$2,000 to $2,000,000... no time limit

I was at work all day, dam, I guess I'm just an idiot trader.

Stubborn, thinking that the downtrend was not finished.

In the end I just closed my open trades, was not able to do any scalping to offset the bad trades.

I'm now back where I was when I started this account 3½ weeks ago... I'm gonna go get a slab of beer and relax.

-Thats the market for you mate

Exactly... it takes no prisoners.

Yes i know , I am sweating on Cable , Its likely to hit my stop and come crashing down , I can feel it

Have been hit big time

While I've been relaxing with my beers, I've missed 2 very good trades...

Continuation Pinbars on the gbp/usd and gbp/jpy 4 hour charts.

Potential profit at least 100 to 140 pips, and if the trend continues maybe 3 - 400 pips each... who knows?

My chart pics are self explanatory I think.

Ummmmm... I know the feeling.

use s/l my friend , i have learned in hardway , it might fall back 1 or 2 time but it will take everything in one time

Dam, the gbp/usd pinbar trade has already made almost 2:1

I'm wondering if we are witnessing a consolidation area or a new trend change?

Looking back in history we see that the AUD/USD sometimes spends many weeks in a 200 - 300 pip range before continuing or changing the trend, and at other times it reverses completely within a few days.

I think it's advisable to be careful until we are sure a definate trend proves to be in place.

I feel sorry for your account man , it's gonna be a very long and bumpy road to get to your $2,000,000.No wonder you didn't put a time-line like some of us

Detecting pinbars on a lot of pairs can be time consuming and they can be very easy to miss because of the time needed switching pairs and timeframes, so i have decided to set up profiles so I can switch between timeframes on multiple charts instantly.

I've placed 12 pairs in a single window, tiled vertically and saved as a profile for 4 hours and daily.

You can do this quite quickly...

 

1. Pick the pairs you wish to follow
2. Tile vertically
3. Place indicators on one pair and save that chart as a "Template"
4. Add that "Template" to all your chosen charts
5. Save the group as a "Profile"

To save a separate "Profile" for different timeframes simply switch all the charts to a new time (ex from 4 hour to daily), and save that group as a new Profile.

... there is no limit to the number of profiles you can save.

Below are 2 of my sets of charts saved as EMA's 4hr and EMA's Daily.

All is not lost, its just a bump in the road.

If I can be patient and only trade my high probability setups I know I can collect on over 90% of my trades, and by using stops and risking more than I was in the 1st few weeks I can get there.

By only trading in a trend and risking 2% I could do it in 2 years or less I feel... however I'm not placing a time limit on myself, because that creates a dimesion that affects trading decisions adversly.

I can see things are not going according to plan --I would urge you to keep your calm and carry on .Reduce risk when things are likle this and be more precise .

Good Luck man

With all due respect, can I suggest that you worry about your own accounts rather than mine?

... I see that you have had drawdowns of 28% and 68% on them already... compare that to my maximum of 14%.

Sorry to upset you man -- but my system doesn't care about Drawdowns , risk rewards and all that kind of stuff -- It wins money at the end of the day .But I was genuinely sympathising , nways I wil unsubscribe myself from your thread -- Hope it all goes well for you

Silly man, he's implying that drawdowns don't cost him money...

Hi

Just wanted to pop up and ask , How are you doing with reaching your target man.Looks like it's taking very very long , isn't it?.This trading business is tough man , just give it up , take the little that you have and run

I'm sure the little that I have is more than you have. I note with interest that you have totally lost one account and are down to 14 pounds left on the 2nd.

Now... I may lose this account of mine, however I WILL WIN.

I have changed my approach to trading (yet again... and yes I know that that is a common trait in traders who lose).

I'm addressing the main problem I have always had, and that is the habit of often not placing a StopLoss on my trades.

The reason I developed the habit is because I don't like to see a losing trade, and the logical next step to such thinking is to don't use a stop. I'm sure most traders fall into this situation. Afterall, how can some of the largest banks traders get into situations where the banks can go bust just because of bad trades, obviously banks don't use stops either. Barings Bank years ago for example, and others more recently.

So... I'm now trading demo accounts the last 6 weeks or so with hundreds of trades forcing myself to ALWAYS place a stop on every trade as soon as its entered.... regardless of the outcome.

My experience tells me that the old way I was trading (even when placing stops) is just not practical.

I originally learned momentum trading years ago... using a 10 pip stop to make 5 to 10 pips (very frustrating). Over the years I developed into a trader that picks reversals, using a 20 pip stop and making an average of about 10 pips per trade, but the trades that stopped out overcome my winnings or close to it, making my method break even at best.

I then tried overcoming it by using bigger n bigger stops until I used no stops at all... that worked great (until a major catastrophe or event wiped me out twice).

So my next progression was to trade using very small lot sizes and entering swing trades... I was able to withstand negative positions of way over 1,000 pips against me, but now I was struggling to make 2% a month at best, and was down to making only 4 to 6 trades a month.

Then I stopped trading until I started this thread (I abstained from live trading for 18 months until recently).

I know my strengths and weaknesses in trading, and have decided to finally address the major flaw in my trading makeup... the fact I don't like using stops.

I'm developing a personal method that is seeing me enter trades on 3 to 5 minute charts with 15 to 20 pip stops and i'm getting those trades be break even or winners in most cases. A lot are break even... but hey, a wash trade is a winner in my book. A breakeven trade means that my equity is protected and I get a free chance at making pips.

I'll get this down to an initial Stop of 10 pips or less on trades that may last from 1 minute to up to 1 month or longer. I know that fine tuning entry's on 3 to 5 minute charts can lead to big winners because some of those trades will develop into 100 to 500 pip runners (position and swing trades)... not many for sure, but with a tight stop they are extremely profitable.

A 2 - 5% risk with a 15 pip stop that gets away and runs for 100, 200 maybe 500 or more pips is a nice trade, and I know I can get them at least once a month.

Keep your eyes on my thread, I WILL DO IT. Trust me.

I accidently closed my sell hedge and lost $200 so decided to bite the bullet, close my remaining losing positions and stop trying to manage my crazy losing position on my account, so my account balance is now $836 down from my $2,000 start 3 or 4 months ago.

It's called "pressure reduction" in some industries.

I'm keeping an eye on your thread and wish you success.