My Story, Need Advice | Page 2 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

"Beginner" really need advice 49 replies

Need some advice 17 replies

New Joinee - Need some advice 6 replies

Help me please, need an advice about this technique (interest arbitrage) 6 replies

Need Advice Please... 9 replies

Attachments: My Story, Need Advice
Exit Attachments

My Story, Need Advice

  • #21
  • Apr 3, 2010 7:20pm Apr 3, 2010 7:20pm
Hey Pixie,
I'm no expert. But, based on your posts, I'm thinking you won't go back. I know how you feel. I've been trading for a long time (option spreads), but after 6 months of demo forex, I went live recently and I'm not going back. If you came in second in your class, and you didn't wipe out in 7 days, you probably have some skill set to work with.

My only advice is:
1. Contrary to some opinions this site is great, and has some very skilled and helpful traders. Find a couple of traders who have similar styles to yours, and have been here trading live succelssfully for some time. Read as much of their past posts as possible, be a sponge, and ask questions. Observe their frame of mind even more than their technicals. In short, associate with people who are doing what you want to do.
2. If you get a bit freaked, then take a day or two off. Even if you still sit there and watch the markets.
3. This is no duh, have fun!

I wish you happiness and success.
The market is always right.
  • #22
  • Apr 3, 2010 7:36pm Apr 3, 2010 7:36pm
Quoting pipmutt
The funny thing is 99% of this advice is coming from people who haven't actually made a cent from trading themselves!
I've always thought that posting results publicly was egotistical, not to mention laying oneself open to accusations of fraud, but comments like this sorely tempt me to post my last few months' performance here. Sure, 4-5 months is statistically insignificant, but I've watched the trades unfold, and although it's only microlots, I'm quietly confident - both from the results, and the logic that underlies the methodology - that I have a decent edge.

All I will say is this: I can say in good conscience that your unsubstantiable assumption is incorrect.

People can say what they like about demo, but I'd estimate that it's saved me tens of thousands, in terms of learning how to develop a profitable strategy. So now I have some extra $$$ with which to fund a decent size account, when I choose to do so.
  • #23
  • Apr 3, 2010 7:52pm Apr 3, 2010 7:52pm
Quoting hanover
I've always thought that posting results publicly was egotistical, not to mention laying oneself open to accusations of fraud, but comments like this sorely tempt me to post my last few months' performance here. Sure, 4-5 months is statistically insignificant, but I've watched the trades unfold, and although it's only microlots, I'm quietly confident - both from the results, and the logic that underlies the methodology - that I have a decent edge.

All I will say is this: I can say in good conscience that your unsubstantiable assumption is incorrect.

People...
You're definitely an exception Hanover. I've always found your posts to be highly informative and logical. You're always willing to share what you know with people. If we had a poll of most liked members you would definitely be a top contender .
  • #24
  • Apr 3, 2010 8:20pm Apr 3, 2010 8:20pm
Quoting hanover
I've always thought that posting results publicly was egotistical, not to mention laying oneself open to accusations of fraud, but comments like this sorely tempt me to post my last few months' performance here. Sure, 4-5 months is statistically insignificant, but I've watched the trades unfold, and although it's only microlots, I'm quietly confident - both from the results, and the logic that underlies the methodology - that I have a decent edge.

.
Hanover. I am gobsmacked by this post. I am not trying to be an arse, but you have been a member since 2006 with 2240 posts and you are only trading microlots? How much is a microlot? $1 a pip?
I have always found your posts to be highly informative and logical but I am gobsmacked by how many long term posters here are tooling around with pennies.
  • #25
  • Apr 3, 2010 8:34pm Apr 3, 2010 8:34pm
This thread might help to test your strategy:
http://www.forexfactory.com/showthread.php?t=224069

Constin
  • #26
  • Apr 3, 2010 8:41pm Apr 3, 2010 8:41pm
lolz @ tooling around with pennies. nice way to put it!

also, profit on demo != profit on real. laggy execution is a dog. woof woof.
Congratulations ScalaFX for coming out of the closet!
  • #27
  • Apr 3, 2010 8:44pm Apr 3, 2010 8:44pm
Quoting hanover
I've always thought...but comments like this sorely tempt me to post my last few months' performance here. ...
sorely tempted, but not fully provoked.
a man of character.
  • #28
  • Apr 3, 2010 9:05pm Apr 3, 2010 9:05pm
Quoting forexmick
Hanover. I am gobsmacked by this post. I am not trying to be an arse, but you have been a member since 2006 with 2240 posts and you are only trading microlots? How much is a microlot? $1 a pip?
I have always found your posts to be highly informative and logical but I am gobsmacked by how many long term posters here are tooling around with pennies.
your signature says u have been trading for a living.
but u say
microlot = $1 a pip?

btw, what's wrong with/gobsmacking about hanover or any Senior FF member trading demos or micro lots?
does trading micro lots automatically/necessarily degrade a trader?
does trading micro lots automatically/necessarily render all of hanover's (insightful) posts as BS?
i dont know of a rule that says if u are Senior FF member (say, 2004 - 2008) or trading live for 5-20yrs u cant trade demo or micro/mini's.
psychologically speaking, i sincerely believe, u have an issue of 'boxing people into certain rigid categories'. (sorry i forgot the exact terms/words to use, im still sleepy)

not trying to be an arse too (in fact, trying to help)
  • #29
  • Apr 3, 2010 9:23pm Apr 3, 2010 9:23pm
Quoting supremeChaos
your signature says u have been trading for a living.
but u say
microlot = $1 a pip?

btw, what's wrong with/gobsmacking about hanover or any Senior FF member trading demos or micro lots?
does trading micro lots automatically/necessarily degrade a trader?
does trading micro lots automatically/necessarily render all of hanover's (insightful) posts as BS?
i dont know of a rule that says if u are Senior FF member (say, 2004 - 2008) or trading live for 5-20yrs u cant trade demo or micro/mini's.
psychologically speaking, i sincerely...
You have misunderstood me. I'm surprised that he is trading microlots. That was all. I couldn't make a decent living and add to my trading account every month trading less than USD$10 a pip. I have to support my missus and family out of that money. And I have to increase my trading money to get bigger trades.
  • #30
  • Apr 3, 2010 9:29pm Apr 3, 2010 9:29pm
Quoting supremeChaos
your signature says u have been trading for a living.
but u say
microlot = $1 a pip?

btw, what's wrong with/gobsmacking about hanover or any Senior FF member trading demos or micro lots?
does trading micro lots automatically/necessarily degrade a trader?
does trading micro lots automatically/necessarily render all of hanover's (insightful) posts as BS?
i dont know of a rule that says if u are Senior FF member (say, 2004 - 2008) or trading live for 5-20yrs u cant trade demo or micro/mini's.
psychologically speaking, i sincerely believe, u...
i think the point is that who wants to stuff around with a few cents a pip (or none) for years on end? people keep saying to not be greedy, but for me at the end of the day i'm not trying to be successful at forex just for the personal satisfaction it may or may not bring, or because it gives me reason to post on FF... it's for the $'s.

i personally don't want to be 'tooling' around with pennies in a year or two. i probably will be, but at some point this crap has to become worthwhile else it's all been a fruitless adventure and hundreds / thousands of hours wasted for no substantial gain. it all ends-up as mental masturbation with no happy ending and in the meantime i could have been playing xbox or learning a language or whatever.

a painter may enjoy painting and like the science or method or history behind such eandeavours, but at some point a painter has to get paid too! what's the point in investing hours upon hours on a painting to only get a pocketful of change for all the work.

not an attack on anyone, just food for thought.
Congratulations ScalaFX for coming out of the closet!
  • #31
  • Apr 3, 2010 10:22pm Apr 3, 2010 10:22pm
Thanks guys for replying. I'm gonna be honest with you all and there are a few things I would like to mention about me.

The fact you're highlighting about your honesty seems to be hinting that you want to keep your stand, but your dilemma has brought you to open up this thread.

1. Even if its money I can loose, it hurts loosing it as I never place an order hoping I'd loose.

Nobody hopes to lose when they place a trade, but we have to see it from a different angle. It's not about losing or winning, but it's about having a defensive mentality to protect ourselves. The market has no emotion, but it does feed on fear and greed of emotional beings. Also, it's not about being right or wrong, it never is. Trading forex is like playing a probability game, you just take your best bet and manage your risk. When you lose, it's not because you picked wrongly, but it's due to the random probability of the market. Same goes for winning.

2. Once I started trading with real money, going back to demo is like quitting since it's no fun anymore as I have already traded for real.

I have blown up my first account and have just funded my 2nd account a week ago. Between that time I've been demoing for a few months, and now I still do. The problem is not because I fear losing money but I'm trying to get a trading system which I'm comfortable with so that when I lose money, I know that I've tried my best.

3. It's also hard to trade micro lots all the time once I have traded mini lots sometime. It's like going back to demo from live.

I have had this problem too, but I've since realized that it's not about pips or dollars, but my risk management and keeping a good winning percentage over time. Making $1000 a trade and making $1 for 1000 trades including losing some in the process give you the same amount, but I'd rather be the latter because I obtained it with consistent winners and not with a strike of luck. Trading is not gambling, it's serious business. If I could win $1000 a trade, I could lose one either.

I don't wanna find a way that always work since I know its not possible. Loosing is just a part of the game. But I want to control my emotions, anger, greedyness, etc which is absolutely possible but I don't know how. I believe if I can manage to do that, I'll make more profitable trades than loosing trades.

I appreciate you all replying and would appreciate replying further with other ideas.

Thank you.

I think being persistent is good for ensuring long term success but we must be persistent with a winning attitude and not a losing attitude.

PX

Just my 2 cents.
  • #32
  • Apr 3, 2010 10:33pm Apr 3, 2010 10:33pm
Quoting Pixie
Hello,

I'm new here and I'd like to share my story. I started forex trading on demo as part of my college course at the end of last year. The competition was over and I came second but my trading did not stop there. To be honest, I got addicted to it. I was doing demo until the end of March when I was quite profitable.

I know it was too soon to invest but I couldn't resist. I was greedy and I invested $1000. Now I can't sleep when the market is open and I'm infront of my computer as much as possible.

After trading live for 7 days, I lost some...
Well one of the things i have learned is that trading can be kind addictive in a sense because you want to catch moves and to boot its open 24/5 which is i mean it seems logical you can watch all day and night.


In my opinion the best time to trade is between 6 am and Noonish EST. There is reasons behind the times.

If you watch day and night you'll go insane. Its too stressful. You want to become a professional trader you have to trade like its a job.

Same thing with US stock i like that they have a open and a close everyday.
9:30 to 4:00 it lets you walk away reflect, relax, plan your strategy etc.

I find that when i just walk away. I feel better. No Stress no worry. DONE for the day tomorrow is another day. Regardless of the gains or loss. Clean slate.

Also you say that your getting emotional it is because you probably dont have a plan. Stress comes from uncertainty. If you know how much you can lose and gain. Its all about letting it enfold.

For example
1% loss model. Which mean if my account has 1k in it i dont mind losing $10 per trade. So there are three factors to determine before you place a trade.

One Where i will enter? exp. Entry @ 1.3504

Two Where i will exit as a worst case Scenario exp. Stop loss @ 1.3490

Three How much can i live with losing. 1% is a good idea. (that means you can lose around 100 times in a row and still be in the game)

Sidebar
This is important because when you pull the trigger on a trade you need to accept you lost your money. Out right accept it. YOU ARE NO LONGER IN CONTROL. you can exit it might be a profit or a loss that is what trading is about making the best decision you can and pulling the trigger.

So knowing those three things we can make a formula for your lot size


so 1% of 1k is $10

and remember you will get out if your position losses $10

Entry @ 1.3504

Stop loss @ 1.3490

That is a 14 pip range.

So it would be ( Max risk in dollars / Pip range ) --> (10/14 = .71.....)

So round down to .70 cents a pip. Which equals 7 lots on a micro account

So if price goes all the way down 14 pips you will loss (roughly 10 dollars)

See how easy that is !!! NO WORRIES. I know exactly how much i can lose.

Attached Image (click to enlarge)
Click to Enlarge Name: E.JPG Size: 38 KB




That's my advice
  • #33
  • Apr 3, 2010 11:07pm Apr 3, 2010 11:07pm
Quoting forexmick
Hanover. I am gobsmacked by this post. I am not trying to be an arse, but you have been a member since 2006 with 2240 posts and you are only trading microlots? How much is a microlot? $1 a pip?
Microlot = 10 cents / pip.
  • #34
  • Apr 3, 2010 11:14pm Apr 3, 2010 11:14pm
Quoting forexmick
You have misunderstood me. I'm surprised that he is trading microlots. That was all. I couldn't make a decent living and add to my trading account every month trading less than USD$10 a pip.....
No Sir, i didnt misunderstood you.
we must always remember that we have unique/different perspectives situations.

It's all relative:
from what i know, Sir hanover does NOT need to trade for a living (that's why he cant opt to demo &/or trade microlots or whatever).
also, while u cant live off of $10 a pip trades/profits, other people in another part of the world can.
  • #35
  • Edited Apr 4, 2010 12:12am Apr 3, 2010 11:21pm | Edited Apr 4, 2010 12:12am
Quoting nubcake
i think the point is that who wants to stuff around with a few cents a pip (or none) for years on end?...
i personally don't want to be 'tooling' around with pennies in a year or two. i probably will be, but at some point this crap has to become worthwhile else it's all been a fruitless adventure and hundreds / thousands of hours wasted for no substantial gain....
a painter may enjoy painting and like the science or method or history behind such eandeavours, but at some point a painter has to get paid too!....
no worries Sir, no one's taking your post as an attack.

u certainly have the belief that every effort should be worthwhile & compensated... & compensated well.
again, it's all relative.
not everyone is trading for the money. or at least, money is not the primary motivation.
not all painters do it for the money.
also, it doesnt necessarily mean that time has been wasted or it was a fruitless venture if one gets no substantial gain from a considerable amount of exerted effort.

there are far superior, & intangible reasons/motivations than money.
  • #36
  • Apr 3, 2010 11:22pm Apr 3, 2010 11:22pm
Quoting forexmick
Hanover. I am gobsmacked by this post. I am not trying to be an arse, but you have been a member since 2006 with 2240 posts and you are only trading microlots? How much is a microlot? $1 a pip?
I have always found your posts to be highly informative and logical but I am gobsmacked by how many long term posters here are tooling around with pennies.

Whats wrong with microlots? A lot of longer term traders use micro lots. They capitalize on larger movements which require less capital risked per pip.

It all depends on your strategy and your risk appetite .

Even day traders can use microlots 10 lot on a micro account on a 100 pip move a day is 100 dollars a day. Does anyone not mind making $100 a day?
  • #37
  • Apr 4, 2010 1:35am Apr 4, 2010 1:35am
Quoting hanover
All I will say is this: I can say in good conscience that your unsubstantiable assumption is incorrect.
What assumption? What, that 99% of the advice comes from people who haven't made a cent from trading themselves? I would say it's probably about right, either that or just out of trading nappies, some of the authoritative-sounding statements people make telling others what they should and should not do as if that's the only way to do it comes from lack of experience. I've said it before, no-one has the monopoly on profitable trading strategies or approaches, there are innumerable ways to skin this banana!

Quoting hanover
People can say what they like about demo, but I'd estimate that it's saved me tens of thousands, in terms of learning how to develop a profitable strategy. So now I have some extra $$$ with which to fund a decent size account, when I choose to do so.
You made the right choice then, for you, others might approach it in a different way and be equally successful. Agreed though, there are an awful lot of people who would have been better off trading demo rather than sink money into something they know nothing about!

-
  • #38
  • Apr 4, 2010 3:58am Apr 4, 2010 3:58am
Quoting supremeChaos

there are far superior, & intangible reasons/motivations than money.

In trading? Really? I thought every traders prime motivation was money, the more the better, why else would anyone trade? The social life, the camaraderie, the team spirit, or the enjoyment one gets from watching price going up and down on a chart?

-
  • #39
  • Apr 4, 2010 4:14am Apr 4, 2010 4:14am
my advice is ...

BLOW YOUR ACCOUNT!!!

... do it now, it will save you a lot of pain

seriously, when i tried to quit smoking, i tried hundred approaches, i found a hundred reasons more to start smoking again. finally i quit for real, because i said to myself 'i want to lead a healthy life', that was all i needed to believe in.
maybe you should say to yourself 'i want to be a successful trader'
now, what would a successful trader do? for simplicity, imagine a professional trader with 20 years experience in this business, who lost all he got through no fault of his own, his wife & all his friends left him, he found himself on the streets thanks to intensified drug abuse, still in his expensive suit, but everything is dirty, his fingernails are dirty, he didn't shave nor brushed his teeth for weeks, he has bruises from fighting with roaming dogs, and cuts from fingernails of financially unsatisfied whores, he is begging for money for months while sobering up and finally gets 1000$ together to fund a micro account, imagine him trading on a computer besides you, maybe in an internet-cafe, ignoring your trading decisions & emotional responses to market movements. when you get there, he is already there, always earlier than you, when you are surfing the net, because you are bored, he goes through his daily plan, when you get angry, he stays calm, when you put on a revenge trade, he patiently watches the chart, when you put on a 10 pip stop loss, he glances over at your entry and smiles, or sometimes even laughs at you, ...
Invincibility lies in the defence, the possibility of victory in the attack
  • #40
  • Apr 4, 2010 4:24am Apr 4, 2010 4:24am
Quoting silverheat
....his fingernails are dirty, he didn't shave nor brushed his teeth for weeks, he has bruises from fighting with roaming dogs,.....

You mean this guy?


http://i40.tinypic.com/24p9k4i.jpg
0 traders viewing now