[indscc]

I funded my mini account twice in a week $300 & $500. At the end of the week, I'm down to $94.00.
I use four charts while trading, on the one minute ticker.

1. candle stick
2. MACD
3. SSD slow
4. RSI

I enter a trade when I see all indicators move in the same direction. My stops are set at $20.00. I trade GBP/USD, USD/JPY & USD/CHF. The time I trade is Midnight eastern time. The trades are often 30 lots, with two open accounts. This strategy is not working out for me. What am I doing wrong?
I want to avergage $200 a day.

Should I stick to one currecncy pair, or what?

[Shaun Overton]

indscc,

$200 a day is an annual return of 17,300%. I have never in my life seen anyone make that kind of return and you have only traded for a week. It's like wondering why you can't beat Josh Hamilton in a home run derby the first time you pick up a baseball bat.

I enter a trade when I see all indicators move in the same direction

Can you quantify this in more detail? It would be very helpful if you posted screenshots of 3 or more sample trades. What we can do is take a look at the reason you traded and assist you with refining the criteria to improve your odds.

The trades are often 30 lots, with two open accounts.

This account size should be trading no more than 1 micro lot per currency pair at a time. 30 lots, even if they are micro lots, is wildly overleveraged.

Sorry to be so blunt. It's probably best that you calm down and organize your trading plan before jumping back into that market.

I am glad you tried. Almost everyone on here, myself included, crashed and burned on the first foray into the market (and more typically, it takes many forays). The overwhelming difference between the traders who succeed and those who lose is the willingness the recognize and admit mistakes and a ferocious work ethic.

The idea of trading is simple, but it takes massive amounts of work and years of training and experience for most people before they get it right.

[indscc]

Thans for the insight. Your right I do need to calm down. I get to hype in a rush to make the big money with out having the basics down.

Is it a good move to wait for all four indicators to move in the same direction, before entering the market?

[indscc]

Thans for the insight. Your right I do need to calm down. I get to hype in a rush to make the big money with out having the basics down.

Is it a good move to wait for all four indicators to move in the same direction, before entering the market?

[Shaun Overton]

I recommend learning to trade with a maximum of 1-2 indicators. You know the adage "a jack of all trades is a master of none." It's better to learn how to use one effectively then 4 indicators poorly.

[Blaiserboy]

We don't have to make a lot of dollars when we start to trade, what we have to do is make progress continually..

We can measure progress using pips as the measure and risking a tiny amount of money......

On one site from which I have learned a lot over the years is the saying.. 'Master your setup --Master yourself'

And I think the author meant that we can find one setup that we can make work and that we should stick to that one until we master it thoroughly and then look to add another.

We tend to complex things and frustrate ourselves.....

Keep in mind that the setup that works on the monthly chart most likely work on many lower time frames....... so that one setup that we master can present us with many, many entires ......

[Airelon]

Also remember, it's not about your accuracy. It's about Money Management. Accuracy is a part of that equation. But only about 1/5 of the equation.

You may want to think about defending against the drawdown you've experienced, by adding more capital (of course, making that money you can afford to lose - or risk funds). The account, at this point, is down 10%.

Any wins that you enjoy - you want to make sure those wins are at least twice your losses.

And remember, when it comes to indicators? Especially overbought and oversold oscillators? They can stay in the 'overbought' and 'oversold' for extended periods of time.

Take an indicator like Slow Stochastics. If K and D go above the 80 mark? That's not a sell signal. Stochastics can remain overbought, and oversold for some time. It's not until the K and D come out, and break below the 80 mark again - that the sell signal is given. Even then, you have to keep your risk low.

For your first trades? Honestly - $200 isn't as realistic, as Sean says. But you can 'make it'. But from a money management standpoint - your goal should be to make all wins, at least twice your losses. To protect your account equity at all costs - in the form of risk control. To watch out for whipsawing.

You do that? The profits will take care of themselves.

[indscc]

While trading which chart should I use, 1,5,15,30,60,daily, weekly or monthly?

[Shaun Overton]

There is no one size fits all answer. You should trade the time frame best suited to your strategy. Your next step is most likely finding a trading strategy that you are comfortable with.

[Blaiserboy]

Time Frame............

I have been working with fairly fast time frames for four years.....

Recently I switched my entries to 240 minutes and above......

I was not enjoying the faster charts, I felt stressed...... I got confused... I wanted to be outside enjoying the weather........ I didn't want to be up at 3 am each morning...

Now I feel a little more confident of my entries, I have more time to make decisions..... I have more time to learn about trading.......

I think we have to take a period of time and evaluate our trading plan and our personal life to decide on time frame........

I have discovered that the same entries that worked on a 5 minute chart are just as valid on a weekly chart.. and once I saw that clearly..... my mind was made up to work with daily weekly 240 minute.

That is my feeling..... I actually don't know what others have arrived at.