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  • #177,361
  • Jan 5, 2010 1:22am Jan 5, 2010 1:22am
dear maker.

thanks for your advice

this might be a long message but kindly answer it becuase im a new trader and i would appreciate ur help.

u went up by 6000 and dropped back 8000 means a loss of 2000 in equity. how did u take this loss of 8000. was it hard for u wat did u do how did u handle it.

i started with 4500 and in one month 6200 and then now back to 3800. and i am cursing myself for this loss. im currently reaidng dynamic trading to get a better understanding of this business. yes one thing i have learnt is never get married to ur trade and use stop loss no matter wat. the reasun i was asking tht question about gold is tht if people think it will go up from now to newyork session then i shold close the positon other wise i shold wait and reduce my loss. i hav take a positio in euro and cable but i am quite ok there. its the gold which is beyond my understanding. thanks for ur help.
  • #177,362
  • Jan 5, 2010 1:25am Jan 5, 2010 1:25am
Quote
Once Europe wakes up E/U going down.

I don't trust this attempt at a spike during Asia

I feel it is a strong spike..it has bounced from support at 1.4403/08, 3 times.

If it breaks 1.4400, then yes we will test daily pivot.

I am long though.
  • #177,363
  • Jan 5, 2010 1:29am Jan 5, 2010 1:29am
1. Dont really ask people for their outlook, i have traded on some of the better traders advice here.. and burnt my fingers ( my luck they were wrong then )
2. Ask people how they decide their trade, not what they are trading now.
3. I never thought initially that i was gonna go from 8k - 13k..... i feel stupid now, because i thought that time at 13k that i would take some money out. but didnt do it... GREED!
4. first the loss hurt.. now i am like.. as long as i have money in my account, i will trade.. coz i can go up again. if i go 0.. then lol its just been a pathetic waste of time!



Quoting Nomi1
dear maker.

thanks for your advice

this might be a long message but kindly answer it becuase im a new trader and i would appreciate ur help.

u went up by 6000 and dropped back 8000 means a loss of 2000 in equity. how did u take this loss of 8000. was it hard for u wat did u do how did u handle it.

i started with 4500 and in one month 6200 and then now back to 3800. and i am cursing myself for this loss. im currently reaidng dynamic trading to get a better understanding of this business. yes one thing i have learnt is never get married...
  • #177,364
  • Jan 5, 2010 1:37am Jan 5, 2010 1:37am
Quoting Warwick
............quit trading and become a burglar or something.....
Quitting trading is not a pre-requisite of practicing this noble profession.
Attached Image
The Thief of Wall Street
  • #177,365
  • Jan 5, 2010 1:41am Jan 5, 2010 1:41am
Quoting $maker
1. Dont really ask people for their outlook, i have traded on some of the better traders advice here.. and burnt my fingers ( my luck they were wrong then )
2. Ask people how they decide their trade, not what they are trading now.
3. I never thought initially that i was gonna go from 8k - 13k..... i feel...
Hell, try going from 2k - 20k to zero!

Thought I was the Lord himself, got married to one trade....the rest is self explanatory.

Valuable lesson learned. Never deviate from a working strategy. I was a die hard scalper. Never afraid to accept a loss, had no problem being wrong 7-9 times in a row - as my balance grew so did my ego...started to become arrogant with my positions.

Optimism and hope will lead to a road of misery - leave that for your family, not for your terminal


http://img301.imageshack.us/img301/9...dstatement.gif



No fear though, I've avenged myself...threw some BIG lots at 1.5140 a few weeks ago... all that ends well is well.
  • #177,366
  • Jan 5, 2010 1:42am Jan 5, 2010 1:42am
thanks maker,

so how did u get better in this. did u read books or papers.
  • #177,367
  • Jan 5, 2010 1:48am Jan 5, 2010 1:48am
Quoting Nomi1
thanks maker,

so how did u get better in this. did u read books or papers.
KEEP YOUR POSITION SIZES AS SMALL AS POSSIBLE AND GO ONLY FOR BIGGER MOVES.

This is one best Mashwara (advice) to survive in this business.
The Thief of Wall Street
  • #177,368
  • Jan 5, 2010 1:49am Jan 5, 2010 1:49am
wow... that sucks even more...!

The problem with me now is.. i get jitters if my trade starts going haywire!...i am entering too late.. exiting tooo early..... (in good trades )... and for bad trades its like i manage to get in long right at the top!

I just hope we can turn this around.. else really this would be one year wasted

another tip for NOMI.. dont trade the pair u dont know... i was short in a EUJPY trade just now... it my SL and now has started going down.. 30 pips down the fukin drain!

Quoting Warwick
Hell, try going from 2k - 20k to zero!

Thought I was the Lord himself, got married to one trade....the rest is self explanatory....
  • #177,369
  • Edited 2:15am Jan 5, 2010 1:49am | Edited 2:15am
Quoting Nomi1
thanks fontu,

u still bearish on usd or the trend has changed.

any thoughts on cable gardish and fontu.
No , I am bearish as usual in eurusd & the opposit in usd & let eu to bull for some good entry as far as it can go . sick for few days & hence analysis telling bulls but not doing any , want the free fall to deal with without any tension.

I need you explanation about the last sentence please as i am not able to understant & people very frequently use pudental words due their inherited nature.
Thanks ,
fontu
Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #177,370
  • Jan 5, 2010 1:50am Jan 5, 2010 1:50am
Quote
KEEP YOUR POSITION SIZES AS SMALL AS POSSIBLE AND GO ONLY FOR BIGGER MOVES.

This is one best Mashwara (advice) to survive in this business.

Excellent advice..chicky, have you started trading again?

This is a tough noble profession..noble in the sense it brings big happiness to 5% successful traders !
  • #177,371
  • Jan 5, 2010 1:51am Jan 5, 2010 1:51am
wow warwick,

you guys are making me feel better n ofcorse teaching me a lesson as well. so how does one get better at it. i have a fulltime job that pays really well but i also want to be serisu abt fx. as i can feel i really like this and i want to be good at it.
  • #177,372
  • Jan 5, 2010 1:51am Jan 5, 2010 1:51am
Quoting Chicky
KEEP YOUR POSITION SIZES AS SMALL AS POSSIBLE AND GO ONLY FOR BIGGER MOVES.

This is one best Mashwara (advice) to survive in this business.

I'd argue to trade moderately sized positions and keep LOSSES AS SMALL AS POSSIBLE.

If you've a good relationship with a pair (win/loss ration perhaps), dont screw yourself over by trading teeny baby lots, employ self worth.

.....the winnings cannot hurt you, its your losses that will plough your <fill in blank>
  • #177,373
  • Jan 5, 2010 1:51am Jan 5, 2010 1:51am
Quoting grashid
..thanks mate
welcome but it did not happen, perhaps 3 drives up(H1) before the fall.daily favouring a lot for the bull . before thought 1166 ,can be there.
fontu
Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #177,374
  • Jan 5, 2010 1:51am Jan 5, 2010 1:51am
Quoting Chicky
KEEP YOUR POSITION SIZES AS SMALL AS POSSIBLE AND GO ONLY FOR BIGGER MOVES.

This is one best Mashwara (advice) to survive in this business.
Unless you are me, then you can load up on your trade size to shoot for very small winners. This Mashwara does not negate the one above.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #177,375
  • Edited 1:57am Jan 5, 2010 1:55am | Edited 1:57am
Quoting klinckphilip
me to 4 hours ago
Where are you buddy ? It is really marching down, exactly as you said yesterday in your 'advice' :-)

BTW: What is your SL?
  • #177,376
  • Jan 5, 2010 1:57am Jan 5, 2010 1:57am
If you're uncomfortable when a trade moves against you, then reduce your position size. If you're using a method that you're comfortable with you eventually get use to a trade going against you. You just need to know when to say Uncle.

Being picky and waiting for optimum setups will help.
  • #177,377
  • Jan 5, 2010 1:58am Jan 5, 2010 1:58am
boring night, time to catch zzz's

Short at .80 with a few big lots. out at .47
  • #177,378
  • Jan 5, 2010 2:01am Jan 5, 2010 2:01am
Yeah I did actually thats why Ive been long.

Quoting Warwick
Originally Posted by Warwick
lol, classical ... stops flushed in the 70-75 area.

rise and repeat...


See, Forex is a dirty Game...treat it as such.

Markets WILL go where no one thinks, did you expect the pair to reach the 80's region today? If the answer is no, then quit trading and become a burglar or something.


There is no optimism in trading
Annoying Precision
  • #177,379
  • Jan 5, 2010 2:03am Jan 5, 2010 2:03am
Europe waking up and erasing the Asia spike

Back into the GREEN on my E/U short
  • #177,380
  • Jan 5, 2010 2:05am Jan 5, 2010 2:05am
Quoting Warwick
I'd argue to trade moderately sized positions and keep LOSSES AS SMALL AS POSSIBLE.

If you've a good relationship with a pair (win/loss ration perhaps), dont screw yourself over by trading teeny baby lots, employ self worth.

.....the winnings cannot hurt you, its your losses that will plough your <fill in blank>
Warwick, Thanks for helping a relatively new member like our peers helped us on this thread.

I tried to articulate that advice for Nomi after analyzing his problem. His problem is overtrading. He went from $4500 to more than $6,000 in a very short time indicating that he is not only overtrading but also need to learn importance of "Psychological Capital". $4500 is a pretty moderate amount in the country he is from. I do appreciate scalping and day-trading (or intra-day trading) methods, but of the opinon that survival of money and psychological capital is more important for Nomi at this stage.
The Thief of Wall Street
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