Change a losing system into a Winning system 68 replies
Scaling: In/Out. Winning/Losing 45 replies
DislikedShake it off, blueruby. I've been following your journal with interest and admire your resilence (sp?). I'm in the middle of my own transition, and your journal has helped a lot.
Keep it up,
Some great maxims in there. Must remember the candle close one, I just cant seem to get that one down!
Just wondering what your charts look like in comparison to your post on May 2nd last year?Ignored
DislikedThere are a number of things that have made the difference, all are the same things we've been told over and over.
Mostly it's been picking the "A" trades and passing on the rest. And limiting losses. November was similar to previous months, I would have sevearal winning days, then a BIG losing day. A blow-up of sorts. So I just concentrated on limiting loss, more focus, more control, trading smarter.
I'm still clawing for every pip most days, but it's getting better. I'm having more easy days (done early am, hit target for the day) and fewer bad days, which used to be frequent. Even on bad days I usually manage to make money - trade my way out of the hole.
One thing I noticed, looking over my records since March. After a big losing day, many times I would have a big winning day. Or, I'd lose big in the morning, and make it up in the afternoon -- proving I could do it right when I set my mind to it and behaved like a pro.
The market seems like a much friendlier place. Except for that one guy that keeps popping up....Ignored
DislikedI'm going out on a limb here, and say.... don't expect to be profitable every month.Ignored
DislikedNow you as a stock broker from 1987, should not need any input from me.....
DislikedBut for others reading, perhaps the goal is not to expect to make money each month, but to limit the risk to say, 5% of your bankroll each month. 50% drawdown??? Who cares.... a 2.5% drawdown to the bankroll....
In doing so, your upside (depending how you trade) will be hurt substantially, but you eliminate a complete wipeout.
DislikedI've been a bit lax in posting here. I don't want to crow from the rooftops prematurely and I don't like hearing others brag, so I hesitate to do so myself.
But, the "farewell to forex" thread prompted me to offer encouragement to others, so here goes:
Dec was my first profitable month ever! HOOOAAHHH!
In the first week of January, I traded 2 days and made more than in the whole month of December.
In the second week of January, I made more than the week before.
Last week I had my first losing day for the month, only made about 1.8% for the week. Still a lot better than losing!!!
I'm up 700 pips for January, 10.8% equity increase, and have hit 75% good trades.
It can be done. My hopes and dreams for the future are re-kindled. Trading is getting easy, and the stress level is a fraction of what it was. I'm no longer "clawing for every pip", they come to me.Ignored
DislikedI love it. That's what I have to do in my fragile state of learning.Ignored
DislikedI wish I had done this sooner. I put these together yesterday and I think I'm really gonna love them.Ignored
DislikedNo more watching price approach the stop and realizing, "whoops! How'd I do that!!!?? Oh man, if this hits my stop it's gonna be real ugly..." (Then I move it and it still hits and it's real REAL ugly!)Ignored