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  • #1,165,961
  • Apr 7, 2020 2:59pm Apr 7, 2020 2:59pm
Agreed, it's a recipe for failure. It's sadly at the root of why most of us retail traders fail. Cutting our losses early together with minimizing them is at the heart of good risk management. At the end of the day, growing your trading account is the long-term goal but before then, you must have enough trading capital to trade the next day or trading opportunity.

Trade safe and prosper.

KP

Quoting Techanalyst
{quote} Watch this small documentary. This trader if you can call him that did the same thing. He blew all his accounts eventually. https://www.youtube.com/watch?v=lSKT6o3gpo0 The problem with that useless strategy is that it is a guaranteed failure. Adding for example sell position while the market is going up is not a money management. It is a gamble. If you are adding sell while market is going up, what makes trader think that the market will come back down and pass the price where they sold already? Also who knows when the price will...
Do your homework, follow the footprints of smart money
  • #1,165,962
  • Apr 7, 2020 3:23pm Apr 7, 2020 3:23pm
Quoting Techanalyst
{quote} Watch this small documentary. This trader if you can call him that did the same thing. He blew all his accounts eventually. https://www.youtube.com/watch?v=lSKT6o3gpo0 The problem with that useless strategy is that it is a guaranteed failure. Adding for example sell position while the market is going up is not a money management. It is a gamble. If you are adding sell while market is going up, what makes trader think that the market will come back down and pass the price where they sold already? Also who knows when the price will...
I have seen the video, that man came off to me as a paranoid gambler more than a trader. I couldn't imagine trading in this way, constantly staring at charts, jittery, not being able to even enjoy going out for a coffee without freaking out about potentially blowing up.

Something about him seemed very off from the video. I did not even need to know he blew his accounts, I could already tell from the video that this guy had no idea what he was doing, and was not a real trader, but rather a degenerate gambler.

It really is sad that so many people trade in this way...not to mention the amount of followers he probably had taught to trade in the same way, what an idiot. You could tell his wife didn't even truly respect him and was probably cheating on him based on the video too.

Also, the guy recording acting like we are witnessing some trading God. LOL. Man, it amazes me how arrogant some people can become when trading.
  • #1,165,963
  • Apr 7, 2020 3:58pm Apr 7, 2020 3:58pm
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yes yes yes
  • #1,165,964
  • Apr 7, 2020 3:58pm Apr 7, 2020 3:58pm
Quoting viptrading
{quote} I have seen the video, that man came off to me as a paranoid gambler more than a trader. I couldn't imagine trading in this way, constantly staring at charts, jittery, not being able to even enjoy going out for a coffee without freaking out about potentially blowing up. Something about him seemed very off from the video. I did not even need to know he blew his accounts, I could already tell from the video that this guy had no idea what he was doing, and was not a real trader, but rather a degenerate gambler. It really is sad that so many...
Totally agreed. The guy in the video is a paranoid gambler. But I never find out or maybe I will one day, how does a gambler, unsuccessful trader like the guy in video get investors to invest millions of dollars. That is something I do not understand...
  • #1,165,965
  • Apr 7, 2020 4:13pm Apr 7, 2020 4:13pm
Quoting Techanalyst
{quote} Totally agreed. The guy in the video is a paranoid gambler. But I never find out or maybe I will one day, how does a gambler, unsuccessful trader like the guy in video get investors to invest millions of dollars. That is something I do not understand...
Because most people are sheep. A lot of people see the guy making money and do not care about the fact that his strategy is too risky to succeed long term. They are willing to put money up and copy him since they see him doing numbers.
  • #1,165,966
  • Apr 7, 2020 4:20pm Apr 7, 2020 4:20pm
Quoting Techanalyst
{quote} Watch this small documentary. This trader if you can call him that did the same thing. He blew all his accounts eventually. https://www.youtube.com/watch?v=lSKT6o3gpo0 The problem with that useless strategy is that it is a guaranteed failure. Adding for example sell position while the market is going up is not a money management. It is a gamble. If you are adding sell while market is going up, what makes trader think that the market will come back down and pass the price where they sold already? Also who knows when the price will...
Interestingly, there is a guy on Youtube who is a contrarian grid trader. He can pull this kind of trading style off. He is arguably one of the best traders in the world, and most people don't even know who he is.
Learn from your mistakes and march on.
  • #1,165,967
  • Apr 7, 2020 4:51pm Apr 7, 2020 4:51pm
An update from 29 hours and 97 posts ago

A pause is warranted.

S.
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  • #1,165,968
  • Apr 7, 2020 6:38pm Apr 7, 2020 6:38pm
Quoting Techanalyst
{quote} Totally agreed. The guy in the video is a paranoid gambler. But I never find out or maybe I will one day, how does a gambler, unsuccessful trader like the guy in video get investors to invest millions of dollars. That is something I do not understand...

This one really struck me and would like to put some clarity on it for a new trader.. if you want to survive long term in this game one of the very basics is divide your max draw down by 3 and trade with the trend enter 1/3 of max draw down up to three or 4 times and add to upon retracement after positive. this will give you an acceptable win ratio and keep emotions in check

why would you say this is bad system, unless it just needed to be clarified.. Ive been using for 20+yrs and my father before that ,, and we aint broke lol
  • #1,165,969
  • Apr 7, 2020 7:34pm Apr 7, 2020 7:34pm
Quoting aall77
{quote} This one really struck me and would like to put some clarity on it for a new trader.. if you want to survive long term in this game one of the very basics is divide your max draw down by 3 and trade with the trend enter 1/3 of max draw down up to three or 4 times and add to upon retracement after positive. this will give you an acceptable win ratio and keep emotions in check why would you say this is bad system, unless it just needed to be clarified.. Ive been using for 20+yrs and my father before that ,, and we aint broke lol
Perhaps you can share some examples?
Learn from your mistakes and march on.
  • #1,165,970
  • Apr 7, 2020 7:45pm Apr 7, 2020 7:45pm
Quoting here2there
{quote} Interestingly, there is a guy on Youtube who is a contrarian grid trader. He can pull this kind of trading style off. He is arguably one of the best traders in the world, and most people don't even know who he is.
I've seen multiple grid/pyramiding/hedging EAs employ these kinds of strategies. They always explode accounts, no matter how you "optimize" them. Drawdown is massive. Also it takes ages to make any profit, and then you're sitting through forever waiting for the equity to bounce back. Just a terrible way to trade.
EAs suck anyway. Don't use them. None of them can read price action anyway, so many time the indicators will get fake signals which hit stops.

Anyway - today looking at selling the EU - hard.
Looks like the market has moved down already, but I suspect we'll get a little run up during asia before dropping hard.
  • #1,165,971
  • Apr 7, 2020 7:45pm Apr 7, 2020 7:45pm
ive been selling gbp usd for over a since mid feb. if i had tried to go "all in" would have been unacceptable, I broke down "all in" into 3 levels of max drawdown,

If i had been right to begin with then well small profit may add as i go if i scale in then i have some breathing room for price action and discovery along with known manipulation.

I should have taken a lot of profit at or near the low, but held on to long so adding to my shorts now. see the lows again in couple weeks or month
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  • #1,165,972
  • Apr 7, 2020 7:53pm Apr 7, 2020 7:53pm
Quoting EvilEye
{quote} I've seen multiple grid/pyramiding/hedging EAs employ these kinds of strategies. They always explode accounts, no matter how you "optimize" them. Drawdown is massive. Also it takes ages to make any profit, and then you're sitting through forever waiting for the equity to bounce back. Just a terrible way to trade. EAs suck anyway. Don't use them. None of them can read price action anyway, so many time the indicators will get fake signals which hit stops. Anyway - today looking at selling the EU - hard. Looks like the market has moved down...

I probably should look at the video before i comment, I am misunderstanding the hole blow your account,, IF big if you discipline yourself to break down your overall risk and enter in upon sound reason leaving room for 2 or 3 more entries then one doesn't have to overcome a myriad of emotions and wrong but right and right but wrong syndrome,, I have several trades that have went positive from initial trade, however, the not making what i wanted is easier than loading up hitting max draw down and then being right.

to each his own, this has served me well. I envy the traders that can pick tops and bottoms lol
  • #1,165,973
  • Edited 8:47pm Apr 7, 2020 8:00pm | Edited 8:47pm
Quoting EvilEye
{quote} I've seen multiple grid/pyramiding/hedging EAs employ these kinds of strategies. They always explode accounts, no matter how you "optimize" them. Drawdown is massive. Also it takes ages to make any profit, and then you're sitting through forever waiting for the equity to bounce back. Just a terrible way to trade. ...
Well, you likely haven't seen the guy I am talking about.

If you understand his system you would likely conclude the guy is a trading genius. It's hard to watch his videos however, because he has a very filthy mouth and a perverted sense of humor. That's why I don't share his videos or recommend him to anyone. Otherwise, I would.
Learn from your mistakes and march on.
  • #1,165,974
  • Apr 7, 2020 8:02pm Apr 7, 2020 8:02pm
Quoting here2there
{quote} Perhaps you can share some examples?
right now i shorted audjpy at 65 and 67.00 this is my 3rd entry as my others are negative and a break above 67.5 my parity will be about 66 target at 60.0

if i had been spot on at 65 then great, and less profit unless i found a way to reenter, but now im fully loaded and here we go.. who knew it would get to 67?
  • #1,165,975
  • Apr 7, 2020 8:07pm Apr 7, 2020 8:07pm
Putting some longs.
  • #1,165,976
  • Apr 7, 2020 8:13pm Apr 7, 2020 8:13pm
Quoting andrern2000
Putting some longs.
Be careful.

You might find this useful: https://www.dailyfx.com/sentiment-report
Learn from your mistakes and march on.
  • #1,165,977
  • Apr 7, 2020 8:18pm Apr 7, 2020 8:18pm
Quoting aall77
{quote} ...I envy the traders that can pick tops and bottoms lol
And that is what makes grid trading so powerful. You don't have to pick tops and bottoms, but you likely will get in at or near them more often than not.

What are the chances if you put limit orders at extremes that price will bounce? What are the chances that if you place scalping stop orders in the direction of the trend that you will collect pips along the way? The chances are high!

Grid trading done right is very effective. Unfortunately, US traders are at a disadvantage here, because of FIFO and no hedging rules. If I was free to trade the way I want, I would be a grid trader.
Learn from your mistakes and march on.
  • #1,165,978
  • Apr 7, 2020 8:51pm Apr 7, 2020 8:51pm
Quoting here2there
{quote} Unfortunately, US traders are at a disadvantage here, because of FIFO and no hedging rules. If I was free to trade the way I want, I would be a grid trader.
I would say that's an advantage because then they can't go on stupid adventures into margin call with their trading, and they are forced to trade semi-properly.

The thing is this - I think grid trading is attractive to people who want to be in the market all the time. Especially with EAs there's the allure of it being an infinite money machine with very little effort.

Truth is, when you use large lot sizes and are accurate - you only need one good trade every once in a while to be a profitable trader.
Trying to catch all the pips all the time is how you blow your account.
  • #1,165,979
  • Apr 7, 2020 8:54pm Apr 7, 2020 8:54pm
Quoting EvilEye
{quote} I would say that's an advantage because then they can't go on stupid adventures into margin call with their trading, and they are forced to trade semi-properly. The thing is this - I think grid trading is attractive to people who want to be in the market all the time. Especially with EAs there's the allure of it being an infinite money machine with very little effort. Truth is, when you use large lot sizes and are accurate - you only need one good trade every once in a while to be a profitable trader. Trying to catch all the pips all the...
It all depends on how you do it. There are different approaches to grid trading. It's not one size fits all.
Learn from your mistakes and march on.
  • #1,165,980
  • Apr 7, 2020 8:55pm Apr 7, 2020 8:55pm
Quoting here2there
{quote} And that is what makes grid trading so powerful. You don't have to pick tops and bottoms, but you likely will get in at or near them more often than not. What are the chances if you put limit orders at extremes that price will bounce? What are the chances that if you place scalping stop orders in the direction of the trend that you will collect pips along the way? The chances are high! Grid trading done right is very effective. Unfortunately, US traders are at a disadvantage here, because of FIFO and no hedging rules. If I was free to trade...

well I consider myself a daily trend trader but this is basically what i was trying to say anyway, use good sense and some counter momentum and enter with the trend, most of the time you will be right on your first entry for a while, and trap some bulls or bears with stops above the previous high , most of the time my second entry, and my final will be up against a major trend line or some correspondence with their index.

Im not trying to be arrogant but i often find the trading on these forums provide great bate for the short term liquidity seekers. To heavy while going the right way (no room for price action) or just really going the wrong way lol.

I just hoping a new trader would understand trying to scalp or picking tops and bottoms "all in" is the only reason the retail trader is 90%
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