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btrfx1 May 10, 2019 10:54pm | Post# 181

Hi Anthony,
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

ps
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.

btrfx1 May 10, 2019 11:29pm | Post# 182

Hi Anthony,
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.
Ben

Aussi May 11, 2019 12:15am | Post# 183

{quote} Hi Aussi. Wonderful question!! In March and April I had 93 trades on the GBP JPY. Looking at the Account History I can see that only 9 of these hit their TARGET. The rest were all exited manually when I "FELT" "BELIEVED" that I had enough PROFIT. Therefore, at this point of my trading journey it is easy to say that I am closing the majority of my trades based on a GUT FEELING more than anything. I am still weak at reading price and unsure of where to set my trade targets. I obviously have not been setting stop losses either. Hoping price...
well while others keep there trades going and risk a pullback you would have money in your bank , i personally do not think about that trade when its gone if you feel a further entry is warranted , a rule of thumb to get back in it has to have a small pullback that then takes the commission in to account, getting in and out for all of us is mental thingy . some will say keep it running , on some pairs i could be in 3 or more times i have like you seen real good entries and then went to be bed to wake up and seen my tp missed and a down turn happened , so we keep going Anthony trying to out whit the big boys i am pleased you started this thread , kindest regards from Dave

ps nice falls on try and zar makes me feel alive

mixedbags May 11, 2019 12:34am | Post# 184

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.

Mingary May 11, 2019 3:40am | Post# 185

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.

The problem:
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"

Robot Trader May 11, 2019 6:05am | Post# 186

Hi,

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.

Regards

RT

Aussi May 11, 2019 6:24am | Post# 187

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. The problem: 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...
mate Hi , the simple thing is having one big loss and a lot of big wins is a better example

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

SunnyCoast May 12, 2019 8:20am | Post# 188

Hi Anthony, Sorry to hear you're going through your trial by fire. It happens to every trader, it's what shapes you and drives you to leave the game or evolve as a trader. It's an incredibly stressful time , but you will come through it with more knowledge, experience, and hopefully philosophical acceptance. Good luck with the decisions you need to make regarding your losses, they will not be easy to make I'll also add that when I took leave without pay from work to trade full time I had 5 successive days of spiralling disbelief at my losing trades...
Hi Helena.

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.

Cheers
Anthony

SunnyCoast May 12, 2019 8:24am | Post# 189

Here's my take. Good trading is not about spectacular pips gain or uncanny accuracy in entry exit or high win/loss ratio or large risk/reward ratio. Those numbers stand out as spectacular that quickly sit in the limelight to attract the attention of the mass majority. Those are also the thoughts of the typical gambler. Good trading is all about risk management. Risk management is not money management although both terminology is mostly used interchangeably, they don't mean the same thing. Risk management is a very large topic, not possible to cover...
I really appreciate you sharing your 2 cents here. I'm certainly a larger majority of my time learning as much as I can about how to manage my risk better and to find even better entries by applying a deeper knowledge of price behaviour.

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.

Cheers
Anthony

SunnyCoast May 12, 2019 8:27am | Post# 190

Oh man, that's rough I've been watching your thread quietly on and off for weeks, and admittedly was a bit worried when I saw that you had increased your capital by 100 fold this early on. I hope that you will be able to recover it all in due time
Hi Solarian.

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.

Cheers
Anthony

SunnyCoast May 12, 2019 8:29am | Post# 191

Hello Anthony I am sorry to hear that really...I know the feeling and experience as many have made the mistake and misjudgement. I truly hope it was a demo account and that you dont take the loss too hard which I know will not be easy Have enjoyed watching you progress from the start, keep up the hard work..sadly this is part of the journey but a chance to evolve. All the best. Codie
Hey Codie.

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.

Cheers
Anthony

CAJS-FX May 12, 2019 11:17am | Post# 192

{quote} Hey Codie. 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. Cheers Anthony
Hi Anthony

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.
Codie.

TimeTells May 13, 2019 5:07pm | Post# 193

{quote} Yes, I've learned more in the past few days than perhaps the past 2 months.

Hi Anthony,

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.

Inserted Video



One of the finest pure boxing exhibitions ever performed in the ring .


Inserted Video



cheers pal, all the best
Pete

SunnyCoast May 15, 2019 8:12pm | Post# 194

1 Attachment(s)
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!!

Click to Enlarge

Name: k Challenge 2 1st Week.png
Size: 28 KB

Cheers
Anthony

hellsbells May 16, 2019 5:25pm | Post# 195

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

Cheers h

SunnyCoast May 16, 2019 8:59pm | Post# 196

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...
Hi H.
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.

Cheers
Anthony

hellsbells May 16, 2019 10:05pm | Post# 197

{quote} Hi H. 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,...

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 !!!

profitfarmer May 16, 2019 11:38pm | Post# 198

{quote} Hi H. 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,...
Hi Anthony,

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.

SunnyCoast May 17, 2019 12:08am | Post# 199

{quote} Hi Anthony, 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,...
That is a wonderful analogy especially coming from someone who knows the game as much as you do.

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.

Cheers Anthony

alexgvr May 17, 2019 2:39am | Post# 200

Hi All,

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!

Regards
Alexey


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