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The Journal of a rich trader

  • #81
  • Jan 13, 2010 9:51pm Jan 13, 2010 9:51pm
CLOSED BY STOPLOSS
http://img138.imageshack.us/img138/5920/57963691.png

RESULT= -27 pips

% LOST= 10%

TOTAL ACCOUNT = $1,205


Notes to learn: I lost this time, that is just part of the way to be rich, everything is going perfect.
Get rich or die trading.
  • #82
  • Jan 14, 2010 5:07am Jan 14, 2010 5:07am
Quoting Magodelforex
CLOSED BY STOPLOSS
http://img138.imageshack.us/img138/5920/57963691.png

RESULT= -27 pips

% LOST= 10%

TOTAL ACCOUNT = $1,205


Notes to learn: I lost this time, that is just part of the way to be rich, everything is going perfect.

See, if the market turns against you odds are a 27SL will hit almost every time, you could of saved yourself 15pips, some cases you'd be better holding ofcourse.

Next trade
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #83
  • Jan 14, 2010 10:14am Jan 14, 2010 10:14am
Update

I think everything in this universe has a reason, and after thinking why i lost this time, i found the answer. It is awesome, see for yoursef, if i would have entered 3 pips above my stoploss would have not hit, and i would have win 54 pips.
http://img18.imageshack.us/img18/7425/experience1.png

Notes to learn: Im trying to find what i have to learn this time... but i think it would be , "trust in support and resistance and find the best price to trade"
Get rich or die trading.
  • #84
  • Jan 14, 2010 10:38am Jan 14, 2010 10:38am
SL's are a bitch for just being hit right before the market reverses, the big players know where the SL's will be it's basic mass physcology that just into a new high the SL's will be a waiting.


But without you run the risk of seriously emptying your account so it's a no win situation sadly.

Why I run off a direction system and I only exit when I believe the direction is against me, which was why I was saying exit last night, could of exited went long took advantage of the up move and setup the short near the top.

But sometimes that'll just go horribly wrong
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #85
  • Jan 14, 2010 1:41pm Jan 14, 2010 1:41pm
Here's a good rule of thumb. When you plan your trade and decide on your stop loss price, add 20-30 pips to it.

The fact is that many seem to place them in obvious places. We don't think of them as obvious, which is why we put them there. But they are and others can see them as clearly as if they had an order book. Adding some more distance will help.
  • #86
  • Jan 14, 2010 1:45pm Jan 14, 2010 1:45pm
Quoting Dopey
Here's a good rule of thumb. When you plan your trade and decide on your stop loss price, add 20-30 pips to it.

The fact is that many seem to place them in obvious places. We don't think of them as obvious, which is why we put them there. But they are and others can see them as clearly as if they had an order book. Adding some more distance will help.

Adding some distance also doubles your loss, it also reduced the odds on it hitting I guess although with the trendy strong days of recently not by a lot.

Why I'm a scalper and generally gunning for 40pips while risking 10pips!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #87
  • Jan 14, 2010 8:57pm Jan 14, 2010 8:57pm
Update

No trades today, learning time...
Get rich or die trading.
  • #88
  • Jan 14, 2010 10:00pm Jan 14, 2010 10:00pm
Quoting Turveyd
Adding some distance also doubles your loss,

Do you really have any idea of what you're doing? If you believe the above, I suspect you don't and you're just as clueless as the OP.
  • #89
  • Jan 15, 2010 8:52am Jan 15, 2010 8:52am
Quoting Magodelforex
Update

No trades today, learning time...

Good stuff its good your trying to find support and resistance and use them in your trades if you really have just started trading you learn quick..

Check out J16 thread if you havent already or someone said it... there was a couple of great setups today that triggered right on your chart you could have traded...

as for the stop loss try to ask yourself ... why put a stop loss here wat does 27 pips have to do with the setup... in more volatile markets that set stop will be eaten up by just the volatility.. in calmer markets you could even tighten it up a bit .. If you look for a sign of what would be considered a "failure" in the market or for that trade you may have a good point to add a stoploss
  • #90
  • Jan 15, 2010 9:13am Jan 15, 2010 9:13am
Quoting Dopey
Do you really have any idea of what you're doing? If you believe the above, I suspect you don't and you're just as clueless as the OP.

How does doubling his 27sl by adding 30pips not double his loss in pip terms atleast ??

Clueless no, fed up of the illogic on this site, yes!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #91
  • Jan 15, 2010 9:21am Jan 15, 2010 9:21am
Quoting Turveyd
How does doubling his 27sl by adding 30pips not double his loss in pip terms atleast ??

Clueless no, fed up of the illogic on this site, yes!!
can he not adjust his position size to account for the increase in stop distance?
  • #92
  • Jan 15, 2010 9:27am Jan 15, 2010 9:27am
Quoting domino
can he not adjust his position size to account for the increase in stop distance?

Likely not, $1 per pip steps if he's trading at $1 per pip already then hard to go lower without a Micro account.

Then does he have to double his TP to counter the double the size of the SL ??



See the issue ??
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #93
  • Jan 15, 2010 10:02am Jan 15, 2010 10:02am
Quoting Turveyd
Likely not, $1 per pip steps if he's trading at $1 per pip already then hard to go lower without a Micro account.

Then does he have to double his TP to counter the double the size of the SL ??



See the issue ??
well if thats as low as theyll let him go best time for a new broker or account type.. luckily its a demo .. oanda lets u control your risk in amazing ways just throwing that out there. risk management is one of the most critical areas in trading probably should learn this to along the way.
  • #94
  • Jan 15, 2010 10:15am Jan 15, 2010 10:15am
Quoting domino
well if thats as low as theyll let him go best time for a new broker or account type.. luckily its a demo .. oanda lets u control your risk in amazing ways just throwing that out there. risk management is one of the most critical areas in trading probably should learn this to along the way.
Just saying it's not that easy,

He could set his SL at 950 his TP at 50, sure he'd profit 95% of the time and he's sometimes spend weeks in a trade before it hit the TP or SL, but thats not trading.

Best bet on SL placement is work out at what price the trend your on is no longer valid then place the SL near there. No point being SL'd if the market is still going your way as it'll likely turn that way.

Fixed SL and TP doesn't work really, but at the same time has advantages at times, got to weigh them up and see what works for you at the end of the day.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #95
  • Jan 15, 2010 9:00pm Jan 15, 2010 9:00pm
Update

No trades today, learning time...http://cdn.forexfactory.com/images/s.../yim/happy.gif
Get rich or die trading.
  • #96
  • Jan 18, 2010 6:30pm Jan 18, 2010 6:30pm
Update

No trades today, learning time... I will hava a deep learning this week so i wont post my trades, the goal is still in place but it may be restarted next month or on march...http://cdn.forexfactory.com/images/s.../yim/happy.gif
__________________
Get rich or die trading.
  • #97
  • Jan 18, 2010 6:39pm Jan 18, 2010 6:39pm
Quoting Magodelforex
Update

No trades today, learning time... I will hava a deep learning this week so i wont post my trades, the goal is still in place but it may be restarted next month or on march...http://cdn.forexfactory.com/images/s.../yim/happy.gif
__________________

Take your time I've been on this on / off for 6 damn years, what ever it takes to get to the end result but while still having a life or just whats the point!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #98
  • Jan 29, 2010 10:04am Jan 29, 2010 10:04am
Still in learning time....
Get rich or die trading.
  • #99
  • Last Post: Mar 3, 2010 5:35pm Mar 3, 2010 5:35pm
Learning time...wow this is taking more than i thought, but i like it...
Get rich or die trading.
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