What the hell is wrong with me? Anyone else go through anything similar.

[Hoggums]

I wish I'd never discovered spread betting. I lost over 600k in two months. Although it's my own stupid fault, I feel like I've been robbed.

If you decide to try to make your money back - please post your live trades on here. I want to take the opposite side. :cheesy:

 

[foredog]

Below is a list of trades you could've taken in cable on the hourly chart over 2 weeks taking the break of an Inside bar, outside bar or pin...only in the direction of the day (taking open of 6am bar) and below 50ma for shorts/above as long.

The stop loss was always 20 points and trailed stop above below the 1hr candles.

There was 10 losers and only 6 winners but it would still be up 242 points.

i didn't take all these trades as haven't been at desk all the time but it just shows you don't need to be right 9 times out of 10 to take a profit.

Hi Lo Open Stop Close P/L Total
11/09 0500 IB 16692 16710 16713 16693 16693 -20 -20
14/09 0500 IB 16607 16625 16604 16624 16555 49 29
15/09 0600 OB 16611 16648 16651 16631 16631 -20 9
15/09 0900 PIN 16599 16661 -16596 16616 16456 140 149
15/09 1400 IB 16449 16478 -16446 16666 16456 -10 139
16/09 0500 IB 16458 16474 -16455 16475 16471 -16 123
16/09 1200 PIN 16505 16530 -16502 16522 16507 -5 118
17/09 0800 IB 16523 16556 16559 16539 16539 -20 98
17/09 1500 PIN 16478 16530 16533 16513 16513 -20 78
18/09 0500 IB 16383 16397 -16380 16400 16356 24 102
18/09 1200 IB 16341 16371 -16338 16358 16358 -20 82
18/09 1400 PIN 16318 16376 -16315 16335 16195 120 202
21/09 0500 IB 16221 16239 -16218 16238 16195 23 225
21/09 0800 ib 16161 16189 -16158 16178 16178 -20 205
21/09 1200 IB 16173 16195 -16170 16190 16190 -20 185
22/09 0600 PIN 16223 16240 16243 16223 16320 77 262

 

[Technically Fundamental]

I didn't mention you in my list foredog. Sorry mate

Would have been a nice short wouldn't it. 200+ pips by now.

 

[tomorton]

All the stuff you said sounded great, it's pretty much as the books say but in application it's a lot tougher. I decided to bring this point up. How do you never let a profit go back into the market? If I have a position with 50pips profit, are you saying I move my stop to lock in 49 pips? If the market drops 10 pips, then i've given 10 pips profit back into the market - thus breaking your rule.

Maybe that's not what you meant, but your trading clichés are a bit meaningless to read through - especially that point.

Yes, if my target was +50 I would be very happy to take +49. In fact +40 would be 80% of target, and I would be happy with that too. An 80% success rate at almost anything (except perhaps skydiving) will bring overall success. Lower than that I would look for increasingly strong reasons for early exit.

These points are cliches yes, but most trading errors (that I have made) have been cliches.

 

[candles]

Doberman?

 

[Black Swan]

who owns the original post? :cheesy:

 

[Technically Fundamental]

"To whom" lol

Moi.

 

[tomorton]

WTF... ol

Anyway I think you guys missed the point.
I'm trying to deal with the issue of analysing my chart and then throwing all my work out of the window when it comes to the entry.
Even if you think (or know lol) price is going down could go up. That is the reality. You can be wrong. Sucks but it's true.
I keep losing trades because I come to a conclusion e.g. the short in the OP (which was counter-trend tbf but when have I been one to go with the crowd )and then while I'm waiting for a signal I'll find a reason to prove myself wrong. In this case it was a poor pin on the 15 which didn't even register on the tfs that I analysed which made me throw away half a days work.
I'll stop whining anyway now. New day new ops.


Btw a big thank you to Mr L McQueen for being the worst thread merger in existence

These rules are simple and cliched maybe, and maybe stray a little off-thread, but I throw them in for free. Anyway, whereas tactical errors and enhancements in individual trades may well have complex circumstances, fundamental flaws in attitude are often quite simple but will cause continual poor performance. Maybe some people reading will not have thought the time to identify ther stop-loss level is before entry.

 

[candles]

i could have sworn this was TF's thread last night. Looks like it was Dobermans tho....

 

[Technically Fundamental]

i could have sworn this was TF's thread last night. Looks like it was Dobermans tho....

It was mine. I double posted by accident and L McQ ballsed up the merge.

 

[Black Swan]

Aaron you're over analysing the fook out of it, just get stuck in you fookin pussy. Looking for that one trade will mess you up. Take ten trades, if probability works in your favour 6 might be winners, seven if you have a really good run, that's as good as it gets. Now stop whining and get trading...

 

[shadowninja]

So who ****ed up the trade?

 

[foredog]

If you trade every week day minus a few weeks holiday, you will trade for approx 200 days.

Say you average five trades a day

this means over the year you make 1000 trades so each trades contributes an average of 0.1% to your P&L so make sure you have decent winners 50% ish of the time and smallish losses the other and you're ok, that one trade doesn't really matter that much as long as it doesn't become a HUGE loss.

 

[Black Swan]

So who ****ed up the trade?

TF; also known as Aaron Mills....the pussy...

 

[Trader333]

The Stop-Loss
8. Set a stop-loss on entry
9. Always obey the stop-loss
10. Don’t wait for the stop to be hit, close or cut losers early

Why have rules 8 and 9 if you then go with rule 10 ?


Paul

 

[bangkokgee]

lol

Why have rules 8 and 9 if you then go with rule 10 ?


Paul

you never miss a thing paul

 

[montmorencyt2w]

If you decide to try to make your money back - please post your live trades on here. I want to take the opposite side. :cheesy:

Or just save everyone's time and write a cheque now.

 

[pedro01]

Why have rules 8 and 9 if you then go with rule 10 ?


Paul

A stop loss can be a worst case get-out & amongst other things saves your ass if you have hardware/software failure.

Getting out before you hit is stop is a perfectly reasonable thing to do if things change materially and you are now sure that the trade will go against you. Perfect example would be the CEO jumping off the buildings & the shares taking a similar dive. You wouldn't need to wait to get stopped out in such a case.

 

[virtuos0]

Aaron you're over analysing the fook out of it, just get stuck in you fookin pussy. Looking for that one trade will mess you up. Take ten trades, if probability works in your favour 6 might be winners, seven if you have a really good run, that's as good as it gets. Now stop whining and get trading...

Worst advice ever, looking for that ONE trade is exactly what you should be doing. It's just unfortunate that the thread starter is going about that in completely the wrong way.

Take a bunch of half-assed crappy trades and pray to the trading God's that 'probability' works in your favour? Sounds like a fantastic way to break even.

 

[Trader333]

Perfect example would be the CEO jumping off the buildings & the shares taking a similar dive. You wouldn't need to wait to get stopped out in such a case.

The stop would probably be hit before you could close the trade in this case.


Paul