How do you pick yourself up after getting wiped out? | Page 2 | Forex Factory

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How do you pick yourself up after getting wiped out?

  • #21
  • May 5, 2009 1:15am May 5, 2009 1:15am
Quoting coscorp
FX..you've got to find within you the will to get back on the horse...what I feel like suggesting is read and follow j16....demo or micro is up to you...
Thanks yes I did read it and it's pretty amazing...extremely stringent...but amazing. I'm sure he knows EXACTLY what he's talking about, and know I have to follow his method.

Still a little undecided about demo vs micro...ah I'll probably stick with demo.
  • #22
  • May 5, 2009 1:20am May 5, 2009 1:20am
Quoting winningfx
don't waste money on courses. i took 1 back awhile ago b4 i found this site. i found that what the course taught me can all be found here. with more indepth explanations n with charts 2 boot. that's y demo trading your idea is important. u will know whether your idea works n can know the flaws b4 u decide 2 go live.
Quoting Tjpld
Right don't waste money on useless courses. Everything you need to know
is free. Best teacher is trail and error.
Thanks for the advice...but I don't regret taking the course I took...cause honestly I'd never even heard of trading Forex before, and doubt I would have stumbled upon it on my own. I learned quite a bit about technical analysis in the course as well.
  • #23
  • May 5, 2009 1:49am May 5, 2009 1:49am
Quoting hanover
I just re-read your post, and the highlighted part made a bigger impact on me.

You say that you knew what you did wrong. Surely that is half of the battle.

According to best-selling author Dr Alex Elder, trading involves (1) method, (2) MM, (3) mindset.......

Do you have a winning method? Do your entries and exits deliver a genuine edge? If the answer to these questions is 'no', or even 'I'm not sure', then the market will end up taking your money, no matter how small you size your positions (MM), or how much discipline (mindset) you bring...
Did I have a method? Or methodology? The answer is no...but it was a work-in-progress.

Early on after losing money I would take extreme, all-or-nothing trades, to try to make my money back quickly. I would simply open a position (without a stop-loss) and just go to sleep. I did get lucky, as this method never did fail, (until the absolute end), but was EXTREMELY risky, and I never did feel good about it. I did this four or five times when trying to recoup bigger losses, but always felt I was pushing my luck. I was in the red for three weeks before I finally broke even and started making some money. I still didn't have a methodology other than just identifying a trend and just taking it for a ride (usually a downtrend...cause they always seemed easier for some reason), with the aid of some indicators (MACD, RSI, EMAs).

I'd like to think I was better disciplined and more confident for the one week I was actually making money, but a couple of bad trades shattered that. Then my "making money while asleep" method failed, and after that nothing I did seemed to work.

I always intended on developing a sound method...and always thought I would have the time to do it, (as I didn't count on getting wiped out). I guess I now have plenty of time. That "james16 Chart Thread" seems like a good place to start.

I agree with all the wisdom in your post, and thank you for passing it on to me.
  • #24
  • Last Post: May 5, 2009 2:10am May 5, 2009 2:10am
Quoting Jhig
I couldn't have said it any better!
Fxpipper, would you rather lose small or would you rather lose big? Eiither way it shouldn't matter because the point is, you lose. A small loss carried over can turn into a huge loss. During trading, you must established your mistakes and "fix it" ... not let it ride. The most profitable strategy will do nothing for you without a good knowledgable grasp of the basics of money management. As MrGreen said, "Cutting losses and walking away is sometimes your only option". Now, you've metioned that you made peace...
Thanks for the advice. I do now have a better understanding of money management, as it applies to Forex trading. I guess this was rude wake-up call and reality check. My comeback is imminent, and I definitely won't be making the same mistakes that I made the first time around.

Since learning technical analysis, (and this will sound corny), I've started to look at life as a series of channels, each with its levels of resistance and support, and I want to thank all of you for providing the much needed support in this thread. I hope this wasn't viewed as some cheap cry for attention...cause it wasn't intended to be that. I just needed some direction, and it's comforting to know that there are people out there who can share their experience and wisdom with us noobs, and help us become better traders.

Thanks again to everyone.

Happy Pippin' to all, and to all a good night...or morning, wherever you are in the world.
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