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Discuss failure Trades

  • #61
  • Apr 20, 2011 2:05am Apr 20, 2011 2:05am
Thank you realjumper. Your post has been a real help to me. I will look closely where my SL has its right position and not setting a static one. My loss is gone ok...got that

Hope you will stay here with this thread!

By the way i was able to recover some of yesterdays losses with a late usdchf longtrade. made me 16 Pips.

So yesterdays result:

- 1,83 % with - 9 Pips
  • #62
  • Apr 20, 2011 2:52am Apr 20, 2011 2:52am
Quoting moin1
Thank you realjumper. Your post has been a real help to me. I will look closely where my SL has its right position and not setting a static one. My loss is gone ok...got that

Hope you will stay here with this thread!

By the way i was able to recover some of yesterdays losses with a late usdchf longtrade. made me 16 Pips.

So yesterdays result:

- 1,83 % with - 9 Pips
I'm glad my post helps. There are many traders here who are, no doubt, better traders than I. But I like to think that while I may not make 100's of pips per day, I am steadily building the account....little by little.

I sometimes get asked by my darling 'other half', 'how much did we make today?' I keep repeating that this business isn't a 'per day' kind of thing. Sometimes I have losing days.....sometimes I have several in a row. Looking at it on a 'per day' basis is wrong....in my opinion.

I find it useful to document every trade, with a chart and the number of pips gained or lost. At the end of the month, I add all the pips gained and all the pips lost to arrive at a Net Gain or Net Loss for the month. As it happens, I haven't had a losing month for several years now, although I still get losing days from time to time.

So you see it's not about 'I lost today so tomorrow I need to get that loss back PLUS make a gain'. That will lead to trouble....I promise you!

You don't have to win every battle to win the war!!!
Doing what you like is Freedom. Liking what you do is Happiness.
  • #63
  • Apr 21, 2011 4:02am Apr 21, 2011 4:02am
So here it is. Lost all my profits and made an additional loss. now im down 40% and stop trading for some time. fortunately its money i can afford to loose but it shows me that im going nowhere with this kind of trading.

Maybe this strategy is not valid for daytrading and just ignored your advices. I bothers me that i have too look for an intrday strategy because i didnt want to look for strategies anymore. But i guess there are much simplier systems outhere that make better returns i just have to open my eyes and evaluate.

I feel really stupid...
  • #64
  • Edited 11:11am Apr 21, 2011 10:53am | Edited 11:11am
Quoting moin1
I bothers me that i have too look for an intrday strategy because i didnt want to look for strategies anymore.
I say go back to what works for you.
Read your first post in this thread again.

"For my longer term trades i used the following in alignment with those patterns:

- Levels of Support & Resistance (horizontal, Trendlines, Channelprojections)
- MACD (only Divergences)
- COT Report (looking for extreme positioning)"


Take some time off for the pain of loss to go away.
Come back when you are not thinking about the money
and only concerned with finding good trades.

Triphop already pointed this out in the second post of the thread...
but it is worth mentioning again.
Quoting moin1
As I wanted to become more active as a trader and don't want to wait that long for my setups I began trading on an intraday basis.
I've traded the 1 min timeframe for over a year now for at least a couple hours each day.
I am not net profitable yet...
Initially, I thought I was going to do 20-50 trades per day and have them add up to 1% or 2% profit.
Honestly, after a year of scalping, I do best sitting and waiting for a few trades ( less than 8 on average per day).

It really does pay to sit and wait for your setups on any time frame.

Good Luck!
  • #65
  • Edited 4:25pm Apr 21, 2011 3:26pm | Edited 4:25pm
I would say go back to demo trading for a while before going back to live trading again. It seems to me that you might need to tweak your strategies a bit. And sometimes all it takes is just a little tweaking.

Try not to go back to real trading until you are able to make consistent profit in demo trading for a considerable period of time. If there is no profit in demo, there is no point start trading again. Don't worry about any potential lost profit, they can all be made up once you have a winning strategy.

In the mean time, forget about your losses, relax and have a good Easter and when next Tuesday comes, start demoing.

Have a good holiday!
Make your losses in demo. Earn your profits live.
  • #66
  • Apr 21, 2011 3:44pm Apr 21, 2011 3:44pm
Quoting moin1
So here it is. Lost all my profits and made an additional loss. now im down 40% and stop trading for some time. fortunately its money i can afford to loose but it shows me that im going nowhere with this kind of trading.

Maybe this strategy is not valid for daytrading and just ignored your advices. I bothers me that i have too look for an intrday strategy because i didnt want to look for strategies anymore. But i guess there are much simplier systems outhere that make better returns i just have to open my eyes and evaluate.

I feel really stupid...
Sorry about your loss man.......don't feel stupid about it though, it happens to all of us at the beginning.....to some it happens a few times until that 'eureka' moment comes along.

I just saw your post now and I'm off out the door for a few days in a moment, but when I get back I'll send you a PM. In the meantime, forget about forex, enjoy the break and have some fun.
Doing what you like is Freedom. Liking what you do is Happiness.
  • #67
  • Apr 22, 2011 3:29am Apr 22, 2011 3:29am
You all are very kind. Thank you so much for your support. I will take a break, start demoing on Tuesday and post my adjustments and results here.

At least i have a clue what went wrong so i know where to start.

A nice holiday to all of you!
  • #68
  • Apr 22, 2011 4:29am Apr 22, 2011 4:29am
Quoting moin1
You all are very kind. Thank you so much for your support. I will take a break, start demoing on Tuesday and post my adjustments and results here.

At least i have a clue what went wrong so i know where to start.

A nice holiday to all of you!
Hey,

A loss is part of doing the business, best to get your mind around this and work with it...

Dane
  • #69
  • Apr 22, 2011 9:04am Apr 22, 2011 9:04am
Quoting moin1
So here it is. Lost all my profits and made an additional loss. now im down 40% and stop trading for some time. fortunately its money i can afford to loose but it shows me that im going nowhere with this kind of trading.

Maybe this strategy is not valid for daytrading and just ignored your advices. I bothers me that i have too look for an intrday strategy because i didnt want to look for strategies anymore. But i guess there are much simplier systems outhere that make better returns i just have to open my eyes and evaluate.

I feel really stupid...
Sucks to lose a huge part of your account.

But why are you search for a method or strategy? Why not create your own method? You don't need to do it from scratch. Just take all the golden nuggets you find on this site and others and think about how they fit in with what you want and your personality. Then mold the rules of your method to encompass those nuggets and your personality. Then trade a very small account size to test your method and refine it, increasing the account as you go.
  • #70
  • Apr 27, 2011 2:17pm Apr 27, 2011 2:17pm
Ok tomorrow i will start with a 5000EUR Demo Account.

Method: Harmonic Patterns.

Timeframe: >15 Min.

Tools: Divergence, Support & Resistance, COT Report (for >D1 trades)

Moneymanagment: 1% Risk per trade (means every position size is calculated according to the stoploss size). Risk/Reward Ratio better than 1/1. By that i try to stack the odds in my favor twice. Harmonic Patterns have a far higher winning percentage than 50% so if i choose a good RRR it should work out fine.

Changes: I will look for Pattern manually. I was using ZUP for plotting harmonic patterns and I sometimes followed the blindly because i was visually attracted I think...means trading off a naked chart and doing all the work myself. That ensures that i focus on the right ratios.


First Trade Idea:

http://my.jetscreenshot.com/3270/20110427-8yo2-74kb.jpg

Note this is a weekly chart. ZUP already plotted a bullish bat pattern. But by looking closely it doesnt have the right ratios for that. The Pattern i show is an emerging "deep crap" pattern which is popular for its very tight reversal zone.
Right now CHF is around its all time high and vice versa for the dollar. At the reversal point i would like to see an extrem positioning of commercials and large speculants inside the cot report and some kind of divergence
  • #71
  • Apr 28, 2011 6:00am Apr 28, 2011 6:00am
Hi there,

i will edit the first post of this thread. There you will see all my executed and pending orders.
  • #72
  • Apr 28, 2011 6:28am Apr 28, 2011 6:28am
You could start a Trade Explorer for that account...
then everyone could see your trades and open positions and it updates automatically.

http://www.forexfactory.com/news.php?do=news&id=282351

Login to Forex Factory, go to Control Panel, first item above Market Sentiments - beta.

Good Luck!
Glad to see you are back.
  • #73
  • Apr 28, 2011 7:11am Apr 28, 2011 7:11am
Thanks Intu!

I now have the trade explorer set up. It doesnt show my pending orders because i have no closed positions by now.

Here, everybody can see my trade explorer.

http://www.forexfactory.com/moin1

I will continue posting my charts so everybody can see why i will enter a certain trade.

Comments are always welcome!
  • #74
  • Apr 29, 2011 3:30am Apr 29, 2011 3:30am
Today i placed a few trades (see the first post) but as we have very low liquidity i dont need to trade at all.

When time passes by i can say how big my edge with this system is and can increase the risk per trade accoring to the "Kelly formula". That helps me besides compunding every dollar to achieve my goals more quickly.
  • #75
  • Apr 30, 2011 3:11am Apr 30, 2011 3:11am
Quoting moin1
Today i placed a few trades (see the first post) but as we have very low liquidity i dont need to trade at all.

When time passes by i can say how big my edge with this system is and can increase the risk per trade accoring to the "Kelly formula". That helps me besides compunding every dollar to achieve my goals more quickly.
What's your %kelly figure now?
  • #76
  • May 3, 2011 7:39am May 3, 2011 7:39am
Quoting intradaybill
What's your %kelly figure now?
As mentioned, i have to trade some time to have a clue what my winnng percentage is.

Today, i cancelled 2 orders.

EURGBP H4 trade might trigger my sell order. Its all on the 1st page.
  • #77
  • May 4, 2011 7:39am May 4, 2011 7:39am
Unfortunately my eurgbp trade did not get triggered...4 pips away...

http://my.jetscreenshot.com/3270/20110504-rhzh-78kb.jpg
  • #78
  • May 4, 2011 2:11pm May 4, 2011 2:11pm
http://my.jetscreenshot.com/3270/20110504-45vr-24kb.jpg

Open trade is a risk free trade...
  • #79
  • Last Post: May 6, 2011 9:31am May 6, 2011 9:31am
this thread has moved to here:

http://www.forexfactory.com/showthread.php?t=292983

its more a journal now.

hope to see you there
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