Apply a 28 Levels Financial Plan to Forex and convert $10 to $10,000

Hi,

I'm sorry for not posting since wednesday but I've been very busy at work.
I've also been LOOSING big on my trading.
I don't know what is happening, maybe I'm not concentrating because of my other activities at work. The thing is that I lost half the account again and it's getting harder and harder to do it right. Also is getting harder to have to say these things about big losses.
Well, life isn't just good and nice things, there are also setbacks and troubles we have to face.

I have lost some selfconfidence and also confidence on the system. It has not generated very good and strong signals as it used to and there is also why I've been entering on bad trades and lossing strong since thursday. I have also been buying too many lots trying to recover losses quickly but tat has just made me lose more.

I have to comment about the initial losing trades I took on thursday because of the particularity of them.
I opened too many lots and there was a time on the day I was loosing BIG, I was just about to have a margin call. I decided to follow my initial entering reason and prayed for the price to go my way. I had to stay awake almost to friday 4am EST and price came down again to my opening levels. It never went positive but I could have closed my trades with small losses. I did closed half of the trades with an small loss but I don't know WHY I decided to go to sleep and risk the other two just in case price kept going my way the rest of the night.
Bad desicion! Price never went further on that direction and instead I got stopped out losing in total around 150 pips (do your maths)
On friday, with not much sleep time, I again entered 3 trades that I had to carry until today and ended losing.
Right now I'm also carrying my today's trades with not much action on price and with not much confindence about being right.
I'm 5 pips up on each.

Right now my equity is at $51.55 so, I think I'm back at least 4 levels to level 6 or 7 depending on how my open trades end today.

I have a lot of work to do to go back to level 11 where everything started.

Hi Efex,
sorry to hear about your bad week. Hopefully, you can put it behind you soon. Time to move on, but first I'd suggest that you take a break. You've had too many losses, and you probably want to get back at the market. Bad idea if that's the case. Take a break and re-group.

Good Luck and Take Care
Habeeb

Thanks habeeb,

I've been watching at my account statement and there is a lot of losing trades in a row. I haven't been able to win.
I must say that my opened trades were stopped so I'm at level 5

I'll be back

I admire you for being honest not only with yourself but with the entire Factory. That alone is more than a lot of traders can do.

Keep plugging away, and I wish you the best.
andersenws

Bro,

thanks for sharing...you have devised a great plan but emo trading is proly the cause of your faults. Having a target is one thing but stressing yourself to get to the target in the shortest possible way is suicide.

Trade like Jesse before the crash but dun become Jesse after the crash.

regards,

Jest

"The whole game of arbitrage is spotting who the asshole is. If you can't spot the asshole - well, then you're the asshole" Ugly Americans: The True Story of the Ivy League Cowboys WHo Raided the Asian Markets for Millions

All of this thread just proves to me that for many, forex is pretty hard !!!

At least your balance now is more than you started with... better than me !!

I can stay about even... but that is about it.

And it really does take guts to tell all when you are lsoing... many stop posting when they are lsoing.

Good Luck !! Many are watching !!

Sorry, but I totally disagree. It's so easy, that many people get blinded. Because it's so easy, you tend to go for the "million $ a trade" stratey, and thats where the problem lies ... GreeD. There's nothing hard about forex trading. It's all about self control ... discipline.

Efex, you were doing so well. I know you'll recover from this temporary setback. This is also where you learn to trade and develop the patience and discipline needed to be successful in this business. I can say from experience that there probably isn't anything wrong with your system. You could have just encountered a drawdown period and you lost faith in your system and made some trades that compounded your losses and made things even worse. Been there. Anyway, tomorrow is another day with new opportunities. Good luck!!!

Thank you guys and thanks Sister for your words.
I find here very supportive people and I'm glad about that.

Today was a good day. FINALLY!
I had three trades but I don't know if my winning was just luck because I didn' even know about the news release today. I was absorbed by other things and I didn't even look at my data calendar.

I placed my trades based on my system and then I had some troubles with my computer. When I could connect news had been released and lucky me they were bad for the dollar, just the direction I was!
As soon as I saw I was 45 pips on each of my trades I closed them. I have seen too many times how after a news release the initial movement get retraced.
Well, price went almost 45 more pips on my direction so I could have made the double but it's ok, I finally won and advanced almost 3 levels.

My current equity is $66.68

PS: Tomorrow I will post the actualized pip count and will start wth the previous posting format.

Also as today is the end of the month, tomorrow I will also post the equity evolution graphic as I did last month.

I'm here again. Haven't had too much time to post.
Also, today and tomorrow are holidays here at my country so it's been busy days at work.
Altought I've been trading a little and also am trading today. Yex yex, TAKE A BREAK!! well, tomorrow I will I promise!

My last trades haven't been so good I've lost almost $10 since my last equity info.

I'm attaching here the graph for the equity evolution for october.
But, as I make my counts weekly, the info is only until friday 27. The line went down to $30's for the end of the month. We'll see that at next month's graph.

Please forgive me again for not posting as I used to do. As soon as I can I will return to old format.

Hi, I'm here again with the usual posting as promised.

Stage: LEVEL 7

Date: 08/11/2006
Trades:
EUR/USD SELL 2 lot at 1.2805, CLOSE at 1.2781 TOTAL: 24 pips
GBP/USD BUY 2 lot at 1.9050, CLOSE at 1.9030 TOTAL: -20 pips
EUR/USD BUY 2 lot at 1.2760, CLOSE at 1.2745 TOTAL: -15 pips
GBP/USD BUY 2 lot at 1.9030, CLOSE at 1.9052 TOTAL: 22 pips

Total for the day: 11 PIPS
Current Account Equity: $60.19


Comments:
I don't know what's happening but the usual signals I used to receive on this pairs haven't happened since a while.
I've been trading with another system but I'm just not advancing with that.
I hope this situation changes soon.

Pips To Level 8: 45
Accumulated Pips: 311
Days Since Level: ??
<!-- / message --><!-- controls --> Days since Start: 55

Again, I'm sorry but it's getting more and more difficult for me to post regularly as I used to.
I've been trading with not much dedication and I think that's why I've been LOOSING.
My current account equity is $31.00

I've been thinking about my posting format and I think it's sometimes too complicated to copy all the trades I take.
Do you think the info of EVERY trade is neccesary?

Anyways, I hope I can go back to my "normal" trading.
It's hard to combine a lot of things with the trading.

I am not too worried about my equity. I am pretty confident I will go again for the right path.

Bye

check out my 100 trades analysis and i'll show some losing trades in a row.

I think the 28 steps to 10,000 is a good catch, but when i read your posts, it seems that the plan itself makes you risk too much, or causes emotional baggage when you make the trades (like excitement when you gain a level or despair when you drop down)
When you have the desire to reach 10,000 at the back of your mind, you will do whatever it takes to reach that level, just to proof to yourself or others that this will work. The problem is, this will sacrifice your ability to think in a neutral way about trades, not to risk too mcuh on a single trade, etc.

So I think you need to refocus, and maybe change the financial plan a little bit.

Thanks for your advice.
Appreciate it.

It's true what you say. It may add some pressure when you think just on reacing the goal.
But I also see it's really necessary to have some goal or path to follow because otherwise you are just going nowhere.

How do you think we can change the plan? What are our suggestions?

I think instead of focusing on a monetary goal, you should focus on a system development goal.
Analyze your trades, record all the information like price entered, risk, s/l, r:r, etc. Then modify after number of given trades (I suggest 20) and see what the performance is like. Then add something to the system and test it again with 20 trades. Do this over and over with your live account until the performance fits your needs. However, always remember to not risk too much, otherwise this wouldn't work.

The point is that, work on the system and focus on improving your rate of return over time. Then the positive performance will translate into money in your account (thus increasing you in levels!)

Just wanted to post to let you know that I'm not dead or anything

I have just not been able to trade the last couple of weeks. It's been a conjuntion of personal problems, work, internet connection, etc.

I don't think this week I will be able to trade either but I hope I can start again next week


Bye

Don't worry about it man. Those things IMO are more important than trading. Take your time. Trading will always be there.

andersenws

Efex, this thread inspired me to start my own goals setting system based on your level technique. So thanks and wish you the best of luck!

efex, could we see a plan of all the levels?

Could somebody plase be so kind and send me the pdf effex was talking about ?

aidanpryde(at)nerdshack.com

thx a lot !