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  • #114,561
  • Jun 24, 2009 10:32pm Jun 24, 2009 10:32pm
Hey Fool, hope you didn't get poisoned by a snakebite.

The best comment here was made by Gator and I second that.

Get some rest and come back with new force, you know you can do it.
  • #114,562
  • Jun 24, 2009 10:40pm Jun 24, 2009 10:40pm
Quoting IMARICH1
THE FOOL....I am right there with you....i took my account and tripled it in 2 months onyl to see me lose it all in 1 and half weeks! It is is tuff to bare! I was able to easliy close out the trade and as it went into profit at 5 am when fell asleep for 15 min....I could have me account still but it went NORTH as Notch and atlast predicted.....so bummed right now...dont want to take small trades as i know this will take me all year to build so i want to scalp with higher leverage.....i know i wil be critized for it bu i can;t wait a whole year to...
You are going to blow that account, I can tell you that now. Every little movement you miss now eats into you and you feel like you need to enter every single trade to make up losses. You know that is not the way to trade but you aren't thinking now.

The only way I ever manage to recoup a losing >50% account was when I top-up my account to near original capital and carry on with the previous trading lot size. IMO, trading size should always be proportional to your capital. Otherwise you already lose half the battle before you enter a trade.
  • #114,563
  • Jun 24, 2009 10:46pm Jun 24, 2009 10:46pm
I'll look for a short oportunity, if confirmed with THV, closed to DP.

H1 shows a bear flag
  • #114,564
  • Jun 24, 2009 10:50pm Jun 24, 2009 10:50pm
Quoting Beacon
You are going to blow that account, I can tell you that now. Every little movement you miss now eats into you and you feel like you need to enter every single trade to make up losses. You know that is not the way to trade but you aren't thinking now.

The only way I ever manage to recoup a losing >50% account was when I top-up my account to near original capital and carry on with the previous trading lot size. IMO, trading size should always be proportional to your capital. Otherwise you already lose half the battle before you enter a trade.
dear Beacon, just for my knowledge (and encouragement) how many months into trading did u lose 50% of your account and how many more months did you recoup your losses and where do u stand now? thanks for sharing.
my experience: lost 3k in 3 weeks using fxcm us account without hedging facilities. keyed in 3 times sell in a open buy position and got caught!!
please share your experience. thanks again.
Francis
  • #114,565
  • Jun 24, 2009 10:50pm Jun 24, 2009 10:50pm
Quoting cobraforex
Hey Fool, hope you didn't get poisoned by a snakebite.

The best comment here was made by Gator and I second that.

Get some rest and come back with new force, you know you can do it.
If I can add. It is all about understanding how markets behave, rest is by itself. People should not expect from the market more than they are willing to offer to it. Thank market if it pays you more than your average risk over a longer term. If we force market to quickly pay us 300% it can also take that 300% back quicker than that. So let's make it slowly pay us 300 times.
The Thief of Wall Street
  • #114,566
  • Jun 24, 2009 10:53pm Jun 24, 2009 10:53pm
Quoting The Fool
Actually I feel like I would like to crawl in bed, assume a fetal position & pull the covers over my head & stay like that for a week. Might not be a bad idea. The account that I nearly tripled in a little over 7 weeks got a 60% hole blown in it all for just a stupid careless mistake.

Gator told me to take a few days off & he's a good man but I'm more of a back on the horse dude so I scalped for 3% in an hour at the LO & did it again before the NY close.

I have no doubt that I can take money from this market at will but I have yet to prove that...
I have no doubt you can take money from this market at will. Most people here can so thats not really the problem. The problem is you can also lose that money against your will at an even faster rate. And thats the issue for most people as well unfortunately.
  • #114,567
  • Jun 24, 2009 10:58pm Jun 24, 2009 10:58pm
Quoting cobraforex
I'll look for a short oportunity, if confirmed with THV, closed to DP.

H1 shows a bear flag
Hi Cobra, i've also been waiting for that, but in THV 1H the trix just crossed in green... the flag is something to take into consideration
"Do or do not... there is no try" Master Yoda
  • #114,568
  • Jun 24, 2009 11:02pm Jun 24, 2009 11:02pm
Quoting psiholog
A channel within a channel...trippy. My game plan for the rest of today is to buy at the lower wall of the green channel or sell at the upper wall of the coral channel. I would prefer alot more if it was selling at the upper wall as it coincides with the strong support at the high....a retest to make sure its resistance now would be nice. Of course any trades would be after the FOMC statement as what will be said is still a mystery.

Attachment
that was my game plan right before FOMC. It still has not changed. The only difference is that the upper wall of the coral channel was just tapped at a lower value and we seem to have formed a consolidation bear flag during the asian session (blue lines). Having said that..I am currently short...usual 50 pip stop loss and take profit assumes a retest of the lows is likely (1.3900...will take profit at any time though). Lets see now

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Different opinions highly valued, ignorant to slander.
  • #114,569
  • Jun 24, 2009 11:07pm Jun 24, 2009 11:07pm
Quoting francish
dear Beacon, just for my knowledge (and encouragement) how many months into trading did u lose 50% of your account and how many more months did you recoup your losses and where do u stand now? thanks for sharing.
my experience: lost 3k in 3 weeks using fxcm us account without hedging facilities. keyed in 3 times sell in a open buy position and got caught!!
please share your experience. thanks again.
Francis
I remember it was back a year plus ago. I opened my first live account with Oanda with a deposit of AUD$10000.

I actually have a plan that I want to take. Then AUD was going strong with a high interest rate. I figure if I open an account with AUD, I be first getting interest rate daily from Oanda even if I am not trading. Plus AUD going stronger will help cushion any trading loss. My plan is also to double my account in 1 year. Now doubling account in one year was something I thought being conservative. I have been to seminar and people boasting tripling account in half a year so I thought that was an achievable target.

So I started trading and I was very careful. I only enter 1 mini lot each time and I enter trade usually long with higher interest currency and short those with lower interest so even if I have to hold a position long, I get interest from it.

You see I plan everything I can possibly think of. But I was still a noob in trading and I miss out one thing, exit plan.

Anyway for 3 months my account grew at a rate of 10% per month. Fine, and I was careful of overtrading until the 4th month when I didn't reach my target. High interest currencies was losing ground then. I started to increase my understanding position. Well it get real bad in a week or 2 and reduce my account to AUD$2000 before I close all my positions and rethink what went wrong. I figured its overtrading and no exit plan as the main culprit. I have to top up the account back to AUD$7000 and slowly build back again.

I am back to AUD$10000 but I haven't really recoup everything back yet. But I will take my time this time.
  • #114,570
  • Jun 24, 2009 11:08pm Jun 24, 2009 11:08pm
I'll watch 5 and 15M for confirmation, that can give a quick entry with low SL if occours.

On 5M we might have a divergence but still not shure, if no other signs triggered I'll might go by TL break.

It can be that the PA don't reach the DP today before drop (may fail some pips) but also not sure, just an imagination on my side.

Hey this isn't a call, all this needs confirmation, trade what you folks see on the chart, please

Quoting Paupau MX
Hi Cobra, i've also been waiting for that, but in THV 1H the trix just crossed in green... the flag is something to take into consideration
  • #114,571
  • Edited 11:36pm Jun 24, 2009 11:20pm | Edited 11:36pm
I don't wanna leave without giving the reason for my thoughts, here you see it on a USDCHF chart

Oh, and before I go, in case that all this doesn' happen, don't tell everybody that Cobra is an idiot, I do the same thing like all of us, imagen what might happen, but I imagen more times well than bad, lol.
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  • #114,572
  • Jun 24, 2009 11:26pm Jun 24, 2009 11:26pm
Quoting francish
dear Beacon, just for my knowledge (and encouragement) how many months into trading did u lose 50% of your account and how many more months did you recoup your losses and where do u stand now? thanks for sharing.
my experience: lost 3k in 3 weeks using fxcm us account without hedging facilities. keyed in 3 times sell in a open buy position and got caught!!
please share your experience. thanks again.
Francis
And I thought that I was all alone in doing that - blew just over 3K on one trade last week doing a similar thing. Went for a 30 min walk then back to the computer. Thanks , I feel better now. (Well a little any way.)
  • #114,573
  • Jun 24, 2009 11:37pm Jun 24, 2009 11:37pm
Quoting smithbry
And I thought that I was all alone in doing that - blew just over 3K on one trade last week doing a similar thing. Went for a 30 min walk then back to the computer. Thanks , I feel better now. (Well a little any way.)
thanks Beacon for the reply. We are not alone.
  • #114,574
  • Jun 24, 2009 11:45pm Jun 24, 2009 11:45pm
Quoting francish
thanks Beacon for the reply. We are not alone.
No we are not. Its a constant struggle to keep the greed away so money management is of upmost important.
  • #114,575
  • Jun 24, 2009 11:46pm Jun 24, 2009 11:46pm
Dear all...

I'm only focusing on this pair and for those who are having problem trading using higher TF, maybe you can try my system as I'm using 5m entry to catch every single potential profit from the market movement.

Simply click the link as below:-
http://www.forexfactory.com/showthread.php?t=177174

All the best and see you there...
  • #114,576
  • Jun 24, 2009 11:57pm Jun 24, 2009 11:57pm
Thanks to all my FF friends for words of commiseration & advice.

Yup, I got greedy, for sure, but especially - careless. I'm still in the game though, tradin house money. Tradin smaller positions with more discipline. And less frequently. I cut my account in half during my first 3 weeks, but this last loss was big enough (a nice used car, or 5 months mortgage, etc) to really hurt, so this lesson will sink in.

Good luck to you all & trade carefully.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #114,577
  • Jun 25, 2009 12:09am Jun 25, 2009 12:09am
Quoting psiholog
...we seem to have formed a consolidation bear flag during the asian session (blue lines). Having said that..I am currently short...usual 50 pip stop loss and take profit assumes a retest of the lows is likely (1.3900...will take profit at any time though). Lets see now
Hi psiholog,

I'm guessin these flags are a steady part of your repertoire. Seem like a pretty high prob trade and I have been tryin to catch them. What kind of entry do you entertain?
"If The Fool persists in his Folly he will become wise." - William Blake
  • #114,578
  • Jun 25, 2009 12:36am Jun 25, 2009 12:36am
gbp/usd and nzd/usd

shouldn't eur usd follow?? shorts on boys... H&N

1H chart
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  • #114,579
  • Jun 25, 2009 12:43am Jun 25, 2009 12:43am
Hi $s.

What will the Banks do ? ( Pic 2 ) , like yesterday { it moved down }? ( Pic 1 )

Channel Line and Resistance Line for Eurusd ( Pic 3 ) .

Be Happy.
Attached Images
  • #114,580
  • Jun 25, 2009 1:11am Jun 25, 2009 1:11am
I have to admit I normally suck at guessing this thing but I'm on fire right now!
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