im on a roll

This is a discussion on im on a roll within the General Trading Chat forums, part of the To Be Sorted category; im on a very good roll in the wrong direction. From 11k plus i ended the jan month with 10k. ...

Reply
 
LinkBack Thread Tools Search this Thread
Old Feb 4, 2009, 4:17am   #1
Senior Member
 
teojh's Avatar
 
Member Since Oct 2008
Default Re: im on a roll

im on a very good roll in the wrong direction. From 11k plus i ended the jan month with 10k. The past few days, my capital became 8k plus now.
damn frustrating man. My broker rubs it in because of its wide variable spreads(cant change broker yet). I consulted the charts and a few times i was needlessly stopped out although price was still quite far from my stop.

my biggest mistake is overtrading and i know it. i feel damn uneasy taking trades, in my mind everything is a counter trend trade now against the long term trend. but i get stopped out up down left right even no matter i trade with the trend or against it. Often times my stop will get hit beyond a few pips then after that reverse into great profits.

This started after my trading became more precise and i also used smaller stops. Somehow the effect is not what i have intended. since a couple of weeks back my losing percentage is now almost 100%
wtf man. my biggest mistake is still over trading.

By trading more precisely and using tighter stops, have i developed the method of how a loser views the market!!??
teojh is offline   Reply With Quote
Old Feb 4, 2009, 4:31am   #2
Veteran Member
 
Rossini's Avatar
 
Member Since May 2008
Default Re: im on a roll

Reduce you position size by 50% at least, widen your stops.
__________________
Do, or do not, there is no such thing as try.
__________________
I'm easily pleased with perfection, and if trading is an art, then I'm painting my masterpiece.
__________________
If the margin between your goal and failure is too small then any shortfall will inevitably lead to failure.
It's far better to aim high because if you don't quite achieve your ambition you may very well be left with something worthwhile.

__________________
Rossini is offline   Reply With Quote
Old Feb 4, 2009, 4:41am   #3
Banned
 
wasp's Avatar
 
Member Since Aug 2003
Default Re: im on a roll

STOP trading till you have it down right......

Last edited by wasp; Feb 4, 2009 at 4:47am.
wasp is offline   Reply With Quote
Old Feb 4, 2009, 4:43am   #4
Legendary Member
 
everyonerich's Avatar
 
Member Since Nov 2008
Default Re: im on a roll

i will teach the following strategy soon.

Quote:

- learn how to make money trading fx from home
- from complete beginner/no experience necessary to consistent profitable trader
- no guessing, learn exactly what you need to know
- 100% guaranteed success rate
- if your dont make any money after 6 months following my teachings, i fully refund your money back. no questions asked
__________________
Life's greatest pleasure lies in helping others accomplish their desires.
everyonerich is offline   Reply With Quote
Old Feb 4, 2009, 4:53am   #5
Senior Member
 
teojh's Avatar
 
Member Since Oct 2008
Default Re: im on a roll

teojh started this thread yea i did widen my stops and reduce my position size as well. I still bled bit by bit continuously until my account becomes so much smaller. The stops get busted no matter how and majority look to be good entries.
im taking a break for this week to reflect. I have also written down some paper trades to see how it goes. they are profitable already but as always they usually reverse after that. I guess after some rest i will review my trades as well and see how i managed to buy the top and sell the low.
__________________
I trade...
No I don't.
I steal. I rob. I snatch.
The philosophy of Heist Capital...
All your money are belong to me. Muahahahaha
teojh is offline   Reply With Quote
Old Feb 4, 2009, 6:12am   #6
Veteran Member
 
glyder's Avatar
 
Member Since Apr 2008
Default Re: im on a roll

teojh,
I've had broker problems at times. If they really are making mistakes in executing your stops, you can complain... I have (use screen shots as evidence) and they have rectified the situation. They do get things wrong. (and they do play some dirty tricks too).
Havng said that I've been stopped out by 1 or 2 points and the market turned sharply, I feel convinced they are basically pushing the price to stop me out( as if they would bother on my miniscule acct) but when I check the 'real prices' I see that its just my bad luck (or bad trading!").... I can't always blame the broker.
Stil thats prob not the main solution to your trading bleeding account probs.

Take wasps advice. I'm in a similar process for this week.

Last edited by glyder; Feb 4, 2009 at 6:20am. Reason: aditional info
glyder is offline   Reply With Quote
Old Feb 4, 2009, 6:25am   #7
Legendary Member
 
new_trader's Avatar
 
Member Since Jan 2006
Default Re: im on a roll

Quote:
Originally Posted by Rossini View Post
widen your stops.
No. Bad advice.
__________________
"It always pays a man to be right at the right time."
-Jesse Livermore


CLICK - My Trading Journal | SEARCH: soundmoneyproject |
new_trader is offline   Reply With Quote
Old Feb 4, 2009, 6:37am   #8
Veteran Member
 
Rossini's Avatar
 
Member Since May 2008
Default Re: im on a roll

Quote:
Originally Posted by new_trader View Post
No. Bad advice.
Not necessarily, if he reduced his position size by more than 50%, and increased his stop size by 20 percent he would still be taking less risk and arguably a higher probability of having a target reached. However I think stop trading is the best advice given on this thread.
__________________
Do, or do not, there is no such thing as try.
__________________
I'm easily pleased with perfection, and if trading is an art, then I'm painting my masterpiece.
__________________
If the margin between your goal and failure is too small then any shortfall will inevitably lead to failure.
It's far better to aim high because if you don't quite achieve your ambition you may very well be left with something worthwhile.

__________________
Rossini is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search


Similar Threads
Thread Thread Starter Forum Replies Last Post
Roll ???????? montpro First Steps 1 Oct 10, 2008 5:28am
Whats happens to 09-07 at roll over ? kakakidan Indices 1 Sep 23, 2007 8:39am
How to roll Oil contracts kurb Commodities 0 Nov 19, 2006 7:32pm
newbie - roll over or transact coolshades First Steps 1 Oct 18, 2006 4:43pm
Roll-over trading TheWolf Forex 9 Jan 12, 2006 5:10pm