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What I learned after losing $300,000 trading forex

  • #181
  • Aug 1, 2020 12:58pm Aug 1, 2020 12:58pm
OP

can you show us your trading history from my fxbook?
  • #182
  • Aug 1, 2020 1:24pm Aug 1, 2020 1:24pm
Give the guy a break
Inserted Video
Trader with an Edge.
  • #183
  • Aug 1, 2020 1:30pm Aug 1, 2020 1:30pm
Quoting BWilliam
{quote} Here's the indicator for mt4 platform. {file}
Thanks but when I open it I get this on my chart (image):
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot - 01_08_2020 , 19_30_07.png Size: 7 KB
  • #184
  • Aug 1, 2020 1:40pm Aug 1, 2020 1:40pm
Most of Account managers of brokers are targeting maximizing their revenue by pushing to volume trade without Money management discipline as per my experience , it caused washed out capital completely in few trade in a day open together, especially broker finq.com
Be careful full and most important is Money and Risk Management discipline
  • #185
  • Aug 1, 2020 1:44pm Aug 1, 2020 1:44pm
Quoting CeeSo
{quote} The reality is that all the Trading Gurus want you to believe that you can make hundreds of pips from a beach in Fiji. All your money management should be based on these levels and the probability of them holding!!! This was the Golden Goose for me it really changed my risk control.
You can make a living with a net gain of 20 pips a day so there is no need to aim for hundreds of pips since if you do you will mostly be disappointed. On the other hand money management is most important. Below is an example showing that you can still make money with only a 40% win rate.
Attached Image (click to enlarge)
Click to Enlarge Name: 40 Win Ratio.png Size: 41 KB
  • #186
  • Aug 1, 2020 3:35pm Aug 1, 2020 3:35pm
Quoting Ryder
{quote} The truth about renko is that the chart you have posted tells you absolutely nothing, because renko gives you no sense of time. The 190 pip rise could have been an impulse spike occurring over a few seconds, making it untradable. The same holds for all other moves.
The arrows occurred at these times although it’s less obvious on the chart:
1st arrow 29 July 03:31
2nd arrow 29 July 15:13 – 90 pips between 1st and 2nd arrows (11h.42m.)
3rd arrow 30 July 00:33 – Break even between 2nd and 3rd arrows (14h.40m.)
4th arrow 30 July 17:49 – 180 pips between 3rd and 4th arrows (17h.16m.)
Last Renko brick 23:14 – 110 pips between 4th arrow and last Renko brick (5h.25m.)

Given the time that the arrows occurred and the number of pips produced between the arrows and also the last Renko bricks posted I would very much like you to explain to us all how you came up with the conclusion that the number of pips “could have been an impulse spike occurring over a few seconds, making it untradable. The same holds for all other moves.” If you cannot explain how you came up with this conclusion I can only conclude that you have no clue on how Renko works and/or that you cannot read a forex chart.
  • #187
  • Aug 1, 2020 4:17pm Aug 1, 2020 4:17pm
Quoting digiff
{quote} I never understood the need for people asking traders for 'proof'/trading records/explorers/statements (if they dont want to post it for any reason) on a public forum, for free info/strategies/advice/hints etc. Nobody has to prove anything to anybody. It's always a take it or leave it - as is. Everyone is free to say or claim whatever they want here and on any forum. Either we choose to believe or ignore it and move on. Of course there are bullshitters, scammers, but also genuine people who want to help. FF has all of them. It is upto us...
I suppose he was referring to those systems with small TP and disproportionally huge SL/grids, hence a very high win-ratio; until just one bad trade/basket eventually ruins everything.
  • #188
  • Aug 1, 2020 6:03pm Aug 1, 2020 6:03pm
Quoting CeeSo
Some of you are confused so I will clarify. These lines are nothing more than .25% .50% .75% 1% of the days move (from the open) above or below the market. We know for a mathematical fact that the market stays/closes within a plus or minus .50% move 85% of the time. SEE MY PREVIOUS POST WITH 1 year DATA SPREADSHEET ^^^ Your entire trading strategy and most importantly your Money Management rules should all be built off this fact. I specifically use these levels for calculating risk because if the market stays within the plus or minus .50% range...

It is clear now, thank you very much. Do you mind to share your indicator as well if it works on mt4, or can you tell us which trade station is it?

Cheers
  • #189
  • Aug 1, 2020 6:04pm Aug 1, 2020 6:04pm
Quoting BWilliam
{quote} The lines are preset %change calculated from the Open of the day based on Ceeso's post. There're input options available for you to set it on whatever %change you choose based on whatever timeframe from h4 upwards for whatever number lookbacks.
Thank you BWilliam for the explanation.

Cheers
  • #190
  • Aug 1, 2020 6:55pm Aug 1, 2020 6:55pm
Quoting Hutch
{quote} One of the trick is to have a good strategy and be economical in trading. Below is a 10 pips Renko chart and you can see you could have collected 90 pips yesterday and 290 pips so far today. Of course this is the ideal scenario but even if you collected half these pips I'm sure you would be quite happy. {image}
hey sir
where can i you share with us your template and indicator ? or give me the link of thread i can read it
thanks
  • #191
  • Aug 1, 2020 9:55pm Aug 1, 2020 9:55pm
Quoting GermanVargas
Markets are not random, they're manipulated to its core.
A small-time scalper needs only the underlying motion of the ocean - oscillation - (or more specifically, minimally spread-clearing volatility) to catch some pips. Enough pips.
  • #192
  • Aug 2, 2020 1:36am Aug 2, 2020 1:36am
Quoting Mtinifx
Thanks but when I open it I get this on my chart (image): {image}
The programmer wrote to prevent others from renaming the indicator to sell it.
Attached Image (click to enlarge)
Click to Enlarge Name: eu2.png Size: 18 KB
Know what you trade
  • #193
  • Aug 2, 2020 8:58am Aug 2, 2020 8:58am
Hey, Guys, I am not here to sell you anything LOL

I already told you in my very first post!!

DO NOT BELIEVE ANYTHING ANYONE IN FORUMS OR CHAT ROOMS (ESPECIALLY GURU'S) TELL YOU. THIS WAS ONE OF THE BIG REASONS I LOST A LOT OF MONEY. I WAS TRUSTING STRANGERS. SO DO NOT EVEN BELIEVE ME!! TEST THINGS OUT FOR YOURSELVES OVER A VERY LARGE SAMPLE SIZE!!.

The trading world is filled with people that are fooled by randomness. It is also filled with people that have an agenda.

The human mind is the biggest problem I had to overcome.


Lesson Number 6. Accept that you are addicted to pushing buttons.

When we trade our brain gets a Dopamine release. If you do not know what Dopamine is google it. Dopamine is the chemical in your body that forms ADDICTIONS.

All of us are literally addicted to trading and we must learn how to control that addiction.

Here is the worst part. Your brain gets the Dopamine release the second you push the button it does not matter if the trade ends up a winner or a loser your brain just wants the Dopamine so it does things to distort reality to get it.

Have you ever looked back at your charts at the end of the day and wondered to yourself WHY did I do that? It was so clear the opposite was happening (or something similar)?

That is your brain fooling you into seeing things so it can get a hit of Dopamine.


It is critical to understand this because until you accept that you are a drug addict you can never learn how to manage it. All addicts will make 100 million excuses why they are not an addict but your long term PnL statement is the only proof that you are either managing your addiction well or it is managing YOU!.


So the answer to this problem is to accept and retrain. I am not a specialist in this area but what I had to do was to learn so techniques to retrain my brain to request the Dopamine release only when my trading conditions were good and to not request that release when the conditions were bad.

I am afraid that is the best I can offer you in this post but until you accept this reality you are just going to stay on the cycle of doom.

I am addicted to pushing buttons and I must accept that addiction and learn to manage it so I only push the button when the conditions are most favorable. Each day is a process of accepting this and managing it.

For more information and help on this, I recommend you spend a hell of a lot of time researching this subject so you can deal with it in your own personal way.
  • #194
  • Aug 2, 2020 9:20am Aug 2, 2020 9:20am
Quoting CeeSo
Hey, Guys, I am not here to sell you anything LOL I already told you in my very first post!! DO NOT BELIEVE ANYTHING ANYONE IN FORUMS OR CHAT ROOMS (ESPECIALLY GURU'S) TELL YOU. THIS WAS ONE OF THE BIG REASONS I LOST A LOT OF MONEY. I WAS TRUSTING STRANGERS. SO DO NOT EVEN BELIEVE ME!! TEST THINGS OUT FOR YOURSELVES OVER A VERY LARGE SAMPLE SIZE!!. The trading world is filled with people that are fooled by randomness. It is also filled with people that have an agenda. The human mind is the biggest problem I had to overcome. Lesson Number 6. Accept...
Finally, a very good observation that we can all use.

Yes, even after 3 years of live and successful trading I at times pull the trigger just "because I think PA will move up or down and I do not want to miss that". It is called FOMO.

You mentioned "techniques to retrain my brain to request the Dopamine release". I am interested, what is the technique?
  • #195
  • Aug 2, 2020 9:24am Aug 2, 2020 9:24am
Quoting CeeSo
If you mark off the .25 .50 .75 and 1% levels and you watch them you will be AMAZED and how the market respects these levels!!! However, be very clear these are not Support and Resistance Levels! Although sometimes they will react like they are. These levels should be used to position size your trades and your stops correctly!!! Remember the market is Random 85% of the time so if you have too tight stops inside that .5% average range you will get stopped out way too much. That does not mean you can't or should not use tight stops but it does mean...

But at the started of that day you don't what the open-close range will be. So going back to your stated stats that 85% of the time price is in +/- 0.50% of the open-close range you can only know and apply this AFTER the trading day has completed.

Or with respect to your Rule Number 5. Your money management must be based on VOLATILITY and it must change when Volatility Changes!!!

... are you taking the prior days range and projecting that onto the new developing day to draw these .25, .50, .75, 1% levels? That way you take account of volatility mentioned in rule 5. Please clarify how you use them as way you have the levels for the open-close range and stats you provide is only known after the fact.
*** Shoot for the moon. Even if you miss, you'll land among the stars. ***
  • #196
  • Aug 2, 2020 10:09am Aug 2, 2020 10:09am
Quoting CeeSo
This is my first forum post but I am not a newbie. I have lost about 300,000$ trading forex over the course of 5 years and it has been a huge struggle, to say the least but I kept persevering and educating myself and this year I am finally profitable to the tune of $130,000. After all this time and stress (and finally a very good mentor) I figured out some basic truths about forex trading. 1. You have to Master Money Management first and foremost. Forget EVERYTHING else and learn to lose like a professional. I spent tens of thousands of dollars...
Proof you had $300,000 or BS.
  • #197
  • Aug 2, 2020 11:28am Aug 2, 2020 11:28am
Quoting Freefox
{quote} But at the started of that day you don't what the open-close range will be. So going back to your stated stats that 85% of the time price is in +/- 0.50% of the open-close range you can only know and apply this AFTER the trading day has completed. Or with respect to your Rule Number 5. Your money management must be based on VOLATILITY and it must change when Volatility Changes!!! ... are you taking the prior days range and projecting that onto the new developing day to draw these .25, .50, .75, 1% levels? That way you take account of volatility...

The percentage levels will change with the price of the underlying that is all that matters. If you want to get a little more accurate you could use the ATR but the stats and math are all just based of the price of the underlying. When I said the Money management should be based on Volatility what that really means is if we know 85% of the time we are plus or minus 50% we can place stops or trades around those levels in "some" contexts.
  • #198
  • Aug 2, 2020 11:40am Aug 2, 2020 11:40am
Quoting driven18
{quote} Finally, a very good observation that we can all use. Yes, even after 3 years of live and successful trading I at times pull the trigger just "because I think PA will move up or down and I do not want to miss that". It is called FOMO. You mentioned "techniques to retrain my brain to request the Dopamine release". I am interested, what is the technique?

There is something called Dopamine Detox that I found extremely helpful but I had this done with a private psychologist. I had to pay for several one on one sessions and every person is different so not sure if that will help you but I think the main point is that I had to admit and accept that this was a big problem and that was the first step to retraining myself.

The simple answer is to try and reward yourself when you do a trade that follows all your rules. No matter the outcome of the trade reward yourself over and over and over again every time you follow your rules.

For me that meant FORCING myself to not trade a lot !!!

This was really really hard but slowly over the period of months I detoxed from pressing the button just because to only pressing the buttons when the rules or context was right.

It takes time and it is an ongoing process. Like all addictions, you will fall off the wagon but being aware of the problem is the way to get back on the right track.


I am an addict but with mindfulness and awareness, I can control my addiction and train my addiction. DO NOT FIGHT IT Admit the truth and work with yourself each day to retrain your addiction to be your best friend.
  • #199
  • Aug 2, 2020 12:44pm Aug 2, 2020 12:44pm
Quoting CeeSo
{quote} There is something called Dopamine Detox that I found extremely helpful but I had this done with a private psychologist. I had to pay for several one on one sessions and every person is different so not sure if that will help you but I think the main point is that I had to admit and accept that this was a big problem and that was the first step to retraining myself. The simple answer is to try and reward yourself when you do a trade that follows all your rules. No matter the outcome of the trade reward yourself over and over and over again...
Good Stuff! Thank you for your insights and sharing.
  • #200
  • Aug 2, 2020 10:16pm Aug 2, 2020 10:16pm
Quoting ultax
{quote} Proof you had $300,000 or BS.
This is rude mate, who are you to ask someone to show you his personal finance, you can follow or not but can't ask people for personal info. He is not selling you anything here that you want proof and this is a public forum everyone must have nice manners and behavior!

Cheers
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