Author Topic: Trading generally  (Read 124 times)

eddieb

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Trading generally
« on: January 28, 2020, 07:36:37 AM »
Good morning people

For most of the last 2 years my trading account has grown fabulously to several times what it was.
The past 3 or 4 months have been a different story, I cant pick a winner to save my life and my account is slipping.
Ive had dry periods before but nothing as prolonged as this.
Time to stop,  study my recent trades to see if there is a common denominator,  and get back to basics,  maybe even take a short break from trading until I have a better idea where I am going wrong.
Will let you know how things develop.

Namaste

Kaitsu

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Re: Trading generally
« Reply #1 on: January 28, 2020, 11:51:50 AM »
The past 3 or 4 months have been a different story, I cant pick a winner to save my life and my account is slipping.
Ive had dry periods before but nothing as prolonged as this.
Sorry to hear that, Eddieb! But full credit to you for your openness about it!

I have also noticed that in recent months there is no logical analytical structure in any moves that lasts more than a short time! For me, it has just been a time of grabbing whatever appears and not hanging on for any follow-through. But I don't like that kind of trading and it rarely produces anything substantial anyway!

But I guess, to a large extent, it is fairly much to be expected with all the strange things going on in the world right now. Rarely, if ever, has there been a simultaneous upheaval in markets as we are seeing now with the UK exiting the EU, the impeachment of a US president, the impact of coronavirus, the tensions in the Middle East, natural disasters such as the Australian forest fires and the locust swarms in East Africa, etc, etc, etc. On top of all that the markets have to anticipate the possible impact of trade negotiations during this years covering all the major economies as well as the impact of the impeachment proceedings on the US elections later this year.

All very interesting stuff, but hardly leads to clarity as to where the markets might be heading!

Trouble is, this situation is not likely to end very soon and we may be embroiled in unpredictable, nervous markets at least until the end of this year. By then at least the UK, EU and US situations should be more settled!!

I am also currently taking a back seat from posting anything about markets until I have something worth saying!!

Good luck and hope to see you around again soon!  :D

eddieb

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Re: Trading generally
« Reply #2 on: February 18, 2020, 06:26:12 PM »
Ive figured out some of my issues,  nothing surprising really just slipping back into old habits and forcing trades- looking in different time frames to make the chart "tell" me what I wanted to see,  ie that there is an opportunity when really there isn't.
Over confidence following very long winning runs is another,  thinking I can't get it wrong when clearly I can.
I need to get back to basics,  documenting my trades and stuff like that.


Namaste

Caesar

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Re: Trading generally
« Reply #3 on: February 18, 2020, 07:07:03 PM »
Understanding what you've done wrong is the key to getting it right.
The real problems are when your account is dwindling away and you don't know why.

Kaitsu

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Re: Trading generally
« Reply #4 on: February 19, 2020, 07:41:18 AM »
The real problems are when your account is dwindling away and you don't know why.
Or even worse - when your account is dwindling and you DO know why!!

I have read several stories on various sites about compulsive addiction to trading and its associated "sins" of excessive risk-taking, revenge trading, etc. It is a sad by-product of this industry that the ease of entry and the small initial capital requirement as well as the lack of any professional training facilities, all present a very attractive, almost irresistible, "home" for gamblers. Many of these are simply naive and think there is a chance of making a million and retiring to Bahama beaches with their trading app in their mobile. But there are others that are compulsive gamblers and know even before they start that they will lose - and they also lose the money of anyone soft enough to lend them more.

Just for the record, this is a general comment under the heading of "Trading generally" and is certainly not a comment about you, Eddieb!  ;D

eddieb

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Re: Trading generally
« Reply #5 on: February 21, 2020, 12:54:58 PM »
Update.

Have gone back to basics-  smaller lots, lower TP, tighter SL, and sticking to my time frames instead of looking for one that fits my "hunch".

4 trades in 2 days, 4 closed in profit.
Let's see how this goes!

Have a nice weekend all.

Namaste

Kaitsu

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Re: Trading generally
« Reply #6 on: February 21, 2020, 04:16:50 PM »
Have gone back to basics-  smaller lots, lower TP, tighter SL, and sticking to my time frames instead of looking for one that fits my "hunch".

4 trades in 2 days, 4 closed in profit.
Let's see how this goes!

That is really great to hear! :) I am really happy for you and I think you are on the right track with your approach here - at least in the current unsettled times.
I am doing the same and the SP500 trading is now over 1000 points per lot this month. I even took another quick 150 points today on the short side (and yesterday) even though I am technically on a break. It was just a quick "set and forget" entry with a close TP/SL of 150 both ways. It seems to be working steadily and well over these last few months. 
Have a nice weekend all.

Namaste

You too, Eddieb