it is easy to lose lots of pips on days where you should have made lots of pips

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Old Dec 8, 2008, 2:35pm   #1
Joined Dec 2002
it is easy to lose lots of pips on days where you should have made lots of pips

It is easy to lose lots of pips on days where you should have made lots of pips

BUT IT ISNT EASY TO MAKE LOTS OF PIPS ON DAYs WHERE YOU SHOULD HAVE LOST LOTS OF PIPS.

This is why 90% fail, and the other 10% struggle.

Last edited by JTrader; Dec 8, 2008 at 2:40pm.
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Old Dec 8, 2008, 2:38pm   #2
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isnt it.
no
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Old Dec 8, 2008, 2:38pm   #3
 
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isnt it.
J - I see retirement from T2W is going well

While your at it, any chance you can establish the proportion of posters who use Butter or Margerine?

UTB
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Old Dec 8, 2008, 2:41pm   #4
 
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Yes, and then fear takes over you don't takethe next trade and thats the one that would've made a chunk back....

having one of those days too.

1st trade i shorted a stock, put on a trailing stop (idiot, do it manually) of 10p (over 1% of price)

the bid gapped away and traded 12p lower so my stop went to below the current offer and it triggered for a small loss, versus a 1.5% gain!

2nd trade stop got hit then that was exactly the high, down it gooooooeeeesssss

then i just p*ssed a bit more away.

One of those days when the plans not wrong but i am!

(cheers for letting me get that off my chest!)
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Old Dec 8, 2008, 2:41pm   #5
 
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Quote:
Originally Posted by JTrader View Post
It is easy to lose lots of pips on days where you should have made lots of pips

BUT IT ISNT EASY TO MAKE LOTS OF PIPS ON DAYs WHERE YOU SHOULD HAVE LOST LOTS OF PIPS.

This is why 90% fail, and the other 10% struggle.
That would be an interesting exercise - to set up a platform with zero commission and see how quickly people could get to zero.

Probably harder than you think!
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Old Dec 8, 2008, 2:43pm   #6
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J - I see retirement from T2W is going well

While your at it, any chance you can establish the proportion of posters who use Butter or Margerine?

UTB
i first wanna dislodge old chartman from the no 2 spot of T2W most prolific posters who played about with trading but haven't yet made $.
should get there this avo unless i get banned for foul anbd abusive language first. ***c you ligtening mcqueen

my as well use the remaining posts trying to off put newbies
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Old Dec 8, 2008, 2:45pm   #7
 
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J - I see retirement from T2W is going well

While your at it, any chance you can establish the proportion of posters who use Butter or Margerine?

UTB
Always butter.
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Old Dec 8, 2008, 2:53pm   #8
 
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Always butter.
always? What about baby oil or KY jelly?

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Old Dec 8, 2008, 2:58pm   #9
 
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That would be an interesting exercise - to set up a platform with zero commission and see how quickly people could get to zero. Probably harder than you think!
Would depend on the size of the positions in relation to the account I suppose, but I imagine you'd be right - for example if you had a starting account of 10k and were taking out CFDs equal to £1 per point with a stop-loss/take-profit of 10, it would take you forever to go bust even if your performance was worse than 50/50. As soon as you add in commission however, things would come to a halt far sooner.
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Old Dec 8, 2008, 3:00pm   #10
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Would depend on the size of the positions in relation to the account I suppose, but I imagine you'd be right - for example if you had a starting account of 10k and were taking out CFDs equal to £1 per point with a stop-loss/take-profit of 10, it would take you forever to go bust even if your performance was worse than 50/50. As soon as you add in commission however, things would come to a halt far sooner.
spreads/commissions add up quickly that is why it is much harder to win than lose.


Sods law is the other factor.
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Old Dec 8, 2008, 3:04pm   #11
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Yes, and then fear takes over you don't takethe next trade and thats the one that would've made a chunk back....

having one of those days too.


1st trade i shorted a stock, put on a trailing stop (idiot, do it manually) of 10p (over 1% of price)

the bid gapped away and traded 12p lower so my stop went to below the current offer and it triggered for a small loss, versus a 1.5% gain!

2nd trade stop got hit then that was exactly the high, down it gooooooeeeesssss

then i just p*ssed a bit more away.

One of those days when the plans not wrong but i am!

(cheers for letting me get that off my chest!)
it really is uncanny how the trades where you do decide to dip your toe back in on, either reverse completely, or reverse to your SL - then continue.

Then, bruised and shell-shocked, you either decide to miss the next entry, or hesitate and miss the boat, only to see it move immediately into profit, without any drawback from your entry price, and without giving you a 2nd chance to get back in at your entry price.


To avoid this downward spiral, you really do need to be able to distinguish a strong signal from a weak signal, annd then refrain from trading the weaker ones.
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Old Dec 8, 2008, 3:05pm   #12
 
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How would you feel is you met Jtrader on a daily basis? He would be an annoying git, eh? On the net, on the other hand, he is acceptable.
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Old Dec 8, 2008, 3:07pm   #13
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How would you feel is you met Jtrader on a daily basis? He would be an annoying git, eh? On the net, on the other hand, he is acceptable.
Am i - "infamous" - around these parts. Dear god NO! anything but infomous
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Old Dec 8, 2008, 3:08pm   #14
 
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Sods law is the other factor.
Sod's law is an often-misunderstood concept in probability theory, and something that many novice traders do not fully take into account. Many are unaware of the invisible hand that Sod's Law (or buggerification, to give it its generic title) casts within the markets - if there is a 1% chance something will go wrong, it will go wrong at least 54% of the time. This must be factored into all risk/reward projections, something few beginners are able to do.
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Old Dec 8, 2008, 3:10pm   #15
 
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This theory is a corollary to the Fantana theorem of Probability, first seen in Ferrell's 2004 publication Anchorman - '60% of the time, it works every time'.
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