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the Survival of my $220.99

  • #21
  • Jan 3, 2008 11:57am Jan 3, 2008 11:57am
Just a suggestion, I dont know what time frames you are trading, but... i suggest you use alonger time frame 4H/daily or daily/weekly... smaller time frames have a lot of fake outs, and most professional traders (or with a lot of money) use longer time frames to trade (infact, if you use longer time frames in the end, you will make much more money). With your 229 dollar account, if you want to just learn, then play small (loss of 5% of account value per trade), but do not expect to raise your account by much. With $229 you sometimes have to risks, slightly more than 5% to at least make it to $2-3 grand, and then you can play with 5% loss/trade.
Trade in the now
  • #22
  • Jan 3, 2008 5:24pm Jan 3, 2008 5:24pm
OK emotions.... first of all... this is $ 220... it is not the end of the world.... you have made some mistakes... perhaps you will not make them again...

One choice would be just to simply get out of the trade and take your loss... The the hurt will stop and you will have some clsoure...

Another choice would be... wait a bit longer... it might be time for price to retrace a bit... allowing you to get out of the trade in a day or two at a higher price and not lose so much...

But then... no one can predict where price really wil go...

If it is any comfort... most of us have "Been here, and Done that" You are not the only one....!!!

Quoting winredpips
getting worst more worst!
is there anyone can give me tips to control emotions,
or how to keep emotion in the box while trading?

currently i'm -11.26% from 220.99~ it's dying X|
  • #23
  • Jan 4, 2008 12:39am Jan 4, 2008 12:39am
Quoting Tiki Trader
OK emotions.... first of all... this is $ 220... it is not the end of the world.... you have made some mistakes... perhaps you will not make them again...

One choice would be just to simply get out of the trade and take your loss... The the hurt will stop and you will have some clsoure...

Another choice would be... wait a bit longer... it might be time for price to retrace a bit... allowing you to get out of the trade in a day or two at a higher price and not lose so much...

But then... no one can predict where price really wil go...

If it is any comfort... most of us have "Been here, and Done that" You are not the only one....!!!
thank you very much mate~ and all
well, as for today, i will learn keep away the emotions while trading

currently i'm -6.26% from $220.99
here's what i'm gonna do:
-will learn more from those source is given to me
-the thousands floating... i think i'm goin to keep them and learn how to lock them tight
hehah wish me luck mate~
winREDpips $220.99 survival currently -93.97% prev -96.22%
  • #24
  • Jan 4, 2008 12:52am Jan 4, 2008 12:52am
oh by the way,
the thousands floating....
it's like around (-50.8%) from the $220.99 as i'm posting this
sounds freaky
winREDpips $220.99 survival currently -93.97% prev -96.22%
  • #25
  • Jan 4, 2008 3:18am Jan 4, 2008 3:18am
my GOD!!
why my line kept disconnecteed!!!
i'm getting emotionally now
winREDpips $220.99 survival currently -93.97% prev -96.22%
  • #26
  • Jan 4, 2008 3:23pm Jan 4, 2008 3:23pm
after hard fight with the stupid connection (keep disconnected)
+ after no farm thingy + after screwd-up by mv
my $220.99 is broke!

god, currently i'm -21.39% from $220.99
and the float its like (-41.45% from 220.99)
and available margin really tiny

this is really not good for my new year starter
winREDpips $220.99 survival currently -93.97% prev -96.22%
  • #27
  • Jan 4, 2008 3:34pm Jan 4, 2008 3:34pm
There is always tomorrow to try again !!! It's only $ 220... not end of the world...

But though if you only use demo dollars... They are easy to print new ones... !!!
  • #28
  • Edited 4:09pm Jan 4, 2008 3:46pm | Edited 4:09pm
I dont know if it has been told to you allready but i think it's too late unfortunately too give the following wise advice : STOP TRADING LIVE !

Go back to demo, you are missing a lot of self control to trade right now hence the quick end of your trading account.

I dont know what strategy you are using but have a look on the peak and valley one. It is very simple and can be used on long TF.

In any case, dont put any money on your live account from now on and for the next few month (at least )

Do not watch your position constantly and trade on long TF (daily or H4 should be fine)

Put SL as soon as you enter the market and lock your profit if you have a profitable trade.

It seems you are not broke yet so here is my advice, let your position close by margin call (you have went so far now that it will be only luck and i wont make a big difference) It can eventually bounce back a little next week.
  • #29
  • Jan 4, 2008 3:51pm Jan 4, 2008 3:51pm
Quoting winredpips
if only i can be this good
Better study more on DIVERGENCE...
  • #30
  • Jan 4, 2008 3:57pm Jan 4, 2008 3:57pm
Quoting melpheos
I dont know if it has been told to you allready but i think it's too late unfortunately too give the following wise advice : STOP TRADING LIVE !

Go back to demo, you are missing a lot of self control to trade right now hence the quick end of your trading account.

I dont know what strategy you are using but have a look on the peak and valley one. It is very simple and can be used on long TF.

In any case, dont put any money on your live account from now on and for the next few month (at least )

Do not watch your position constantly and trade on long TF (daily or H4 should be fine)

Put SL as soon as you enter the market and lock your profit if you have a profitable trade.
Aggree!

Longer TF could minimize losses and maximise profit.
  • #31
  • Jan 4, 2008 4:01pm Jan 4, 2008 4:01pm
Quoting Tiki Trader
But though if you only use demo dollars... They are easy to print new ones... !!!
no.. it is not demo mate~ it's my real dollars
winREDpips $220.99 survival currently -93.97% prev -96.22%
  • #32
  • Jan 4, 2008 4:06pm Jan 4, 2008 4:06pm
Quoting melpheos
I dont know if it has been told to you allready but i think it's too late unfortunately too give the following wise advice : STOP TRADING LIVE !

Go back to demo, you are missing a lot of self control to trade right now hence the quick end of your trading account.
In any case, dont put any money on your live account from now on and for the next few month (at least )
i wanted to, but now i have lots of thousands red pippies floated
*at time i post this:
1. -1006
2. -1051
3. -1189
4. -1264

did u suggest me to close this post?
winREDpips $220.99 survival currently -93.97% prev -96.22%
  • #33
  • Jan 4, 2008 4:09pm Jan 4, 2008 4:09pm
Quoting oghe-klate
Better study more on DIVERGENCE...
i only refer macd for time being as my indi
is there any other setting for better offer?
winREDpips $220.99 survival currently -93.97% prev -96.22%
  • #34
  • Jan 4, 2008 4:17pm Jan 4, 2008 4:17pm
it's my live trade and this is how it looks at the end of this week.
my saturday n sunday will headache
Attached Image
winREDpips $220.99 survival currently -93.97% prev -96.22%
  • #35
  • Jan 4, 2008 4:39pm Jan 4, 2008 4:39pm
Quoting winredpips
it's my live trade and this is how it looks at the end of this week.
my saturday n sunday will headache
Hi

A couple of points to note - firstly you do realise that Marketiva will allow you to open long and short positions on the same pair at the same time? When you see an unwind like we have seen these past few days there's nothing stopping you opening short positions to hedge the long trades.

I use a method on GJ with 1000 pip stop loss and I had 2 long positions stopped out yesterday. However, because I hedge I've still ended up in profit for the week. The important thing to note here though is that my 1000 pip s/l only equates to a 2% loss which brings me onto my next point.

Secondly, as others have said, your position size is far too high for your account balance. As you have found out this week, a big breakout (especially in this pair) could wipe out an account in a matter of days. To give you an idea of the % I trade per position, instead of a position size of 300 or 600, I'd be using about 45 on your initial balance and about 35 on your balance at present - big difference! GBPJPY is not for the faint hearted and you need to have a plan that you can stick to without question.

I wish you luck but most of all you need to work out a plan, practice on the demo account they provide until you feel ready to go live again.

Kind Regards
Steve
  • #36
  • Jan 8, 2008 11:24am Jan 8, 2008 11:24am
currently i'm -34.34% from $220.99
Attached Image
winREDpips $220.99 survival currently -93.97% prev -96.22%
  • #37
  • Jan 8, 2008 5:03pm Jan 8, 2008 5:03pm
It doesn't make sense to me to hold on to a losing position of over 1000 pips. Before you placed those trades you should have known where or what was going to get you out. The indicator that got you in and is no longer giving that signal might be a good one to look at. I bet it told you to sell several times since then. You could also use price itself and decided to get out when price dropped below a significant low which was the 221.00 area at that time. Ask yourself what is keeping you in.

The best thing to do is close your positions and get back objectivity. If you stay in and the trade eventually comes back in your favor, you are only developing a bad habit.

The daily range of GBP/JPY is 300-400 pips. Why not trade a pair that is less volatile? One of the majors or even EUR/JPY.

If I trade GBP/JPY I will already have analyzed GBP/USD, USD/JPY and EUR/GBP.

I get out if I:
get in a trade and it moves against me.
can't eliminate risk in just a few minutes or hours.
get in a trade and it doesn't look as good as I thought or am not sure about it.
get stopped out.

I stay in if I:
get in a trade and it moves in my favor.
can eliminate risk by scaling out or moving my stop to even or in profit.
planned on letting price move against me when using a larger time frame.
think I made enough on a trade and don't want to be too greedy.
  • #38
  • Jan 9, 2008 3:34am Jan 9, 2008 3:34am
i'm currently -51.90% from $220.99!~
this ss is my new balance.. lol i am dead
Attached Image
winREDpips $220.99 survival currently -93.97% prev -96.22%
  • #39
  • Jan 9, 2008 3:39am Jan 9, 2008 3:39am
Quoting ssherwood76
It doesn't make sense to me to hold on to a losing position of over 1000 pips. Before you placed those trades you should have known where or what was going to get you out. The indicator that got you in and is no longer giving that signal might be a good one to look at. I bet it told you to sell several times since then. You could also use price itself and decided to get out when price dropped below a significant low which was the 221.00 area at that time. Ask yourself what is keeping you in.
The best thing to do is close your positions and get back objectivity. If you stay in and the trade eventually comes back in your favor, you are only developing a bad habit.
The daily range of GBP/JPY is 300-400 pips. Why not trade a pair that is less volatile? One of the majors or even EUR/JPY.
after reading ur post mate, i think i better wipe my floated and start new life
so now i am -96.22% from $220.99 (wow..)
Attached Image
winREDpips $220.99 survival currently -93.97% prev -96.22%
  • #40
  • Jan 9, 2008 4:23pm Jan 9, 2008 4:23pm
hi all, as you can see from previous post
i had a big loss (for me)
well, thanks for everyone which not quit motivating me
my $220.99 has gone and only $8.35 left
currently it's -94.82 from 220.99

at first i thought that i will open new journal
of "the survival of my $8.35, but then maybe
it is better to stay in this thread where i,
personally can look back on how i get fall from $220.99

so, i will having 2 counting which is from $220.99
and 1 more from my "new start" from $8.35

thank you for all who have followed my journey since 1st

currently:
-94.82 from $220.99
+36.88 from $8.35
Attached Image
winREDpips $220.99 survival currently -93.97% prev -96.22%
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