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  • #170,761
  • Dec 10, 2009 1:24pm Dec 10, 2009 1:24pm
why give yourself a headache with high leverage is the point
Quoting essenza
good play IMHO. 1.49 is where the possibility retracing point for EU down from 1.514 - 1.466.
  • #170,762
  • Dec 10, 2009 1:26pm Dec 10, 2009 1:26pm
Quoting Exsilium
A combination of both I suppose. This is the first time averaging down has not turned a loosing trade into a winning trade.

1. The movement was to deep. My 3rd entry was at the last support of 14833 and at the time I didnt see it going below 14800 which over the last couple months has been a major support area, both technically and psychologically.

2. As the price continued to fall, I decided to close the first position and eventually the 2nd so the 3rd trade, equal to the position of the 1st and 2nd trade, would have enough equity to survive...
I hope you don't lose your account... but you must be prepared for that, because you probably will. You are making every mistake in the Rookie handbook. I know because I could write that book, made all the mistakes, blown multiple accounts. If you continue to use averaging down as a strategy with no stop loss, you will blow the account sooner or later. Once you do, will you quit or will you redouble your efforts? This is the jungle, you either adapt or die. I wish you the best!!
  • #170,763
  • Dec 10, 2009 1:27pm Dec 10, 2009 1:27pm
Quoting FX-Petra
AGREE!

But Driver, very few can learn from others and take this advice. Most must go through the pain (maybe many times) before this truth becomes a part of them and they truly apply it to their trading. I am a shining example of that!
As am I

However, ever penny I have in my account is money I can easily loose without impacting my life. On another note, Im looking at some different strategies, currently testing on demo's, all of which are doing very well, but have put in place strict risk of 5% per trade on one, and 20% on the other. Of course, the 5% is only up 20% or so, while the 20% is up 120% in a week.

I recognize that I need to focus on MM more, and yes, that should have been something I learned a year ago.. but better late than never I suppose and am trying to find ways to implement it and at the same time avoid stupid SL that ends up being the rebound point for PA.
  • #170,764
  • Dec 10, 2009 1:27pm Dec 10, 2009 1:27pm
Quoting FX-Petra
AGREE!

But Driver, very few can learn from others and take this advice. Most must go through the pain (maybe many times) before this truth becomes a part of them and they truly apply it to their trading. I am a shining example of that!

very very wise..... but i´m the best example ! unfortunately...
but the man only learns through pain


im also long...
  • #170,765
  • Dec 10, 2009 1:30pm Dec 10, 2009 1:30pm
Quoting FX-Petra
AGREE!

But Driver, very few can learn from others and take this advice. Most must go through the pain (maybe many times) before this truth becomes a part of them and they truly apply it to their trading. I am a shining example of that!

I know Fx-Petra. I know very well. This work is the best way to know the psychological aspects of oneself. The enemy is hiding there.
Almost always, the reason is overwhelmed from our ego .
The best thing that can happen to you is to find out where you're wrong.
  • #170,766
  • Dec 10, 2009 1:31pm Dec 10, 2009 1:31pm
Quoting FX-Petra
I hope you don't lose your account... but you must be prepared for that, because you probably will. You are making every mistake in the Rookie handbook. I know because I could write that book, made all the mistakes, blown multiple accounts. If you continue to use averaging down as a strategy with no stop loss, you will blow the account sooner or later. Once you do, will you quit or will you redouble your efforts? This is the jungle, you either adapt or die. I wish you the best!!
LOL.. as embarrassing as it is to admit, Im already on my second funded account. Killed the 1st one 4 months after I funded it... fueled by making 30k in less than a day during the roller coaster ride last December, I became over confident.

This account has lasted four months also, and at its peak was up 70% back in October.

If it breaks... Ill start again. Those who give up... fail.
  • #170,767
  • Dec 10, 2009 1:33pm Dec 10, 2009 1:33pm
Quoting Exsilium
I suspect with an increase to 0.25% there will be a major move down in the EURUSD right? Wouldn't that be a clear sign of economic recovery?

1.4625 is a 500 pip fall and when I look back, anything that size of movement is a precursor to trend change.
yes indeed, a break of 1.4625 is a medium term bearish for the possibility to go to 1.42. But remember when we go from 1.448 last october, can't u see we go straight to 1.5, just be patience. If bears is that powerful we will already below 1.46 by now. For insight, if you like reading bloomberg, Goldman said EU rally into 1.55 by year end while UBS said that they will try to push EU down to 1.45 and below. Will Goldman let this happen, no way they will not let UBS has the momentum. So again IMHO, bulls will not let bears to have the momentum. If you euro long 1.46-1.47 is cheap price to buy.
  • #170,768
  • Dec 10, 2009 1:34pm Dec 10, 2009 1:34pm
Quoting Driver55
I know Fx-Petra. I know very well. This work is the best way to know the psychological aspects of oneself. The enemy is hiding there.
Almost always, the reason is overwhelmed from our ego .
Ego... or maybe fear. I know my biggest problem is emotions. There have been times when I havent slept 2 or 3 days watching charts... no joke... this last sunday and monday was one of those periods. Took tuesday and wednesday off work to recoup....

I have been learning to program MQ4 and putting strategy in a emotion free environment where it belongs. I know it is truely the only way I will survive as my emotions seem to control me....
  • #170,769
  • Dec 10, 2009 1:36pm Dec 10, 2009 1:36pm
well guys,

dinner time.... see you later
The best thing that can happen to you is to find out where you're wrong.
  • #170,770
  • Dec 10, 2009 1:37pm Dec 10, 2009 1:37pm
Quoting Exsilium
Ego... or maybe fear. I know my biggest problem is emotions. There have been times when I havent slept 2 or 3 days watching charts... no joke... this last sunday and monday was one of those periods. Took tuesday and wednesday off work to recoup....

I have been learning to program MQ4 and putting strategy in a emotion free environment where it belongs. I know it is truely the only way I will survive as my emotions seem to control me....
only one, start with smaller position... then you will sleep well
  • #170,771
  • Dec 10, 2009 1:38pm Dec 10, 2009 1:38pm
nothing wrong with over confidence, just quickly admit defeat
Quoting Exsilium
LOL.. as embarrassing as it is to admit, Im already on my second funded account. Killed the 1st one 4 months after I funded it... fueled by making 30k in less than a day during the roller coaster ride last December, I became over confident.

This account has lasted four months also, and at its peak was up 70% back in October.

If it breaks... Ill start again. Those who give up... fail.
  • #170,772
  • Dec 10, 2009 1:39pm Dec 10, 2009 1:39pm
Quoting dstryr
STOP ANALYZING MARKET MOVEMENTS!!!!!!!!!!!!!
This is why you are where you are now. Trade the damn chart. The chart sells off you sell with it. Dont try and justifiy the news release as bullshit because of your own personal opinion.
Doesn't everyone analyze the market? How else does one trade?
  • #170,773
  • Dec 10, 2009 1:39pm Dec 10, 2009 1:39pm
Quoting harpersindex
why give yourself a headache with high leverage is the point
yes really that's a problem
  • #170,774
  • Dec 10, 2009 1:43pm Dec 10, 2009 1:43pm
Quoting Exsilium
Doesn't everyone analyze the market? How else does one trade?
Analyze price not news events or your thoughts on where the currency should be.
Going to make it big by age 21.
  • #170,775
  • Dec 10, 2009 1:45pm Dec 10, 2009 1:45pm
Quoting Exsilium
Doesn't everyone analyze the market? How else does one trade?

don't listen to him, he is EA traders...
  • #170,776
  • Dec 10, 2009 1:47pm Dec 10, 2009 1:47pm
Quoting Exsilium

Ive gone through this before, loosing 33% of original balance only to gain 150% from that point, but this ... this is different. None of the technicals I use justified this freefall and my blind faith in my so called "system" has rattled my faith altogether. I still am LONG bias, but were at a critical point right now and I am trying to figure out if I should cut my losses now or hold on for the expected rebound back up to 1.5+.


I've been there too I'm not going to tell you to cut and run or hold only you can make that decision. But I would have been out of that trade long ago with a hit of the stop loss depending on the setup -25 to -50 pips.
You can't "expect" the market to do anything, if the market is like a women dancing and someone changed the song would you expect her hips to keep moving to the beat of the last song?

The only faith you should have in your system is that it WILL fail and you should be actively looking for the signs of it failing.
But fear not!!! your system will work again you just need wait for the signs or find another system that works in these times.

This is my opinion and remember I'm an idiot I'm wrong more than I'm right and I'm most likely drunk and stoned so don't listen me.
we're more likely to see 1.4500 than we are at seeing 1.5000 and around 1.4800 should be tough to get above if we got there it would make me want to look to add more shorts tho.

I forget the right name for this pattern but I know it's bearish and it seems to be forming all the way to the 4h charts.
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  • #170,777
  • Dec 10, 2009 1:48pm Dec 10, 2009 1:48pm
Quoting Driver55
Let's say:
A action plan should you always have.
I understand that you are suffering, but in this situation I don't think there's anybody that can help. It's very subjective.

I have 4 long long-term position , at this moment, without despair.
The only thing I can say is, even before enter the market, you must have clearly in mind where you must stop.
otherwise the market, sooner or later, overwhelm you.
And furthermore "you must have clearly in mind where you must stop" it is at this point you have to stop and also still be in a position to afford that loss.
If at that point you are not in a position to afford that loss, then your account is underfunded, and you are playing with more money than your account can afford.
Good Trading. (keep it simple).
  • #170,778
  • Dec 10, 2009 1:49pm Dec 10, 2009 1:49pm
Quoting essenza
don't listen to him, he is EA traders...
I do not trade based on EA?
Going to make it big by age 21.
  • #170,779
  • Dec 10, 2009 1:51pm Dec 10, 2009 1:51pm
yeah, what he said.

Quoting Jasper
And furthermore "you must have clearly in mind where you must stop" it is at this point you have to stop and also still be in a position to afford that loss.
If at that point you are not in a position to afford that loss, then your account is underfunded, and you are playing with more money than your account can afford.
  • #170,780
  • Dec 10, 2009 1:53pm Dec 10, 2009 1:53pm
i have a 20 lot stop buy in place who's coming with me?
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