Lessons Learned Thread | Page 36 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Your and My Lessons Learned Losing and Gaining in Trading 5 replies

Lessons Learned during System Development 29 replies

Rookie Lessons Learned 5 replies

What i learned today 14 replies

Things I've learned (as a n00b) 6 replies

Attachments: Lessons Learned Thread
Exit Attachments

Lessons Learned Thread

  • #701
  • May 6, 2012 3:23pm May 6, 2012 3:23pm
Quoting Chicky
Trade #81 hit tp. 0.75%

Trade #80 (short for 200 pips, 1% ) running
Manually closed Trade #80 a couple of pips away from TP. 1%
Attached Image (click to enlarge)
Click to Enlarge Name: 206.jpg Size: 142 KB
The Thief of Wall Street
  • #702
  • Edited 4:19pm May 6, 2012 3:57pm | Edited 4:19pm
Quoting Chicky
Manually closed Trade #80 a couple of pips away from TP. 1%
Trade #82. Long for 30 pips

ps. Sorry, posted the wrong pic. The next one shows the trade.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 206.jpg Size: 142 KB
Click to Enlarge Name: 207.jpg Size: 149 KB
The Thief of Wall Street
  • #703
  • May 6, 2012 4:39pm May 6, 2012 4:39pm
Quoting shafiq
Chicky

Can we chat through messenger like - yahoo, google or skype.

Regards
No bachha.
The Thief of Wall Street
  • #704
  • May 6, 2012 5:22pm May 6, 2012 5:22pm
Quoting Chicky
Trade #82. Long for 30 pips

ps. Sorry, posted the wrong pic. The next one shows the trade.
Trad 82 hit sl. 1% loss

Trade #83 entered. Long for 20 pips.
Attached Image (click to enlarge)
Click to Enlarge Name: 209.jpg Size: 122 KB
The Thief of Wall Street
  • #705
  • May 6, 2012 5:30pm May 6, 2012 5:30pm
Quoting Chicky
Trad 82 hit sl. 1% loss

Trade #83 entered. Long for 20 pips.
Trade 84 entered. Long for 20 pips. R/R 0.8%
Attached Image (click to enlarge)
Click to Enlarge Name: 210.jpg Size: 112 KB
The Thief of Wall Street
  • #706
  • May 6, 2012 5:33pm May 6, 2012 5:33pm
Quoting Chicky
Trade 84 entered. Long for 20 pips. R/R 0.8%
Cannot post and trade at the same time. Taken another trade. Will post the trades later.
The Thief of Wall Street
  • #707
  • May 6, 2012 6:08pm May 6, 2012 6:08pm
Quoting Chicky
Cannot post and trade at the same time. Taken another trade. Will post the trades later.
Don't know how many trades I took, prbably 10 more. So let's say result of trade #83 to 93.

Some hit sl and some hit tp. Net result about 1%.

Here is the activity log of what I did and the current status of account. No trade open at the moment.

All rules were followed.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 212.jpg Size: 128 KB
Click to Enlarge Name: 211.jpg Size: 223 KB
The Thief of Wall Street
  • #708
  • May 6, 2012 6:40pm May 6, 2012 6:40pm
Quoting Chicky
Don't know how many trades I took, prbably 10 more. So let's say result of trade #83 to 93.

Some hit sl and some hit tp. Net result about 1%.

Here is the activity log of what I did and the current status of account. No trade open at the moment.

All rules were followed.
Trade #94. Long for 170 pips.
Attached Image (click to enlarge)
Click to Enlarge Name: 213.jpg Size: 142 KB
The Thief of Wall Street
  • #709
  • Edited 12:04pm May 7, 2012 11:44am | Edited 12:04pm
Quoting Chicky
Don't know how many trades I took, prbably 10 more. So let's say result of trade #83 to 93.

Some hit sl and some hit tp. Net result about 1%.

Here is the activity log of what I did and the current status of account. No trade open at the moment.

All rules were followed.

you lost over 2% on your first three positions and then took a 4% open risk to recover immediately after. Thats quite a stretch of your rules

By starting this thread you drastically altered the environment in which you normally trade. There was now much more pressure to perform. I dont think you factored this in when you...

1. Started a thread claiming to have it all together after years of work and..

2. Put your trading on public record as evidence of the above

I know this lesson. I once had a 6 month history of double digit returns on public record. This attracted three investors. One was an investment fund with a 7 figure account they wanted me to trade for them. I was trippin. Eureka! - I made it at last. or so I believed.

The following week, while they were monitoring my performance, I crashed and burned. The investors vanished

Privately trading a mini account is not the same as trading for investors while they are breathing down your neck.

lesson learned - trading is 80% mental. The other 20% is in your head

You won this time.
BTC Return This Year: na
  • #710
  • May 8, 2012 12:01am May 8, 2012 12:01am
Quoting M.A.C.Doug
you lost over 2% on your first three positions and then took a 4% open risk to recover immediately after. Thats quite a stretch of your rules

By starting this thread you drastically altered the environment in which you normally trade. There was now much more pressure to perform. I dont think you factored this in when you...

1. Started a thread claiming to have it all together after years of work and..

2. Put your trading on public record as evidence of the above

I know this lesson. I once had a 6 month history of double digit returns on...
Were these ten or so trades stretch of my rules? The answer is Yes and No. You are right but at the same time you are completely wrong.

I don't know how many times I have mentioned in this thread that if one is expecting 60 winners out of 100 trades should always be ready for 40 consecutive losers.

With a 20 pip trade size, all these trades were stand alone trades. I expect similar results if each of these trades were for minimum 100 pips and separatelytaken in ten months.

I wanted to say something after taking readers through the whole journey, but have decided to say that in one sentence. Let them explore it themselves, collectively at the cost of milions.

"R/R ratio 1:10, 10% risk"

This thread is closed.
The Thief of Wall Street
  • #711
  • May 8, 2012 12:53am May 8, 2012 12:53am
Chicky,
I'm still trying to decipher your last post. Like Douglas MacArthur here I was surprised by your sudden trading activity and didn't really know what to make of it. Your reply to his interesting and insightful post puzzles me even more. Do you really want to close the thread? Would be a shame.

I agree that your smaller trades are following your new set of rules. I liked the old ones better, even if that meant everybody had to wait much longer for the result, nevertheless I think I understood you want to help this thread along to come to its conclusion (20% profit) and finally to a more defined description of the entry-method.

I for one can say that this thread helped my trading a great deal, even if I trade a method which is quite different from yours. I hope you stick with this thread!

Best,
LD
Fail better.
  • #712
  • May 8, 2012 2:00am May 8, 2012 2:00am
Quoting LarryDarrell
Chicky,
I'm still trying to decipher your last post. Like Douglas MacArthur here I was surprised by your sudden trading activity and didn't really know what to make of it. Your reply to his interesting and insightful post puzzles me even more. Do you really want to close the thread? Would be a shame.

I agree that your smaller trades are following your new set of rules. I liked the old ones better, even if that meant everybody had to wait much longer for the result, nevertheless I think I understood you want to help this thread along to come to...
Larry, I was not here to attract investors. I don't need to work for an investor to know the drawbacks of trading for others. This is very basic thing.

Normally i don't get time to waste on this demo account, but during low liquidity on Sunday I spent sometime on that account and took as many trades as I could during this short but highly active time using the 20 pip and more than one open trade flexibility I had allowed to myself. I did this to speed up this thread. All my subsequent to first trades were for lesser risk. As you can see from the activity log 550 units, 350 units, 250 units, etc for a constant 20 pip trade size. That means if first trade was for 1%, next was lesser risk and third was for even more less risk. In normal situations my each trade is for 1% risk, but these 10 trades collectively were for less than 10% risk, much less than 10%. For a 20 pip trade, a trade opened even 2 pips apart is a different trade. It is only as if things are moving faster. I think my win:loss ratio was about 60:40, but it seems that even when you gain a normal % based on your regular system, it is attributed to your luck and then all public forum thing comes in. I started this thread as some help to to new traders without any bullshit or any hidden agenda. I stay away when my sincerity becomes questionable. That is why this thread is closed.
The Thief of Wall Street
  • #713
  • May 8, 2012 2:16am May 8, 2012 2:16am
As you can see English is not my mothertongue, but I don't read the post by Doug as one to question your sincerity. Most of the people following this thread have been doing so for quite a long time, and it is different from all other thread in FF I know. Apart from the occasional poster asking for a short cut to riches, most are patient and curious to see what will come out of it.
Fail better.
  • #714
  • May 8, 2012 7:35am May 8, 2012 7:35am
Quoting Chicky
Larry, I was not here to attract investors. I don't need to work for an investor to know the drawbacks of trading for others. This is very basic thing.

Normally i don't get time to waste on this demo account, but during low liquidity on Sunday I spent sometime on that account and took as many trades as I could during this short but highly active time using the 20 pip and more than one open trade flexibility I had allowed to myself. I did this to speed up this thread. All my subsequent to first trades were for lesser risk. As you can see from...
dont leave all the forest because of one small tree
If there was easy money lying around,no one would be forcing it into your
  • #715
  • May 8, 2012 10:01am May 8, 2012 10:01am
Quoting Chicky
Larry, I was not here to attract investors. I don't need to work for an investor to know the drawbacks of trading for others. This is very basic thing.

Normally i don't get time to waste on this demo account, but during low liquidity on Sunday I spent sometime on that account and took as many trades as I could during this short but highly active time using the 20 pip and more than one open trade flexibility I had allowed to myself. I did this to speed up this thread. All my subsequent to first trades were for lesser risk. As you can see from the...
Hey Chicky,
You've done fantastic job with thread why not finished what been planing?We need a few trades to 100.Anyway thanks for all your time and sharing your experience.
  • #716
  • Edited 8:43am May 10, 2012 8:15am | Edited 8:43am
I used to trade exclusively 1:2 or 1:3 r/r. I decided to give 1:1 a shot after reading chicky's logic. It is going very well. Much better than I would have thought. If I was full time and a little more selective, I believe I could get this up around the 80%. Its early days of course but very encouraging. Thanks for the lesson Chicky

Here are some s/r bounce trades I did today that would have normally been losers for me. These are typical of what I have been doing all week for about a 70% success rate. You can see some even better opportunities that I wasn't able to get.

Trades are on the 15 minute chart and target 12pips with a 12 pip stop
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1231.jpg Size: 106 KB
Click to Enlarge Name: 1232.jpg Size: 175 KB
BTC Return This Year: na
  • #717
  • May 10, 2012 8:18am May 10, 2012 8:18am
Forex is not good for a business coz its very hard to get profit, so I wanna salute to forex & goodby from the business
  • #718
  • May 10, 2012 8:19am May 10, 2012 8:19am
Quoting shafiq
Forex is not good for a business coz its very hard to get profit, so I wanna salute to forex & goodby from the business

It's hard only until you master it ( Not quite there yet, but close ) then it's easy and it's like printing your own money so I hear

Don't quit, don't ever quit!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #719
  • May 10, 2012 8:28am May 10, 2012 8:28am
Quoting M.A.C.Doug
Here are some s/r bounce trades I did today that would have normally been losers at for me. These are typical of what I have been doing all week for about a 70% success rate. You can see some even better opportunities that I wasn't able to get.

Trades are on the 15 minute chart and target 12pips with a 12 pip stop
And another one from the day before. Again you can see more and better opportunities than the ones I was able to get
Attached Image(s) (click to enlarge)
Click to Enlarge Name: bounce1.jpg Size: 98 KB
Click to Enlarge Name: bounce2.jpg Size: 163 KB
BTC Return This Year: na
  • #720
  • May 10, 2012 8:40am May 10, 2012 8:40am
Quoting shafiq
Forex is not good for a business coz its very hard to get profit, so I wanna salute to forex & goodby from the business
It isnt easy, takes alot of patience and even more discipline. These things dont come naturally and take a long time to develop to a level that the market will reward. managing risk is the single biggest factor. Just practice losing a little bit and being patient while you are working on those difficult areas. It takes time. It took me 6 years and I have never tried as hard at anything before in my life. Many, many times I felt just like you do now but I never gave up.

now, candy from a baby. If only I had some money left
Attached Image (click to enlarge)
Click to Enlarge Name: confluence.jpg Size: 108 KB
BTC Return This Year: na
0 traders viewing now