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What are My Trading Challenges?

 
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kawannyanat

What are My Trading Challenges?

I joined Apiary Fund Trader Development program having spent significant resources in the past. I bought trading books, joined online webinars, signed up for forex coaching programs online and have been losing money. So I guess I am contributing to the statistics of many aspiring learners that never really makes money in trading but I have  not given up. My goal is to find out and understand why and what I have not been doing right and hope that Apiary Simulated accounts and the systematic trading development program could help to correct all the bad habits. Going through the Silver program I am learning to focus on the trading process to learn the market, develop and execute my trading system and training myself to be disciplined in executing them which is the hardest tasks. Knowledge about indicators and concepts of price actions are not difficult but to  use the knowledge and develop skills in the market to make profits consistently is tough. At this point I am not paying attention to equity curve just concentrate on executing trades as per the required tasks and look at impact and statistics.

My main challenge is time due to my fulltime day job, hence no access to market or trading tools during the day. I have to  resort to trading style  that suite my daily routine after work by which times I am already exhausted and not really the best frame of mind to look at the market and trade. I am resorting to daily charts at the end of the day for trading signals and because of time differences, I can never catch the ideal times for short term trading style. For example, it is a challenge for me to place 5 trades for Silver 1 requirement during the first two hours of New York Open as the times does not fits my work day schedule.

For now, I am analyzing market using Bollinger Band, implementing the idea of "Squeeze and Bulge"  to identify market contraction and expansion phase to  place Break out Trades. I use two B bands (20), the first one with set up of 2 std dev and the inner band with 1 std dev. The Buy trade signal is triggered when a candle closes above the upper band of 1 std dev in an uptrend after the contraction (squeeze). Sell signal is triggered when candle close below lower band of 1 Std dev. in a downtrend market. I use 2 x ATR (14) for my stop loss and 3XATR(14) for profit target with the goal of achieving at least 1.2 Rewards to Risks Ratio. I look at Daily, H4 and H1 charts identify entry opportunities.

 Whenever I have time, I tried Shawn's Wobbly to scalp (with 1 min and 5 mins charts) into pairs with initially winning positions using 3 or 5 pips targets (stop loss 25). So far most of the times the loosing trades wipe out the small scalping profits. But it's interesting to find out that one can collect pips fast within a short period if one get the excution right but also can collect large negative pips when the market is against the trades and ironically its most of the times. If I can do it well, it helps to add to winning positions. I have to find out and learn how to peel off loosing trades early based on what Shawn teach in his you tube show. I have read the forum discussions on wobbly and yet to try the idea of scalping out of loosing positions and of course learn peeling off loosing trades early.

Ths post is submitted as part of my Silver 1 requirment

Any assistance and advices from members of the Forum group is very appreciated.

Have a good day! and happy trading

Wed, 06/26/2019 - 6:59am
 
otalieb

Sorry to hear about your frustrations with trading. I'm glad that you have the right attitude. I also struggled with balancing work full-time and trading part-time. It took me a year and a half to get to Gold III and I'm so glad I never gave up. I was able to get to Gold I in 5 months, but Gold I - Gold III took me 13 months to complete. What I did was execute my strategy during the week, with planning on the weekend. I would set up my trades when the market opened on Sunday and then tweak my trades throughout the week. Sometimes I would need to make adjustments, and it was very slow at times, but I kept doing it in increments and was able to advance through the program. What I ultimately discovered was that more time meant more mistakes and more overthinking. KISS definitely applies in trading.

Depending on your strategy you can expect more activity during certain economic calendar announcements and which usually means more volatility and more opportunities.

There are a lot more tidbits to offer, but I would say in short, spend time simplifying your strategy - and give yourself a realistic time frame to achieve the results you want. I wish the best of success to you.

 
kawannyanat

Thank you Otalieb, much appreciated your sharing of personal experiences and give me encouragement to not give up yet and the ideas on what to do.