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I'm going to make assumptions and you tell me where I'm wrong:
1) you have a small account
2) you don't have money to lose
3) the money that you do have means a lot to you and desperately want it to grow, and are scared of losing it.
4) you trade SIM and see it fails 20% of the time and in the back of your mind that's enough to scare you in live trading.
5) you start live trading and start remembering real and SIM losses subconsciously and go for quick scalps
6) you get emotional during trading (wins and losses)
7) you truly are not consistent with your trading plan and lie to yourself/ignore reality.
Based on what you say above will reflect my next response.
The following 2 users say Thank You to Arch for this post:
I think I was misunderstood a bit, taken as if I am talking from a high position. This is not the case, english is my second language so maybe my expressions looked that way.
I never said what I did was something novel, where did I say that? I am just a student of the market, of Al Brooks, and several other big industry names. I have done the work in constantly observing their principles and putting the logic together to be able to analyze the chart in real time.
I am not grossly overestimating my abilities.
You are right in what you say about growing some balls, but not right in judging my character
The following user says Thank You to nenuser for this post:
About what you say about being surprised of sharing profit, as the title says I cant find a solution to my issue. I wish I could, I am willing to give it all if someone would be able to help me with it.
You are right on the issue of securing an income, I am in the process of getting a remote job to do while trading which I believe may help me to take off the whole weight off trading itself.
As to the trades, they were all taken. The sole entries taken that day, I can show the executions, but pathetically in all of them I closed them 5 minutes later for a minimum gain without respecting their targets...
Thank you for the wise words and wake up call, I know this is a personal journey. I can only aspire to do my best to get to the level required to reach peak performance.
You have a long road ahead of you if that's your answer.
#2 implies #1 is true.
#3 mentions "scared of losing" yet you disagree with #6.
You're looking for a magic fix to your problems because you desperately need money and want riches. Compounding that with a trading plan you truly do not believe in with conviction is a recipe for disaster.
The following 2 users say Thank You to Arch for this post:
You almost sound overconfident. I can't imagine someone like PTJ saying "I know what I am doing, ... I polished my price action and my plan to perfection." That doesn't sound like successful traders. "I know for a fact" just doesn't sound right, to me.
FWIW, Analysts make "calls" ... traders take trades (and hold onto them long enough to at least justify the risk taken).
What does a loss represent to you? Or, missing out on a big win? I used to just dream of a big win. For me at the time, that would have been probably about $1000. If I could just take one trade and make $1000, I would have "arrived" ... "anything would be possible!" The monkey would be off my back, the market will have finally let me catch a break, and then I'll be free, knowing that I can do it.
Well, big wins do happen, but despite a steady flow of profitable trades (larger than what I used to dream of), I can tell you that while it does give you a sense of satisfaction, you're still only as good as your next trade. You get that magic $1k trade, but next you might lose $1k, or more. You never "arrive" -- you just get to trade bigger size, and both the wins and the losses grow. The key is to keep losses contained. Even if your wins are not big, keep losses contained, first and foremost. Then you can focus on confidently letting the market pay you more.
I've found that once I accept a given less-than-favorable outcome, and am "ok" with it, then it tends to happen to me less. So you exited early. Who cares? You're alive, as healthy as you were before, and nothing's different. Accept what you are afraid of, be ok with it, and let it be.
Here's some possibly controversial (like I care) stuff I said some time ago. It doesn't directly apply here, but consider that you're purely playing a game when you trade. You provide no value to anyone. You can win, or you can lose, in varying degrees. If you never traded again, no one would care. The market is so much bigger than any of us. Be safe, but don't sweat it. It's a game, so don't take it so seriously:
One last thing to consider: what you are trading with does not appear to be particularly unique or special. What's special is how you use it. So, if you can't actually take or hold a trade, you have no edge. You are the edge--your interpretation of information is your edge, if you really have one. So, inject yourself into the equation. Otherwise, there's no edge there.
The following 6 users say Thank You to josh for this post:
See, fully tradable ideas are usually tradable by someone who is just being there to click. Why I suggested this was because its usually more time saving way of testing the worth of strategy if you don't know programing yourself to go full algo way.
Since the said person was not able to trade it, whatever might be the surface reason, probably the problem is with your expectation of the strategy.
One another thing I'm noticing is that your faith in the strategy is from eyeballing chart rather than actual discernable backtest with various important factors like drawdowns.
This thread already has some stern replies but being a newbie myself, I can empathies.
I think you need to have a different approach to this than what you have now. Eyeballing strategies and trading them requires a very confidant trader, which you are not by self admission, backtesting and gaining confidence out of backtest outcome (Assuming its legible backtest) is the only legible way for you.
If things don't work out, don't beat yourself over it, its not bad idea to find something else to earn money.
The following user says Thank You to AllSeeker for this post:
