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the market is against me.

 
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geovanemelo

the market is against me.

Good Morning to all. I hope everyone is having a blessed day. 

I think the market is against me, every time when I try to apply a new technique I lose and I lose badly.  I'm on the Silver I, and since I start the silver, I'm just losing, yesterday, for example, I was trying to apply the "Breakout technique" where you put a buy stop on the resistance line and a sell stop on the support line, I was trading on NZD/JPY, I have my indicators setup everything ready to make only 9 pip that was my goal lol, when what happened, the trade brake out, they went first at my buy stop, then went down badly until my sell stop, simultaneously and of course in his way down, grabbed my buy stop-loss, and the bulls start pulling up aggressively  grabbing my sell stop loss, making me lose around 32 pips, and I was waiting for that happens all morning, just to get my 9 pips, and I end up as another losing day. 4 in the roll. Evey new indicator or technique that I'm applying is going against me, I don't know if those indicators help or muddle my trades, every day a try a different one, and none yet is really helping. Does anyone over that is passing for the same situation? or can give me some clue, sometimes I see people getting 600 800 pips a day, and can not even get 20 or 10. Thank God this is not real money, I had tried all time frames, all indicators, that I've learned so far, and at the end of the day, it's a losing day. Please give me some light. Thanks to all. 

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Thu, 06/20/2019 - 10:52am
 
burton

"I think the market is against me" ...geovanemelo, classic pain moment.

"sometimes I see people getting 600 800 pips a day" ...blah, blah, blah...for many those numbers are the exception...ignore them. and even if they weren't the exception...how does that help you? ...it doesn't.

don't compare, most won't show you when it's going horribly wrong. as a result, what you see online is grossly skewed.

when you say "trying", how many trades are you taking, before trying another setup? ...i would suggest a minimum of 25 trades...that will give you enough feedback to determine whether or not it's worth moving forward.

one last thought: there are ways to make the pip count high, while the net outcome is small. again, what someone else does, is not your concern. work on mastering your skills, and yourself.

 
geovanemelo

Thanks, Burton, I will try to follow your advice. the only good thing about losing is that you learn with your mistakes and discover that you can not trust 100 % in indicators. I will continue trading every day but now with the Intuit to get knowledge and mastering myself and my skills. Thanks again

 
caflischmartin

when you loose constantly,just do the opposite.
buy at the bottom and sell at the top instead of trading the breakout trade the range.

 
mike_smith

geovanemelo,

I change your statement to:

"the mind is against me."

I hope this helps.

It is common knowledge that the conscious mind acts directly against the information the subconscious has. This is a type of filter and protection. You need to control your conscious and let your subconscious perform.

 
FXGold54

Geo, first check your understating of the method. Always anticipate support and resistance to hold. if you are trading a breakout putting your buy stop on the resistance level doesn't make sense. if you expect the mark to get rejected at resistance, your buy will get taken in and the market will head lower towards support. For a breakout trade, you need the market to ...breakout of either support or resistance so you want your stop entry orders several pips beyond the support/resistance levels.

Attached is a breakout trade I took last week on GBBPJPY. you can see the magenta line is the low during Asia at 137.234 and my breakout entry was at 137.15

Hope that helps,

Allen

6-14 GBPJPY Detailed.png
 
burton

"discover that you can not trust 100 % in indicators" ...geovanemelo, here's my perspective...

- a trader cannot trust the indicator(s) they use, when they haven't taken the time to really *study them
- a trader cannot trust the indicator(s) they use, when they haven't master one, and still they attempt to use more than one

*study; what do i mean by study...

- historically, find, and markup at least 100 trade setups
- through the markup process, outline what is different when comparing the very best setups, with the very worst of setups
- in real time, identify a minimum of 20 similar trading setups...do markups, pay attention to the setups you easily identified before the setup triggered, and identify what was different, by comparing those trade setups to the ones that were not so obvious
- question; of the trades you were able to identify, while developing, and the trades you were not able to identify, while developing, which group of trades proved most profitable?

the goal here is for you, the trader, to understand how to identify, and trade high probability trade setups. once you have started to become successful at identifying, and trading high probability setups, as a trader, your next objective is to become boringly consistent.

and always...have a system or process of review, and chart markups in place. this will allow you to continue to hone/improve your trading skills.

 
burton

caflischmartin, nice one, that thought does happen to pop into my mind, from time to time. =)

 
burton

geovanemelo, pay attention to allen aka Allengoldatty, he is such a great resource.

allen, beautiful drop, thanks for the share.

 
FXGold54

Burton, thanks for the kind words and I'm glad you liked it :)

That trade is a set-up I posted on tradeview (for those who do not know, tradeview is free charting software) and what I love about tradeview is you see where the market is when a trader posts their trade idea and you can then "play it" forward to see how it turns out.

The screenshot I posted is part of the way I document my trades and the end of my day.

Allen

Tradeview Id= AGold54