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(binned per thread starter's request) Still Learning (Tips/Advice

  • #1
  • First Post: Edited Oct 6, 2021 6:32pm Mar 27, 2019 10:23pm | Edited Oct 6, 2021 6:32pm
⠀
Trading is a Zero sum game. Someone winning means someone losing.
  • #2
  • Mar 27, 2019 10:47pm Mar 27, 2019 10:47pm
Oh and I guess I should also point out my biggest mistakes so far to hopefully provide advice to other traders.

Feb 1 - I made a huge loss as I gained over-confidence and tried to double down on a profitable trade that had already run its course and was in the process of reversing

Feb 13 - See above (over-confidence)

Mar 13 - I didn't follow my rules and tried to find the peak (No one is clairvoyant, don't try and find the top/peak)

Mar 18 - See above (Still can't see into the future yet....)
Trading is a Zero sum game. Someone winning means someone losing.
  • #3
  • Mar 27, 2019 11:06pm Mar 27, 2019 11:06pm
Quoting brody477
Oh and I guess I should also point out my biggest mistakes so far to hopefully provide advice to other traders. Feb 1 - I made a huge loss as I gained over-confidence and tried to double down on a profitable trade that had already run its course and was in the process of reversing Feb 13 - See above (over-confidence) Mar 13 - I didn't follow my rules and tried to find the peak (No one is clairvoyant, don't try and find the top/peak) Mar 18 - See above (Still can't see into the future yet....)
I don't see much wrong here, you are to double down or at least increase your positioning on your winning positions.

Many losing trading get upset when they are losing and want to enter bigger trading sizes which will increases their loses.

I also look or try and find the peak to get the most optimal position. I would, in fact say many good traders try and find the peak. The issue now is, we can't tell the future so that is very difficult. Is it wrong to try and deduce the peak? IMO, no.
Carpe Diem
  • #4
  • Mar 27, 2019 11:53pm Mar 27, 2019 11:53pm
Quoting CKSCswing
{quote} I don't see much wrong here, you are to double down or at least increase your positioning on your winning positions. Many losing trading get upset when they are losing and want to enter bigger trading sizes which will increases their loses. I also look or try and find the peak to get the most optimal position. I would, in fact say many good traders try and find the peak. The issue now is, we can't tell the future so that is very difficult. Is it wrong to try and deduce the peak? IMO, no.
Thanks for your advice, much appreciated. For increasing winning positions I would agree with you on that, nothing wrong with making a profitable trade longer or larger (So long as it sticks to your rules). However I wouldn't say I was doing that as much as I had gotten over-confident and the trade was already showing signs on reversing when I tried to double down.

As for finding the peak, you can try your best using technicals/fundamentals/sentiment to try and determine where a peak may form. Although for my trading strategy I shouldn't be looking or trading that, so it went against my rules of trading. Also I wouldn't even know how someone could find a peak in this unpredictable market. From personal experience I've seen the same type of news move the market no where then next time 100's of pips, I've seen support/resistance lines held for years and then similar ones broken in 5 minutes and finally I have seen markets move against SSI up to 90% then somehow start to move with it.
Trading is a Zero sum game. Someone winning means someone losing.
  • #5
  • Apr 9, 2019 10:51am Apr 9, 2019 10:51am
learning is an inevitable part of trading that we cant avoid in spite of passing a long time ,its a continues process but we newcomers always try to make more profit without learning and become ultimately loser.
  • #6
  • Apr 9, 2019 12:13pm Apr 9, 2019 12:13pm
Keep learning, keep improving . That's the key to long-term success in this business.

KP
Do your homework, follow the footprints of smart money
  • #7
  • Apr 10, 2019 5:12am Apr 10, 2019 5:12am
there is no way to avoid learning in Forex trading at all , but in spite of having much learning approaches trading can be useless if there is no regular practice. so besides learning it is more appropriate to ensure regular practice.
  • #8
  • Apr 16, 2019 8:27am Apr 16, 2019 8:27am
Quoting NathanAstel
learning is an inevitable part of trading that we cant avoid in spite of passing a long time ,its a continues process but we newcomers always try to make more profit without learning and become ultimately loser.
I would have to say when I first started out that was my biggest mistake, make sure to use demo accounts for the first year of your trading even if you think you are ready to use real money. Even then wait until you achieve 3 months ,6 months or a year of profitability in your demo account before moving onto real money.

Quoting KeenPips
Keep learning, keep improving . That's the key to long-term success in this business. KP
Thanks KP couldn't have said it better.
Trading is a Zero sum game. Someone winning means someone losing.
  • #9
  • Apr 24, 2019 1:24pm Apr 24, 2019 1:24pm
So far so good, however still making new mistakes every day

First I was again going against my own trading rules, causing a potential profit in the $200-400 (6-12%) range to become a trade loss of EUR/USD -3.1% -A$98

Second I delved into a field I know nothing about (Stocks) for a nice LOSS of Us500 -2.8% -A$76

As always will try and learn from my mistakes and not repeat them again.


I also saw some nightmare trade explorers for this week. The most annoying thing is that these accounts actually have decent trades (>5 pips/trade), but the over leverage losing positions and not being able to close losing trades is something I think everyone has difficulty with. I hope for the latter account sake it turns around.
Attached Image (click to enlarge)
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Trading is a Zero sum game. Someone winning means someone losing.
  • #10
  • Apr 24, 2019 1:36pm Apr 24, 2019 1:36pm
Also as I would like to try and teach something in this thread, to all the traders who have USD/CHF short positions open at the moment. Currently you make up 96% of the volume, who are you trading against?

When you open up a trade you are trading against either your broker or a liquidity provider (banks), why would your broker or liquidity provider allow you to make this trade if they thought you were going to make money and win that trade or in other words take their money away?

Anyway again I hope you guys are correct and the USD/CHF goes short but I won't be joining that position.
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Trading is a Zero sum game. Someone winning means someone losing.
  • #11
  • Apr 25, 2019 6:08am Apr 25, 2019 6:08am
thank you sir, this makes me easy to understand.
  • #12
  • May 29, 2019 11:14am May 29, 2019 11:14am
Quoting brody477
There are quite a few times I will come across an account and see it poorly managed or traded, I try to help inform people whenever I see this happening so I figured I would also open up my own trade explorer to let anyone who has any advice/tips for my trading/account management to be able to discuss it here. The things I am trying to improve on is lower DD's to keep it <10% Also keeping focus on one pair EUR/USD as my adventure into other territories didn't end to well GBP/USD -6.9% -A$154 Finally I use SSI (speculative-sentiment-index) as my...
Hello Brody, I am impressed with what you are trying to achieve and I am always willing to learn. Would you please expand on your strategy? Time you trade, stop loss, share indicators and templates. Maybe even a screen shot of a trade or two. I am not trying to load you with a huge assignment, just trying to improve my trading. Cheers
  • #13
  • May 29, 2019 11:25am May 29, 2019 11:25am
Quoting AngelicaMari
{quote} Hello Brody, I am impressed with what you are trying to achieve and I am always willing to learn. Would you please expand on your strategy? Time you trade, stop loss, share indicators and templates. Maybe even a screen shot of a trade or two. I am not trying to load you with a huge assignment, just trying to improve my trading. Cheers
Hey Angelica,

I basically position myself as a contrarian trader, so when it moves either way I try to trade on the side of the banks/brokers. Typically I wait until I see the position <45% or >55% then once it has moved my way slowly exit the position. I use FxFactory and https://www.myfxbook.com/community/outlook (https://www.myfxbook.com/community/outlook) to see where retail traders are positioned

So in my "New" Explorer I entered into Sells when Eur/Usd was at about 44%Sell 56%Buy, this is now currently Buy 63.09% / Sell 36.91% and I started to exit these trades over the next few hours/days until it balances back out (sentiment 50/50) so I can enter back in. If the trade ever moves against me when I enter in at 45% I usually try and close it as soon as possible, I don't mind taking losses as there will always be another set up

Open Trades
"
EUR/USDSell 1.11832
MTM 1.11357
May 24, 2019 7:15am
2.8% A$35.82
"


Closed Trades
"
EUR/USD Sell 1.11704
Buy 1.11298
May 24, 2019 5:15am
May 30, 2019 4:27am
2.5% A$30.83

EUR/USD Sell 1.11473
Buy 1.11292
May 24, 2019 3:23am
May 30, 2019 4:27am
1.2% A$14.54

EUR/USD Sell 1.11670
Buy 1.11285
May 29, 2019 6:33am
May 30, 2019 4:26am
0.5% A$5.5
"
Trading is a Zero sum game. Someone winning means someone losing.
  • #14
  • May 30, 2019 9:55pm May 30, 2019 9:55pm
Quoting brody477
{quote} Hey Angelica, I basically position myself as a contrarian trader, so when it moves either way I try to trade on the side of the banks/brokers. Typically I wait until I see the position <45% or >55% then once it has moved my way slowly exit the position. I use FxFactory and https://www.myfxbook.com/community/outlook to see where retail traders are positioned So in my "New" Explorer I entered into Sells when Eur/Usd was at about 44%Sell 56%Buy, this is now currently Buy 63.09% / Sell 36.91% and I started to exit these trades over...
You maybe my new best friend. I am definitely going to have a look st this. I love your exit strategy and going against public sentiment. Cheers
  • #15
  • May 31, 2019 2:58am May 31, 2019 2:58am
Quoting brody477
There are quite a few times I will come across an account and see it poorly managed or traded, I try to help inform people whenever I see this happening so I figured I would also open up my own trade explorer to let anyone who has any advice/tips for my trading/account management to be able to discuss it here. The things I am trying to improve on is lower DD's to keep it <10% Also keeping focus on one pair EUR/USD as my adventure into other territories didn't end to well GBP/USD -6.9% -A$154 Finally I use SSI (speculative-sentiment-index) as my...

Hello Brody477, I'm a complete newbie so please excuse if I'm on the wrong forum.

I've lost all my money and am looking for help with the maths!

When I looked aty account snapshot, the leverage was showing 1:57.
I think I have been swindled...I can't understand how it can go over 1:30.

Could you or someone who views this thread, possibly help me do the math on this, please?

Here's the details.

1:30 leverage.
EUR/GBP
Sell €50,000
Amount in my currency £1290
Position: Sell at 0.85704
Position Closed at 0.88284 due to margin call.
Overnight funding -£10.80
Total loss £1300.80

I don't know if the leverage went over but would greatly appreciate any help. Thanks!
  • #16
  • May 31, 2019 4:33am May 31, 2019 4:33am
Quoting brody477
{quote} Hi Meljay, Sorry to hear, forex can be a very dangerous type of trading and I would recommend that you go back to using Demo accounts while you test. I used a Demo account for 2 years before ever depositing real money. As for your leverage it is based off of your Equity, as you approached 0 equity your leverage would have been as high as 500:1 and then the position would have been closed. Again please practice on Demo accounts for awhile and even then Forex isn't for everyone, any losses you make you can take it as being taught a lesson...
Thanks so much. Apologies for posting in the wrong place but much appreciated that you explained. Best wishes, Mel
  • #17
  • Edited 2:11pm Jun 7, 2019 1:36pm | Edited 2:11pm
Quoting brody477
The most annoying thing is that these accounts actually have decent trades (>5 pips/trade), but the over leverage losing positions and not being able to close losing trades is something I think everyone has difficulty with. I hope for the latter account sake it turns around. {image}
I had an EA developed that will stop this problem completely. I was a serial account blower in an earlier life and it can happen to the best of us at any moment.

https://www.forexfactory.com/showthread.php?p=12317697#post12317697

Stick the EA on a terminal (ideally a VPS or another PC), then set your max allowed % draw-down tolerance (balance and floating equity).

It will close out all trades and stop new ones being opened if your limit is hit. I set mine to 6% so this is the max damage that can be done on any given moment.

Also you can set a max allowed open trades. I set mine to 5 since any more means I've probably lost my composure.
  • #18
  • Jun 8, 2019 11:56am Jun 8, 2019 11:56am
I am a noob too but I wouldn't be shorting EUR/USD if you've checked the COT DATA we've been at a 4 year extreme net long position for commercials for a while now so a major turn is coming. If you're going to short do it at reduced risk.
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  • #19
  • Jun 14, 2019 8:00am Jun 14, 2019 8:00am
Quoting TraderGanbei
I am a noob too but I wouldn't be shorting EUR/USD if you've checked the COT DATA we've been at a 4 year extreme net long position for commercials for a while now so a major turn is coming. If you're going to short do it at reduced risk. {image}
I would agree with you, I was just chasing lost profits which is a horrible way to trade.

Quoting C-12
{quote} I had an EA developed that will stop this problem completely. I was a serial account blower in an earlier life and it can happen to the best of us at any moment. https://www.forexfactory.com/showthread.php?p=12317697#post12317697 Stick the EA on a terminal (ideally a VPS or another PC), then set your max allowed % draw-down tolerance (balance and floating equity). It will close out all trades and stop new ones being opened if your limit is hit. I set mine to 6% so this is the max damage that can be done on any given moment. Also you can set a max allowed open trades. I set mine to 5 since any more means I've probably lost my composure.
That's a brilliant idea, for me especially as I let my emotions get the better of me in losing trades.
Trading is a Zero sum game. Someone winning means someone losing.
  • #20
  • Jun 17, 2019 11:19pm Jun 17, 2019 11:19pm
Great to see traders being transparent and opening up their TEs! Kudos.

Ask yourself
- Is your trading system fixed? Is it too discretionary? How can I make it fixed so I can follow the rules easily
- How is your efficiency executing your system? How many times did you break your own trading rules set? Can you continue to follow the rules especially in draw down periods or losing streaks?
- Is your trading system proven to make a profit for previous years? Have you back-tested?

Cheers
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