[Solved] Loosing streak

Just take one pattern, the easiest that you can see on the screen and the one that gives you more confidence and trade it small enough that you do no care about losing. Better you watch the Mark Douglas videos on YouTube 

I wouldn't respond if I didnt think I could add something different. Of course take it all with a grain of salt.

First off if you do this long enough you will have loosing streaks. 14 may sound like alot (and it is) but NOT out of the realm of possibility.

I have the UTMOST respect for Al and the senior traders here but somethings don't always add up.

Al and some of the senior traders act as if they DON'T make mistakes or loose money ever and its patently false. And as far as I'm concerned this is my biggest issue as this is the cornerstone of crooks, which Al definitely NOT.

But Al and the seniors do give advice as if it was ALWAYS the trader that made a bad decision and that of course they never made or would have made.

This is a massive disservice as traders dig themselves into hole that comes from skewed advice.

When asking what to do DON'T SHOW THEM WHAT HAPPENED!!!!! SHOW THEM WHAT YOU SAW WHEN YOU TOOK THE TRADE. THEN ASK THEM WHAT THEY WOULD DO RIGHT THERE!!!

Al's ego is bigger than this planet, and probably rightfully so. And so are some of the traders here. Again no disrespect but you have to put it into context.

I would BET MY LIFE their advice would differ from AFTER they seen what happened VS in real time.

There is a MASSIVE difference with analyzing what the market DID and trading it live. That's why even Al won't do it. Too hard on the ego. I can pretty much guarantee you'll NEVER see an actual live video of Al trading. Just post production ones. (So excited for those though!!!)

So my friend be prepared, even if it never happens, for another 14-15-16+ loosing streak sometime in your future trading career and just have enough of a buffer for it.

Why else does foundational trading teaching say MAX %2 of your trading account. Better %1 or %.05 for daytrading.

So my advice would be to analyze your trade MANAGEMENT of each trade. IGNORE where you got in. Focus on reviewing your management of the trades.

Could you have gotten out breakeven on any? Was there any clue in hindsight that you ignored? Such as a opposite signal. Maybe some trades you did everything right but the others just stacked against you?

My guess is you'll be SHOCKED how many times you could have at least got out break-even.

• Focus on trade management as entries are always just analysis and analysis doesn't make you money.  Keeping more money than you loose is the only way to win NOT picking entries and always winning.

Lastly, I have this belief that small timeframes are better because you have so much more control. That one belief kept me unprofitable for many years. The problem is at smaller time frames you take smaller profits and think you can let loosers a little looser. Bad combo. Bad math! And it's mostly a psychological bias.

Now I like the 5min bars now because there is room to make a profit or loss and compare to my stats. I know what a big loss is and I know what a small loss is in comparison to my avg win and can make an educated decision.

I still imagine the 5 minute bars as 1 min or tick charts as a psychological trick because I can't convince myself waiting 5 min is a good idea... but man it is! Wait for that bar to close!!!

I sure hope this helps cause I know how frustrating it can be.

Al's ego is bigger than this planet

Would just like to point out, if his ego was really as big as you say it is, I don't think he would take out the time to respond to almost all the queries he gets on his blog. He would not bother to diligently post the EOD reports for the benefit of the learners. There is a difference between confidence and ego.

When asking what to do DON'T SHOW THEM WHAT HAPPENED!!!!! SHOW THEM WHAT YOU SAW WHEN YOU TOOK THE TRADE. THEN ASK THEM WHAT THEY WOULD DO RIGHT THERE!!!

I would BET MY LIFE their advice would differ from AFTER they seen what happened VS in real time.

There is a MASSIVE difference with analyzing what the market DID and trading it live.

It does not really matter if traders read the PA correctly or not on the first glance. We are not here to learn if traders actually make mistakes or not. We are here to learn the correct way to trade. What difference would it make if the correct readings are in hindsight or not? All that matters is, whether we learn from these experiences and can apply it real-time. I don't know about you, but I have been diligently putting in the hours for the past 2 months and I am seeing the results.

Sorry for quipping into a forum post that the OP has already marked as resolved, but I could not really accept the fact that you were talking about my teacher in way that is not acceptable to me.

Hello Abir, I appreciate your stance but I assure you my intent was not to say anything negative about Al.

Al is one of my ultimate heros. And again I have the UTMOST respect for Al, what he has done, and what he continues to do.

When you mentioned the ego part you left out the part I mention he probably deserves that size of an ego as not many CAN do what he does.

My apologies if I put too much emphasis on ego, it was to make the point that nobody likes to admit losses and the larger the ego the harder it would be.

And Al gives more value than ANYONE in the tradesphere no question. (With he help of Richard of course 😉) I'm the first to admit that to anyone! If your a trader you can't afford NOT to buy this course.

As for the second part, I'm sorry I have to disagree. Learning market structure and everything in the course is important. (I've been through the course twice and the forex once and watched all the bonus videos numerous times and read the blog every day for years)... been studying Al religiously for at least a solid 5 years and trading the whole time... I'm just loosing less as time goes on and realize it's once your IN a trade that really matters and how you manage that trade. NOT the double bottom HH major trend reversal with a big bull bar and a follow through bar closing on it's high.

My point as well was everyone has loosers. EVERYONE.

Al will say if you buy and are down, experienced traders will buy more and get out even on first position and profit on second entry (given correct context). What he doesn't talk about is getting stopped out on twice the position. Do that a few times WITH PERFECT CHART READING and you'll have a nice big hole to dig out of.

The answer I would suspect you get back would be like... Well there was a nested wedge and final flag with the close of last thurs and is below the low of the last 6 bars but not below 10 bars and there was an inside bar followed by two outside bars you should have waited for the break below this wedge then bought here or here.

When in reality your trading live or your commenting on what happened. Maybe Al can. I think most of us think we can but we are just commenting.

I dont think that's bad. It's something I personally fight to remind myself everyday. Despite everything no one knows what's going to happen and everyone has loosing trades.

No negativity here. Just trying to see the truth.

Cheers.

There is a MASSIVE difference with analyzing what the market DID and trading it live. That's why even Al won't do it. Too hard on the ego. I can pretty much guarantee you'll NEVER see an actual live video of Al trading. Just post production ones. (So excited for those though!!!)

Did you every checkout the live webinar or at least recordings of real-time analysis done by Al?

He clearly tells exactly what the bears and bulls are doing, before the fact, and when the market shifts always-in direction. Al has losing trades too, doesn't hide it the few times when he discloses his entries.

Al is one of the most humble and low ego teachers you can find. Just my "respectful" point of view. 😋 

Hello Yuri,

Yes I have it's one of my favorites as he ACTUALLY goes onto some detail of live trades but it is still JUST backward commentary and is ONE day 6 months ago? And it's edited like crazy. He could have been doing those for years and cherry picked this ONE.

Have you ever heard of the two letters sent out, one recommending buy and one sell? Then its repeated over and over. Eventually one group gas had 10 winning picks in a row? Who are they going to put their money with.

Same principle here.

I'm not sure why people think I'm negative on Al. I'm not. But I'm realistic because again even in his LIVE trading room he doesn't EVER show live trades. Ever!

I cannot learn ANYMORE from chart reading. I have learnt what Al has taught and like many others I cannot make it profitable. I've actually NEVER heard ANYONE profitable at Al's techniques but man everyone yells really loud at me for saying so. Al has quite the HALO EFFECT going on with his followers.

People love to attack me about saying this but not ONE is profitable or can give people advice as to why it DOESN'T work and what to do.

Linda Rashke has a room where they call out live trades. Why not Al?

Why can't we see actual trade exits and entries? Like Lance Beggs of yourtradingcoach?

I loose tens of thousands every year as if I'M the one missing something in my chart reading? Right!?!! (Of course I take total responsibility for loosing money!)

I blame myself for believing Al when he says learning to trade charts is how to make money. It's not.

I'm pretty sure I'll NEVER be profitable based on Al's teachings (because CLEARLY no matter how much I study I have no way to compare as he won't show the whole story. I have to MAKE UP the rest as I go.)

I am a discretionary trader and a chart trader and pretty sure I will never make my money back in my lifetime at this but clearly everyone else is successful with Al's teachings the way they act? So it must be just me.

If anything I just wish Al would put out his entries and exits after the fact so followers can understand vs complete theory. And we know how theory works in the real world.

He could do this after the fact say next day or week, whatever. Then explain WHY he did what he did. NOW THAT WOULD BE SOMETHING!

He could charge extra. I'm sure people would be lining up for that!

I find it strange after 30 years he can't show a single trade he actually took. In the room he'll say I think I bought here and more here and sold here somewhere.

Again I appreciate Al very much and all his teachings there is just that HUGE missing piece of the puzzle.

Posted by: @thetuxxxgmail-com

Hello Yuri,

Yes I have it's one of my favorites as he ACTUALLY goes onto some detail of live trades but it is still JUST backward commentary and is ONE day 6 months ago? And it's edited like crazy. He could have been doing those for years and cherry picked this ONE.

Have you ever heard of the two letters sent out, one recommending buy and one sell? Then its repeated over and over. Eventually one group gas had 10 winning picks in a row? Who are they going to put their money with.

Same principle here.

I'm not sure why people think I'm negative on Al. I'm not. But I'm realistic because again even in his LIVE trading room he doesn't EVER show live trades. Ever!

I cannot learn ANYMORE from chart reading. I have learnt what Al has taught and like many others I cannot make it profitable. I've actually NEVER heard ANYONE profitable at Al's techniques but man everyone yells really loud at me for saying so. Al has quite the HALO EFFECT going on with his followers.

People love to attack me about saying this but not ONE is profitable or can give people advice as to why it DOESN'T work and what to do.

Linda Rashke has a room where they call out live trades. Why not Al?

Why can't we see actual trade exits and entries? Like Lance Beggs of yourtradingcoach?

I loose tens of thousands every year as if I'M the one missing something in my chart reading? Right!?!! (Of course I take total responsibility for loosing money!)

I blame myself for believing Al when he says learning to trade charts is how to make money. It's not.

I'm pretty sure I'll NEVER be profitable based on Al's teachings (because CLEARLY no matter how much I study I have no way to compare as he won't show the whole story. I have to MAKE UP the rest as I go.)

I am a discretionary trader and a chart trader and pretty sure I will never make my money back in my lifetime at this but clearly everyone else is successful with Al's teachings the way they act? So it must be just me.

If anything I just wish Al would put out his entries and exits after the fact so followers can understand vs complete theory. And we know how theory works in the real world.

He could do this after the fact say next day or week, whatever. Then explain WHY he did what he did. NOW THAT WOULD BE SOMETHING!

He could charge extra. I'm sure people would be lining up for that!

I find it strange after 30 years he can't show a single trade he actually took. In the room he'll say I think I bought here and more here and sold here somewhere.

Again I appreciate Al very much and all his teachings there is just that HUGE missing piece of the puzzle.

 

 

Hello SandPaddict,

I agree with you 10,000% plus another 10,000% on everything you are saying. Add another 10,000% on there. And I am sorry for you having to endure pain the last few years. 

Michael you are my favorite! Lol.

Thank you so much as I feel like there's always something wrong with ME. I try to be as diplomatic as possible in pointing out the differences between "analysis" and actually trading and trade management.

Trade management is the SINGLE biggest determinant in a successful vs unsuccessful trader.

Yes you need everything else but the best chartist in the world can still be the worst trader in the world.

You can enter anywhere. Once your in... THIS is where the money's won and lost.

Of course picking good entries helps as the exit is tied to the entry but that misses the point entirely.

Thank you for your condolences for the lost money. I consider it my education. I've never lost more than I could afford but could have bought a new car or two. That's my sacrifice and I'm totally OK with that.

I just wish the vail of chart reading = successful trading wasn't emphasized as the holy grail.

Thank you again so much! It really means alot that you went so far as to post. It really, really, means alot!!!

Good trading my friend!