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Ask Your Advocate: Why Can’t I Make Money Trading?

19 Years ago | March 26, 2014 10/17/21, 12:00 AM

Question for the Advocate:

I feel like I am in your death spiral. I make some, lose some but my losses exceed gains and my account balance is slowly dwindling. Why can’t I make money trading forex and other markets? I could use some help.

Your Advocate Says:

jay meisler We are not in the business of being a mentor or educator but as an advocate we can pass on some insights that will hopefully get you on the right course. My suggestion is to do a self-evaluation and this involves answering your question with a series of questions for you to answer.

1)    Are you treating trading as a business or gambling?

2)    Do you feel your system or approach has potential to be profitable?

3)    Can you list the strengths and weaknesses of your system or approach?

4)    Have you made a business plan where you evaluate average profit vs average loss and percentage winners vs. losers on an onging basis?

5)    Are your trading ideas generally right or more times than not the wrong side of the market?

6)    Are you losing because your stops are too tight or too wide?

7)    Do you find your trading ideas are generally right but you are getting stopped out before they have time to work?

8)    Do you take profits too soon and let losses run?

9)    Can you isolate any specific types of trades that tend to lose and what type of trades tend to win?

10) Are you basing your trades on your analysis or emotion or gut feel (sound analysis is the correct answer)?

11) Are you comfortable with the leverage you are using for your trades?

12) Are you setting risk/reward targets for your trades?

13) Do you make your own decisions or follow the advice of others?

14) Are you aware of upcoming news events?

15) Are your trading results negatively impacted by news?

16) Do you run positions into news events? If so, how do those trades work out?


It is important to do a self-evaluation to determine whether you have a business plan worth pursuing or whether you have to scrap it, tweak it or stop trading. I have listed some related articles that you should find useful

Avoid Dumb Trades and Avoid Dumb Stops

Ask Your Advocate: Is Trading Gambling 

Jay Meisler’s Forex Trading Tips


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