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  • #274,241
  • Jul 22, 2010 12:37pm Jul 22, 2010 12:37pm
Quoting Nene
Man, I did my best to tell ya this morning. Im trying to help. But there are some people in this thread and others that think they can win every time. Can not be done. Sometimes I have to build on a loss to get a winner and thats all there is to it. That is the key, to be able to take a loser and turn it into a winner.

Some people think there is a way to place a trade and collect profits without loosing. These are all part of the 90% that dont make it.

There was a guy who was so relieved to see that push up overnight that...
I agree on into accepting a loser then retreat and watch the market again. I have old history of "Cutting my winners short and letting the losers run"

Right now EURUSD is under heavy speculation, so I took a look at other pairs.

It's sad to read that kind of comments, just remember that fellow traders are not the enemy, not even the market is an enemy I find that the worst enemy on any trader is the trader himself. "Cutting my winners short and letting the losers run" is an example of that.
  • #274,242
  • Jul 22, 2010 12:37pm Jul 22, 2010 12:37pm
Quoting Nene
Man, I did my best to tell ya this morning. Im trying to help. But there are some people in this thread and others that think they can win every time. Can not be done. Sometimes I have to build on a loss to get a winner and thats all there is to it. That is the key, to be able to take a loser and turn it into a winner.

Some people think there is a way to place a trade and collect profits without loosing. These are all part of the 90% that dont make it.

There was a guy who was so relieved to see that push up overnight that...
Hum.. I didn't understand it in that sense. Maybe you didn't read it but I think he made that comment after my post about the fact that SNB was in the market against the trend.
  • #274,243
  • Jul 22, 2010 12:40pm Jul 22, 2010 12:40pm
Quoting kandarv
I agree on into accepting a loser then retreat and watch the market again. I have old history of "Cutting my winners short and letting the losers run"

Right now EURUSD is under heavy speculation, so I took a look at other pairs.

It's sad to read that kind of comments, just remember that fellow traders are not the enemy, not even the market is an enemy I find that the worst enemy on any trader is the trader himself. "Cutting my winners short and letting the losers run" is an example of that.
I agree with this statement completely. We are our biggest enemy here... Trading and price action can be your best friend... provided you know how to talk to each other... obviously something I do not know how to do lol

I am also currently doing one in the same as your quote... doh. Not going to lie... I could use a lot of help. I started a Trading Journal and will be updating it periodically with my trades so that i can look at what I did wrong, and what I do right along the way...

So far I have noticed, trading forex is much easier when you do not care about what you are risking. I turned my 50k demo account into 300k in a month... hail mary's for the win!! lol
  • #274,244
  • Jul 22, 2010 12:44pm Jul 22, 2010 12:44pm
Quoting Venice
I agree with this statement completely. We are our biggest enemy here... Trading and price action can be your best friend... provided you know how to talk to each other... obviously something I do not know how to do lol

I am also currently doing one in the same as your quote... doh.
That's all in our minds, we think that the market is wrong and we are right so eventually the PA will come back and save the day. Yeah been there and even still there sometimes.
  • #274,245
  • Jul 22, 2010 12:48pm Jul 22, 2010 12:48pm
Quoting kandarv
I agree on into accepting a loser then retreat and watch the market again. I have old history of "Cutting my winners short and letting the losers run"
There is a simple solution to that. use 3 bar H/L as trailing stop then when it goes far enough use 1 bar H/L. experiment a bit and you will see that 1 big winner makes up for a series of losers, and if you get a high % of entries right you never will have to work so hard as you already do to exit your trades. also partial profits at logical profit objectives.
  • #274,246
  • Jul 22, 2010 12:49pm Jul 22, 2010 12:49pm
Quote
In fact it got so boring I started looking for some excitement and found this forum a year ago.

Thanks!! This is encouraging for "jillnovice". I am still trying to open my eyes in this wild world. It still looks exciting to me. I am still away from "resistance" for excitation ..to when it will reverse to "boring"
  • #274,247
  • Jul 22, 2010 12:50pm Jul 22, 2010 12:50pm
Quoting kandarv
That's all in our minds, we think that the market is wrong and we are right so eventually the PA will come back and save the day. Yeah been there and even still there sometimes.
This is why a defined stop loss at a turning point of a trend is critical before ever entering a trade.
  • #274,248
  • Jul 22, 2010 12:53pm Jul 22, 2010 12:53pm
Tell your broker to change it to a micro account and trade dimes for awhile.


Quoting Venice
This is what I am failing at right now... heh. Don't have a big enough account to only risk 2%...

Time to stay in Demo...

I must admit, I have been developing a really neat skill as of late, and it has been to get into the market at the exact wrong time...
  • #274,249
  • Jul 22, 2010 12:56pm Jul 22, 2010 12:56pm
Quoting Atlast
There is a simple solution to that. use 3 bar H/L as trailing stop then when it goes far enough use 1 bar H/L. experiment a bit and you will see that 1 big winner makes up for a series of losers, and if you get a high % of entries right you never will have to work so hard as you already do to exit your trades. also partial profits at logical profit objectives.
Thanks for the tip Atlast, which TF will be the best for this approach? can you elaborate with an example, no matter if it's an old one? Thanks
  • #274,250
  • Jul 22, 2010 12:57pm Jul 22, 2010 12:57pm
Quoting Atlast
There is a simple solution to that. use 3 bar H/L as trailing stop then when it goes far enough use 1 bar H/L. experiment a bit and you will see that 1 big winner makes up for a series of losers, and if you get a high % of entries right you never will have to work so hard as you already do to exit your trades. also partial profits at logical profit objectives.
Now that is something concrete the struggling ones can definitely benefit from.

And not as suggested previously, know who to follow. No one should follow anyone. Just learn, not mimic or copy a posted trade.
  • #274,251
  • Jul 22, 2010 1:12pm Jul 22, 2010 1:12pm
Quoting Atlast
There is a simple solution to that. use 3 bar H/L as trailing stop then when it goes far enough use 1 bar H/L. experiment a bit and you will see that 1 big winner makes up for a series of losers, and if you get a high % of entries right you never will have to work so hard as you already do to exit your trades. also partial profits at logical profit objectives.
I believe I am making it far harder then it needs to be at this point in time... may just be a phase I need to go through.
  • #274,252
  • Jul 22, 2010 1:13pm Jul 22, 2010 1:13pm
Quoting Atlast
There is a simple solution to that. use 3 bar H/L as trailing stop then when it goes far enough use 1 bar H/L. experiment a bit and you will see that 1 big winner makes up for a series of losers, and if you get a high % of entries right you never will have to work so hard as you already do to exit your trades. also partial profits at logical profit objectives.
an other simple solution is to buy if it makes a hh with a sl under the last turnaround point - adjust the sl when it makes a higher low etc.

as you see, with this method you would have bought at ca. 1.2788 and you actual sl would be @ 1.2887

But this system work well only in strong trends
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Pecunia non olet
  • #274,253
  • Jul 22, 2010 1:14pm Jul 22, 2010 1:14pm
Quoting kandarv
I agree on into accepting a loser then retreat and watch the market again. I have old history of "Cutting my winners short and letting the losers run"

Right now EURUSD is under heavy speculation, so I took a look at other pairs.

It's sad to read that kind of comments, just remember that fellow traders are not the enemy, not even the market is an enemy I find that the worst enemy on any trader is the trader himself. "Cutting my winners short and letting the losers run" is an example of that.

I am following this discussion during the € makes nothing but move sideways. fakt is - trading is hard. It is hard work and much much psychology. There are people who claim that only 20% specialized knowledge to be present because only the people are good, fluent in 80% of trading psychology. I think it's always interesting to read how successful are many people here and after a few weeks, I can not find their names here. concentrates on the essential - and plans his trades intensively - and has reached in his psyche, you can earn money sooner or later. I must say one yet - the really successful full time trader you will not find in forums like this ....

only once a thought
  • #274,254
  • Jul 22, 2010 1:18pm Jul 22, 2010 1:18pm
Quoting Jay Walker
Dr. Strangelove or: How I Learned to Stop Worrying and Love the Bomb (commonly known as Dr. Strangelove) is a 1964 black comedy film
You can watch the whole thing on youtube!
Inserted Video
  • #274,255
  • Jul 22, 2010 1:21pm Jul 22, 2010 1:21pm
Quoting tradertom
I am following this discussion during the € makes nothing but move sideways. fakt is - trading is hard. It is hard work and much much psychology. There...
fully agree with that - everyone can have a time period where nearly everything goes very well, but only some are able to have permanently gains. Discipline is very, very important.
Pecunia non olet
  • #274,256
  • Jul 22, 2010 1:24pm Jul 22, 2010 1:24pm
Quoting kandarv
Thanks for the tip Atlast, which TF will be the best for this approach? can you elaborate with an example, no matter if it's an old one? Thanks
I use 3 min when scalping, and 1 hour. If you look at any chart you will see the virtue of it in the euro. Initial SL usually placed at a high or low pivot.
  • #274,257
  • Jul 22, 2010 1:24pm Jul 22, 2010 1:24pm
or even trading picolots, but i hope to be here so that one day i will be giving good advice to newbies and listening to the same stories i have been through.

for what i am concerned keep those teachings pumping, i very much appreciate them.

and tomorrow is another day.

Mr Bull, told you one of us was going to be sad. it was me. ok, i not that although the money i lost could buy me... a cup of coffee LOL
dreams do come true.
  • #274,258
  • Jul 22, 2010 1:30pm Jul 22, 2010 1:30pm
Quoting tradertom
I am following this discussion during the € makes nothing but move sideways. fakt is - trading is hard. It is hard work and much much psychology. There are people who claim that only 20% specialized knowledge to be present because only the people are good, fluent in 80% of trading psychology. I think it's always interesting to read how successful are many people here and after a few weeks, I can not find their names here. concentrates on the essential - and plans his trades intensively - and has reached in his psyche, you can earn money sooner or...
Jawohl - Du hast da einen wahren Punkt angesprochen. You got the crux of the matter. So this - then - was the kernel of the brute!
2013-07-31 Today's Phrase of the Day: Hold off from any recycle bin experts
  • #274,259
  • Jul 22, 2010 1:30pm Jul 22, 2010 1:30pm
Quoting tradertom
I am following this discussion during the € makes nothing but move sideways. fakt is - trading is hard. It is hard work and much much psychology. There...
I like to think I'm successful. And true, were FF users who made it big and left the forums, I don't post as much as I use to (busy trading and running the company) but I still contribute something once a day, or so. Being part of a forum doesn't mean a trader is not successful as there are traders who visit FF looking for answers and there are traders like me, contributing to the community. I contribute because I want to and over the years have developed friendship with certain users and have used FF to keep open while discussing the one thing we share in common - trading.

In fact, the really "successful" traders you speak of do visit FF, there usually the ones who fill up the thread but never contribute and those that are "invisible". Would you believe me if I told you Goldman Sachs and Morgan Stanley employees visit FF? Because they do. They may work for a big bank but they also trader their own personal accounts.
  • #274,260
  • Jul 22, 2010 1:32pm Jul 22, 2010 1:32pm
MM is my biggest problem. overleveraging when i am in loss. yesterday i lost almost half of my account (not much, it's true) because i started the day bad. so i had to recover from the loss before the big fall i anticipated. but then i got locked in the trade, didn't want to take a small loss and ended up loosing 5 longs (which were supposed to be scalps) because they didn't get to tp (even though they did get into profit). i even saw that the last spike up was to clear sls and i should have closed there. but i didn't. besides that i move sl lower up to 34. it reversed at 30!

most stupid thing is i posted a description of what i was expecting the end of the day before. and it happened perfectly.

also nailed it when it comes to too many views here, so...



Quoting Nene
You are doing what you need to do. The big thing is to manage your money right. That is the single most important thing you can do while learning. And you got to know who to listen too also because there is a lot of bad info in these threads.

Jim
dreams do come true.
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