2 Weeks of Gains Gone
by Trader Rich
Just like that…. my gains from weeks 3 and 4 are gone and I'm sitting at -79 pips for this week. It is quite frustrating that I worked so hard for a little pippage over the previous 2 weeks only to see them disappear in 4 days. 1 step forward, 2 steps back.
WARNING: The additional commentary below is very scattered and I'm just spewing it out of my head so it may be contridictory.
I have not been overly impulsive, stupid, or emotional with the trades I've made this week. There were some trades where I exited early only to see the price continue in my direction but there were also trades that I exited early and then saw them turn against me.
This leaves me at another important juncture in my forex trading career. When I reach this point, I always ask the question, IS IT EVEN POSSIBLE FOR THERE TO BE LONG-TERM SUCCESS FOREX TRADING? I wish I could answer this question now but the longer I do this, the longer I fear what the answer may be. Just thinking about working for Corporate America the rest of my life is depressing. This fact alone can motivate me to continue because I know that in this world of trading, even though I've been trading for almost a year, this is still considered very beginner.
It's times like these when risk/reward seems like the most important thing in the world.
I've put so much time into learning how to trade Forex that I really think I'm at the point of no return.
The highs and lows of trading is something that is not easy to take sometimes. What I have to ask myself and what you have to ask yourself is if it is getting harder or easier to take as you do this longer. For me, it seems to be getting a bit easier but not enough to quantify.
Look at my true risk/reward over the last 3 weeks of trading:
|Week||P/L||Gross P/L||Avg Winning Pips||Avg Losing Pips|
Look at the Average Winning column and Average Losing column. If I average this weeks 3,4,5 my average winning pips are 14.18 and my average losing pips are 19.76. This risk/reward isn't going to cut it. Why is this happening?
- I'm scared. I'm scared to give up tiny gains. I exit my positions too early.
- Rob Booker does not encourage great risk/reward for his trade strategies. They are essentially 1:1 which means you have to have more winning trades than losing trades.
- I'm trading the smaller time frame charts
Either way, it sucks that no progress has been made in my forex trading on paper. I have learned a lot over the last year but until this is realized in money, I cannot consider this "project" successful.
I can see why there are so many damn mentors, training websites, and signal services. If only 10% are successful trading, then you have the other 90% saturating the market with services that they provide because they couldn't cut it.
So what is the point of this post. It is a venting session that everyone needs and all of you need to try. I feel much better now. Feel free to click on the Submit Content link on the left menu to post your vent. I will happily post it on the front page of the site alongside mine.
The week isn't over yet and I'm making it sound like it is so things may be different tomorrow, maybe better, maybe worse.