Hi Randall,

I just found your topic with the title above, unfortunately, it looks like you've stopped trading altogether. If you're still trading the same system here are my thoughts (some probably a repetition of what others have said) :

1. Some of the replies that your stops are too tight, I'm inclined to agree with them. I've never traded a 30m chart so I can't give you an indication on whats 'right'. But just an indication of why I think they're too tight is clear when you look at just the number of 'red' and 'yellow' news. Any of these could take out a small stop, easily.

2. Your average win is smaller than your average loss, probably meaning that you RR ratio is inverted. Assuming that the market is totally random, over an extended period of time, even a coin toss would give you a 50-50 chance of success. If you readjusted your RR to say something like 1risk : 3reward, it could possibly be already making you some money.

3. Consider reducing your lot sizes to widen your stops (and profit levels too). Have the same dollar risk, and allow the markets to swing, whilst keeping your money (management) intact. The money management system actually plays a bigger role that the actual system itself.

4. Consider trading a larger time frame. This will naturally allow you to set larger stops, avoid the market noise and save your sanity. Just make sure you adjust your risk accordingly.

5, You mentioned 'fear' in your earlier posts. Its perfectly natural, and so is 'greed'. These are a traders 2 biggest enemies. A simple, profitable strategy can easily be turned into a sink hole for all your funds if you lose your head. Its the discipline of carrying out your trading plan even when things go against you that will pull you through the lean years. Having the right mindset is even more important than having good money management. This kind of shows the importance of the actual system itself, which is unfortunately what most people think is the most important.

6. Looking at your trading history, I see that your stops, targets and lot sizes change from time to time. I'm not sure if you're trading the same system, or change systems in between. This is probably not a good way to track your progress. Most MT4 stat sites like myfxbook calculate ALL data from the date of inception. You may wan to consider setting an alternate or sub account each time you change systems. This will give you a clearer idea of whats right and whats wrong.



I hope this is not offensive, and maybe even helpful to you, or some of the other forum members.

-LK

rlmtrader posted:
I haver been at this for a few years. I have read a lot. Tested a lot using Forex Tester 2. I have watched the market. I have paper traded for what amounts to years.

I am still not mkaing money at this.

I want real money-making traders to share with me what works and what doesn't.

I know the ones who make money at selling a system. I am not intrerested in buying a system.

I want to hear form those who are actually making money...actually making a living at trading 4x.

Thanks in advance!

Randall




Hey Randall,

It takes a long time to master trading these markets, especially forex. Its difficult to say what you're doing wrong without knowing the specifics, so if you give us more detail, I'm sure that will help us in helping you. I think thats the first important step. I'm sure each and every profitable trader here won't tell you specifically what to do as the markets are dynamic enough that we, as traders, must adapt to it ourselves - which means strategy must change just the same.

With that being said, I think its safe to say that depending on a traders risk profile and investment time horizon, a trader will use technical and fundamental analysis in combination with the former leaning towards a shorter term trader with higher risk preference and the latter leaning towards an investor that uses fundys to drive his/her investment decisions.

Majority of traders lose money due to three basic principles, or lack of:

1. Not sticking to strategy (SLs and TPs)
2. Chasing the market or doubling down
3. Overleveraging

Of course I didn't mention your ability to analyze the markets as many traders actually end up being right in terms of picking the direction in which the market moves. Analysis is very important; so its a catch 22. You can't have one w/ out the other.

Master the 3 principles I mentioned above and I think you'll find out whats missing from your formula.

I hope this helps.

I want to prove that it can be possible to succeed in forex market. Watch my little account: with an account starting with as little amount and becomin bigger theres no excuse.

I

You're almost there. 12.45% gain, 73.15% drawdown !

Im not going to lie this thread makes me laugh ever so slightly.

I don't mean to be cocky or rude and nor do I think I know it all.

But if this thread was created to confide in others and restore confidence in yourself and the belief that there are people making a living then its just plan daft to be sceptical in the first place...

You`re making ridiculous errors? It must be obvious to you? If you cannot sit tight in a position, then to put it simply, you`re screwed and need to realise that you`re destroying everything you know...


And why are you taking trades with a negative R;R.... seriously lol... And if you take a position with a 1;1 then it means; let it run to 100% TP target otherwise your true R;R isn't 1:1...

This is basic stuff for someone who has apparently been studying the markets for `years`


Do not take any offence please. That would be the wrong way to tackle this post. I am trying to be bluntly constructive for you.