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Lessons Learned Thread

  • #241
  • Oct 27, 2011 5:04pm Oct 27, 2011 5:04pm
Quote
There are no short-cuts in forex trading.
I agree with this Chicky. But is it true??

There seems an inordinate number of threads at FF where people claim copious pips each week with little to no effort and after just 6mths experience. Are they lying or fooling themselves? Are they trading in a fashion that is simply unsustainable in terms of risk and stress, when using significant lot size?

What’s your take?

Quote
What do you think visitors to this thread will be when my account shows a drawdown of 20%?
But I know why to keep believing in this system.
I hope you continue with this thread even if 20% drawdown; your psychological approach to trading is very refreshing.

.
  • #242
  • Oct 27, 2011 5:16pm Oct 27, 2011 5:16pm
Quoting PeterE
I agree with this Chicky. But is it true??

There seems an inordinate number of threads at FF where people claim copious pips each week with little to no effort and after just 12mths experience. Are they lying or fooling themselves? Are they trading in a fashion that is simply unsustainable in terms of risk and stress, when using significant lot size?

What’s your take?

I hope you continue with this thread even if 20% drawdown; your psychological approach to trading is very refreshing.

.
Peter, the people you referred to are going through the learning process. I did the same.

Not just in trading, but many gambling/wagering ventures, people underestimate how far probability can go againts them. People who put on stake significant percentage of their account cannot survive unless they grab and go and never comeback to repay the loan they get from market.

One should think like a book-maker and not a punter. Bookmakers are there for long but a punter's life is short.
The Thief of Wall Street
  • #243
  • Oct 27, 2011 5:40pm Oct 27, 2011 5:40pm
Yes, I find fewer trades and pips today than I did 3 years ago. Consequently, I have wondered at times if my trading skills might actually be decreasing .

But on reflection, my understanding of risk and what is/ isn’t a sustainable trading style, probably runs deeper today than it did years ago, hence I trade differently.


Quoting Chicky
Peter, the people you referred to are going through the learning process. I did the same.

.........people underestimate how far probability can go againts them.
  • #244
  • Oct 27, 2011 6:22pm Oct 27, 2011 6:22pm
Quoting Chicky
Mohan, there are no short-cuts in forex trading.
that's true , but leg start to shake once trader go's more than -20 pip and looking for safe exit. may be due to risking 10% capital , i will start using 1% and see how i go, thanks , as i said before the trade 13 going to change way i trade in long run
Mohan
  • #245
  • Oct 28, 2011 6:55pm Oct 28, 2011 6:55pm
Trade# 14 - Running

It missed sl by about 2 pips.
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The Thief of Wall Street
  • #246
  • Oct 28, 2011 7:20pm Oct 28, 2011 7:20pm
chicky do you implement rescue trades?
Have I got something on my face, SOLDIER?
  • #247
  • Oct 28, 2011 9:47pm Oct 28, 2011 9:47pm
Quoting bumapatria
chicky do you implement rescue trades?
No. Its either sl or tp, nothing in between.

The only edge is being right more than 50% of the time. With patience and entering at pre-determined right levels achievable win:loss ratio can be 70:30. I get 60:40 because cannot sit in front of a computer in all three sessions.

ps - I take about 100 trade a year with 1% risk on each trade. Know a trader who takes one trade a year with 100% risk on that trade. He makes 5 times more than I do but someday he will get fucked.
The Thief of Wall Street
  • #248
  • Edited 10:20pm Oct 28, 2011 10:09pm | Edited 10:20pm
100% doesnt give much room for the "oops" trade does it!


Quoting Chicky
ps - I take about 100 trade a year with 1% risk on each trade. Know a trader who takes one trade a year with 100% risk on that trade. He makes 5 times more than I do but someday he will get fucked.
.
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  • #249
  • Oct 28, 2011 10:29pm Oct 28, 2011 10:29pm
Quoting PeterE
100% doesnt give much room for the "opps" trade does it!




.
Its not that simple. Met this person from Middle East about two or three years ago. He bought gold at $880, stocks at 7000, oil at $40. Sold euro when it was above 1.5000 with intended take profit near 1.000. These are his only US deals I know. I don't know what he does in other countries or where he lives. He says a successful trade doubles his margin free account balance. He mentioned about his research notes that prove trend followers ultimately lose.

But my research tells me that money management is much more important than a method. The only issue with his money management is that he puts all his eggs in one basket - both in terms of money on stake and the direction. With such a long-term trades, all these markets go in one direction and therefore there is little or no risk diversification.

ps - Why did you post Gator's picture?
The Thief of Wall Street
  • #250
  • Edited 11:22pm Oct 28, 2011 10:57pm | Edited 11:22pm
Quoting Chicky
Its not that simple. Met this person from Middle East about two or three years ago. He bought gold at $880, stocks at 7000, oil at $40. Sold euro when it was above 1.5000 with intended take profit near 1.000. These are his only US deals I know. I don't know what he does in other countries or where he lives. He says a successful trade doubles his margin free account balance. He mentioned about his research notes that prove trend followers ultimately lose.

But my research tells me that money management is much more important than a method. The only...
Many years ago, I used to work for KPMG. One of my responsibilities was to send South Asian Stock Market information to Singapore office of Templeton (who were world's biggest fund managers at that time). I was not supposed to give them any advice, just provide stock information and the details if they needed. They sometimes showed interest in stock of companies I had some reservations about, but I never showed my concern, it wasn't my job. During those days Mark Mobius visited my office. He was mananging billions of dollars at that time. As a young professional, I asked his advice what to do and what not to do in trading business. He advised me to read one of his publications. The main concept of that publication was: "Buy when everybody is selling and sell when everybody is buying". Maybe that guy is following Mark Mobius' advice.
The Thief of Wall Street
  • #251
  • Oct 29, 2011 3:46am Oct 29, 2011 3:46am
Gator? I dont know Gator.
  • #252
  • Oct 29, 2011 2:09pm Oct 29, 2011 2:09pm
Quoting PeterE
Gator? I dont know Gator.
He is Gatorinla, a senior FF member and a very good trader.

http://www.forexfactory.com/gatorinla
The Thief of Wall Street
  • #253
  • Oct 30, 2011 8:39pm Oct 30, 2011 8:39pm
Hi Chicky

I do not post often, but found your new thread very interesting. Since I don't trade your method, I will be of limited help at best. I did find your bio interesting and your thought process extemely helpful. I too, believe that money management is the most important factor if one is to be successful at any type trading. Noted futures trader Larry Williams has stated this fact numerous times. Hope the tread does not die, but as you and Peter have stated, it may not be glamorous enough for the young traders. I will be silently following.
Gil gmcc
  • #254
  • Edited 9:05pm Oct 30, 2011 8:44pm | Edited 9:05pm
Quoting gmcc
Hi Chicky

I do not post often, but found your new thread very interesting. Since I don't trade your method, I will be of limited help at best. I did find your bio interesting and your thought process extemely helpful. I too, believe that money management is the most important factor if one is to be successful at any type trading. Noted futures trader Larry Williams has stated this fact numerous times. Hope the tread does not die, but as you and Peter have stated, it may not be glamorous enough for the young traders. I will be silently following.
Gil...
gmcc, Thanks for your kind comments. I intended to close this thread after account balance reaches either $80 or $120. Maybe I continue this thread sharing how I determine support and resistance levels.
The Thief of Wall Street
  • #255
  • Oct 30, 2011 9:17pm Oct 30, 2011 9:17pm
Quoting Chicky
... Maybe I continue this thread sharing how I determine support and resistance levels.
Hello Chicky,

Thanks for sharing your method of mm. Very much eyeopening.

Next thing I would like to learn of course is how you would determine your sr levels, as you have just mentioned.

Keep up the great work.

Akira
  • #256
  • Oct 30, 2011 9:27pm Oct 30, 2011 9:27pm
Trade# 14 - Concluded

TP Hit, 1%+spread
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The Thief of Wall Street
  • #257
  • Oct 30, 2011 9:30pm Oct 30, 2011 9:30pm
Quoting Chicky
Let's make 1% non-refundable deposit to find out.
Deposit got refunded with interest.
The Thief of Wall Street
  • #258
  • Oct 30, 2011 10:16pm Oct 30, 2011 10:16pm
Trade#15 - Entered

Long for 200 pips.
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The Thief of Wall Street
  • #259
  • Oct 31, 2011 5:35pm Oct 31, 2011 5:35pm
Trade#15 - Concluded

SL hit -1%
The Thief of Wall Street
  • #260
  • Oct 31, 2011 5:37pm Oct 31, 2011 5:37pm
Trade#16 - Entered

Long for 60 pips at 1.38592. Will post chart later.
The Thief of Wall Street
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