Yeah don't bother - I've got the answer to my question - you can't.
http://www.trade2win.com/boards/general-trading-chat/127182-im-masochist-its-hurting-my-trading.html
Yeah don't bother - I've got the answer to my question - you can't.
http://www.trade2win.com/boards/general-trading-chat/127182-im-masochist-its-hurting-my-trading.html
advfntrader
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what happens if you went short Gold @ $800, you'd lose 1000 pips 
I think even with large account you need to Stop out somewhere
I think even with large account you need to Stop out somewhere
the hare
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what happens if you went short Gold @ $800, you'd lose 1000 pips
You just keep averaging in
That particular strategy usually always works, well until it doesnt
Masquerade
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Aren't you a smart monkey. It's funny how someone can't make a thread without it being brought back as an insult. You don't even know what's happened the last 2 months and you think you can use that against me. Don't worry, I was fully prepared for someone to try take the higher ground with that. Go back to your 2%/trade, 2:1 R:R crap and see where that gets you
Go back to your 2%/trade, 2:1 R:R crap and see where that gets you
A smart enough monkey to know where 10% per trade will get me - and I've never mentioned 2:1 R:R, and if you don't want to be quoted on something - don't say it (that's also bloody obvious).
Masquerade
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You still don't get it sadly. You don't know my risk if I do 2% on a trade or 10% and you never even asked. It's rather sad. I'm not going to waste time arguing here any longer, do as you wish. I'm happy to be quoted on it, just don't think i'm going to be embarassed/offended - I know I made mistakes, i've taken steps to rectify them and I made a good consistent ROI so far for the last 2 months (dare I say, more than you) so I have nothing to be ashamed of. I'll leave it for Mrfigure to work it out for himself.
what happens if you went short Gold @ $800, you'd lose 1000 pips
I think even with large account you need to Stop out somewhere
Gold is not a currency pair and does not therefore follow any daily range average, it seems to be traded by speculators and people who no longer trust paper money and banks. 1000 pips should still be equal to no more than 2% of your account, then if the market moves 2,000 pips, you have lost no more than 4% and not your complete account.
BeginnerJoe
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Agree or not, there are people who specialize in taking you out. They know every bet hanging out in the market, and they will whack you on the head when the market is not stampeding in the direction you want. The only time your bets are safe is when the market is in the middle of a stamped in your direction.
The sooner you realise how the game is heavily stacked against you, the less money you will lose.
the hare
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Most people dont realise just how little the game needs to be stacked against them to completely **** them over. Even if SB companies play fair they have a big enough edge to ensure that on average, the punter is gonna get butt raped.
My experience of SB firms (which is admitedly limited cos I'm a fast learner :smart
is that they are complete and utter crooks You are right though, the first stage should be learning how to lose less money
The brokers might well skim a little off the top, but they are small cheese compared with the big players these sharks can move the markets, they know very well where the fib and S & R levels are and they will spike the market by enough pips to wipe your SL's out. How many times have you seen the market break through a S or R by 50 pips or so then move 300 pips in the opposite direction.
These moves are calculated to take out as many positions as possible and should be made illegal, how can you ever hope to trade fairly against your liquidity providers, they hold all the cards they know from the volumes traded where the Buy & Sell orders are being placed, so its not hard to work out the rest
These moves are calculated to take out as many positions as possible and should be made illegal, how can you ever hope to trade fairly against your liquidity providers, they hold all the cards they know from the volumes traded where the Buy & Sell orders are being placed, so its not hard to work out the rest
And brokers, no? The only difference between SB firms and brokers is
(1) that brokers need more funding and, therefore, you can lose more
(2) traders seem to believe that they are of a higher category and to have an account with one denotes success.
Try getting through to a broker, as I tried to do, in the crash of 1987. That phone keeps ringing and ringing.
Let's face it, when you need one, if it is a general emergency, they do not want to know.
BTW, you did very well getting from 6k to 25k, that's a lot of luck (or you must have been doing something right), it is a shame you did not take out your original deposit once you was in profit.
The thing to remember in trading is no loss ever starts out as a large one, so when you so the trade going the wrong way you should have closed it.
the hare
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There are appallingly bad brokers too. There's not a month goes by without one of them getting a slap on the wrist for something
But in my experience, SB firms really are in a class of their own when it comes to ripping off clients, and I'm not about about a bit of slippage, I'm talking out and out fraud.
Good luck to them.
Hi guys, look firstly thanks for all the replies, some people have been rather blunt but i wouldnt have it any other way, its a rough game so no time for treading on tip toes with comments. Shame its turned slightly into a bit of an argument but its all good im sure.
I will confirm the trade I opened. Iv recovered the details from my account as all trades are recorded of course. It was on the IG Index germany 30 - placed at 09:51 Tuesday 23rd August. The trade opened at 5596.8 £200 per point long. IG call it a DFB, which is daily forward bet. Someone mentioned earlier that it is not the exact dax30 but is IG's own version.
As previously stated, I was comfortable, (not particularly pleased) but comfortable when the trade began to go against me. For my own reasons I had confidence this particular market would rise and turn to profit for my account even if it meant holding the trade for a day or two. Unfortunately the price fell far beyond what I expected and cleaned my account out.
I have recovered the IG chart for the day in question and have also obtained the actual dax30 chart.
The IG HLOC is : H 5635.8 L 5430.7 O 5446.3 C 5620.1
The DAX30 is : H 5636.1 L 5465.6 O 5529.3 C 5532.4
The IG system partially closed my position @ 5498 by £125, meaning the running trade was now £75 per point long. They did this as my account was still positive but not sufficient to cover the deposit requirement for the trade. Price further dropped and I funded the account with a further £1,000 still confident the market would rise. Unfortunately price dropped further and I was taken out at 5459.3. After the trade was placed IG price went as low as 5452, then resumed the uptrend and beyond my entry point, returning profits of over £50,000.
The IG index low of 5430.7 occurred at 0100 hours GMT out of hours trading well before i opened my position. The actual dax30 after my trade was placed hit its day low of 5465.6 at around 3pm.
As you can see the comparison highs are similar, but the lows vary somewhat.
My information on the actual dax30 has come from the euroinvestor website
http://www.euroinvestor.co.uk/stock/chart.aspx?id=141128
I will confirm the trade I opened. Iv recovered the details from my account as all trades are recorded of course. It was on the IG Index germany 30 - placed at 09:51 Tuesday 23rd August. The trade opened at 5596.8 £200 per point long. IG call it a DFB, which is daily forward bet. Someone mentioned earlier that it is not the exact dax30 but is IG's own version.
As previously stated, I was comfortable, (not particularly pleased) but comfortable when the trade began to go against me. For my own reasons I had confidence this particular market would rise and turn to profit for my account even if it meant holding the trade for a day or two. Unfortunately the price fell far beyond what I expected and cleaned my account out.
I have recovered the IG chart for the day in question and have also obtained the actual dax30 chart.
The IG HLOC is : H 5635.8 L 5430.7 O 5446.3 C 5620.1
The DAX30 is : H 5636.1 L 5465.6 O 5529.3 C 5532.4
The IG system partially closed my position @ 5498 by £125, meaning the running trade was now £75 per point long. They did this as my account was still positive but not sufficient to cover the deposit requirement for the trade. Price further dropped and I funded the account with a further £1,000 still confident the market would rise. Unfortunately price dropped further and I was taken out at 5459.3. After the trade was placed IG price went as low as 5452, then resumed the uptrend and beyond my entry point, returning profits of over £50,000.
The IG index low of 5430.7 occurred at 0100 hours GMT out of hours trading well before i opened my position. The actual dax30 after my trade was placed hit its day low of 5465.6 at around 3pm.
As you can see the comparison highs are similar, but the lows vary somewhat.
My information on the actual dax30 has come from the euroinvestor website
http://www.euroinvestor.co.uk/stock/chart.aspx?id=141128
BeginnerJoe
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You can bet smaller for longer term and larger moves. In fact if you are as patient as warrent buffet, you can be as rich as him.
DionysusToast
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There's probably more to it than that.
The chance is that the 2 factors you mention as the cause for his downfall were also likely to be the cause for his success.
He quadrupled his account over a very short timeframe. You don't do this with sensible stops and proper position sizing.
So - as well as fixing points 1 & 2, our man should also consider that he may actually have no clue at all about trading. That his success and demise were due to Spanish89/Howard Cohodas type trading.
In other words - putting yourself in a position where you will blow up eventually but will have success in the short term purely down to the probabilities you are playing.
Hi Mrfigure,
Don't trade Indices so don't have much data to check on:
Intertrader's low was 5449.5
CMC's low was 5451.6
Both around 15:00 BST
If the price was being manipulated by IG on their platform I can't see why this would be mirrored by other companies - I traded forex with IG for 10 years or so, hate their customer service but I never had cause to question their prices.
Bit of a pi$$er when it's that close but it happens to us all, that's why MM is of utmost importance. I can guarantee that the way you were trading it was going to happen one day.
Don't worry about the arguments - really only a bit of banter!!
Like i say i really didnt have a problem with the price falling as was confident as could be the index was going rise, falling by so much and missing out by a handful of points will stay with me for the rest of my life as to what 'could' have been ! Live and learn
