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The Last Account

  • #41
  • Nov 18, 2011 3:33am Nov 18, 2011 3:33am
This trade is based on caught traders. Price had just made a sharp move down and was consolidating then in the circled locations depicted on the charts below traders were caught, the pressure from their stops being run drove this trade to profit.
Attached Image (click to enlarge)
Click to Enlarge Name: 18NovA.PNG Size: 48 KB
  • #42
  • Nov 18, 2011 7:15am Nov 18, 2011 7:15am
Here are the figures of the weeks trades along with the accompanying data for 14 Nov to 18 Nov:

Total Trades Taken: 19
Wins:12
Losses: 7
Profit in Dollars:$ 242.5
Profit as a percentage of the account: 9,4%
average win: 44.75
average loss:-42.14
Average trading time per day: 1hr
days traded for the week: 4
  • #43
  • Nov 18, 2011 10:39am Nov 18, 2011 10:39am
You are doing good. I wish you the best.
  • #44
  • Nov 20, 2011 6:42am Nov 20, 2011 6:42am
controlled descresionary trading can work well,

you seem relaxed and in control of your trades,

goodluck,stay in this calm focused state and maybe you can turn the corner

regards

william
  • #45
  • Nov 20, 2011 12:45pm Nov 20, 2011 12:45pm
Thank you edmturk and diceman555 for the support and comments.

Since I never really had a mentor I always tried to find success in systems. I learned from buying systems and finding them online etc. But it wasn't until I started this thread and decided to trade my own way that I have made any progress. So for anyone out there that is on the fence, undecided which system to use or which method: don't be afraid to look at discretionary methods. They will take longer to learn, because they are not cookie cutter and ready to use out of the box, but they can work.
  • #46
  • Nov 20, 2011 7:44pm Nov 20, 2011 7:44pm
Keep going my friend. You are doing great. Think in terms of percentages and not actual money.

I know this may sound crazy but always thin you are going to win. Like somebody said to you in a previous post, you need to mentally believe that you can do this.

Take it one step at a time and you will be just fine.
Changing my life one pip at a time!
  • #47
  • Nov 21, 2011 2:21pm Nov 21, 2011 2:21pm
Today I destroyed the last 3 weeks worth of progress. I took 16 trades, and all of them were losses. I can hear the haters laughing right now. Its ok. Im so sick of being frustrated and angry I'll laugh a little too. This thread is titled "The Last Account" and no matter how it ends it will live up to its name. Ill come out on top or waste away and die.
I know what you are thinking... "was I trying to loose money"? I guess so.
Should have stopped myself at a certain point and walked away. Shoulda, woulda, coulda. Lots of that today.
Im not quitting till the account is zero. Whats strange is I lost so much today, Im really not scared of trading tomorrow. Dont ask me how that works.
  • #48
  • Nov 21, 2011 3:00pm Nov 21, 2011 3:00pm
Quoting Ron1n
Today I destroyed the last 3 weeks worth of progress. I took 16 trades, and all of them were losses. I can hear the haters laughing right now. Its ok. Im so sick of being frustrated and angry I'll laugh a little too. This thread is titled "The Last Account" and no matter how it ends it will live up to its name. Ill come out on top or waste away and die.
I know what you are thinking... "was I trying to loose money"? I guess so.
Should have stopped myself at a certain point and walked away. Shoulda, woulda, coulda. Lots of that today....
give us a pics of ur losses. it will help me. and others i guess. we can think together what happend wrong in ur deals
  • #49
  • Nov 22, 2011 1:42am Nov 22, 2011 1:42am
thats the very problem with descresionary trading,it can fool our minds,because we are not aware that our mind state is of key,hence you went from calm controlled trades into a frenzy of destruction,this happens when a couple of trades go against us and a new pyhcoligical state of mind kicks in,often destructive,if you can understand that change and learne from it you would infact turn a corner.
you need to be aware that your not in synce and of key,thats when you walk away and start afresh another day,i often dont trade this way for days,because i have learned to reconise that im not harmonic with the price
  • #50
  • Nov 22, 2011 5:05am Nov 22, 2011 5:05am
Quoting Ron1n
Today I destroyed the last 3 weeks worth of progress. I took 16 trades, and all of them were losses.
[...]
I know what you are thinking... "was I trying to loose money"? I guess so.
Should have stopped myself at a certain point and walked away. Shoulda, woulda, coulda. Lots of that today.
So you know you made a mistake here, what are you going to do to keep it from happening again?
  • #51
  • Nov 25, 2011 5:44pm Nov 25, 2011 5:44pm
As you all know from the previous post this week was rough on me. But since Im not pulling any punches, here is the weekly wrap up. On monday I was down 24% of my account in one day and had taken 16 consecutive loosing trades. WTF right? Since that day I managed to recover to some degree.
Here are the figures of the weeks trades along with the accompanying data for 21 Nov to 25 Nov:

Total Trades Taken: 33
Wins:7
Losses: 25
Loss in Dollars:$ -380.5
Loss as a percentage of the account: 16.6%
average win: 71.00
average loss:-35.22
Average trading time per day: 1hr
days traded for the week: 5
  • #52
  • Nov 25, 2011 5:59pm Nov 25, 2011 5:59pm
Below I have shown a chart that has 4 of my 16 loosing trades from monday. The arrows indicate my direction (sell or buy) and you can see price happened to reverse at all those places and go the other way.

Many of the trades taken were revenge trades, where I lost so I immediately jumped in the market again in the other direction.
Attached Image (click to enlarge)
Click to Enlarge Name: lookingback.PNG Size: 46 KB
  • #53
  • Nov 25, 2011 7:43pm Nov 25, 2011 7:43pm
I guess the first thing I would ask you is ..... WHY would you choose to trade such a short TF?

The market noise and the apparent level of risk you are taking is a bit high, but then I never could trade the short TFs.

Anyway have you considered trading the longer TFs with better risk management?
  • #54
  • Nov 28, 2011 1:33am Nov 28, 2011 1:33am
Quote
WHY would you choose to trade such a short TF?
I trade the shorter time frame because I work during the day and I cant check the market while I work.
Also because I have found it is easier to see a change of market sentiment on the shorter time frame.
I havent had much success on the larger time frames
  • #55
  • Nov 28, 2011 3:35am Nov 28, 2011 3:35am
I don't want to add much other than - keep up the hard work. I don't trade discretionary because of hitting too many losses in a row - as you have.

While it can work - the trader isn't left with concrete ways to improve it when it doesn't. I would recommend stopping trading if you lose 3R - there is no excuse to be trading after 10R.

I have a money management tool to give you - it is free and looks okay - though i haven't tried it.

My last comment is:

What is your edge?????????? that is the bottom line.

You seem to be trading without an edge which is a recipe for failure.

https://visitrak.infusionsoft.com/app/optIn/34/ff85c7e600e2e7f6/4933806/b692e551e7366f27
Enter Signature
  • #56
  • Nov 29, 2011 1:33am Nov 29, 2011 1:33am
Thank You sarythsaya for the money management tool. Very brilliant. I will use it.
As for my edge in the market... I only have one and that is trapped traders. In the attachment below you will see a period of consolidation and a break out that immediately retraced back above support. So its not just a retest of the break, the breakout failed. all the traders that sold on the break are now caught. I enter when I find these situations.
Attached Image (click to enlarge)
Click to Enlarge Name: 07NovA.PNG Size: 48 KB
  • #57
  • Dec 1, 2011 1:18am Dec 1, 2011 1:18am
This trade was taken minutes ago on the EUR/USD. You will see the trapped traders circled in blue. When I identify them, I take the other side of the trade, therefore I went long.
Attached Image (click to enlarge)
Click to Enlarge Name: 01Dec.PNG Size: 47 KB
  • #58
  • Jan 24, 2012 12:12pm Jan 24, 2012 12:12pm
Audios Amigos,
May you all have better luck, may your trades run to profit, and may you weather the storms.
best to you all.
  • #59
  • Jan 25, 2012 12:37am Jan 25, 2012 12:37am
Quoting Ron1n
Audios Amigos,
May you all have better luck, may your trades run to profit, and may you weather the storms.
best to you all.
Better luck in your next venture mate.
Enter Signature
  • #60
  • Mar 4, 2012 11:18am Mar 4, 2012 11:18am
surely is painful reading this...I believe u made the right decision..if only u made it earlier.
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
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