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The WoRmHoLe

  • #21,601
  • Nov 15, 2011 1:00pm Nov 15, 2011 1:00pm
Orite ... see ya bye.

This is where I stand, long term. Good luck.

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Thank You
  • #21,602
  • Nov 16, 2011 12:09am Nov 16, 2011 12:09am
hi WB/Chaz/Nav/Dario and everybody.

im writing out of frustration. I have been trading for a full 2 years.
Blew 2 accounts of around 4000 usd each.
I left my job 2 years ago so i can trade full time as i thought i was prepared after mastering demo accounts. right now im at a point where i can say im realy good at analizing but find myself trading against myself. I know where /when i should place a trade but when price gets there i hesitate and dont enter, or enter and close like 5 min later or enter with ridiculusy small SL and lose only by 2-3 pips just to watch it go in my direction later.
Yesterday was obvious down day. i sold 10 times and end up losing cause of myself again. im at a pointt where my savings have ran out and i have no income from forex making me even more stressed and making it even harder to trade. Please people if you can give some insights how to overcome fear and some words of encouragement that success is possible. aside from WB, is anyone hear actualy making a living from forex?
personal stories would be nice to hear.

cheers everybody and good luck.
attached is my trades from yesterday which i losttttttttttt

TicketOpen TimeTypeSizeItemPriceS / LT / PClose TimePriceCommissionTaxesSwapProfit226472492011.11.15 09:55sell0.10eurusd1.359101.360100.000002011.11.15 09:591.360100.000.000.00-10.00226505922011.11.15 11:56sell0.10gbpusd1.585631.586830.000002011.11.15 12:041.586830.000.000.00-12.00226513782011.11.15 12:33sell0.10gbpusd1.584260.000000.000002011.11.15 12:351.584440.000.000.00-1.80226514902011.11.15 12:37sell0.10eurusd1.352861.354430.000002011.11.15 12:391.353330.000.000.00-4.70226517782011.11.15 12:54sell0.10eurusd1.354161.354160.000002011.11.15 13:031.354160.000.000.000.00226544692011.11.15 14:59sell0.10eurusd1.354051.355050.000002011.11.15 15:011.355050.000.000.00-10.00226570462011.11.15 16:41sell0.20eurusd1.356011.357100.000002011.11.15 16:471.357100.000.000.00-21.80226574112011.11.15 16:53sell0.10eurusd1.356251.356250.000002011.11.15 17:321.356250.000.000.000.00226595202011.11.15 18:08sell0.10eurusd1.352230.000000.000002011.11.15 18:091.352510.000.000.00-2.80 0.000.000.00-63.10Closed P/L:-63.10
  • #21,603
  • Nov 16, 2011 12:23am Nov 16, 2011 12:23am
  •  samirb
  • | Joined Nov 2009 | Status: Investing is simple, but not easy. | 247 Posts
Good day

will close my shorts at 500 fib

Good luck in your trades
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  • #21,604
  • Nov 16, 2011 2:07am Nov 16, 2011 2:07am
Quoting Pips 4 All
I know where /when i should place a trade but when price gets there i hesitate and dont enter, or enter and close like 5 min later or enter with ridiculusy small SL and lose only by 2-3 pips just to watch it go in my direction later.
This is all due to fear of loss.

Hesitation , closing early and setting too small a stop loss - this all shows that you are not prepared to lose a trade.You need to prepare to lose in order to win.Every trader loses sometimes , it's an unavoidable fact - it's a part of trading.The difference between successful and unsuccessful as far as psych/mm is concerned is the acceptance of this fact.

In my experience , this is by far the most difficult challenge in trading and it's something which everybody faces , so don't worry - it's not only you.

Try this on demo and do it alongside your normal trading.

Place 1 trade in London and 1 in NY according to your analysis.If you trade EU set yourself minimum 20sl and 20tp.Just let the trade run to one of these targets - once the trade is entered , don't touch it.Do this every day for a month.

Then compare the results between the 2 accounts.
  • #21,605
  • Nov 16, 2011 2:35am Nov 16, 2011 2:35am
EU

short 13510 sl 13550
  • #21,606
  • Nov 16, 2011 2:47am Nov 16, 2011 2:47am
Quoting chazzle
This is all due to fear of loss.

Hesitation , closing early and setting too small a stop loss - this all shows that you are not prepared to lose a trade.You need to prepare to lose in order to win.Every trader loses sometimes , it's an unavoidable fact - it's a part of trading.The difference between successful and unsuccessful as far as psych/mm is concerned is the acceptance of this fact.
Well said bro.
I am in my 4th year doing spread betting and I have yet to kill my fear of loss. Yes I am making every year overall but not every month.
And if for two years you have been trading and is still losing then go demo or maybe spread betting is not for you.
If spread betting is so easy then nobody will be working at the cashier, sweep floor. As I mention some time ago, spread betting is 100 times worst than casino cause you are not even dealing with chips but just figures in your account. And when you cannot control your emotion then you can lose everything in your account easily.

Pip-4-all, you remind me of my friend who lost £10k then another £10k then another £10k then another £5k borrowed from the family. He only woke up after his family member asked him for the money.

Remember out of 100 people trading,
1 will make it big time
4-5 will make some money
10 will break even
the rest will blow a few accounts

Look at the number of spread betting companies out there. Every month there is a new one popping out but do you every heard any spread betting company going bust?
  • #21,607
  • Edited 3:03am Nov 16, 2011 2:51am | Edited 3:03am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
First things 1st, take a job. Getover with the feeling of insecurity should your account blows.

No one can trade fulltime and make a living without a massive account, I am assuming your country isn't much expensive and if you are not residing in the western world you need atleast 10K to begin with. If you are, then 50-100K atleast.

Next, do what you did in demo and made money. Enter into the trade with SL and TP in place and close the screen and do not look at it until you are out. Setup an email service to let you know the outcome most brokers have this service I reckon.

So less time on screen with some security is the only way to remain in this market. Behave like an investor not a gambler. Expect 20-50% ROI in the year not more then that. So if you can live on 20-50% return in a year and you have the capital only then think of leaving the job and trade fulltime. Most exclusive and successful hedge funds make 20% max!! With anything greater than 25% per year, you are beating the best brains in the world in this field. If you cannot live on 20-50% ROI on your investment what's the point in trading full time?



Quoting Pips 4 All
hi WB/Chaz/Nav/Dario and everybody.

im writing out of frustration. I have been trading for a full 2 years.
Blew 2 accounts of around 4000 usd each.
I left my job 2 years ago so i can trade full time as i thought i was prepared after mastering demo accounts. right now im at a point where i can say im realy good at analizing but find myself trading against myself. I know where /when i should place a trade but when price gets there i hesitate and dont enter, or enter and close like 5 min later or enter with ridiculusy small SL and lose only by...
  • #21,608
  • Nov 16, 2011 2:57am Nov 16, 2011 2:57am
small short cable @ 15802
stop will be 15869

Short base on major wave 3 formed starting on 8th Nov

8th Nov 16130 high to 10th Nov 15868 low minor wave 1
10th Nov 15868 low to 11th Nov high 16093 as minor wave 2
11th Nov high 16093 to current as wave 3

Could form a wave 4 now from this mornings low but if Elliot is right then there will be a wave 5 down with 15868 can't be touch.
  • #21,609
  • Nov 16, 2011 3:20am Nov 16, 2011 3:20am
Quoting Pips 4 All
hi WB/Chaz/Nav/Dario and everybody.

im writing out of frustration. I have been trading for a full 2 years.
Blew 2 accounts of around 4000 usd each.
I left my job 2 years ago so i can trade full time as i thought i was prepared after mastering demo accounts. right now im at a point where i can say im realy good at analizing but find myself trading against myself. I know where /when i should place a trade but when price gets there i hesitate and dont enter, or enter and close like 5 min later or enter with ridiculusy small SL and lose only...
I have started trading in 2009 and I have blown about $50,000 in various accounts trying to learn how to trade. Money well spent - this was the cost of my education in FX.

When people ask me about trading I always say "trading is more about knowing yourself than knowing the market" - this is because even though your market analysis may be spot on, the hardest part is dealing with your emotions and your self-analysis. Learn discipline and patience - these two key traits will help you out a lot.

If you go into a trade with fear of losing money, then you WILL LOSE MONEY!

When I was starting to up my position size from 10 lots to 30 lots, I was fearing loss and my stop got hit! That is when I had to go back down to 10 lots, analyze the situation and spend some time trading 10 lots before upgrading.

Read this book as well, it will help you a lot: "the disciplined trader - developing winning attitudes" by Mark Douglas.

Best of luck
Money is the result derived from the execution of a skillset
  • #21,610
  • Nov 16, 2011 3:27am Nov 16, 2011 3:27am
Quoting chazzle
EU

short 13510 sl 13550
closing at 520 - London h1 bar too bullish
  • #21,611
  • Nov 16, 2011 3:29am Nov 16, 2011 3:29am
hello everyone
i would like to post my trade in EU.

there is a good trendline (now re-testing downsinde) + previous low clearly broken
could be wrong so actually position is soft will add if further confirmation.
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90% of traders use TA, indicators and prediction
  • #21,612
  • Nov 16, 2011 3:39am Nov 16, 2011 3:39am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
Good entry Samir!!
Still holding it? I reckon 50% retrace must happen, but it's a probability..anytime now


Quoting samirb
Good day

will close my shorts at 500 fib

Good luck in your trades
  • #21,613
  • Nov 16, 2011 3:41am Nov 16, 2011 3:41am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
Good entry here too...I am not sure if this move down by asia was right owever, UK alwasy reverse overnight trades to balance their books...but UK break is usually valid on either side. If this breaks higher then we might be bullish for a while.

Quoting _BBKing_
hello everyone
i would like to post my trade in EU.

there is a good trendline (now re-testing downsinde) + previous low clearly broken
could be wrong so actually position is soft will add if further confirmation.
  • #21,614
  • Nov 16, 2011 3:42am Nov 16, 2011 3:42am
  •  samirb
  • | Joined Nov 2009 | Status: Investing is simple, but not easy. | 247 Posts
Quoting ams
Good entry Samir!!
Still holding it? I reckon 50% retrace must happen, but it's a probability..anytime now
Good day ams

yes still holding it

will clear the weak short at 50% and will see how the price react that levels

Good luck in your trades
  • #21,615
  • Nov 16, 2011 3:43am Nov 16, 2011 3:43am
Quoting Rapid
small short cable @ 15802
stop will be 15869

Short base on major wave 3 formed starting on 8th Nov

8th Nov 16130 high to 10th Nov 15868 low minor wave 1
10th Nov 15868 low to 11th Nov high 16093 as minor wave 2
11th Nov high 16093 to current as wave 3

Could form a wave 4 now from this mornings low but if Elliot is right then there will be a wave 5 down with 15868 can't be touch.

Closed @ 15765
Fast money baby
  • #21,616
  • Nov 16, 2011 3:47am Nov 16, 2011 3:47am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
lol, you should develop an indicator based on your findings...much easier to auto calculate then and spot the price action..

Quoting Rapid
Closed @ 15765
Fast money baby
  • #21,617
  • Nov 16, 2011 3:56am Nov 16, 2011 3:56am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
Well, you had your hollywood trade (anything above 100 pips now a days is!!)...I am waiting for a spike down to 57 where I am buying...everything moved up it's pounds turn if go below certain level...


Quoting samirb
Good day ams

yes still holding it

will clear the weak short at 50% and will see how the price react that levels

Good luck in your trades
  • #21,618
  • Nov 16, 2011 4:00am Nov 16, 2011 4:00am
hey guys... this is what i am watching on EU ... ready to short at the first good spot....
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I don't want a job, i want money!
  • #21,619
  • Nov 16, 2011 4:16am Nov 16, 2011 4:16am
Quoting ams
Good entry here too...I am not sure if this move down by asia was right owever, UK alwasy reverse overnight trades to balance their books...but UK break is usually valid on either side. If this breaks higher then we might be bullish for a while.
thanks
yes true what you say.
actually my position still soft will add when i see good confirmation.
or will close if goes more bad than actual.
candle closing above DP will be first step for my closing.

oh well,
lets see.

cable meanwhile sitting between 5750 n 5810.
went short 5790 cashed half postion then it kicked me out @BE
typical in GU
90% of traders use TA, indicators and prediction
  • #21,620
  • Edited 4:42am Nov 16, 2011 4:22am | Edited 4:42am
Quoting Pips 4 All
hi WB/Chaz/Nav/Dario and everybody.

im writing out of frustration. I have been trading for a full 2 years.
Blew 2 accounts of around 4000 usd each.
I left my job 2 years ago so i can trade full time as i thought i was prepared after mastering demo accounts. right now im at a point where i can say im realy good at analizing but find myself trading against myself. I know where /when i should place a trade but when price gets there i hesitate and dont enter, or enter and close like 5 min later or enter with ridiculusy small SL and lose only by...
I was the guy u are 2 years ago..u have to find a way to simply detach from your money..which sounds impossible but this can only come from belief..u NEED to start believing in yourself and this can come only from positive trade results

I had a year where i placed 47 trades and 44 were winners..i did one trade at work showing off and got killed..a positive equity curve, gives confidence and then u start to believe..u need to get to this stage

make sure u identify your weakness..not your trading forecasts but mental strength..work on being positive in yourself..

I couldnt do it scalping so i turned to long term trading..find a trade enter and leave it be..I finally understand why yur posts read the way they do..and we will help u get through this..cause it is possible

things to do:-
find how to post a chart
show your analysis, so we can see if theres a problem here


u have to believe my friend or u need a head like wormie or charles where u enter and dont really care if u lose cause u know statistically u will make more than u lose so long as u have good mm..when yur edge presents itself u simply execute at will..this is not easy to do in a volatile market and needs absolute precision (i dont believe in myself enough to do consistantly cause i fear) so i dont do

actually charles has this spot on..and wormie coming like a hybrid

when it comes to long term trading, I AM A DIFFERENT TRADER ..trading emotions have no effect on me..i get stronger and stronger..and i have my stop..if im gonna lose market has to come to me..I will not lose out of fear which is in the head!!

say this to yourself bro..and move forward

EDIT:- increase your tolerance always, this is one way to become stronger..u will be amazed..
think about PA think why it work..everything is about following trend damn after a while u can invent patterns cause u believe this so much!!

example..bull flag is a mere extension of following a trend, statistically it has more changes of a break to the upside..because of this rule "follow the trend" and all of trading methods are simply extentions of a rule..time will make u a great learner of this huge information portal

learn to elimate emotion and nothing can stop u reading the chart properly..then all u have to do is execute and remain consistant in yourself ie sticking to yur plan
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