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College student learning to run with the Big Boys

  • #21
  • Apr 30, 2010 1:04pm Apr 30, 2010 1:04pm
I was very lucky today, in the fact that i did not wipe out my account!!!
I over traded to the max total of 36 trades(STUPID, STUPID, STUPID!!!)

Out of the 36 trades, there was max 5 dance trades in there, and the wernt even that great setups, i was very luck to get this EU trade, it saved alot of my pips, so im -3pips from where i started this morning, which is very fortunate, if i can learnt when to let my winners run then even if i over traded like i did today i would be happy, because the winners that i closed to early were all good for alot of pips.

Will get back on it on tuesday, now i need to study, writing Financial Risk Management exam on monday evening, guess im gonna fail that since im already so bad at manageing my risk

account balance now at : $248.79
had $176 when i started trading The Dance, and believe me if i just let the winners run, this account would of had 400-500% growth easily this last 2weeks!!

Cheers
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: statement 30-04-2010.jpg Size: 181 KB
  • #22
  • May 5, 2010 1:52pm May 5, 2010 1:52pm
Actually took two trades today not 1 like i said on the attached image, the 1st one i honestly can't remember why i took. any how, the 1st was a loss for -8.1 pips and the trade attached was a solid +15pips, would of been more if i held it, but very late and no need really to hold it any longer than i needed to.

Account Balance at $255.69

Im also taking part in the demo comp which fxstreet is hosting, thats been taking up alot of my time, stupid really because i need to focus on the real stuff, but im doing well'ish, comp started on monday and im up about 180% but im all in all the time when i do take a trade so not expecting it to last long, just want to beat my mates then im happy

Cheers
Dane
Attached Image (click to enlarge)
Click to Enlarge Name: gu 5-5-2010.gif Size: 169 KB
  • #23
  • May 5, 2010 2:51pm May 5, 2010 2:51pm
1 month later, you're even more methodical than before, congrats

haha up 180% since monday ? that's quite a performance but that's just demo and you shouldn't try to do it live. But I guess you already knew that
  • #24
  • May 6, 2010 1:47am May 6, 2010 1:47am
Quoting Intensity
1 month later, you're even more methodical than before, congrats

haha up 180% since monday ? that's quite a performance but that's just demo and you shouldn't try to do it live. But I guess you already knew that
Lol sorry not 180% its more like 80%
yeah will never do that with my live account, all though not much in there
  • #25
  • May 6, 2010 11:56am May 6, 2010 11:56am
Only 1 trade for today +15pips, Im done with the demo compition made a solid 230% today, and then i took a long on EJ and it dropped big time and cleaned out that account, so back to focussing on the real stuff

Balance @ $270.29

Cheers Dane
Attached Image (click to enlarge)
Click to Enlarge Name: gu 6-5-2010.jpg Size: 182 KB
  • #26
  • May 18, 2010 1:47pm May 18, 2010 1:47pm
Havn't posted in here for a while now, been very busy not doing anything really other than losing money for NO reason at all!!!

Managed to wipe out what i had left in my account today so thats, bigish account number 1 gone...

Will open a new one next week, got exams this week that i should of been focusing on

Its not that im not ready to trade and make money, i have the strat and got the entries down, its just my management of the trades that suck arse and stupid tight stop loss.

The chat group has been very helpfull especially Phil(Machine) and Neil(No-Trade)

Cheers
Dane
  • #27
  • May 18, 2010 2:04pm May 18, 2010 2:04pm
That's what I was fearing
Don't worry, most of us have blown multiple accounts before becoming profitable.
  • #28
  • May 18, 2010 2:19pm May 18, 2010 2:19pm
Quoting FxNoob1
GU short

Entry @ 1.5218
Stop @ 1.5232
Exit @ 1.5216
Are these numbers correct?
You risked 14 pips to win 2 pips ? you must have a win ratio of more than 7:1. That is a better than 87% win rate needed to break even.
  • #29
  • May 18, 2010 2:22pm May 18, 2010 2:22pm
Quoting Intensity
That's what I was fearing
Don't worry, most of us have blown multiple accounts before becoming profitable.
Blowing accounts is not necessary in order to become a profitable trader.
  • #30
  • May 18, 2010 3:03pm May 18, 2010 3:03pm
Quoting woodstock99
Blowing accounts is not necessary in order to become a profitable trader.
I can assure you Woodstock99 im not out to blow accounts just for the fun of it!! This was an unfortunate event but a necessary one to be honest!! These things happen, as long as i look at the positive side of this and learn out of my errors then its all good to me.

"Are these numbers correct?
You risked 14 pips to win 2 pips ? you must have a win ratio of more than 7:1. That is a better than 87% win rate needed to break even."

Yes that is correct and i realise that it sucks and that its bad risk to reward, but like i said earlier my management of the trades suck my whole trading sucked because i was trading mostly because i was bored and also a big issue is skipping in between timeframes, and thinking that i was a scalper of note which i really am not

Cheers
Dane
  • #31
  • May 18, 2010 3:06pm May 18, 2010 3:06pm
Quoting woodstock99
Blowing accounts is not necessary in order to become a profitable trader.
I know, but those who followed that path had other ressources that most of us lack.
  • #32
  • May 18, 2010 3:09pm May 18, 2010 3:09pm
Quoting FxNoob1
I can assure you Woodstock99 im not out to blow accounts just for the fun of it!! This was an unfortunate event but a necessary one to be honest!! These things happen, as long as i look at the positive side of this and learn out of my errors then its all good to me.

"Are these numbers correct?
You risked 14 pips to win 2 pips ? you must have a win ratio of more than 7:1. That is a better than 87% win rate needed to break even."

Yes that is correct and i realise that it sucks and that its bad risk to reward, but like i said earlier...
You need to re-visit your trading strategy and then stay disciplined with it.
  • #33
  • May 18, 2010 3:11pm May 18, 2010 3:11pm
Quoting Intensity
I know, but those who followed that path had other ressources that most of us lack.
I don't understand what you are trying to say. What resources are you missing that caused you to blow out your account?
  • #34
  • May 18, 2010 3:14pm May 18, 2010 3:14pm
Quoting woodstock99
I don't understand what you are trying to say. What resources are you missing that caused you to blow out your account?
That could be some guidance like mentorship. Some traders are instantly profitable because they have access to efficient traders. Self-control is another resource that you might not have when you start trading.
  • #35
  • May 18, 2010 3:15pm May 18, 2010 3:15pm
Quoting woodstock99
You need to re-visit your trading strategy and then stay disciplined with it.
That is very true!!!!

The strat is there, but like you said to stay disciplined with it and to stay in control of my emotions is still something i need to work on.

It gets better with each passing day, there is absolutely no substitute for good old screen time and actually taking trades with real money.

Cheers
Dane
  • #36
  • May 18, 2010 3:25pm May 18, 2010 3:25pm
Quoting Intensity
Congrats for your trades, you show potential

Spelling out your strategy will make it easier for you. You don't have to make it public but creating a rulebook and "updating" it just like a computer program will help you build up your strategy brick by brick. At least getting organized and methodic is what made me make a huge leap in my trading.

This journal is a great idea and your trades show that you've understood the market a little. Add a good methodology to this mix and you'll be consistently profitable far faster than me.
Im going to follow your advise and i will work on putting the strategy that im going to trade on paper with my variation of the particular strat. That should help with discipline and consistancy.

Cheers
Dane
  • #37
  • May 19, 2010 12:19pm May 19, 2010 12:19pm
Quoting Intensity
That could be some guidance like mentorship. Some traders are instantly profitable because they have access to efficient traders. Self-control is another resource that you might not have when you start trading.
Yes, being taught what to do in trading and how to trade before putting money at risk does give you an advantage. And self control is a prerequisite to good trading. Trading without either of those resources will lead to losses.
  • #38
  • May 19, 2010 2:51pm May 19, 2010 2:51pm
You'll do it Dane, just make that plan and stick to it.

Keep to your 2%, don't over trade and let those profits run.

If you do all that mate, i'll promise to actually take a few more trades....ok....some trades!

Good luck buddy
  • #39
  • May 20, 2010 6:01am May 20, 2010 6:01am
GU and EJ short taken earlier, this is demo trade and will be doing that for a while untill i feel comfortable again to trade live.

GU i closed half of my position at 17pips and second half at 36pips, and an original stop of 30pips, so thats almost risk to reward of 1:1. it is dropping futher atm but thats the type of trades and setups im looking for, this GU trade wasnt the best looking setup but yeah it worked out.

EJ i closed half at 18pips and second half at 37pips, so thats also almost a 1:1 risk to reward, this was a better setup and it worked beautifully should of held on longer aswell

Cheers
Dane
Attached Image (click to enlarge)
Click to Enlarge Name: GU & EJ 20may2010.jpg Size: 173 KB
  • #40
  • Edited 4:33am May 21, 2010 4:17am | Edited 4:33am
GU long @ 1.4408 stop at 1.4388
Closed half of my position at 50pips profit, moved stop to BE for the rest to run.

*stop got it on other half at BE
Attached Image (click to enlarge)
Click to Enlarge Name: gu 21-05-2010.jpg Size: 121 KB
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