Arek Okrasa
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Lets hope so - but if there's one thing I've learnt it's not a Winning Trade until it has been closed off!! Fingers crossed!
That's the third GBPUSD trade that has gone sour. Once is an accident, twice is bad luck, three times is.............carelessness.
All three trades have in fact looked crazy from the outset. I am very much regretting not applying my new trade management policy to this one. I just thought, let it do its thing. How stupid.
I am increasingly thinking, contrary to my earlier intentions, that one should not run with Concept mindlessly. Discipline is one thing, but mindlessness is another.
As a matter of interest, I am running a trial autotrader on GBPUSD. Yesterday it put me long, made a good profit, then reversed the trade, and today another good profit, and still going. All hands free, no EOD, no watching the screen! Concept eat your heart out. What a pity it was a paper trade. OK, it was/is only two trades, so proves nothing (as yet).
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Sandy
I am with you on the discipline, and trade management. I did not enter this trade, as was just going to watch it, and see if it made a move. Yesterday was a good day, possibly down to the better than expected retail sales news, today may have been triggered by the GDP being less than expected. I know that this is fundamental data, and has no input into Concept thinking, but is very much evident how this news moves the markets. I am sure that other systems who can react quickly to moves in the market would make much better systems if you wanted to trade during the day.
I am still using concept, and have confidence in its ability long term, just we are in a short term blip. I just hope I do not miss out on the good trades by waiting on the sidelines.
I am with you on the discipline, and trade management. I did not enter this trade, as was just going to watch it, and see if it made a move. Yesterday was a good day, possibly down to the better than expected retail sales news, today may have been triggered by the GDP being less than expected. I know that this is fundamental data, and has no input into Concept thinking, but is very much evident how this news moves the markets. I am sure that other systems who can react quickly to moves in the market would make much better systems if you wanted to trade during the day.
I am still using concept, and have confidence in its ability long term, just we are in a short term blip. I just hope I do not miss out on the good trades by waiting on the sidelines.
Short blips can last quite a while, and result in substantial drawdown. I am reasonably sanguine, but do not want to see money drained out unnecessarily.
The only way to decide whether to sit out a trade, is to make a calculated decision on each trade. Difficult......take the Yen pair as an example. Historically it has only about a 30% win rate, so tends to be a loser. But occasionally it wins big. So what policy to adopt? in the long run you should probably just take the trades, but if you do there will likely be pain along the way. I think the answer is to look at each trade as it comes along, and manage it if you take it. With the current Yen trade I am keeping quite a tight stop loss, but if I do get stopped I will at least have some profit.
avtarsaini
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damn frustrating this. Why didnt concept raise the stop loss last night???
I agree Sandy that this just seemed careless. Its a loss and a lesson I think, not to challenge Concept targets but to perhaps be more cautious in keeping a profitable trade profitable - I think I might tinker with the stop losses (I know , I'm a sinner and should be shot at dawn). I wonder if if would have been different if the risk level had been set low instead of medium.
Crawling back into my hole to sulk.
I agree Sandy that this just seemed careless. Its a loss and a lesson I think, not to challenge Concept targets but to perhaps be more cautious in keeping a profitable trade profitable - I think I might tinker with the stop losses (I know , I'm a sinner and should be shot at dawn). I wonder if if would have been different if the risk level had been set low instead of medium.
Crawling back into my hole to sulk.
stevespray
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But what about the two very profitable trades (one which is now close and one very near to its target)?
Trading is about returning a 'net gain' and not about winning each and every trade. Win some, lose some but still come out ahead.
Steve.
Trading is about returning a 'net gain' and not about winning each and every trade. Win some, lose some but still come out ahead.
Steve.
avtarsaini
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Steve
Wise and helpful as ever. You are right, just venting my frustrations about this particular trade and forgetting the bigger picture. Thanks for reminding.
Wise and helpful as ever. You are right, just venting my frustrations about this particular trade and forgetting the bigger picture. Thanks for reminding.
avtarsaini
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Sandy
Whats an autotrader?
Whats an autotrader?
It's a magazine for selling 2nd hand cars!!
avtarsaini
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Strangley quiet on the boards recently. Is any one out there? Lost yet again. Whats going on, is it concept or just volatile markets?
Interesting how most of us on the board have only used concept for a couple of months at most (I think), the same time that the results have been so poor. Coincidence??
Interesting how most of us on the board have only used concept for a couple of months at most (I think), the same time that the results have been so poor. Coincidence??
It has been a quiet month on concept. I think a lot of people are now trialing sniper forex, so that is why this thread may have gone quiet.
When I started Concept in July, I had a good month, and it has been August that has not been the best month. Looking at the results there have been several months of slow trading, and many losses, and then it all comes good again. I dont know when it will come good, but am still placing the trades, and keeping the faith.
When I started Concept in July, I had a good month, and it has been August that has not been the best month. Looking at the results there have been several months of slow trading, and many losses, and then it all comes good again. I dont know when it will come good, but am still placing the trades, and keeping the faith.
FYI: A conversation I was having today with a professional trader re: Concept.
its probably not a bad system just the ranges are riduclously crazy at the moment
normally gb/usd range is 150-60 points a day at the mo it goes up to 300
and using a 200 point stopl oss is ridiclous
the market is trying to find a range until that happens we will get crazy movements
not a good idea to leave positions overnight
its probably not a bad system just the ranges are riduclously crazy at the moment
normally gb/usd range is 150-60 points a day at the mo it goes up to 300
and using a 200 point stopl oss is ridiclous
the market is trying to find a range until that happens we will get crazy movements
not a good idea to leave positions overnight
I was thinking the same thing. Two ways of looking at this, those who have been trading concept since 2004 are living off it with a bank of 50k. :cheesy:
And the other way... well we're all mugs and the system has only been around since April this year and the results we're getting now are only a sign of worse thing to come.
I'm a load of pips down at the moment but am keeping the faith.
Look at the history. The big wins have come when there has been more direction to the market. At the moment, it appears everyone is reacting to the news and not what they know. It will get into some rhythm and then, hopefully,t he good times will roll.
Down just under 15% on my bank -395 pips. Go live on Sniper tomorrow after a weeks trial and looking to get some of that back as the demo account and trial have delivered a week of results that would have compensated for a month of losses with Concept.
Spent 4k on concept and intend to get my money back from the trades and then we'll see.
Down just under 15% on my bank -395 pips. Go live on Sniper tomorrow after a weeks trial and looking to get some of that back as the demo account and trial have delivered a week of results that would have compensated for a month of losses with Concept.
Spent 4k on concept and intend to get my money back from the trades and then we'll see.
I was thinking the same thing. Two ways of looking at this, those who have been trading concept since 2004 are living off it with a bank of 50k. :cheesy:
And the other way... well we're all mugs and the system has only been around since April this year and the results we're getting now are only a sign of worse thing to come.
I'm a load of pips down at the moment but am keeping the faith.
