System hopping. A different system every week. The principle seems to be If you get three losing trades in a row, then your system is no good. Time to go find another one. This is indeed sad because so many traders don't recognize two items.
First, and I have said this many times on this forum, is that individual trades are unworthy. Just a lengthy set of trades has significance. It makes no difference whether a single transaction is a winner or a loser. When I put a trade, I do not care whether it is a winner or a loser. I do not care since every transaction is a winner for me. If I win a commerce, I earn money. If I lose a transaction, I understand from it. Either way I win, since I gain either money or expertise.
Secondly, traders don't remain with a single system long enough to let its unique statistical advantage to manifest itself, nor do they remain with a single system long enough to know it inside out, forward and backwards.
A Process Isn't the Holy Grail.
A trader Isn't the Holy Grail.
Money management Isn't the Holy Grail.
A system along with a trader and money management together are required to create a Holy Grail.
There is not one Holy Grail. There are an unlimited number of them. As many as there are combinations of system-moneymanagement-trader.
There are lots of good systems available for free. Pick one.
There are lots of great money management methods for free. Pick one.
There are lots of bad traders. Fix one, rather yourself.
IMHO, the reason many traders fail is because they do not accurately identify where the true problem is and take action to repair the real problem. From the paragraph above it should be clear that the problem is not with this machine, but that's what everybody focuses on. If one system does not operate, they try another, and then yet another, and yet another. Well of course changing systems is not likely to repair the problem!
My car does not run. It must be the tires. Lets try some goodyear tires. Nope, still does not run. Lets try some firestone tires. Nope, still doesn' run. A dozen tire manufacturers afterwards, the car owner has lost all his money switching tires and provides up on being able to drive. It never occured to the proprietor to control the battery.
Tires are systems. The charge on the battery is that the traders mindset, emotions, persistence and consistence.
You want step by step instruction on how best to construct your very own personal Holy Grail? Alright, here goes:
Blend the following:
ONE system.
ONE currency.
ONE micro lot per commerce (live, NOT demo)
ONE trader (that would be you)
Begin trading. After 20 trades, when you haven't made a profit. Then look at what is wrong with the trader and repair it. Leave the machine, currency and micro lot per transaction alone. THEY ARE NOT BROKEN, SO DON'T FIX THEM.
After making alterations to the trader, finish another 20 trades. Repeat this cycle until the trader is fixed. When the trader is operating properly, then and ONLY THEN can you attempt another system or currency or position size.
It's not the system. It's you. Quit focusing on the machine and do precisely what you've done here. Honest, painful self evaluation. And yes, go ahead an have a pity party and make statements which you know perfectly well are false concerning trading. Do all of this. Get it out of your system. Vent.
Simply to provide a little bit of hope, I once took a $4,000 account down to $13 in under fourteen days. 200:1 true leverage is going to do that to you. Despair, depression, conquer and a deep sense of overall worthlessnesss? I was the poster child!
Then I went ONE-ONE-ONE as above and with fantastic care and fifty tons of discipline, I climbed that $13 back around $500. By that time, I had regained my confidence. I had fixed myself by eliminating my problem of using high leverage.
If I could fix myself, anyone can. I still find broken parts of my trader self, and and I recognize them, I fix them. I really don't muck with my machine and I do not muck with my money management. I fix the problem in which it lies. In my, the trader.
Dial