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james16 Chart Thread
- #26,223
- Apr 6, 2009 3:13am Apr 6, 2009 3:13am
- Joined Jan 2008 | Status: Trader | 2,996 Posts
That was exactly why I did not short this pair like I mentioned earlier....
- #26,225
- Apr 6, 2009 3:41am Apr 6, 2009 3:41am
- Joined Jan 2008 | Status: Trader | 2,996 Posts
I closed at break even on this puppy...I will now go back in my cave and wait for the next best trade to come out...
- #26,230
- Apr 6, 2009 6:13am Apr 6, 2009 6:13am
- | Joined Feb 2009 | Status: Price Stalker | 1,197 Posts
Economists have forecast 9 out of the last 5 recessions
- #26,231
- Edited 6:58am Apr 6, 2009 6:47am | Edited 6:58am
- Joined Mar 2009 | Status: Trader | 25,480 Posts
Oh man, this post scares the hell out of me. I am very sorry to hear about your recent disability. The trading for your families life with a 10k account really made me worried here
But please, please please please read this post
http://www.forexfactory.com/showpost...ostcount=25755
http://www.forexfactory.com/showpost...ostcount=25734
We always shoot you guys/gals the straight truth on this thread, and doing anything less would just not be right.
Take care
Mike
Having said that, the simple fact is, my useless back is against the wall and I'm out of options. This is a decision I'm neither proud of nor take lightly and if there was ANY other choice, wouldn't even consider. I won't go into the lengthy story behind it and in fact, I may have said too much already as it honestly doesn't contribute to this thread because if I fail, it's just another "I told you so dummy" and if I succeed, it would only serve as a VERY BAD example to others. Given a choice, I'd MUCH rather be swinging from the rafters building custom homes as I've done for the past 35 years.
My only regret is that I didn't find this thread back in September when I started demo trading. I'd actually never even heard of Forex until I received an email pushing the "New FapTurbo Robot" touting how you could set it up once and watch it "double your account automatically"...LOL...yea, right. Oh yes, I bought it and I traded manually right along side it. Two weeks of that was all I needed to see the truth. BUT, the 169 bucks did introduce me to Forex and my manual trading showed me the "potential" of it. At the end of December I was contacted about a trading course which, after a couple decent losses and being the conservative guy I am, I thought would be prudent. I carefully laid out my "unique" situation and needs and was assured that I'd learn enough to be "Confidently placing trades and my goals would be no problem to attain". 4500 bucks and 12 one hour sessions later (one per week), I can say without hesitation that I've learned more in ONE WEEK of reading this thread.
Sorry folks, I didn't mean to get so long winded here but perhaps it will serve others as an example of WHAT NOT TO DO.
So I'll just close with this. I alone bear full responsibility for my decision and the outcome. As it is in any aspect of life, win, lose or draw, when I look in the mirror I'll KNOW exactly who to credit. All I say about all of you folks is I firmly believe you've dramatically helped increase the odds of my success and I'm confident you'll see me in here for a long time to come. Yes, I'm an optimist!
Thank you for the help so far!
EDIT: I should add that my trade we've been discussing here is NOT something I would do when I go live. Oh I'd have taken the trade setup alright, but I'd NEVER had done so with a full standard lot. 1% to 2% MAX!!!!
Ghost Rider - WWTBMD?
Sorry Mike, didn't mean to scare you and I was right here reading along as these posts you point out developed. Believe me I STRONGLY RECOMMEND EVERYONE READ AND ADHERE TO THEM! The course of action I'm taking is NOT the way to go.
Having said that, the simple fact is, my useless back is against the wall and I'm out of options. This is a decision I'm neither proud of nor take lightly and if there was ANY other choice, wouldn't even consider. I won't go into the lengthy story behind it and in fact, I may have said too much already as it...
- #26,238
- Apr 6, 2009 9:02am Apr 6, 2009 9:02am
- Joined Mar 2009 | Status: Trader | 25,480 Posts
Hey Christopher,
That's a painful story but I can assure you many people have a similar one to tell. I'm glad for you that you came across this thread, because I believe it's all you really need.
So just to clarify, based on your above post you curently are not trading live and are still on demo, right?
Either way, I wish you the best of luck and all the success in the world.
But as Mike advised, I want to caution you and urge you to be really careful.
Cuz trading a 10K account in order to support yourself, is seriously risky and pressure...
Yes it's still a demo but I'll need to go live within the next two weeks max. I couldn't agree more about the risk and pressure. That's precisely what I've been dealing with for months in my attempt to trade 4H, 1H and 30M charts. I need to average 500 a day (300 to cover bills and 200 for account building)and so far...
...I've been doing that or very close to it.The risk and pressure thing is exactly why I'm glad I was steered to this thread by ak4x. While I won't have the account size or time to work the weekly and daily as I'd like, my thinking is perhaps I can move it down one notch and work the daily and 4H within the same principals. Although I'm only a couple of trades into this approach, so far it's proving to be both safer and a lot less stress for the same outcome. I taken 4 trades, all 4 won and the daily average I need has been met. (Even taking into account my last gain of 536 pips but with a more realistic lot size risk of .3)
As for the psychology of loosing a trade, having been a self employed carpenter for 35 years, I know all too well about taking a loss. I'm sure as I "rediscover" myself in this new venture I'll have much more to learn but I have a "reasonable" amount of experience to help keep me from making bad or impulsive decisions to "make up for one".
Ghost Rider - WWTBMD?
- #26,240
- Apr 6, 2009 9:05am Apr 6, 2009 9:05am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
I haven't been involved with this kind of trading for quite some time. (time constraints) but I've squeezed in a month or two of some free time,
Demo is the way I want to spend it
50 fib and resistance trend line doing the job this time...
Regards,
Ghous.
Demo is the way I want to spend it
50 fib and resistance trend line doing the job this time...
Regards,
Ghous.
I believe . . .