I'm Nearly in THAT 90% Category

Sang Froid · Oct 29, 2009, 1:01am

Quote:

Originally Posted by LiamH

I know exactly where you're coming from - It's not easy this game. I blew my account to bits a year ago and that was after around 3 years of learning - I thought I knew everything. Like you, emotions dictated my trades and not my strategy - My account went from making 10-15% a day when I got lucky to losing 50% in a day when when I got unlucky.

Naturally, the days when I made 10-15% a day I was a trading god, the other days were losses to be expected. All until my account went bang and I was left with a zero balance, a pi$$ed off missus and majorly dented pride.

I took a year out and learned to play poker with a fair amount of success. This taught me to control my emotions, be patient and use proper money management.

Now i'm certainly no superstar trader, I have opened a SB account with ETX capital for the free £100. Guess what, with my new found patience and without my emotions leading my trading decisions my strategy works and works very well.

My point here is that the problem is you and only you. If you have a strategy that works you need to learn how to stick to it. I learned my lessons playing poker, you can learn yours any way you like but until you do, you'll keep spewing cash.

Don't give up, just understand the problems and work to sort them out. Once you are under control your strategy, if profitable in the first place, will look after your account.

IT'S ME THAT'S THE PROBLEM

Everything you've said can be applied to me there. I think you're right, it was the emotional side of trading that did me. When I had a few consecutive wins I was a trading legend, was going to come on these boards to help newbies. The bigger losses were just losses at first, everybody has them, then just like you said I've no account left! I was scared to let profits run, I let losses run because I was too scared to take the loss. Scared... emotional.... yes Liam, you're right......

I'm sh*t at poker, my poker face looks like I've been smoking too much of those 'funny cigs'. I might take up some kind of sport where I might get hurt to get those emotions under control.

Pljugi · Oct 29, 2009, 3:30am

i am prolly the last person to give u advice here, but since i hav a great teacher who trades and everything it would be very bad from me not to at least try to share some of the things he taught me..
So it should be smth like this, as i do it at least.. I trade on hourly chart always i hav a demo account, about a year and a half now, i never blew it, i was just in a big minus, and when i started making plus the company (is) would just shut my account down, it happened 2 days ago i made 500$ in 2 weeks and they shut my acc down, and i didn't save my info :/
anywayz, the thing is, since ur trading as u are like i said, try to trade on hourly chart when u enter position look at price on hourly and then search for entrance on 15m and lower, that's low probability u can do wrong, check your abc's and take into consideration the S/R of the price cause it means alot :/
see now the USD/JPY is turnirng around, i went into that trade yesterday, my bad call i guess, but the impatience sometimes gets me and i'm trying like u very hard to control emotions especialy when u want a trade to go well and it rly doesn't ;_;
hope this all makes sense..

oildaytrader · Oct 29, 2009, 3:41am

HONEST OPINION

Give up trading and don't look back , otherwise you will just have a dead cat bounce.

Trading is the most difficult thing to do AND IT CAN TAKE 10 YEARS TO BE SUCCESSFUL and already you sound lost .

Don't need to blow more money ,have any more pain of losses and misery

O D T

oildaytrader · Oct 29, 2009, 3:47am

Quote:

Originally Posted by sangfroidFX

Ok so what do I do? I know, I've been playing around with Systematic (automated trading using robots) through the broker Alpari. I've had numerous demo accounts and It's been fairly successful. I'll put that £850 into Systematic, sort my automated portfolio out and let some robots trade for me, the demo has been good.

Two days later my account now reads £350.

.

Are you using Alpari's Systematic?Did you lose #500 pounds on systematic?

http://forum.alpari.co.uk/thread6140.html

http://forum.alpari.co.uk/thread2870.html

arabianights · Oct 29, 2009, 3:48am

5 pips is NOISE... random orders

you are pissing in the wind

Sang Froid · Oct 29, 2009, 3:51am

Quote:

Originally Posted by oildaytrader

HONEST OPINION

Give up trading and don't look back , otherwise you will just have a dead cat bounce.

Trading is the most difficult thing to do AND IT CAN TAKE 10 YEARS TO BE SUCCESSFUL and already you sound lost .

Don't need to blow more money ,have any more pain of losses and misery

O D T

I respect your opinion oildaytrader however.... I can't quit, I can't give up. The more people tell me I can't do this, the more I am determined.

Re-funding my account this morning and trying a few things out. It's money I can 'afford' to lose. I say afford, no one can afford to throw money away but what I mean is it's not rent money or food money! I have a few new perspectives and a couple of ideas.

As I think Edison once said after inventing the light bulb... "I never failed, I just found 1000 ways that didn't work".

Sang Froid · Oct 29, 2009, 3:53am

Quote:

Originally Posted by arabianights

5 pips is NOISE... random orders

you are pissing in the wind

I think I've come to the same conclusion. I've tried everything to make a few quick 'risk free' pips without actually scalping. I once even tried fading the spike. Now THAT is pissing in the wind!

edit... Oildaytrader, yes I lost £500 on alpari's systematic in the space of three days. If only I'd come across your thread earlier! Having said that I still would have done the same as I was in the frame of mind that I know best.

oildaytrader · Oct 29, 2009, 3:58am

Quote:

Originally Posted by sangfroidFX

I respect your opinion oildaytrader however.... I can't quit, I can't give up. The more people tell me I can't do this, the more I am determined.

Re-funding my account this morning and trying a few things out. It's money I can 'afford' to lose. I say afford, no one can afford to throw money away but what I mean is it's not rent money or food money! I have a few new perspectives and a couple of ideas.

As I think Edison once said after inventing the light bulb... "I never failed, I just found 1000 ways that didn't work".

Refunding your account is the most stupid thing you can do.Just throwing good money after bad , especially as YOU ARE NOT READY TO CLEAN THE MARKETS.

First take a break and have a rethink about your strategy, money managment , expectancy etc

First find and develop a few systems that suits your personality.

Oct 29, 2009, 3:30am	#10
Pljugi Rookie Member Since Sep 2009 6 Posts	Re: I'm Nearly in THAT 90% Category i am prolly the last person to give u advice here, but since i hav a great teacher who trades and everything it would be very bad from me not to at least try to share some of the things he taught me.. So it should be smth like this, as i do it at least.. I trade on hourly chart always i hav a demo account, about a year and a half now, i never blew it, i was just in a big minus, and when i started making plus the company (is) would just shut my account down, it happened 2 days ago i made 500$ in 2 weeks and they shut my acc down, and i didn't save my info :/ anywayz, the thing is, since ur trading as u are like i said, try to trade on hourly chart when u enter position look at price on hourly and then search for entrance on 15m and lower, that's low probability u can do wrong, check your abc's and take into consideration the S/R of the price cause it means alot :/ see now the USD/JPY is turnirng around, i went into that trade yesterday, my bad call i guess, but the impatience sometimes gets me and i'm trying like u very hard to control emotions especialy when u want a trade to go well and it rly doesn't ;_; hope this all makes sense..

Oct 29, 2009, 3:41am	#11
oildaytrader Banned Member Since Mar 2007 2,820 Posts	Re: I'm Nearly in THAT 90% Category HONEST OPINION Give up trading and don't look back , otherwise you will just have a dead cat bounce. Trading is the most difficult thing to do AND IT CAN TAKE 10 YEARS TO BE SUCCESSFUL and already you sound lost . Don't need to blow more money ,have any more pain of losses and misery O D T

Oct 29, 2009, 3:48am	#13
arabianights Legendary Member Member Since Jan 2007 6,782 Posts	Re: I'm Nearly in THAT 90% Category 5 pips is NOISE... random orders you are pissing in the wind __________________ World's leading STIRs chatroom - www.propboards.com - register, then click on chat. Don't let the lack of posts on the forum put you off - the action happens in the chatroom. Targeted at locals, but hedge funds, brokers (including IDBs), market makers, and a few sizable amateurs are all represented. When it's quiet, banter is encouraged and anything goes. No nuisance spread betters please. Anyone else welcome.

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