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  • #491,401
  • Jul 16, 2011 6:23am Jul 16, 2011 6:23am
Quoting Chicky
You may get very informative replies on more relevant threads. However since people on this thread have a moral responsibility and their tendency of minding everybody's business except their own, we cannot let you go without some advice.

If taken as planned without a second thought, losses remain operating cost. However, if not taken as planned and they grow, they become capital losses. Operating cost is like cutting your finger and capital loss is like cutting your neck.

There are no percentages but a wholesome package. Your monitor...
Trade responsiblypatience is the key/Swing trader
  • #491,402
  • Jul 16, 2011 6:24am Jul 16, 2011 6:24am
Quoting Incrediblle
Chicky is the most experienced person to reply this question
Yes but anyone can answer me his own experience.
  • #491,403
  • Jul 16, 2011 6:26am Jul 16, 2011 6:26am
Quoting Incrediblle
Chicky is the most experienced person to reply this question
no he manged to save with huge deposit, last week i blown one more account with my new Australian broker i thought they will close my position when it reached 100% margin but they let to run until - 2%, i should had s/l . i owe them now
Mohan
  • #491,404
  • Jul 16, 2011 6:31am Jul 16, 2011 6:31am
Quoting Ravissek
Yes but anyone can answer me his own experience.
I blew up many accounts and I mean MANYYYYYY
Trade responsiblypatience is the key/Swing trader
  • #491,405
  • Jul 16, 2011 6:32am Jul 16, 2011 6:32am
Quoting Ravissek
How many accounts live you blown guys before start make profits? Or how long you was training on demo?

It doesn't matter, some spend 1 year some spend 10 years, some blow nothing and some blow 50,,,,,,, before they are profitable...

Just make sure you hang in there and listen to yourself before anyone... it can only go up or down... that's it..
  • #491,406
  • Jul 16, 2011 6:41am Jul 16, 2011 6:41am
Quoting rattyo
there are a handful on here that are very good. but thats all!! and even they are not right all the time. Its impossible to be right all the time!
its figuring out which ones are good easy to do if you have enough
experience trading but very hard for a newb as these people appear to be very professional and talk the jargon as well.

This week i'll be right 100% u watch and see,....!
  • #491,407
  • Jul 16, 2011 6:55am Jul 16, 2011 6:55am
Quoting Incrediblle
I blew up many accounts and I mean MANYYYYYY
And do you know why? I have first acc now and -57% in month and half.But I trust that this will go better.:-)
  • #491,408
  • Jul 16, 2011 7:09am Jul 16, 2011 7:09am
Quoting Ravissek
And do you know why? I have first acc now and -57% in month and half.But I trust that this will go better.:-)
reason for your -57% is bad trade , only you will know how you made your trade.
you need to have some principle for success.

1. no need to rush , market open 24 x 5 (i have itchy hand still having trouble controlling it)
2. pause between trade - emotion control (this week i have adopted, so far 100% success rate)
3. use SL and TP - limiting you loss and take profit on the spark (still hard to adopt)
4. move SL to BE, then move to secure some profit (from this week doing again 100% success - all my trade stop out with min 0.1pip)
5. read the chart - this is the hard one (i am Honorable reader)
6. don't be greedy (this is my biggest weakeners, however reduce damage by policy 4)

i made lot of bad trade, and always think i learned the lesson until i repeat again and again
Mohan
  • #491,409
  • Jul 16, 2011 7:22am Jul 16, 2011 7:22am
Quoting mohan76
reason for your -57% is bad trade , only you will know how you made your trade.
you need to have some principle for success.

1. no need to rush , market open 24 x 5 (i have itchy hand still having trouble controlling it)
2. pause between trade - emotion control (this week i have adopted, so far 100% success rate)
3. use SL and TP - limiting you loss and take profit on the spark (still hard to adopt)
4. move SL to BE, then move to secure some profit (from this week doing again 100% success - all my trade stop out with min 0.1pip)
5. read the...

Respect FELLOW traders ?

The way i look at it,...to be a Dr u pay 100's of thousands to practice and later either kill the public or help everyone u come in contact with,... the blowing up phase is the school of hard knocks,...dont learn the lessons and youll fail,...
  • #491,410
  • Jul 16, 2011 7:36am Jul 16, 2011 7:36am
Quoting WallStBully
Respect FELLOW traders ?

The way i look at it,...to be a Dr u pay 100's of thousands to practice and later either kill the public or help everyone u come in contact with,... the blowing up phase is the school of hard knocks,...dont learn the lessons and youll fail,...
9 months of live trading i learn how to make money. but i did not learn how to safe guard it (i lost 92 % of my earning) , last 3 days i am following above rule, its reduced my earning, but safe guarding my earning, so far good , only one bad trade (human error executed wrong script ).

i am always respect every one ( i need to check spelling now )
Mohan
  • #491,411
  • Jul 16, 2011 8:17am Jul 16, 2011 8:17am
Quoting Ravissek
And do you know why? I have first acc now and -57% in month and half.But I trust that this will go better.:-)
blowing account is just a mere process of becoming a good profitable trader,and every body have to go through it.
Trade responsiblypatience is the key/Swing trader
  • #491,412
  • Jul 16, 2011 8:17am Jul 16, 2011 8:17am
Quoting Larseg
Most forex traders (because of the possibly low equity driving a high amount of cash) are wishing too much, I think many in here might be pushing 50-60% a month putting on 100+ trades a month... very, very, very few people can play it like that...

And if you stop for a while and think about it, it makes total sense as you are ending up scalping for profits until the trend turn on you completely and wipes you out for a massive one, when fear becomes fear its over...

trade confirmed trends for a shorter time and then leave... leaving the...
Absolutely Right
  • #491,413
  • Jul 16, 2011 8:30am Jul 16, 2011 8:30am
Quoting Ravissek
How many accounts live you blown guys before start make profits? Or how long you was training on demo?
Respectfully ten under my belt & two years of demo ,,,,,three years to get back

what iv lost.........
  • #491,414
  • Jul 16, 2011 8:35am Jul 16, 2011 8:35am
Quoting Ravissek
How many accounts live you blown guys before start make profits? Or how long you was training on demo?

Quoting Incrediblle
Chicky is the most experienced person to reply this question
It doesn't matter for how long you have demo traded or how many accounts you have blown. No timeframe is adequate enough for forward or backward testing. Only your method, money management and consistency of execution will keep you afloat.

I demo traded for years. Daily ATR for most of the time was 50/180 pips. In volatile times it was 200/300. Therefore I calculated my margin call at 700 pips away for my first real account and went into counter trend martingaling as calculated. It went 750 or 800 pips against me before recovering all 750 or 800 pips just to leave me broke.

In other times, it wiped me out for a variety of reasons, sudden widening of spreads, surprise spikes, not knowing when major news are due, execution errors/pressing wrong buttons, revenge trading, market going against fundamentals for extended period of time, blindly following someone else's calls or methods, etc etc.
The Thief of Wall Street
  • #491,415
  • Jul 16, 2011 9:07am Jul 16, 2011 9:07am
Quoting Ravissek
And do you know why? I have first acc now and -57% in month and half.But I trust that this will go better.:-)
sounds like you need to re-evaluate your trading method. seriously.... what makes you think this will go better? not trying to be sarcastic or anything. a question you really need to think about is: what am i doing wrong? make a note of every trade you take: time of trade, sl, target, reasons to enter that trade, and mistakes you made in that trade and so on. it will help you improve your trading. learn from your own mistakes.
  • #491,416
  • Jul 16, 2011 9:58am Jul 16, 2011 9:58am
I did Demo accounts for a year..I went live and full time 3 weeks ago...It was a rough start at 500.00 plus the first day I went live the market went crazy and I lost 75.00 right off the bat..but I didn't give up.. and once you get in a grove and try to stay to 2 or 3 currency it gets better..I do 8% a day..3 weeks in on a 500.00 account I'm up to 2100.00...I should have more ..But I fell asleep a couple of times and took big hits cause I didn't have stops on..Ive learned not try to ride things out..Just take a loss and get back in for a profit..I lost my first account trying to ride the EUR out one time....I over trade at times..so do your 4%to 8% AND GET OUT..for the day..Try not to let people influence you on this site..only listen to traders who realy know what there doing...Like your Broker..I use this site cause alot of people have good info and I like to compare how people do charts..compared to me..Good luck to all who are starting out...And don't give up...
  • #491,417
  • Jul 16, 2011 10:58am Jul 16, 2011 10:58am
Quoting Togu
How well do you guys cope with losses? Do you think that psychology 80% while MM and Strategies 10%?
I try not to view trades as wins and losses. This is hard, I know. But I tend to just view them as good and bad trades. I have my rules for entry and exit. As soon as the market tells me i'm wrong, I close it out for a loss and move on. More often then not, at this 'I am wrong' point, it's time to flip positions anyways. I know that probabilities are not on my side that if I try to hold a losing position that it is going to come back in my favor.
  • #491,418
  • Jul 16, 2011 11:04am Jul 16, 2011 11:04am
Quoting Larseg
Most forex traders (because of the possibly low equity driving a high amount of cash) are wishing too much, I think many in here might be pushing 50-60% a month putting on 100+ trades a month... very, very, very few people can play it like that...

And if you stop for a while and think about it, it makes total sense as you are ending up scalping for profits until the trend turn on you completely and wipes you out for a massive one, when fear becomes fear its over...

trade confirmed trends for a shorter time and then leave... leaving the screen...
Yep. Been at this three years now and since I have switched to the daily chart... yes, I try to push for 50% a month. I also try to get it done over maybe 10 total trades a month, and this is across 5 pairs). I try and wait for the perfect setup and leverage accordingly. I just need a few really good trades a month that I can ride for several hundred pips at at time.

There is a reason why my swing account bats a 95% win rate, generally with a very little draw down in comparison to the daily. I also know what levels that should it close above/below, I need to close out the trade because I was wrong. Every trade has a plan behind it... and it's basically on cruise control for the most part.
  • #491,419
  • Jul 16, 2011 11:06am Jul 16, 2011 11:06am
Quoting Incrediblle
blowing account is just a mere process of becoming a good profitable trader,and every body have to go through it.

Yep... took me 5 or so... lol. For some reason, I never wanted to take a loss until the good ol margin call got me.
  • #491,420
  • Edited 11:59am Jul 16, 2011 11:30am | Edited 11:59am
Interesting article:

http://www.bbc.co.uk/news/business-14172743

Gator should enjoy it!
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