Currently Loser, Successful before

[jpadventure]

Stops are fine, they don't get hit when I'm right.

Best guy in my opinion is Van Tharp,
he would of advised you to test your method thoroughly, knowing the expected return and average wins/losses will notify you when the method is failing.
Also having a maximum % drawdown, when reached you stop and reassess things.

!% risk gives you lots of time when things go wrong, but when they are good, the money flows quickly at 1%.

Have you considered self sabotage?
People do this and hide the fact from themselves.

 

[Black Bird]

I traded in Forex market for last 5 years and I passed many good and bad days.last year I was managing 10 account with 10000 on each account and with Gods help I gained 50% in average in every month for each account. those days was so good and I earned this profit for 7 or 8 month. I didn't change my trading discipline and method but now its about one year that many of these account was called margin and other accounts is in a bad loss. I just need to know is this the time that I must change my trading system?or I must stick to my method yet?can you introduce me articles and books that are helpfull for me or users that have same situation like me?

I had a similar problem; was making buckets of money when started but after few months I was having mainly loses! Luckily I was taking small positions so I did no blow my account.

However, I put this down to beginners' luck. Here's a passage I got from an article which, reflects my situation:

"Do you remember when you first started trading? At this stage, novice traders have no fear, usually being completely impervious to the inherent dangers that the market presents. This is particularly true when the trader had beginner’s luck. This lack of fear translates into the ability to do exactly what needs to be done. There is no mental anguish of the backwards and forwards, the plaguing of ~shall I~or shall I not because the necessary knowledge to answer those questions has not yet been acquired. The trader is trading ‘from the hip’. He or she is in the Now."

I tried to do what I was doing when a beginner....lol... but, for some reason, it did not work any longer. So I began to read few books/articles/websites to learn to trade properly. The book, which I found most helpful is called "Forex Patterns and Probabilities" by Ed Ponsi. If you type "fxeducator" in the FPA search box you will find the reviews about E. Ponsi and his book/DVD. Another thing I would suggest is to do not be discourage if you have few loses at first. Keep going and the winners will come.

Another site that I'm trying right now and it looks promising:

FX Trading Blog - innerfx.com . Click on "Analysis and Forecasts"

I agree with this guy's philosophy:

"You should always take trading decisions based on your own beliefs, not mine. Do your homework and never expect to replicate other traders’ performance."

Good luck

 

[LeftyJones]

I think a person should always use stop losses, if you have a system that works your stop loss should not be hit very often. Also I like to use a trailing stop with alot of my systems because it is always better to take profits. Another way to manage a trade is to set two take profit levels and close 80% of the trade at the first one which should be roughly 1:1 risk/reward and then let the other 20% run. It is surprising how much money that 20% can make you. I like to look at the 80% as my income and the 20% is the Christmas bonus haha Hope this helps

 

[David-lee]

Hopefully I am never in a position where I have an open trade on the market going the wrong way which I cant close. I think that trading without a sl and hoping your pc, internet connection, broker servers, or anything else which could potentially fail is a little risky. Imagine being on the wrong side on any pair involving the chf last week without the ability to close your trade. Even if your leverage is small it would still be an unnecessary loss.

 

[duck]

If you do your homework well before start of trading day, I really don't see the need for setting SL...especially if day trading and scalping/or semi-scalping for profits as market condition changes.

If you don't set a stop loss, your broker will set one for you!!!

What's the problem with setting SL's? I mean if one is so confident that it won't be hit then there's no harm in putting one in, right?

Having said that, I am long on small silver positions without a stop of my own. I feel it's okay to long precious metals in the current market climate but would never feel that way about paper money. I'm a precious metals bull.

Cheers...

 

[duck]

I traded in Forex market for last 5 years and I passed many good and bad days.last year I was managing 10 account with 10000 on each account and with Gods help I gained 50% in average in every month for each account. those days was so good and I earned this profit for 7 or 8 month. I didn't change my trading discipline and method but now its about one year that many of these account was called margin and other accounts is in a bad loss. I just need to know is this the time that I must change my trading system?or I must stick to my method yet?can you introduce me articles and books that are helpfull for me or users that have same situation like me?

I very much appreciate your sharing your experience as I've been of the mind that once you make it, you make it. Kinda like learning to ride a bike but with bruises and scrapes while learning that are much more painful with forex.

However, I already do know from EA development experience that market conditions do change like the waves on the seas, and what works for a time stops working later on. I've heard of pros that use 4-5 strats at any time and periodically review them to discontinue the failing ones while (re?) introducing new strats to replace them. Good luck to you!