omg I am in tears (good)

jmintuck1912

Newbie
4 0
omg. O M G

I put in some pairs in a forex site late last night not thinking it would go over 6 Pips at best.

Imagine my tears and shock and suprise when I came back later this morning and found both went UP 89 pips each! 89.5 Pips!

Why was I screaming and crying like a little b***h? I had put it in originally from 10 dollars.

Well, it made 227 USD. NO WONDER I was crying and screaming, I was so shocked!
 

tomorton

Legendary member
8,141 1,226
I guess you're hooked on trading for life. Like the rest of us, for better or for worse, for richer or......
 

NVP

Legendary member
37,535 1,988
omg. O M G

I put in some pairs in a forex site late last night not thinking it would go over 6 Pips at best.

Imagine my tears and shock and suprise when I came back later this morning and found both went UP 89 pips each! 89.5 Pips!

Why was I screaming and crying like a little b***h? I had put it in originally from 10 dollars.

Well, it made 227 USD. NO WONDER I was crying and screaming, I was so shocked!

you need to cut back on the emotions dude ..........imagine if you made thousands of dollars a day ?.........we would have to check you into a clinic ?........:cool:

N
 
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jmintuck1912

Newbie
4 0
I am new at this, so bear with me.I am a newb just learning, so I may need a valium 0.02 mg or two as I ease in. Bones creak as I ease into my seat.
 

Wicked_Daddy

Active member
128 48
My very first month of trading (10 years ago) I turned a $10,000 account into a $36,000 account of actual money with almost no understanding of the market at all. I just looked at a trend, bought or sold based on what I saw and closed trades when they were profitable and the trend looked like it was ending. No plan, no profit % in mind. No money management. I think I had 3 or 4 losing trades that month and I would close them if they were losing within minutes of the trade going negative. I thought I was some kind of genius.

The next month I gave it all back and then some. That's when I decided I had better figure out how really to do this.

But that first month experience has always stayed with me - not to over think everything and get caught up in endless analysis, charts that look like spaghetti and some ultra scientific approach to money management. I went from naively simple to incredibly complicated and have landed just on the slightly more educated side of simple again.

Good luck.
 

Splitlink

Legendary member
10,850 1,233
My very first month of trading (10 years ago) I turned a $10,000 account into a $36,000 account of actual money with almost no understanding of the market at all. I just looked at a trend, bought or sold based on what I saw and closed trades when they were profitable and the trend looked like it was ending. No plan, no profit % in mind. No money management. I think I had 3 or 4 losing trades that month and I would close them if they were losing within minutes of the trade going negative. I thought I was some kind of genius.

The next month I gave it all back and then some. That's when I decided I had better figure out how really to do this.

But that first month experience has always stayed with me - not to over think everything and get caught up in endless analysis, charts that look like spaghetti and some ultra scientific approach to money management. I went from naively simple to incredibly complicated and have landed just on the slightly more educated side of simple again.

Good luck.

Yes, I've been there, too. It's amazing how a large amount, mainly profit, can be given back to the market again. Nothing seems to go right, does it?

Good luck to OP---and to us all! :D
 

jmintuck1912

Newbie
4 0
I have strategies to keep losses minimal. I either get out of the trade while it is a pip or more up, most often, or if it is stubbornly losing, wait some time, then wait for it to come as close to the buy line as possible, then get out ASAP.
 

timsk

Legendary member
7,348 2,140
. . . or if it is stubbornly losing, wait some time, then wait for it to come as close to the buy line as possible, then get out ASAP.
Hi jmintuck1912,
I don't wish to dampen your enthusiasm, but I'm afraid it's only a matter of time (and probably not that long) before you blow up your account. How do I know? I've been there, bought the T shirt! Sooner or later, price will just keep going and never return to break even. Actually, it probably will, but only after your hair has all fallen out through stress and you've been forced to close the position for the maximum loss because you couldn't take the pain any more.

Dax_shorts.png

As it happens, I have a demo account that neatly illustrates the point. The chart above is of the DAX and the dashed lines are two short positions opened on the 24th Feb'. As the trade tab shows, I'm down £1,500 on a £5k account. Earlier in the week it was well north of £2k down. So, what would you do? Would you continue to hang on and wait for it to come back to break even, or watch it rise and for the loss to build until, eventually, I blow up?
Tim.
 

NVP

Legendary member
37,535 1,988
I have strategies to keep losses minimal. I either get out of the trade while it is a pip or more up, most often, or if it is stubbornly losing, wait some time, then wait for it to come as close to the buy line as possible, then get out ASAP.

supposing it doesn't come back at all ?.........make sure you use stops ?

N
 

pro4Xtrader

Active member
107 6
My very first month of trading (10 years ago) I turned a $10,000 account into a $36,000 account of actual money with almost no understanding of the market at all.

I had similar scenario, turned USD 300 into 36k in 2 weeks, but I had some knowledge and experience, although this was more like a gambling :)

Maybe 36 is a magic number? )))
 

lawrence-lugar

Active member
140 22
you need to cut back on the emotions dude ..........imagine if you made thousands of dollars a day ?.........we would have to check you into a clinic ?........:cool:

N

I remember my first relatively large day (for me) win...I was already thinking of buying a Porsche. -- but gave it all back and then some...in the not too distant future. :|
 

Wicked_Daddy

Active member
128 48
I had similar scenario, turned USD 300 into 36k in 2 weeks, but I had some knowledge and experience, although this was more like a gambling :)

Maybe 36 is a magic number? )))

It's not so magic anymore. But what I want to know is how to repeat that type of performance. Clearly, it's possible and I often think that perhaps dumb luck is really the magic of the simplicity that comes from not knowing too much. Here it is years later and the experience that comes with time and exposure, and I find it more difficult to trade than ever. I'm trying to figure out how to recapture the innocence and wonder that made me comfortable enough to enter trades at (miraculously) the right time and let them run. It used to be so easy. I used to trade at my kitchen table using just a laptop. I made money as easily as opening a faucet. Now I have a super PC, 6 screens, all the wiz bang tools and lately I can't seem to make a winning trade to save my life. I use tight money management so I'm not blowing my account. Instead I'm picking it apart in small bites that makes the process torturous. At this point, I think I should put it all in a single "go for broke" trade and either blow the account and put myself out my misery or make a killing and quite possibly restore my faith (in myself!).

Ugh.
 
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pro4Xtrader

Active member
107 6
It's not so magic anymore. But what I want to know is how to repeat that type of performance. Clearly, it's possible and I often think that perhaps dumb luck is really the magic of the simplicity that comes from not knowing too much. Here it is years later and the experience that comes with time and exposure, and I find it more difficult to trade than ever. I'm trying to figure out how to recapture the innocence and wonder that made me comfortable enough to enter trades at (miraculously) the right time and let them run. It used to be so easy. I used to trade at my kitchen table using just a laptop. I made money as easily as opening a faucet. Now I have a super PC, 6 screens, all the wiz bang tools and lately I can't seem to make a winning trade to save my life. I use tight money management so I'm not blowing my account. Instead I'm picking it apart in small bites that makes the process torturous. At this point, I think I should put it all in a single "go for broke" trade and either blow the account and put myself out my misery or make a killing and quite possibly restore my faith (in myself!).
Ugh.

Outcome 1: You make nice profit by at least doubling your account, restore the faith in yourself and then most definitely blow your account with the next similar trade.

Outcome 2: You doubled your account and gave up trading. Whats the point?, better go to casino, you will have some fun probably and at least you don't pay spread when you put your money on red or black.

We can add more outcomes but the above mentioned are more probable.

Conclusion... it seems silly idea to go for "all in" in trading.
 
 
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