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My FAILED System...

  • #1
  • First Post: Aug 14, 2008 1:16pm Aug 14, 2008 1:16pm
Hello Traders,

I havent been around because i emptied my mini account and took some needed vacations.
I want to post my system, because maybe through your knowledge we could tune it up. Here are some bullets of my system:

Mini Account : $350
Broker: Gft
Lasted: 9 days

  1. Focused on one currency EUR/USD
  2. Open 3-15 positions (one at a time) per day
  3. Stop loss : $12 -$20 (5.7%)
  4. Good Tecnical analyisis, bad timing
  5. Traded against trend
  6. Indicators: MACD, Slow & Fast Stochastics
  7. Looked for Divergence- one time frame yes another no
  8. Multi time Frames Weekly Daily, 8 hrs, 4 hrs, 1 hrs 30, 15 5min
  9. Bad time zone: Im in mexico i traded after NY session
  10. When Stopped, Immediately opened another position
  11. Did not study moving price averages
  12. Did not check daily, weekly, monthly % performances
  13. To many trades per day

This is just some of the things i think i did incorrectly. Am i missing something????

It would be great if you posted some of your ideas-experiences-opinios about my trading system.

Very thankful
Dimitri

  • #2
  • Aug 14, 2008 3:50pm Aug 14, 2008 3:50pm
Hi Dimitri,

I think your biggest problem before you start picking apart the system is that you're trading mini lots instead of micro or nano lots. Imho, the 10k mini lot is way too much for a $350 account, because to control your risk the stop loss has to be so close to price that the trade barely stands a chance.

As for the system itself, could you be more specific, ie, what are the rules of entry/exit? Perhaps you could post a chart showing an example trade.
  • #3
  • Aug 14, 2008 4:04pm Aug 14, 2008 4:04pm
I agree with pipprincess. Account size is not large enough for what you want to do. Try lowering your size and concentrate on smaller take profits. Good luck in your forex future!
txtaz
  • #4
  • Aug 14, 2008 4:17pm Aug 14, 2008 4:17pm
You might try starting out using the SRDC method. It's a great way to build an account and easy to use. It's a simple system that uses daily support and resistance levels to show entry points.
txtaz
  • #5
  • Aug 14, 2008 5:44pm Aug 14, 2008 5:44pm
Hi Los...

You have many issues, I am just going of what you have given me to go by, so do not get offended, I am trying to help you.

This has been drilled into me, I have read up on this and the only way you will learn is by losing your money and reading and understanding trading. Trading is a business, you have to think like a business man.

The problems you have.

1. $350 needs to a mico or nano account as pointed out.
2. MM (Money Management)/Risk
3. MM (Money Management)/Risk
4. MM (Money Management)/Risk
5. MM (Money Management)/Risk

On MM there is loads on FF, read it up.

6. 1/2/3% Max per trade, of account size.
7. Learn about Reward:Ratio
8. Stop trading when you have reached your account traget for the day, 3/4/5% for the day, or even a certain loss... you need to preserve capital, without capital you cannot trade.

Once you understand the above, then you can look at a profitable system that will benefit from the above you rules - ok this may be the other way round, but it's late

I can waffle on and on, as they say... no free lunches in this game, it's not an easy quick get rich scheme.

At the end, you need a trading plan and then trade the plan.

If I was you, I would stop trading and read and read about MM, RR, etc...

Hope this helps,
Vip


If you understand the above, the penny has just dropped

Quoting LosTraders
Hello Traders,

I havent been around because i emptied my mini account and took some needed vacations.
I want to post my system, because maybe through your knowledge we could tune it up. Here are some bullets of my system:

Mini Account : $350
Broker: Gft
Lasted: 9 days

  1. Focused on one currency EUR/USD
  2. Open 3-15 positions (one at a time) per day
  3. Stop loss : $12 -$20 (5.7%)
  4. Good Tecnical analyisis, bad timing
  5. Traded against trend
  6. Indicators: MACD, Slow & Fast Stochastics
  7. Looked for Divergence- one time frame yes another no
  8. Multi time Frames Weekly Daily, 8 hrs, 4 hrs, 1 hrs 30, 15 5min
  9. Bad time zone: Im in mexico i traded after NY session
  10. When Stopped, Immediately opened another position
  11. Did not study moving price averages
  12. Did not check daily, weekly, monthly % performances
  13. To many trades per day

This is just some of the things i think i did incorrectly. Am i missing something????

It would be great if you posted some of your ideas-experiences-opinios about my trading system.

Very thankful
Dimitri

  • #6
  • Aug 14, 2008 6:56pm Aug 14, 2008 6:56pm
Quoting LosTraders

  1. Focused on one currency EUR/USD

pretty self explanatory. might help to diversify.

Quoting LosTraders

  1. Open 3-15 positions (one at a time) per day

not too bad. depends on your strategy. might be a little much.

Quoting LosTraders

  1. Stop loss : $12 -$20 (5.7%)

might want to step it down to 1 to 2 percent

Quoting LosTraders

  1. Good Tecnical analyisis, bad timing

again, self explanatory

Quoting LosTraders

  1. Traded against trend

Not neccesarily a bad thing. again, depends on your style of trading. you can always get pips going against a trend, but it is easier to get pips with the trend.

Quoting LosTraders

  1. Indicators: MACD, Slow & Fast Stochastics
  2. Looked for Divergence- one time frame yes another no
  3. Multi time Frames Weekly Daily, 8 hrs, 4 hrs, 1 hrs 30, 15 5min

not too bad. dont try and confirm a signal on seperate time frames if your strategy is timeframe specific.

Quoting LosTraders

  1. Bad time zone: Im in mexico i traded after NY session

try trading longer term so that time periods dont matter so much. instead of looking on a fifteen min chart, look on an hour or four hour chart etc.

Quoting LosTraders

  1. When Stopped, Immediately opened another position

VERY bad idea lol. i have had experience with this. it DOES NOT WORK. trust me. wait for confirmation of another trade. you dont have to trade nonstop you know?

Quoting LosTraders

  1. Did not study moving price averages

not really neccesary, but it does definately help

Quoting LosTraders

  1. Did not check daily, weekly, monthly % performances
  2. To many trades per day

yeah, try not to trade too much. you dont need to always be in the market. the more you trade, the higher the risk that you will lose.


it seems to me that most of your problems are simple money management issues that can be fixed very easily. just spread out the length of your trades and monitor them a little better and you should be fine. also, try trading more than just EURUSD. other pairs might work better for your style of trading. hope this helps!
  • #7
  • Aug 14, 2008 7:18pm Aug 14, 2008 7:18pm
Quoting LosTraders
Hello Traders,

I havent been around because i emptied my mini account and took some needed vacations.
I want to post my system, because maybe through your knowledge we could tune it up. Here are some bullets of my system:

Mini Account : $350
Broker: Gft
Lasted: 9 days

  1. Focused on one currency EUR/USD
  2. Open 3-15 positions (one at a time) per day
  3. Stop loss : $12 -$20 (5.7%)
  4. Good Tecnical analyisis, bad timing
  5. Traded against trend
  6. Indicators: MACD, Slow & Fast Stochastics
  7. Looked for Divergence- one time frame yes another no
  8. Multi time Frames Weekly Daily, 8 hrs, 4 hrs, 1 hrs 30, 15 5min
  9. Bad time zone: Im in mexico i traded after NY session
  10. When Stopped, Immediately opened another position
  11. Did not study moving price averages
  12. Did not check daily, weekly, monthly % performances
  13. To many trades per day

This is just some of the things i think i did incorrectly. Am i missing something????

It would be great if you posted some of your ideas-experiences-opinios about my trading system.

Very thankful
Dimitri

you should drop the indicators
  • #8
  • Aug 19, 2008 12:07am Aug 19, 2008 12:07am
Thank you all for your insights, i really felt like throwing the towel!
But now, im even more motivated to learn more and get this system tuned up!

I traded 10k lots, leverage 200:1.

I learnt many many things thank to you all>
No revenge trading hehehe!!
Over trading, bad money management!!!
MM, RR
NO entry/exit rules
very few confirmations
etc

Cheers
Dimitri
  • #9
  • Last Post: Aug 19, 2008 1:23am Aug 19, 2008 1:23am
Ok...... we'll be watching
Same Whore .... Different Dress
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