Looking for a few words of wisdom from the seasoned traders, I have been playing at being a trader now for only around 3 months. Thinking I know it all and It can’t be that hard I went in headfirst and lost a few ££££s, realising maybe I should actually put my Uni education to some use I then started to read a little and lost more money!
Now I have been reading a lot more and have taken note of various threads on here with regards to different strategies such as trend following, scalping etc and now I’m losing slightly less money.
My question is with regards to the various indicators which I have been trying to employ like the Boolean and MA indicators, as I understand it they basically work on the principle of if it goes over the MA line in either MA or Boolean then you hedge your bet on that direction.
I have been doing this but more often than not it does stay in the direction and I lose money, is this the normal case and it’s just a case of working the averages or am I doing something completely wrong?
Then secondly how do you know when to jump out, I seem to leave early then watch it carry on up for ages. This leads to me getting trigger happy jumping back in just to have it reverse and yes lose more money!
Any help and pointers would be most welcome even if it’s links to where to read more .