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Rookie Lessons Learned

  • Post #1
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  • First Post: Jul 7, 2008 4:19pm Jul 7, 2008 4:19pm
  •  rosieposie
  • | Joined Apr 2008 | Status: Member | 17 Posts
Well, last Thursday taught me some hard and painful lessons that I will definitely remember for a long time. I'm glad I made these mistakes before I tried to trade forex full time and while I have gainful employment. Here are my lessons I learned:

1. I like charts and analysis. I have developed an ea that I am comfortable with that trades .1% of my account equity at any time. It backtests great and if I hadn't messed with it, then I wouldn't have lost 80% of my account on Thursday. Lesson: Don't mess with the system!

2. Last Thursday I shut down all my trades so I could trade the "sure thing" of the NFP. Lesson: There is no sure thing!

3. And one more lesson: I am NOT going to be a news trader!

This is really more for my documentation that discussion, but I welcome your comments.

rosieposie
  • Post #2
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  • Jul 7, 2008 4:39pm Jul 7, 2008 4:39pm
  •  TJPLD
  • Joined Jan 2008 | Status: Inertial Member | 2,297 Posts
Never really understood the hype about news trading.
There is no reason why one should news trade any event.
 
 
  • Post #3
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  • Nov 9, 2008 8:28am Nov 9, 2008 8:28am
  •  Keyrat
  • | Joined Nov 2008 | Status: Member | 4 Posts
I've seen many posts referring to EA. What I can't seem to figure out is, just what is EA?
Would you mind answering what is probably extremely obvious?
Thanks
 
 
  • Post #4
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  • Nov 9, 2008 10:15am Nov 9, 2008 10:15am
  •  Rabid
  • Joined Jan 2008 | Status: Lunatic Supreme | 1,840 Posts
Expert advisor. It's a program that runs in metatrader that trades for you... or at least attempts to.
 
 
  • Post #5
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  • Nov 9, 2008 11:05am Nov 9, 2008 11:05am
  •  PipRev
  • | Joined Sep 2008 | Status: Member | 22 Posts
Oh! I have one myself!

When using Interactive brokers, don't trade lower than the minimum amount for IDEAL PRO as you'll get sent to IDEAL where the spreads SUCK!

I placed a buy stop order at 155.xx for GBPJPY and got filled at 159.xx when I wanted to sell I was offered 150.xx. I said screw it and traded a much bigger lot so I got filled at 156.xx to close it and prevented part of the catastrophe.

Lesson: Know everything about your platform. Had I been more daring I wouldn't have had that problem either. I blew 5% of my account on that bad trade alone.
 
 
  • Post #6
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  • Last Post: Nov 10, 2008 7:25pm Nov 10, 2008 7:25pm
  •  peterhubble
  • | Joined Oct 2008 | Status: Member | 31 Posts
The thing with EA’s is that they are uncertain. They might detect a signal in the market that would make them “think” that the trend is going to change and they open and order. It turns out the market did not do what I appeared it would and you were not right there to notice, you lost. There are some though that prove to be really effective.
 
 
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