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  • #20,001
  • Aug 12, 2008 7:21pm Aug 12, 2008 7:21pm
Quoting ak4x
start with money management, "freak incidents" only showed up the problem sooner rather than later.
Same thing happened to me. Been trading live just over 2 months. Getting back on the bike and trying again. Unfortunately, AK4X is right on, and that's the same observation/advice you'll get from the other experienced traders on this site.

Live and learn, but pay attention to what these guys say. If they can keep from beating each other up, there are some very bright, experienced and helpful guys on here.

My two cent call for keeping the thread focused on TRADING and not petty competition. In these tough times, the rest of us don't need the distractions.

Thanks,
Ed
Up or down, gimme a ticket
  • #20,002
  • Aug 12, 2008 7:21pm Aug 12, 2008 7:21pm
thanks nanalon for the heads up.just joined this forum and i hope its filled with nice peeps like thou.wud go back and work on my strategy.
  • #20,003
  • Aug 12, 2008 7:24pm Aug 12, 2008 7:24pm
Quoting oolides
it wasnt like my money managment was entirely bad.it was just that i kept saying the pair wud retrace and i left it for over 12 hours until i lost more pips than i ever gained since i started trading.hope i can build the account from scratch again.hope i would be able to recover some pips back
Oolides, you need to take a lesson on the use of "Stop Loss". Jurassic, you should re-publish the advice you gave me the other day. Or, Oolides, you can find Jurassic's post back about Friday 8/8/8 - some lucky day.
Up or down, gimme a ticket
  • #20,004
  • Aug 12, 2008 7:25pm Aug 12, 2008 7:25pm
Quoting oolides
it wasnt like my money managment was entirely bad.it was just that i kept saying the pair wud retrace and i left it for over 12 hours until i lost more pips than i ever gained since i started trading.hope i can build the account from scratch again.hope i would be able to recover some pips back
Yes, your money management is not good oolides.

Never risk more than 1-5% of your account capital (even 5% is a bit much IMO). If the market moves against you, get out early and then you'll live to fight another day instead of cooking your account in two trades.

If you only risk 1% per trade, that means you have to lose 100 times in a row to clean out your capital. If you risk 50%, 2 bad trades and you're out.

This is the most important aspect of MM that you need to grasp.
  • #20,005
  • Aug 12, 2008 7:28pm Aug 12, 2008 7:28pm
SPECIAL ED.how do i start all over wen i v gat just 10% of my account left in ma first month of trading.hope i can journey back up quietly and cautiously.need serious divine intervention here.
  • #20,006
  • Aug 12, 2008 7:36pm Aug 12, 2008 7:36pm
Quoting oolides
SPECIAL ED.how do i start all over wen i v gat just 10% of my account left in ma first month of trading.hope i can journey back up quietly and cautiously.need serious divine intervention here.
Of that 10%, you can only trade risking 1-5% of the total amount you have left (I strongly suggest 1%).

Let's say it is $100 you have remaining. If so, you can only risk $1 (or $5 MAX) each trade. Try trading a cent per pip if your broker allows it (this gives you 100 pips leeway). Painful I know, but it will help you in the long run.

Don't get caught by the making money fast hype. Making money fast means you can lose money just as fast (if not faster) too.
  • #20,007
  • Aug 12, 2008 7:40pm Aug 12, 2008 7:40pm
Quoting NuckingFuts
Of that 10%, you can only trade risking 1-5% of the total amount you have left (I strongly suggest 1%).

Let's say it is $100 you have remaining. If so, you can only risk $1 (or $5 MAX) each trade. Try trading a cent per pip if your broker allows it (this gives you 100 pips leeway). Painful I know, but it will help you in the long run.

Don't get caught by the making money fast hype. Making money fast means you can lose money just as fast (if not faster) too.
He's right on, Oolides. Start with the bare minimum and babystep back. You might also go to the website where they all sent me - http://www.babypips.com.

Hang in there.
Ed
Up or down, gimme a ticket
  • #20,008
  • Aug 12, 2008 7:43pm Aug 12, 2008 7:43pm
Quoting NuckingFuts
Of that 10%, you can only trade risking 1-5% of the total amount you have left (I strongly suggest 1%).

Let's say it is $100 you have remaining. If so, you can only risk $1 (or $5 MAX) each trade. Try trading a cent per pip if your broker allows it (this gives you 100 pips leeway). Painful I know, but it will help you in the long run.

Don't get caught by the making money fast hype. Making money fast means you can lose money just as fast (if not faster) too.

I would also suggest entering in very strong points of the market, there are points in which the market talks to you, only enter then!!! if not your stops will eat your account.

Good luck with your trades
ana
  • #20,009
  • Aug 12, 2008 7:47pm Aug 12, 2008 7:47pm
Quoting nanalon
I would also suggest entering in very strong points of the market, there are points in which the market talks to you, only enter then!!! if not your stops will eat your account.

Good luck with your trades
ana
That piece of advice is well worth elaborating, if you have the time.

Thanks,
Ed
Up or down, gimme a ticket
  • #20,010
  • Aug 12, 2008 7:55pm Aug 12, 2008 7:55pm
Quoting oolides
it wasnt like my money managment was entirely bad. it was just that....
bro,you asked... you're right tho about your m/m tho, it wasn't entirely bad, it was completely bad. correct me if i'm wrong but you said 90% loss in one day?? There's nothing to salvage there about that m/m plan. scrap it and start over, with a great story you'll remember the rest of your life.

I remember every single one of mine. Or you can keep saying... "it's just that..................." every time.

There's hope, but the words just that aren't part of it.

Do i hear a second on this...??
FUBAR...
  • #20,011
  • Aug 12, 2008 7:57pm Aug 12, 2008 7:57pm
thanks for all the advice.wud go back and learn more.hope i wud be able to hang on longer trading forex so as to interact with u guyz.
  • #20,012
  • Aug 12, 2008 8:02pm Aug 12, 2008 8:02pm
Quoting SpecialEd
That piece of advice is well worth elaborating, if you have the time.

Thanks,
Ed
Ed, what I think is that there are key points where you see where the market is going, for example the 110.350 it was a clear short for me, it talked to me the way it got to it and it came back to that price after.

All about trading for me is about signs, which at the end lower your risk of loosing.

But this is forex so we never know, and patience is well payed.

And sorry for my english but I speak spanish so.....JJJJ


ANA
  • #20,013
  • Aug 12, 2008 8:02pm Aug 12, 2008 8:02pm
One of the most succinct and accurate things I've ever read.

http://www.commodities-futures.com/

now if i could just get past #3 and 14...
FUBAR...
  • #20,014
  • Aug 12, 2008 8:07pm Aug 12, 2008 8:07pm
Quoting ak4x
Do i hear a second on this...??
Aye
Not all sins are created equal
  • #20,015
  • Aug 12, 2008 8:07pm Aug 12, 2008 8:07pm
Long at 1.4924 and looking to sell around 1.5120's. Should be a rebound to the 1.5200-1.5300 level and you can re-initiate a short EURUSD position there.

Might take a few days, might take a week or two. I don't think euro-zone GDP nor crude inventory reports tomorrow will influence the EURUSD that much lower if they are worse than expected. However, if they are better than expected, the move could happen faster than expected.

Best of luck to all,
KoG
Pippin ain't easy, but it sho is fun!
  • #20,016
  • Aug 12, 2008 8:14pm Aug 12, 2008 8:14pm
Quoting ak4x
One of the most succinct and accurate things I've ever read.

http://www.commodities-futures.com/

now if i could just get past #3 and 14...
Great link mate, thank you.

I'm at 30
Not all sins are created equal
  • #20,017
  • Aug 12, 2008 8:20pm Aug 12, 2008 8:20pm
Quoting oolides
thanks for all the advice.wud go back and learn more.hope i wud be able to hang on longer trading forex so as to interact with u guyz.
It would have been much better if you would have come here with a 30-50% loss because then you could actually use good MM to get out of your loss.

It will be really hard to use good MM to get yourself out because you will need a huge increase in your remaining balance.

If you loose 50% then you will need 100% to get back to your original balance. So since you lost 90%, you can do the math.

I have been down 40% and I have come back to proftable, It can be done.

The most I use now is 10-1 leverage, and that is for scalping, I use 3-1 max swing trades.

One good thing I did was entering every trade with 1-1 risk reward. That means you enter the trade and forget about it, have stoploss and takeprofit.

Good luck, most of the traders are here to help you.
  • #20,018
  • Aug 12, 2008 8:29pm Aug 12, 2008 8:29pm
Quoting ak4x
bro,you asked... you're right tho about your m/m tho, it wasn't entirely bad, it was completely bad. correct me if i'm wrong but you said 90% loss in one day?? There's nothing to salvage there about that m/m plan. scrap it and start over, with a great story you'll remember the rest of your life.

I remember every single one of mine. Or you can keep saying... "it's just that..................." every time.

There's hope, but the words just that aren't part of it.

Do i hear a second on this...??
As he said, Oolides, you asked.
Up or down, gimme a ticket
  • #20,019
  • Aug 12, 2008 8:33pm Aug 12, 2008 8:33pm
Quoting oolides
thanks for all the advice.wud go back and learn more.hope i wud be able to hang on longer trading forex so as to interact with u guyz.
Wish you the very best of luck in recovery Oolides.
Up or down, gimme a ticket
  • #20,020
  • Aug 12, 2008 8:41pm Aug 12, 2008 8:41pm
oolides, here's the link to a sticky thread here on FF. I'd bet most folks have never read it much or even know it exists. It's got some extremely valuable stuff in there from real traders here at FF. Enjoy.

http://www.forexfactory.com/showthread.php?t=39514
FUBAR...
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