Maybe one day I'll figure out how to trade consistently profitably. Right now my best seem to be break-even & my worst is losing money as I reduce size make sure the loss is small.
One thing that might help is to trade WITH the trend. You are falling for the fake setups that the big money offer to suck you in and then blow your stop. Observe how there's a rush of orders that blow the easy-to-predict stop. That's because top-callers are easy to predict and beat. Instead of trying to call a top or reversal, wait until that top or reversal is proven wrong, and go along with the rush of order flow. It's a lot easier. "The best trades go in your direction immediately and don't retrace" -- so that means close your trades a lot quicker when they don't do exactly that. If you insist on trading reversals, keep your losses a lot smaller so that when you finally catch a reversal, you outweigh all the small (tiny) previous attempts.
Don't beat yourself for day like today. When you have bias, like you had that things will reverse, it's hard to trade properly. Usually you never do stuff like this, but I totally understand what were you doing and what was in your head (at least I think that I do:) ).
Mark G - Thanks for your thoughts. I do try and trade with at least what I consider to be the short-term bias (trend). Today I was looking at how price moved up over 100 pips before the NY session. I figured the trend reversal entries were at least worth a shot. Of course, I was proven wrong.
FX - I won't beat myself up over it. Thanks for your words. I've been trading before I started this blog .. I just don't know what needs to click in my brain to find some consistent positive results. Time will tell.
One thing that might help is to trade WITH the trend. You are falling for the fake setups that the big money offer to suck you in and then blow your stop. Observe how there's a rush of orders that blow the easy-to-predict stop. That's because top-callers are easy to predict and beat. Instead of trying to call a top or reversal, wait until that top or reversal is proven wrong, and go along with the rush of order flow. It's a lot easier. "The best trades go in your direction immediately and don't retrace" -- so that means close your trades a lot quicker when they don't do exactly that. If you insist on trading reversals, keep your losses a lot smaller so that when you finally catch a reversal, you outweigh all the small (tiny) previous attempts.
ReplyDeleteDon't beat yourself for day like today. When you have bias, like you had that things will reverse, it's hard to trade properly. Usually you never do stuff like this, but I totally understand what were you doing and what was in your head (at least I think that I do:) ).
ReplyDeleteMark G - Thanks for your thoughts. I do try and trade with at least what I consider to be the short-term bias (trend). Today I was looking at how price moved up over 100 pips before the NY session. I figured the trend reversal entries were at least worth a shot. Of course, I was proven wrong.
ReplyDeleteFX - I won't beat myself up over it. Thanks for your words. I've been trading before I started this blog .. I just don't know what needs to click in my brain to find some consistent positive results. Time will tell.