Stupid !!!

advfntrader

advfntrader

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well I've been demo trading for 6 months now with good results, only using daily charts...

then today I did a stupid thing, back to my old ways. I found and old Sbet account with £30 in in and I placed a couple of trades at 50p per point based on HOURLY charts...what a mug. both were stopped out and another £30 gone. no money management at all !!!!! (n)

I should have just waited for good daily setup and tried to run the trade.
 
advfntrader said:
well I've been demo trading for 6 months now with good results, only using daily charts...

then today I did a stupid thing, back to my old ways. I found and old Sbet account with £30 in in and I placed a couple of trades at 50p per point based on HOURLY charts...what a mug. both were stopped out and another £30 gone. no money management at all !!!!! (n)

I should have just waited for good daily setup and tried to run the trade.
Click to expand...

Dont beat yourself up man. Go over whether you were correct and your stops were too small or whether you were wrong and didnt stick to what you were doing on demo. Your MM seems right out but learn something from it.

Simply correct it for the future. You also gotta remeber what you felt during the trades you placed as you been demoing for the 6 months and were on autopilot. (y)
 
advfntrader said:
well I've been demo trading for 6 months now with good results, only using daily charts...

then today I did a stupid thing, back to my old ways. I found and old Sbet account with £30 in in and I placed a couple of trades at 50p per point based on HOURLY charts...what a mug. both were stopped out and another £30 gone. no money management at all !!!!! (n)

I should have just waited for good daily setup and tried to run the trade.
Click to expand...

I'd say that was a good result, it only cost you £30 and you might not do it again... ;-)
 
If you don't mind me asking, what were your entry criteria?

advfntrader said:
well I've been demo trading for 6 months now with good results, only using daily charts...

then today I did a stupid thing, back to my old ways. I found and old Sbet account with £30 in in and I placed a couple of trades at 50p per point based on HOURLY charts...what a mug. both were stopped out and another £30 gone. no money management at all !!!!! (n)

I should have just waited for good daily setup and tried to run the trade.
Click to expand...
 
advfntrader said:
well I've been demo trading for 6 months now with good results, only using daily charts...

then today I did a stupid thing, back to my old ways. I found and old Sbet account with £30 in in and I placed a couple of trades at 50p per point based on HOURLY charts...what a mug. both were stopped out and another £30 gone. no money management at all !!!!! (n)

I should have just waited for good daily setup and tried to run the trade.
Click to expand...


I've been a member on T2W for a few years now - and whenever I've read your posts, I've always really admired your total honesty with regards your own trading.

I echo what the other guys have said - don't beat yourself up - it's only £30.

And to add, your attitude will serve you very well .... the constant self-analysis.

Stick at it .... you'll get there.

P5
 
Last edited:
advfntrader said:
well I've been demo trading for 6 months now with good results, only using daily charts...

then today I did a stupid thing, back to my old ways. I found and old Sbet account with £30 in in and I placed a couple of trades at 50p per point based on HOURLY charts...what a mug. both were stopped out and another £30 gone. no money management at all !!!!! (n)

I should have just waited for good daily setup and tried to run the trade.
Click to expand...

I have done this many times in the past and I am still tempted on the odd occasion to ‘break’ my rules and enter a ‘cheap’ guess. I did it the other week and paid the price. This is why I encourage everyone to trade with a size that is not so large that you hesitate pulling the trigger and not so small that it encourages reckless execution. If you always record your trading results in terms of pips/points won and lost rather than in terms of money you cannot hide from your transgressions and it will quickly bring you back into line. You have learned a valuable lesson, one that I think others should learn from as well. Your £30 has gone a long way!
 
Total control would be something great. Not sure anyone can ever get to that place though I know people who are VERY much closer than me.

I have found a way to "control" myself better though that does work for me.
Not saying that it will work for anyone else but you never know.

I have an account that I trade my stupid trades in and then keep my other accounts for the strict rules.
If I get an itch to trade when my rules have not all been met then I use the stupid trades account. And I keep the balance low for the sake of the accounts name.
Not sure it's really a good idea but it works for me when I get "the itch"!
 
hwsteele said:
Total control would be something great. Not sure anyone can ever get to that place though I know people who are VERY much closer than me.

I have found a way to "control" myself better though that does work for me.
Not saying that it will work for anyone else but you never know.

I have an account that I trade my stupid trades in and then keep my other accounts for the strict rules.
If I get an itch to trade when my rules have not all been met then I use the stupid trades account. And I keep the balance low for the sake of the accounts name.
Not sure it's really a good idea but it works for me when I get "the itch"!
Click to expand...

No matter what anyone else says, thats all that really matters
 
hwsteele said:
Total control would be something great. Not sure anyone can ever get to that place though I know people who are VERY much closer than me.

I have found a way to "control" myself better though that does work for me.
Not saying that it will work for anyone else but you never know.

I have an account that I trade my stupid trades in and then keep my other accounts for the strict rules.
If I get an itch to trade when my rules have not all been met then I use the stupid trades account. And I keep the balance low for the sake of the accounts name.
Not sure it's really a good idea but it works for me when I get "the itch"!
Click to expand...


Its a good idea, I do the same, with a demo account. I don't always manage to put the crazy trades in there but it helps with many ofthem. I need an outlet for my wreckless urges.

ADVFN- glad to see you are still trying. You'll get there sooner or later mate.
I know this may not be great info for you at the moment but i find £30 or even £300 accounts didn't do the trick for me. The potential losses (and gains) have to be large enough to really mean something to me, to make me me to sit up and pay attention to my MM rules....Once in profit I use stops set at breakeven asap. Cos I'm scared of losing I really do stick to this in a way that I wouldn't with a smaller acount. Then sometimes I get a runner for good profit, sometimes a b/e. It don't matter either way. Profits mount up bit by bit.. Losses are fewer thankfully.
 
advfntrader, gotta hand it to you for coming clean and giving us such a prime example of what happens if you slip out of Best Practice. Success to your better trades mate.
 
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