditures. Very doable with robust methods. Additionally, you have to stay on your game or you won't perform this well.

I disagree with's statement that demo trading is unworthy. I use many demo accounts to forward evaluation new egies and ideas; and also to find out what's profitable over a suitably high number of trades (500 is complete minimum). For me, knowledge is king. .... But one obvious caveat: for demo to be effective, you need to treat it seriously.

Says he plans for 2% every day. When we compound this over 250 trading days in a calendar year, that is about a 14,000% pa ROE. He then states that he'll afterwards target for 3 percent. IMO that sort of metric is moot;.... Risk management is potentially the most important region of trading.

With all due regard to Hanover, the assert his investor buddy excoriates as the,. . .so much daily crowd, he himself ends up doing the specific same thing. His timeline may be different but he ends up with the same general average, which was...$50 a trade per lot or contract.... That is no different from what I am doing if you say $50 per contract, pips each day/week/month, or using percent such as I really do. It's an averaging of skill against a particular time frame. To use his own debate that 10 million profit versus 9 million lost is based on a time frame. There is absolutely no way of getting about it. When making an million is your goal, then I figure you may be working at it for 50-60 years depending on his method. That is absurd.

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Originally Posted by ;

I do not want to confuse you, but I have discovered setting stiff goals to be counter-productive. What happens in the event that you fall behind your daily or weekly goal? ....

Let me include...

Should you drop behind your daily or weekly goal, all that indicates is you put your goals outside of your ability. There has to be a point somewhere on your trading where you always make a profit. If you aren't there yet, you need to concentrate on your own egy. Since'moneydeep' said he utilizes a egy which works, I presumed that we could go beyond that and work on target goals.

For an investor to not have goals is just absurd. How do you measure yourself otherwise? You can not.

Some usage demo account for analyzing. Ok, but I personally have very little value in them and that's the reason I said you needed to have'skin' from the game. You should rather start with a little account, say $1000 or what ever and use pips with lot dimensions of 1000 or even 10cents per pip. So in the event that you lose say 200 pips you are just out $20 then it must be your goal about how to gain the $20 back.

2 percent daily is challenging but attainable for me. Can I have losing days? Of course but do I have times where I make well over 30%? I do. Because I'm so cautious, I'm leave more about the table than I take.

You need to understand where your success averages lay. Just like that investor that was satisfied with $50 per contract in the futures market.

For example, my son could be content to earn 5% of a thousand dollars within a month interval. That would be $50. To mepersonally, at 2% per day, I'd like to see in the close of the month $1485. Ambitious--yes. I exceed that.

And that's SOOO correct. Demo trading is good if you can take it seriously. You don't need to risk real money before you understand things such as the market has its own rhythm, find that spreads are bigger throughout news/weekends, see that some trades will cost you swap should you keep them overnight, see that different pairs have different pip values, know margin and so forth. Plenty things you may learn with demonstration.

Originally Posted by ;

I disagree with Taigen's statement that demonstration trading is unworthy. I use many demo accounts to forward evaluation new egies and thoughts; and to find out what is profitable over a suitably high number of transactions (500 is absolute minimum). Knowledge is king. If I don't have total confidence that a egy works profitably, then I will never have the ability to keep discipline trading it reside. Using demo in this manner has probably saved me thousands of dollars; why risk blowing live accounts once I can test my ideas for free? But one obvious caveat: for...

Hanover and Spekitox Talk the truth...

.. .the rest is sadly exaggerated nonsense, I'm sorry.

Originally Posted by ;

To me, at 2% daily.... Ambitious--yes. I typically exceed that.

Originally Posted by ;

... but still I should be ending this month with a 51% increase.

Originally Posted by ;

You are simply nuts. My guru does this... However, my son is doing this too and is averaging 5% daily.

Originally Posted by ;

The impulse of this market is fairly obvious and if you are careful
it shouldn't be to hard to keep a 20% to 50% account yearly increase.

A friend of mine starts a $2000 account every year and within a year ends into a million.

Daily aims are silly.
Take the good trades and spend the screen time, that is all you can do.

The couple times I've breached 40percent per month, I shortly blown-up spectacularly.
The risk is too high. (I scalp, 60-200 trades a month.)

If the OP gets the debate,. . .just since you couldn't do it, does not indicate it isn't possible,
I invite them to place some stats on Trade Explorer or Myfxbook.com so that we can analyze the risk and see the wonderful consistency.
(3-4 months would suffice, perhaps 200 trades?)

Alter your wall paper to a quote or picture which reminds you not to be greedy meditate for five minutes until you view your charts. Adhere to the stagy principles write it down and read it aloud everyday Talk to your self when you are feeling the greedyness entering you

Originally Posted by ;

Hanover and Spekitox Talk the truth...

.. .the remainder is sadly exaggerated nonsense, I am sorry.

Daily aims are silly. ...

I don't know what world you are from but daily, weekly, monthly, and annual goals are important to anyone who appreciates their time. Should you choose trading in a serendipitous manner that is whimsical, you will simply fail. You will have learned nothing.

If you do not have daily aims why bother getting on the computer. No matter if you trade long term, short term, the trend, day trading, or perhaps scalping, you must have some sort of idea what you want to accomplish in your transaction which day.

Whether I earn 2% a day or not is not the question, it's an averaged out goal. Occasionally I'll be placed on Tuesday and will not get out until Saturday and while I am in the position it is going against me. My daily goal tells me about where I ought to be at.

If 2 percent is the problem or exaggerated, attempt 1% or 1/4 percent, or attempt using pips say 1 pip every day for a total of 20 pips per month. What the hell your success average isdo it.

If I understand you correctly, you go out and trade. You make 200 pips, you lose 300 pips, you earn 100 pips and so forth? You have got to be kidding me. I don't believe you guys are for real.

Originally Posted by ;

I have been trading live for a year now and I can not earn money. Anytime I create money I wind up giving it back into the market and much more.

I have problems controlling my own greed. When I see a fantastic set up I will increase my risk variable a lot and as soon as the trade goes against me my entire mindset changes. I feel very bad and miserable but the intriguing thing is that I can return the following day and put that behind me and be prepared to trade again.

I have a system which works. I use elliott wave counts with vsa to remain on the ideal side of this market. I.. .

You need to learn to control your greed and fear differently you will never make it.

It doesnt matter how great a trading system you've got, ulimately it's all down to plogy - controlling ones feelings, and cash management. You'll lose even with great trading systems if you can't control these variables.

There are lots of things you can do to control your emotions, greed and anxiety. You can play plogical games with yourself and stick to the ones which work for you. A good example is, you contemplate trading as a'job'. i.. E just like you would go into an office and are told what to do, you do it. That's all thats required of you personally. You dont get your emotions involved. You just do what you're told. If your job was to take a milk bottle in place A to place B, then you would accomplish that. Grab the milk bottle in place A, walk into place B, then leave the milk bottle there. No need to get emotions involved is there?
Likewise with trading, you're advised what to do, and you do it. Say you're advised to buy when ema 3 crosses ema 5, shut when reverse occurs. Well, thats all you do. You just do what you're told. Like if you're doing work. Why get emotions involved. ?

I know its easier said than done, but you must learn how to restrain it. As I stated before plogical matches to control your emotions often work. Experiment and see what works for you. And just stick to the ones which work for you. Sometimes it helps to have a rest in trading, forget you ever traded, or that you actually dont ever need to exchange again. Then take a few days off. Come back with a fresh open thoughts, and see how much clearer things become. You will see things in the ideal method.


Lastly, the importance of cash management and not overtrading can't be emphasised enough. This is important to earning pips at the long term.


Great fortune. .

Originally Posted by ;

I do not know what world you're from but daily, weekly, monthly, and yearly goals are important to anyone who appreciates his or her time. You will fail, if you choose trading at a serendipitous fashion that is whimsical. You'll have discovered nothing.

If you do not have daily goals why bother getting on the computer. Regardless in the event that you trade long term, short term, the trend, day trading, or perhaps scalping, you must have some kind of idea what you would like to accomplish on your transaction daily.

Whether I make 2% in a day or not isn't the question,...

what should you have an unprofitable year? Then those daily goals will make you go insane.

The daily target needs to be to execute a winning strategy over and over again no matter what the result (except if it starts to become a losing system).

Originally Posted by ;

you want to learn to control your greed and fear differently you'll never make it.

It doesnt matter how great a trading method you have, ulimately it is all down to plogy - controlling ones feelings, and cash management. You'll lose even with great trading strategies if you can't control these factors.

There are many things you can do to control your emotions, greed and fear. You may play plogical games on your own and stick to those which work for you. A good example would be, you contemplate investing as a'job'. i.. E just like you would...

overall great information, but it gotta be emphasized that you want a winning system, then everything you said applies.
If you got a losing system, then all of that information will not help to make you a winner.