Over trading

[affiliate]

I am so new and overwhelmed with the amount of cash$$$$ that is in this market,that I am, and have realize (+) that I am over trading. I know that I can not be the only one that has or is in this situation . I need to get a more defined plan and stick to it . I am self-disciplined and know when I am over my head.....HELP.... lol, I am in to deep.
So ,as in other areas of life.Stand back...Take a breath of fresh air ,and re-think your daily goals. Daily being the key-word. I am still looking for a mentor, Little help. Thanks and good trading all. I'm going fishing...

[Ken Long]

I presume this is a request. I am not interested in being a mentor, you can pay your 5K for a mentor program if you wish, but I dont mind sharing what I know and have learned over the years. This is realy a filtering proccess, taking in all the information I can handle and looking for a common ground, as well as looking for the sweet spot between profit and effort.

As to your dilema, typical situation, been there, done that. Devise a system to get in and back out before you take a leap. Do not think too hard about this, KISS, keep it stupidly simple. Price is the key, thats where you make your money. Price crosses over a line, in the direction of the trend , confirmed by an oscillator. Thats about as simple as it gets, and it works well within the realm of your own judgement to make the final descision.

Once you have a system to work you need a plan, money management , how your going to allocate your money and how much your going to risk on each trade, trade managment, how your going to manage a stop and handle risk and profits, scheduling, what time frames your going to trade and what hours your going to work. If you set yourself limits, the hours your going to work and the time frames your going to concentrate on, and how much your willing to win or lose before you take a break for the day, (presuming your day trading), that should help contol the urge to overtrade.

Also dont only day trade. Short term trades, day trades, are often great entries into longer term trends, and holding a trend is also a good way to minimize overtrading and learn how to manage a trade in profit.

Thats all for now, there are tons of books and courses out there, half of this business is reading and constant study.

[marloc]

I'm also over trading at the moment,

I had a plan, but due to not being able to watch all the time its failing. had 100 dollars invested and if i sell all now i only have 14,29 left. the rest is in long and short investments

Margin is 128% so I'm afreight I will lose that as well. But on the upside i've managed to trade with that money for about a month and only got into troublea few days ago when the dollar went up again. Untill then I had a margin between 500 and 600%

Anyway my system involved hedging, I wanted to ride the waves up and down, but underestimated that this would involve to keep up with the rise and fall of around 400 pips. If i could automate this it might work but as a human its not such a good stategy it seems. Do any of you know of an Ea that buys long at say 1.1399 with a t/p 1.1419 and at the same time buys short at 1.1402 with a t/p of 1.382. When it reaches the long t/p would start a new long and short or visa versa if the short would hit. That way i would only need enough margin to ride the waves out. Or am I totaly wrong and making a noob system?

signed,
Marloc