£2400 down and counting...

charlesD

Member
53 3
So you threw away your Dow profit? Still, if you think it's now going to 14500, why aren't your short? Like PB said, you're just gambling.

gambling? so what're you doing? every trade's a gamble unless your george soros...unfortunately unlike him I do not have information about an upcoming government policy that will have a major impact on the direction of a currency...

as for taking profits, the right place to sell is one i find increasingly difficult to time right, so I prefer to trail my stops to support levels...I trailed my stop to just below 15000 which I thought would act as support, but it failed...! In fact I would be more annoyed if I sold and watched it go higher than it hitting my stop and going lower...!
 

Splitlink

Legendary member
10,850 1,234
I thought Norwich would beat Chelsea.:LOL:

I wished,but it was not to be. Anyway, Mourinho wanted to be "loved" , he said, and the Spanish didn't "love" him! In fact, they all seemed to be glad to get rid of him.

I hope that you have better luck.
 

DAX30DayTrader

Well-known member
474 51
gambling? so what're you doing? every trade's a gamble unless your george soros...unfortunately unlike him I do not have information about an upcoming government policy that will have a major impact on the direction of a currency...

as for taking profits, the right place to sell is one i find increasingly difficult to time right, so I prefer to trail my stops to support levels...I trailed my stop to just below 15000 which I thought would act as support, but it failed...! In fact I would be more annoyed if I sold and watched it go higher than it hitting my stop and going lower...!

You asked for advice and people gave it based on what they see as your weakness, you then make a post criticizing their response to you about gambling. Isn't that a gamblers first problem.... denial? ;)
 

rawrschach

Experienced member
1,223 277
jusses have I just agreed with pboyles.

Everything in life may be a gamble but there is a difference between a sucker play and an educated one.
 

Vasco da Banana

Established member
699 121
gambling? so what're you doing? every trade's a gamble unless your george soros...unfortunately unlike him I do not have information about an upcoming government policy that will have a major impact on the direction of a currency...

as for taking profits, the right place to sell is one i find increasingly difficult to time right, so I prefer to trail my stops to support levels...I trailed my stop to just below 15000 which I thought would act as support, but it failed...! In fact I would be more annoyed if I sold and watched it go higher than it hitting my stop and going lower...!


Each trade might be a gamble, but hopefully the sum of all the trades you make will be rooted in something known to give an edge. Otherwise, the odds are against you and sooner or later you'll lose.
 
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Hate2Lose

Active member
155 3
Hello,

New here,

Opened an account with Cityindex back in May 2012,

I've put in a total of £2500, and currently have only £120 left!!!

But I'm not ready to give up just yet...

For anyone thinking of starting out my advice is to make sure you can afford to lose the money, and be prepared to lose it because you probably will...

One thing I have noticed though, is that over half of my total losses have been taken in the form of the commission from the spread! So for a 50p a pip bet with average spreads of 3 pips, even if you in reality break even after 100 trades you're down £150!

And what have I learned from this? I can see what my sins are which I'm still trying to tame and that is the gambling mentality of trying to win back your losses by jumping back into the trade almost immediately, resulting in more losses. The worst is doing this and changing the direction of your bet! This is one sin I'm trying to control!

I've also noticed overtrading is a bad thing, On my worst days I was entering and exiting trades over 10 times in the space of a day! just more commission to the broker.

I would like to hear of other people who've lost more money than me because that'll make me feel better and less of an idiot! lol.

I'm currently in the Dow30, bought at 14981 Friday, and have a stop loss placed at 14964. I am expecting a deal to be made by the Republicans over the weekend and hopefully it might open 100 pips higher than Friday's close. Before it opens I will trail the stop to break even. This is the best case scenario and if it does open higher after a deal, I expect this to be the catalyst to take the Dow to 16000 over the next few weeks, and I will try to stay in trailing my stops upto this level.

The other scenario is no deal is made, and the Dow opens lower and triggers my stop taking me out of the trade.

I also held the Dow over last weekend and it opened about 70 pips lower than the Friday close and I was stopped out way past my stop level, for quite a big loss.
Hopefully it'll open higher this week! Let's wait and see...

All too familiar! Sound advice from you, i.e. be prepared to lose when you start out.

I use DMA now (I trade mainly equities, via CFDs). Unfortunately, spreads are like death and taxes.

However, you can sometimes get 0 spreads on the underlying market with DMA, with multi-venue trading. If you have access to turquoise, BATS, LSE etc, sometimes the spread tightens to 0. Of course, you’ll have to pay commission, but you know the market isn’t being ‘made’ and you’re getting the real market.

Head up, keep going – practice makes perfect!
 

MrBrilliant

Member
94 4
CharlesD: I did something similar, I opened a spread-betting account several months ago and made some trades, and lost a bit over £1000 before I stopped. About £400 of that was done in one day (I left a position on overnight and had alarms, etc. set but I slept through the alarm...)

I think the most frequent reason behind my other losses was that I had no idea what I was doing. If someone asked me "why do you think this is going up"? I really didn't have a solid answer. Mostly I was guessing, based on what I interpreted as a "trend". And if you're guessing, you're just gambling. And if you're gambling, the house wins...
 

brewski1984

Senior member
2,073 356
Hello,

And what have I learned from this? I can see what my sins are which I'm still trying to tame and that is the gambling mentality of trying to win back your losses by jumping back into the trade almost immediately, resulting in more losses. The worst is doing this and changing the direction of your bet! This is one sin I'm trying to control!

It really is just psychological. When you do that you're trading on emotion and the need to be right.

The dow looks crazy today I'm staying well out:LOL:
 

Mycroft Algoman

Active member
159 2
Hey... get some money back and go long today and wait for the 'Janet' effect.

Back around the 15,000 today/this evening is an 85%ile.

The current drop is only blowing froth off the market to make money for later.

Look at the YTD for the DJI,S&P and the Nasdaq... notice the three tiers of price drop, notice too the manner of the recent drop, it is a visual representation of the level of froth on the index.

14810 atm and rising...
 

Mycroft Algoman

Active member
159 2
It is trying gallantly to get through the 15000 today, the 'pause' running at the moment bodes well for a good 15050 before the close.
 
 
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