Sorry to hear about that DD.
Like Aussi, I would like to see your answers.
George has recently put up some posts that I wonder if you have understood how important they are.
For example he does not have a target set for the trade/trades.--From what I understand you expected a target to be met--Do I have that right? apologies if I am wrong
He does not use any Indicators.--Did You?
He uses Price Action--and I have great faith in that concept.
The big question is how do we learn how to do that.---He says the Journey Continues---so round one knocked you around a bit---Round 2 coming up.
In one of our previous discussions you told me you knew that the market would "TURN UP" and give you the expected profit, you wanted, albeit at that time in a negative trade. As it turned out you were dam lucky, and have been for some 100 odd trades.
I sincerely hope that you now understand (after a $20,000 drawdown) that you and all of us in trading for a living CANNOT----REPEAT CANNOT---forecast what the market will do,
There is only one person who could forecast the future,and they:-
"NAILED HIM TO A CROSS"
Have faith my son, enjoy your weekend, and as you said, with all the help from everyone here, hopefully you will survive Round 2.
All the best m8
i recall a comment you made in which you admitted that you have never read 1 book on trading---I find that amazing that you would pit your many talents up against Companies, Banks, Institutions in the trading business who have vast sums of money, thousands of people employed to analyse markets 24/7 and access to information that we as individual traders may never see.
You could minimize all that by having a Bloomberg Terminal--with the associated significant monthly costs and a minimum 2 yr contract-----BUT would all that information make you successful--I do not believe so.
Sorry to be so brutal on you my friend, but as Sonny Liston felt the blows from Muhammed Ali, he knew he had a fight on his hands and Trading Boxing Arena is no different, except you have thousands of "Ali's in your ring.
i don't want to see you die from a thousand cuts-or should that be Knockout Blows.
ps nice falls on try and zar makes me feel alive
I guessed you made those trades in the midst of the trade talk and Trump's tweet. You might have told that news are nonsense it is all MM manipulation.
BUT I humbly suggest avoid trading during news.
I could be wrong - MM is manipulating GBP to the extend that traders debunk the belief that GBP might has a great fall awaiting due to Brexit.
If want to trade GBP, it is safest to look for SELL setup than BUY.
MM could be waiting for more Sell order on NZD because of the rate cut, this is the scenario that MM waiting to make a surprise reverse move.
This is my half-baked trading psychology.
Learning this mental trick until it becomes second nature takes years and years and hundreds of deeply felt trials and errors. (psychological and financial)
If the cost that you pay is only 20,000 then it's a very small price to pay.
1) Small wins over some indefinite period of time ==> "Some form of succes rules goes here"
2) The dream ends with a "sudden" large loss ==> "Some form of rationalizaton goes here"
3) Some change is applied ..
4) the cycle repeats
The mental change that is required:
1) Losing is the norm. If I am consistently winning I am doing something wrong.
2) keep on "losing"
Just to say you can look at different TF's at the same time if you run more than one monitor when using MT4 Strategy Tester, you just need to open multiple instances of MT4 on your PC giving them a different ID, you can even then have them linked to your same live account should you wish to run EA's with the same Magic Number.
you are right ,the art of the mental thing is a long term thing to learn and errors can cost your account , so i go back to a long time post i made to traders it is learn learn and learn greed will kill accounts
Thanks for stopping by and sharing your past experience with losses. It sure has been an enlightening period in my young trading journey.
I sure have learned a great deal and there is still much to learn for sure.
Looking forward to a new week as I've spent the entire weekend looking back over all of my trades and applying more and more of George's filters to them.
We will see how much I've learned soon enough as I'm not fussed at all about posting good or bad results here. Win or Learn as they say.
Thanks for stopping by.
Yes, I was participating in a 2 week $50k trading challenge and I opened a $700 live account.
Learning the hard way but eyes are much wider open than before.
Yes, I've learned more in the past few days than perhaps the past 2 months. This weekend I've spent going over all of my trades to see how some deeper filters could be applied as well as understand how lucky I was on a few other trades that did come back into profit.
Lessons learned now that knowledge needs to be applied in the live markets.
Indeed I can agree with that and have learned alot as well over the past couple days, the recent stuff about gaps..wow.
Learning from your loss/losses is a big help, by now I dont even need to say this I'm sure..and am glad to see you bounced back the way you have, where as some would have walked away entirely.
Entries entries and entries were one of the identified suspects for me as well as my own thought process, re-reading the thread has helped in applying a different mentality as well as applying it to live charts as you said has made a big difference in understanding. The filters have also taken me time to wrap my head around that is no doubt, am still working on putting everything together, but well worth it.
Alot of fun and very interesting to say the least.
We are on the right track that is for sure!! We have the journey and we have the vision.
"Everything will happen over time time time"---I think I read that somewhere hahaha.
All the best.
Mate you have experienced only what we all (imo) have experienced.
We have spoken previously (in a session with George where I was also present) and I knew at the time that you were an excellent young man. I can say that because I am 67 years old lol.
I might have a little more to add about trading in a jam, but I am driving this morning for 4 hours and need to get on my way NOW.
As a fellow boxer, I did some training 30-40 years ago lol, but still get around to about 7 minutes of shadow boxing every other day (or when I am motivated and full of natural energy).
Physiologically I was fast-twitch and with good enough reflexes but with little natural hard aggression I developed my style as a counter puncher.
I treat FX trading a bit the same lol.
Anyway I have this clip that I love replaying.
Ali (Cassius), a legendary boxing figure and in his prime in 1966.
And if you think the Big Cat Cleveland Williams was a tomato can then you just donít know boxing.
One of the finest pure boxing exhibitions ever performed in the ring .
cheers pal, all the best
Well, it's been a busy old week on the work front and on the trading front.
This week I've started my 2nd $50k trading challenge and so far so good.
The goal is to achieve greater than $2,500 profit over a 2 week period while managing risk, etc.
In 3 trading days, I'm up nearly $4k so that is good but have unfortunately blown out the other metrics as I still learn to control risk.
Monday was a massive day for me and I got a little loose but Tuesday and Wednesday were well managed and give me a lot of hope for the future.
Another massive shout out to George who has been an incredible guiding light for me!!
Hi Anthony, glad you're back at it. I just wanted to share a personal opinion. Everyone is different and everyone reacts differently, trades differently etc . The thought regarding your trading that is screaming to me is that I dont think you should trade a $50k account even demo, as that is not the account size you will trade when you go live. It's very difficult for me personally to alter my mindset in a linear fashion between account sizes and i dont think that's unusual. For eg when i got my live account from $10k to $18k i failed to increase my lot size in a linear fashion. I went crazy. I think i jumped from .5lot to 2lot and everything exploded into the negative. Becoming consistently profitable is so hard, i would strongly suggest trading an account in line with what you want to have your next live account at be it $500 or $1k. It will be a massive extra challenge for you to go from trading a $50k account to a small live account. Fo myself all i can say is that i GROSSLY underestimated the psychological effect of account and lot sizing. I understand you're doing a "challenge" , please just consider if the benefits of the challenge will be optimal for your personal progression with your own live account when you open it. Food for thought. I hope this makes sense
If you learn on $500 demo and double it, then do the same thing with a live $500, you will feel like a king
If you demo $50k and double it , then go live with $500 and double it I think you are more likely to feel frustrated and impatient
This is wonderful and very true advice and I appreciate that you've taken the time to share this with me.
Now I know I this may sound crazy so early in my journey but I 100% believe I will trade an account well in excess of $50k within the next year. People can call that statement what they like but I have already done some amazing things in my business life and personal life based on that belief system. Yes, I've had some bumps and bruises on the way but you might be amazed at some of the goals I've achieved.
In my very humble opinion, I think many people set the bar too low in life. I would rather shoot for the moon and see how close I can get to those stars.
I take this business very very seriously and I'm happy to share my journey here as that is the type of person I am.
Once again, I very much appreciate your input and wish you nothing but the best of success for what success looks like for you.
Good luck Anthony ! I too wanted to shoot for the stars... and I rocketed out of a cannon with glee and enthusiasm for the stars! Unfortunately I face planted sometime later with a rather hard thump. I have plenty of money in my account. I can't wait to trade it ! I just know after my losses I need to build up again from smaller amounts, and let my head acclimatise to the growth. I have a very high bar set too ( though reading your response I wonder if you potentially wouldn't think it so high). I know once I can master myself I can make approx $500/day with a $20k account. I know it I feel it , I also know I'm just not ready, not yet. I also know those $500/day profit days will also be interspersed with $500 loss days. Accepting the profits with the loss is my mental challenge. I find it a very big challenge! I may well find myself trading a $50k account so there's more suspension for the wins/losses, but first I need consistency and I don't yet have it.
Once again good luck to you! Dream big Live big learn grow !!!
You are right, often setting the goals too low is counter productive.
Shooting for the moon/stars is great.
And there is the middle ground to consider...
Like making a reliable rocket that can take one to the moon without blowing up ( or camera tricks to fake it, lol).
If one isn't a rocket scientist yet, making a rocket may be a great goal first, without focusing too much on the moon and stars, but setting goals along practical issues at hand; like not blowing up x minutes after take off, extending flight distance gradually, increase fuel capacity to be able to get to moon with enough to even return...and how to build in a 'toilet' in case there is some shit coming up, to best deal with.
Often, for an average Joe making the rocket is already shooting for the stars.
Right goals, gradually, and it may happen.
Too starry eyes, and too big dreams, without a rocket, and not any but the right kind, and they may stay dreams, or even turn to frustration.
Hope you will get to your moon/stars, safely.
Using this analogy, it is not all the rocket scientists that build the rocket that normally get to travel to the moon. It is the pilot.
To be honest I think I've already got the makings of a pretty slick rocket thanks to George, I just need to train to become a one in a million pilot. That is what I'm prepared to do.
Itís very interesting to read all recent inputs about account size and expectations from trading. In my opinion what Anthony is trying to do now is very logical step.
There are probably only two ways to get account size from which you can earn reasonable money via trading and this is one of the topics serious trader need to carefully think of. The first way is to increase own small account to a big account lets say from 500 to 10k. Possible? Yes, but in most cases with significant increased risk and high probability to fail. Secondly, to bring money from outside, could be hard earned own money or investors money.
What challenge is offering is to become funded trader by fulfilling certain profit / loss, risk / money management requirements, so I think there is a right shift in thinking from trying to earn lot of percentages from small account to stay focused and trade consistently because even few percent from such account is already good amount.
To get 50k account to manage the own risk is only about 500, so its definitely worth to set such a goal for the future.
Good luck Anthony!
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