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My way to highway

  • #961
  • Jul 16, 2018 5:31am Jul 16, 2018 5:31am
Quoting MXT
{quote} i'll only quote this to summarize coz it's the best part in FF the list is full of people chasing unrealistic returns
thats really this problem!

they come with 100 usd or 1000 usd and think they can double this little money very easy, trade with big risk and the worst case is when such people then have luck and even win some weeks, then they think they are really the best traders and they get even more crazy in trading. so many of crazy TE and journals in forexfactory are only because of this topic. so many dont like to learn basics, all want be rich and this not planed, it has to be the fastest most risky way, most play trading like as pure gaming, and when losing they call it manipulation , broker was the problem, leverage was the problem, and so on..... but they cant see the biggest problem was themself.
  • #962
  • Jul 16, 2018 6:16am Jul 16, 2018 6:16am
Quoting dukas_trader
{quote} thats really this problem! they come with 100 usd or 1000 usd and think they can double this little money very easy, trade with big risk and the worst case is when such people then have luck and even win some weeks, then they think they are really the best traders and they get even more crazy in trading. so many of crazy TE and journals in forexfactory are only because of this topic. so many dont like to learn basics, all want be rich and this not planed, it has to be the fastest most risky way, most play trading like as pure gaming, and...
Well show us the way leader. Do you have stats?
Read my shouts to get myfxbook link
  • #963
  • Jul 16, 2018 7:08am Jul 16, 2018 7:08am
Quoting IggyMon
{quote} Well show us the way leader. Do you have stats?
what is your question , what you want learn?
you need stats for what?

i can at maximum lead to think the correct way, what to avoid because it is useless and time wasting. the rest is up to the person.
  • #964
  • Jul 16, 2018 7:20am Jul 16, 2018 7:20am
Quoting IggyMon
{quote} Well show us the way leader. Do you have stats?
since i dont see who this relates to this journal, if in any ways ( what i doubt)...
kindly, this is not a chat thread, if you have such discussion take it to your thread or private mail.
much appreciated, thanks!
there is always, always another trade!!
  • #965
  • Jul 16, 2018 8:11am Jul 16, 2018 8:11am
Quoting dukas_trader
{quote} thats really this problem! they come with 100 usd or 1000 usd and think they can double this little money very easy, trade with big risk and the worst case is when such people then have luck and even win some weeks, then they think they are really the best traders and they get even more crazy in trading. so many of crazy TE and journals in forexfactory are only because of this topic. so many dont like to learn basics, all want be rich and this not planed, it has to be the fastest most risky way, most play trading like as pure gaming, and...
agree 100 % with you my friend
  • #966
  • Jul 16, 2018 12:35pm Jul 16, 2018 12:35pm
profitfarmer, and why did you lost your main account? In few words
Whether you think you can, or you think you can't,you're right. H.F.
  • #967
  • Jul 16, 2018 12:48pm Jul 16, 2018 12:48pm
Quoting Simply-Me
profitfarmer, and why did you lost your main account? In few words
If you want to know it, read it in this thread and you will know....
  • #968
  • Jul 16, 2018 1:35pm Jul 16, 2018 1:35pm
Quoting Patje
{quote} If you want to know it, read it in this thread and you will know....
I did,and I still don't know.I might be slow.so I've asked nicely and I'm getting smart answer from people i didn't ask.
Whether you think you can, or you think you can't,you're right. H.F.
  • #969
  • Jul 16, 2018 1:42pm Jul 16, 2018 1:42pm
Quoting Simply-Me
profitfarmer, and why did you lost your main account? In few words
in few words: broke one rule.

it is all on the thread. a few pages back, and you should be able to read all about it. (as Patje advised).
i can help out with the date, it is from 14th June.

happy trading!

PS.
to not feel bad, i will elaborate a bit on the one rule: equity SL.
i think that should be enough to everyone to catch the mistake, slow or not. and i dont think you are slow.
there is always, always another trade!!
  • #970
  • Jul 16, 2018 1:52pm Jul 16, 2018 1:52pm
Quoting Simply-Me
{quote} I did,and I still don't know.I might be slow.so I've asked nicely and I'm getting smart answer from people i didn't ask.
Sorry if I offended you, I didn't mean to. There are people visiting this thread and bash PF here wich he doesn't deserve because he is one off the most honest persons here on FF....
  • #971
  • Jul 16, 2018 1:58pm Jul 16, 2018 1:58pm
Quoting profitfarmer
{quote} in few words: broke one rule. it is all on the thread. a few pages back, and you should be able to read all about it. (as Patje advised). i can help out with the date, it is from 14th June. happy trading! PS. to not feel bad, i will elaborate a bit on the one rule: equity SL. i think that should be enough to everyone to catch the mistake, slow or not. and i dont think you are slow.

There is only one post from you at that date a says nothing
Quoting profitfarmer
{quote} yes. nothing else to say, but i went to aggressive and did got myself in a huge mess i should not. a very very expensive lesson i had. not completely over, but will be sooner or later. today, not so happy trading!
OK you broke your rule,you went too aggressive,what does is say? Nothing.What new we can learn from your experience? Nothing.We all know,that rules suppose to be obeyed. It is so hard to say, I had e.g. 5000 balance and I opened 5 lot position and it went 100 pips against me? I've broke this and that rule.
This my point.I sorry for your lost. I've been there,I've done that
Whether you think you can, or you think you can't,you're right. H.F.
  • #972
  • Jul 16, 2018 2:09pm Jul 16, 2018 2:09pm
he just said that : a one-off disregard of stop loss
  • #973
  • Jul 16, 2018 2:26pm Jul 16, 2018 2:26pm
Quoting MXT
he just said that : a one-off disregard of stop loss
Really? That's all? OK,let's say I have 1000 eur account.My stop loss is 30 pips,so I can trade 1 eur per pip while risking 3% of my account. If I'll forget to set stop loss, currency will have to move around 900 pips to get margin call and wipe my account.Something like this happend? One disregard of stop loss? Really?
Whether you think you can, or you think you can't,you're right. H.F.
  • #974
  • Jul 16, 2018 2:35pm Jul 16, 2018 2:35pm
Quoting Simply-Me
{quote} Really? That's all? OK,let's say I have 1000 eur account.My stop loss is 30 pips,so I can trade 1 eur per pip while risking 3% of my account. If I'll forget to set stop loss, currency will have to move around 900 pips to get margin call and wipe my account.Something like this happend? One disregard of stop loss? Really?
yea but just suppose your positions were much bigger than that , say 100 Euros per Pip

suppose that a very bad sudden spike of 400 pips would take you unawares and go against you

would that be enough ?
  • #975
  • Jul 16, 2018 2:38pm Jul 16, 2018 2:38pm
Quoting MXT
{quote} yea but just suppose your positions were much bigger than that , say 100 Euros per Pip suppose that a very bad sudden spike of 400 pips would take you unawares and go against you would that be enough ?
Sure,suppose
Whether you think you can, or you think you can't,you're right. H.F.
  • #976
  • Jul 16, 2018 2:40pm Jul 16, 2018 2:40pm
Quoting Simply-Me
{quote} There is only one post from you at that date a says nothing {quote} OK you broke your rule,you went too aggressive,what does is say? Nothing.What new we can learn from your experience? Nothing.We all know,that rules suppose to be obeyed. It is so hard to say, I had e.g. 5000 balance and I opened 5 lot position and it went 100 pips against me? I've broke this and that rule. This my point.I sorry for your lost. I've been there,I've done that
Maybe I was too optimistic and NOT everyone understand the equity SL hint, even if the idea is present from the first page of the journal?

A simple explanation: the lot size and how aggressive the entries has no impact....IF downside limited by a set amount of equity SL.
The lesson: don't override equity SL. Ever!!
In the journal handful of examples for what happen when it is hit and obeyed, and there is the one example what happens when it is not.

The date was reference to the day of loss, 14th June. Obviously, the aftermath you can read the following day/days. It was only a reference for you where to start reading to find the answer to your question.

As for the loss, I have been there too, some while back. Posting about it was not to solicit sympathy, only to show how things can he ugly in trading.
I have since moved forward, as mentioned.
There is always something to work on.
But I can assure you only very minor fine tunings.

Happy trading!

Quoting Simply-Me
{quote} Really? That's all? OK,let's say I have 1000 eur account.My stop loss is 30 pips,so I can trade 1 eur per pip while risking 3% of my account. If I'll forget to set stop loss, currency will have to move around 900 pips to get margin call and wipe my account.Something like this happend? One disregard of stop loss? Really?
Ouch.
You ask questions but really never bothered to read, even my answer to you today!!!
That is sad, really!

Equity SL!!!
There is zero impact of pips loss.
As for the theory part, ICM ECN has a 50% margin stop out.

Disregard Equity SL = continue trading whereas per rule should stop at x% equity loss and seize all trading for the day ( or two).

It is really that simple.
there is always, always another trade!!
  • #977
  • Jul 16, 2018 3:06pm Jul 16, 2018 3:06pm
Quoting profitfarmer
{quote} Ouch. You ask questions but really never bothered to read, even my answer to you today!!! That is sad, really! Equity SL!!! There is zero impact of pips loss. As for the theory part, ICM ECN has a 50% margin stop out. Disregard Equity SL = continue trading whereas per rule should stop at x% equity loss and seize all trading for the day ( or two). It is really that simple.
I did read your post.Why equity SL happens? Maybe because you are loosing pips? Or?
Whether you think you can, or you think you can't,you're right. H.F.
  • #978
  • Jul 16, 2018 8:21pm Jul 16, 2018 8:21pm
Quoting Simply-Me
{quote} I did read your post.Why equity SL happens? Maybe because you are loosing pips? Or?
It's the overall percentage drawdown he can accept.
Not so much on pips. It's more of a overall outlook.
Correct me if I wrong with the explanation.
It's happen because trade don't go your direction.
It could be some currency positive pips and some currency trade negative pips. It add up to overall..Thks
  • #979
  • Jul 16, 2018 10:32pm Jul 16, 2018 10:32pm
Quoting Pro.yingYang
{quote} It's the overall percentage drawdown he can accept. Not so much on pips. It's more of a overall outlook. Correct me if I wrong with the explanation. It's happen because trade don't go your direction. It could be some currency positive pips and some currency trade negative pips. It add up to overall..Thks
Hi Pro.yingYang,

The first sentence nails the definition of equity SL: it is the max % of equity loss on the account for a single day.

I use it as a failsafe to signal that what I am trying to do is not in sync with the market, and that something, somewhere I misjudged with my open entries.

There is some thoughts written up on how to make a failsafe more safe, ie protected from the impulse of a trader to override it.
Not happen often, but even once, it can lead to deep losses.

Simple-Me, I sincerely hope you understand the thinking.
There is across the journal quit a few times reference to equity SL, etc.
In fact all this is answered before, I think.
On my part, I think we had spent enough time on this topic this time, and since the others seem to have the meaning ( multiple guys shown in post for you), I think nothing else to say on it.
If still something unclear suggest you read back on the thread, perhaps more carefully.
The idea of equity SL neither new nor difficult to understand.

Happy trading!
there is always, always another trade!!
  • #980
  • Jul 17, 2018 12:54am Jul 17, 2018 12:54am
PF,sure I understand little bit concept of equity SL.
What I don't understand is, how somebody who's profit target is 2-10% a month profit could burn his account in short period of time?

Quoting profitfarmer
{quote} On my part, I think we had spent enough time on this topic this time, and since the others seem to have the meaning ( multiple guys shown in post for you), I think nothing else to say on it.
Sure,no problem,is your right to say,what you want to say.
Whether you think you can, or you think you can't,you're right. H.F.
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