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I haven't got a clue!

  • Linked: WhyLose.com | Brokerage Account XXXXX41
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  • #21
  • Dec 29, 2006 4:09am Dec 29, 2006 4:09am
Open short loss currently $44.
Do not focus on making money; focus on protecting what you have.
  • #22
  • Dec 29, 2006 4:48am Dec 29, 2006 4:48am
This isn't beginners luck, it's beginners ignorance. You're not using stoplosses and with the exception of your first trade you can't hold for longer than 10 pips. One big move will wipe you out soon enough. While it is obvious that you are employing some kind of technical analysis, you really don't need it in this market if you're not going to use a stop. Look at your trades, you could have just as easily randomly picked a direction and done just as well.

The people who cheer you on aren't your friends, they are only encouraging your bad behavior. By posting your trades you are putting additional pressure on yourself to continue the streak. In the beginning of your journal you said that you would stop by a couple times a week. Now, you can't go an hour without providing updates.

I hope you get this out of your system before the market breaks out of this range.

Best regards,
Phil
  • #23
  • Edited 5:29am Dec 29, 2006 5:28am | Edited 5:29am
Quoting philmcgrew
You're not using stoplosses and with the exception of your first trade you can't hold for longer than 10 pips.
I have had three trades open most days with a cumulative trading loss of up to 80 pips. Do you mean three shorts (or longs) all moving against me by 10 pips would force a margin call. Sir, you're wrong
Quoting philmcgrew
One big move will wipe you out soon enough.
How big - I know you don't mean 10 pips!
Quoting philmcgrew
While it is obvious that you are employing some kind of technical analysis, you really don't need it in this market if you're not going to use a stop. Look at your trades, you could have just as easily randomly picked a direction and done just as well.
Thanks for your opinion - I have considered that but I need the practise.
Quoting philmcgrew
The people who cheer you on aren't your friends, they are only encouraging your bad behavior. By posting your trades you are putting additional pressure on yourself to continue the streak. In the beginning of your journal you said that you would stop by a couple times a week. Now, you can't go an hour without providing updates.
I agree but it's a quiet time year for most at the moment including me so I am posting more than intended. I quite enjoy thinking about and analysing why I entered a trade and writing my thoughts. After all, we are in the jounal section and I'm doing it more for me than anyone else.
Quoting philmcgrew
I hope you get this out of your system before the market breaks out of this range.
Best regards,
Phil
As I said at the start I will probably blow up the account sooner rather than later. I really don't care. But Phil thanks for your concern. Really. And if a miracle does happen I'll be giving half the profit to The Childrens' Society on 1st March 2007.
Do not focus on making money; focus on protecting what you have.
  • #24
  • Dec 29, 2006 5:33am Dec 29, 2006 5:33am
"I doubt we'll see any big moves either way in the first 1/2 of 2007. You'll have to watch support and resistance and grab some pips when they break. 200 pips either way from where the Euro and GBP are now thru the first 1/2 of 2007."

I share NewstraderFX's opinion on this. If we are right then with a bit of luck and a maximum of three positions open at any one time on the account I'm using here may produce good results. We'll see. Now I've written that I wonder if the account will blow up in week 1 of the new year? Current open loss $50.
Do not focus on making money; focus on protecting what you have.
  • #25
  • Dec 29, 2006 5:34am Dec 29, 2006 5:34am
You seem to be having fun as well. Having fun and trading don't go well together 90% of the time. I don't think this is one of the exceptions.

If you seriously want to be a trader and not a gambler, I would suggest reading this article:
http://www.forexfactory.com/forexfor...6&page=1&pp=15

From experience, I can tell you that you are on step 1. You should print this out and highlight the following sentence:

"You may have initial success, and thats even worse - cos it tells your brain that this really is simple and you start to risk more money."

Step 1 is by far the easiest step to get past. You just have to understand you're there and want to move on. Good luck.
  • #26
  • Edited 5:50am Dec 29, 2006 5:46am | Edited 5:50am
Quoting twinchell
You seem to be having fun as well. Having fun and trading don't go well together 90% of the time. I don't think this is one of the exceptions.

If you seriously want to be a trader and not a gambler, I would suggest reading this article:
http://www.forexfactory.com/forexfor...6&page=1&pp=15
I don't think I have the right mindset yet to be consistently profitable but I am using more than one account for "proper" trading. I'm reading your link now. Thanks. Have a great 2007.
Do not focus on making money; focus on protecting what you have.
  • #27
  • Dec 29, 2006 5:50am Dec 29, 2006 5:50am
Quoting Why Oh Why
"I doubt we'll see any big moves either way in the first 1/2 of 2007. You'll have to watch support and resistance and grab some pips when they break. 200 pips either way from where the Euro and GBP are now thru the first 1/2 of 2007."

I share NewstraderFX's opinion on this. If we are right then with a bit of luck and a maximum of three positions open at any one time on the account I'm using here may produce good results. We'll see. Now I've written that I wonder if the account will blow up in week 1 of the new year? Current open loss $50.
The GBPUSD only moved 700 pips in Jan '06, 600 pips in Jan '05, 700 pips in Jan '04, and 650 pips in Jan '03. I'm sure you're right. Looks like a really slow month.
  • #28
  • Dec 29, 2006 6:05am Dec 29, 2006 6:05am
Quoting philmcgrew


The GBPUSD only moved 700 pips in Jan '06, 600 pips in Jan '05, 700 pips in Jan '04, and 650 pips in Jan '03. I'm sure you're right. Looks like a really slow month.
Sir, on that we'll agree to dissagree. But even if you're right I'm in and out with 10 to 20 pips on each occasion so because of such small profits and a stop loss only limited by the account size - it will be a margin call - due to no SL settings IMO I've still got a chance for a few days.

In fact, a better chance now than a week ago because the account balance has increased by 20% in the first week of this exercise. And every week that goes by until I blow up the account - I'm sure it will happen soon - my chance of future success continues to improve because the account balance is growing.

Current open loss $44.
Do not focus on making money; focus on protecting what you have.
  • #29
  • Dec 29, 2006 6:12am Dec 29, 2006 6:12am
Quoting Why Oh Why
I have had three trades open most days with a cumulative trading loss of up to 80 pips. Do you mean three shorts (or longs) all moving against me by 10 pips would force a margin call. Sir, you're wrong.

How big - I know you don't mean 10 pips!
I refer to the questions I raised earlier in reply to your previous post philm. And thanks for your further comments.

Did you really mean three shorts (or longs) all moving against me by 10 pips would force a margin call? How big does the move have to be? Or anybody else if you're not sure?
Do not focus on making money; focus on protecting what you have.
  • #30
  • Dec 29, 2006 6:24am Dec 29, 2006 6:24am
Support at 3149, 3132 and 3105

The RSI is reversing down, look for a correction.

Current open loss now reduced to $33 but it's unlikely I'll TP at 3114 for the open short before the day's end. But you never know!

http://www.tradingcentral.com/chart/...1229141719.GIF

Do not focus on making money; focus on protecting what you have.
  • #31
  • Dec 29, 2006 7:43am Dec 29, 2006 7:43am
Currently $43.
Do not focus on making money; focus on protecting what you have.
  • #32
  • Dec 29, 2006 8:36am Dec 29, 2006 8:36am
Quoting Why Oh Why
... the account balance has increased by 20% in the first week of this exercise. And every week that goes by until I blow up the account - I'm sure it will happen soon - my chance of future success continues to improve because the account balance is growing.

Current open loss $44.
Got the % wrong. It is actually 40% growth in a week. Current balance is $699.40. Started with $500.

Unfortunately, the outstanding short position is now showing a loss of $76 at 1.32. The upside penetration of 3195 may now cause EUR/USD to go towards 3213 & 3242. Oh dear. Very sad. Never mind.
Do not focus on making money; focus on protecting what you have.
  • #33
  • Jan 2, 2007 1:58am Jan 2, 2007 1:58am
Now increased to $164.
Do not focus on making money; focus on protecting what you have.
  • #34
  • Jan 2, 2007 2:35am Jan 2, 2007 2:35am
Short EURUSD 3279 TP 3219
Do not focus on making money; focus on protecting what you have.
  • #35
  • Jan 2, 2007 3:45am Jan 2, 2007 3:45am
Today's open short +7 pips.
28 Dec open short -148 pips.
Do not focus on making money; focus on protecting what you have.
  • #36
  • Jan 2, 2007 9:58am Jan 2, 2007 9:58am
Open SHORT positions @ 1.3279 and 1.3124 with 1.3241 & 1.3211 as next targets. Current open loss $173. Free margin $261.

http://www.tradingcentral.com/chart/...0102160400.GIF
Do not focus on making money; focus on protecting what you have.
  • #37
  • Jan 2, 2007 1:36pm Jan 2, 2007 1:36pm
The 30-min RSI is capped by a ST declining trend line.

http://www.tradingcentral.com/chart/...0102214647.GIF
Do not focus on making money; focus on protecting what you have.
  • #38
  • Jan 2, 2007 6:35pm Jan 2, 2007 6:35pm
Unless you close those euro shorts, I predict the blowing of your $500 in the next 1-2 days.
  • #39
  • Jan 2, 2007 10:25pm Jan 2, 2007 10:25pm
You may be right.
Do not focus on making money; focus on protecting what you have.
  • #40
  • Jan 2, 2007 10:57pm Jan 2, 2007 10:57pm
Quoting Why Oh Why
You may be right.
Why Oh Why,

My Oh My. Hang on!! Help will arrive within 3 days.

Roy
Polishing my crystal ball
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