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  • #171,321
  • Dec 11, 2009 4:23pm Dec 11, 2009 4:23pm
Quoting Exsilium
It happened, I woke up this morning to a huge spike down off some really stupid USD numbers... OF COURSE RETAIL SALES ARE BETTER, ITS F'ING XMAS. Still doesnt justify the 100+ pip fall. The thing thats going to piss me off is when it jumps back up to 15000 by the end of next week.

Anyway, I got a margin call. My own stupid fault, but there it is. -$23,000 for the year. Now its time to step back, evaluate my mistakes, learn from them and try again.

23k u blew on this trade?..
i cant have that!..can i?..what happenned to money management?

i sincerly hope that that money is recoverable too u or is money which u can afford to lose
  • #171,322
  • Dec 11, 2009 4:24pm Dec 11, 2009 4:24pm
Quoting Exsilium
It happened, I woke up this morning to a huge spike down off some really stupid USD numbers... OF COURSE RETAIL SALES ARE BETTER, ITS F'ING XMAS. Still doesnt justify the 100+ pip fall. The thing thats going to piss me off is when it jumps back up to 15000 by the end of next week.

Anyway, I got a margin call. My own stupid fault, but there it is. -$23,000 for the year. Now its time to step back, evaluate my mistakes, learn from them and try again.
The retail figures were better then forecasted justifying the strenghtening of the dollar. Just like last week the forecast was better and after a long rally like this it is only going to need a small excuse for a retrace.

I am not saying the trend has reversed I want to see 2-3 weeks below 4625 first coupled with other PA indicating a reversal.
  • #171,323
  • Dec 11, 2009 4:28pm Dec 11, 2009 4:28pm
Quoting Exsilium
I completely understand where your comming from. I did something of the same, averaged down all the way to 14733, woke up this morning to a margin call, loosing the 72% profit I had made in the last 3 months and 90% of my original deposit.

im sorry to here this..but i said it b4, trading without a stop loss is madness especially when this kind of money is concerned, u should trade an amount which cant impair yur decision making process

it is natural to not want to lose money so u will prolong it till u have no choice unless money management is used..i guess u know this already..

u will make it back
  • #171,324
  • Dec 11, 2009 4:29pm Dec 11, 2009 4:29pm
Quoting JeremyMoore
A little wisdom and analysis from my trading desk. My goal is to help traders become successful.

Regards

Jeremy


Attachment
What is this clarity indicator, and where can i get it? Please PM me or i might miss your reply in the spam of this thread.
  • #171,325
  • Dec 11, 2009 4:33pm Dec 11, 2009 4:33pm
Quoting tonyo524
Furthermore. Big money traders (Not my self of course, I've only got about 15 mini lots long at different levels open currently) but big money traders trade on monthly levels. Hedging their bets with other venues. etc commodities.

No feathers ruffled here newbie!http://cdn.forexfactory.com/images/icons/icon6.gif
No thanks. I know enough to hold my own
I don't intend to overcomplicate simple things. Good luck with your longs newb
Thank You
  • #171,326
  • Dec 11, 2009 4:34pm Dec 11, 2009 4:34pm
Yes sorry to hear this...you can also trade using hedges.....

Quoting nAVIN2007
im sorry to here this..but i said it b4, trading without a stop loss is madness especially when this kind of money is concerned, u should trade an amount which cant impair yur decision making process

it is natural to not want to lose money so u will prolong it till u have no choice unless money management is used..i guess u know this already..

u will make it back
In Charts We Trust!
  • #171,327
  • Dec 11, 2009 4:37pm Dec 11, 2009 4:37pm
In today's market, if you're going to do scale down buying, please do it at farther distances apart.......

For the amount loss, I can see that your distance is A) too close B) you're using too much of your account.

I experimented with all that...you can see my struggling account here as I try to recover them....

http://www.forexfactory.com/showthread.php?t=207566


Quoting Exsilium
I completely understand where your comming from. I did something of the same, averaged down all the way to 14733, woke up this morning to a margin call, loosing the 72% profit I had made in the last 3 months and 90% of my original deposit.
In Charts We Trust!
  • #171,328
  • Dec 11, 2009 4:40pm Dec 11, 2009 4:40pm
Quoting Exsilium
I completely understand where your comming from. I did something of the same, averaged down all the way to 14733, woke up this morning to a margin call, loosing the 72% profit I had made in the last 3 months and 90% of my original deposit.
Think positive - you at least made your broker happy!

PS: Sorry for sounding harsh, but I used 0.01 lots until I 'got' it. Higher leverage is just stupid for people without experience.
  • #171,329
  • Dec 11, 2009 4:42pm Dec 11, 2009 4:42pm
Just a little advice. Don't need 50 different indicators to tell you where the price is going. All the indicators pretty much do the same thing. Tell you when price is over bought and over sold. All you need to know is know the support and resistance levels and know how to draw trendlines. FIBS help, couple of moving avg's and one oscilators this is all you need
  • #171,330
  • Dec 11, 2009 4:44pm Dec 11, 2009 4:44pm
Quoting Hell7
Think positive - you at least made your broker happy!
Unlikely, he just made a small commission since its an ECN account.
  • #171,331
  • Dec 11, 2009 4:48pm Dec 11, 2009 4:48pm
Quoting Exsilium
Unlikely, he just made a small commission since its an ECN account.

Keep the faith, you brought it up 72% once, you can do it again and probably in a shorter time frame as you are not going to screw up like this again, if you do I got the phone number around here somewhere for the truckdriving school, I hear they pull in 100k a year.
  • #171,332
  • Dec 11, 2009 4:54pm Dec 11, 2009 4:54pm
Quoting Exsilium
Unlikely, he just made a small commission since its an ECN account.
Think positive: then you made another broker happy.

Seriously: learn from this. You still have some left - you can use this to make it all (and more) back. But before you do, please read up about money management - never risk more than 1% of your account, and never ever add to a losing trade.
  • #171,333
  • Dec 11, 2009 5:01pm Dec 11, 2009 5:01pm
Quoting quantz
hello everyone

Im using a martiangle system today i have got really bad situation. i want to ask you what can i do?? waiting for short uptrend or close all positions with big lose on the JPG you see my picture
That's just plain stupid! Close all trades, read up on money management, demo for a few months and then try again using the money you have left. Good money management makes things less exciting, but ensures you win instead of your broker.
  • #171,334
  • Dec 11, 2009 5:11pm Dec 11, 2009 5:11pm
Quoting Hell7
Think positive: then you made another broker happy.

Seriously: learn from this. You still have some left - you can use this to make it all (and more) back. But before you do, please read up about money management - never risk more than 1% of your account, and never ever add to a losing trade.
i can understand it..and hindsight is wonderfull thing ...the figures were skewed by holiday and christmas and they simply bought a dip in an uptrend...maybe take notice of trend changing..was only thing..and still never know might be fake..was understandle really apart from the huge amount riding on the trade
  • #171,335
  • Dec 11, 2009 5:14pm Dec 11, 2009 5:14pm
Quoting nAVIN2007
was understandle really apart from the huge amount riding on the trade
indeed: the smaller (percentage wise) I started trading, the more I started making.
  • #171,336
  • Dec 11, 2009 5:20pm Dec 11, 2009 5:20pm
Quoting Hell7
indeed: the smaller (percentage wise) I started trading, the more I started making.
very true..proof its all in the head
  • #171,337
  • Dec 11, 2009 5:38pm Dec 11, 2009 5:38pm
The trading that was discussed by a couple of people that got hurt, has to do with a failed trading plan more than anything else.

With proper capital and management, both averaging and martingale can work.

A fighter jet is a quality aircraft. Just don't try to fly it from Los Angeles to England on one tank of fuel nor expect a 747 to get there in 2 hrs. Your trading plan must include and cover everything!!

Always ask yourself the question - if it goes really bad is it covered in a way that I can come back and continue on without a major problem?

I am not suggesting that either averaging or martingale are the best way to utilize capital or to trade, that is another discussion. These methods were not developed to produce the greatest return. The concepts were born for those that can not take a loss and continue on. Every trade (which consists of smaller positions) is a winner and for some that is more important than a higher return. One must bring together all the elements including position size, levels and capital in a proper way to make it work. Add to that proper decisions about direction and you can join the ranks of the few.

Good luck,
BR
  • #171,338
  • Edited 5:48pm Dec 11, 2009 5:47pm | Edited 5:48pm
Quoting Mr.C
Half of my short position closed at 1.4625 to pay my initial losses. Still holding short as there is a daily DIV pointing to ~ 1.4476.
IMHO another confirmation of a price still going down.
Have a nice weekend everyone.
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Twitter: MrC_Forex ; Facebook: /pages/MrC-Forex/197693770247397
  • #171,339
  • Dec 11, 2009 6:08pm Dec 11, 2009 6:08pm
Quoting Hell7
indeed: the smaller (percentage wise) I started trading, the more I started making.
So true...I believe it has to do with consistency, maybe the first step from achieving the goal, I´m at that point right now and i only can say: "...if I only had known it before.."
  • #171,340
  • Edited 6:33pm Dec 11, 2009 6:10pm | Edited 6:33pm
Quoting nAVIN2007
trading without a stop loss is madness especially when this kind of money is concerned
Time is money in terms of what can be LOSS in particular minute, will probably going to be profit

1 hour or 5 hours later.. Money Management is the KEY, period.. I don't need no STOP LOSS.

I'm doing some trades with different setups on Test account and always

run into problem, that I have to SL, never did, since this is TEST, just buy or sell

more and always win. On Real account never use Stop Loss.

Unless some extreme situations like 2008 Market crash, Forex moving in

waves. What comes up must come down. Look last JPY extreme move

couple of weeks ago on any JPY pair, Yes I was averaging down and bank

big on this... Even if I consider that EURUSD should go down, that wouldn't

happened in 1 Shot.. Look next move up to below last time high and then

SHORT, I agree, but till then, 1.48-1.49 coming real soon. Moving too big

too fast, will bounce as hard.. Let's talk after FOMC "no rate change"

NO way I'm going to close my long position before that, no matter what.

How many people actually short or long here? Who cares, there is a bigger fish to watch

http://www.timingcharts.com/index.php

Dollar Index already 4,442 in +++ (Large traders)

Larger position in +++ for Large traders more bullish it is.
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