Why you suck at trading

Good call! With predictions like that you should be an ace!

....mind you he is your shadow around here, bit like a lost pup looking for a pat on the head....

I suck severely. Been gambling from day one and have gotten smoked. The problem is i have a large threshold for pain. When i was 16 i was playing 10k a set 9ball, so having heart was never the issue. My positions are way to big but, i like the action and that statement sounds quite sickening. Going balls to the wall is not necessary a bad thing once i get it. Hopefully i can make it till then. Any help through this process will be greatly appreciated.

slim buffett made a pretty good call about the op, check his journal to see what happens when you're too much full of yourself

Hey Mutts
...It's why the beagles are an elite group. But were not infallible ...

Blue

AH...yes...the infamous beagles!

johnnybsmart, bluesteele, 2+2=4x, nubcake.

and their archnemesis/whipping post: nanningbob.

fun times, i guess.

who is this Annoyingbob ????

This is weird, I couldn't argue a single thing to almost everything in page one. If this was posted last year I might not bleed alot, but now my bleeding has stopped and starting to move to the green side, but others might still bleeding. I hope this could be helpful for others who still bleed. Nice thread forextraderx love it.

Btw, what is the spot market. Do I need to build a warehouse to take deliveries or rent one? Or we only trade the contract before maturity? I only traded equities the past few years, this year on currencies. I think I am ready to take another step.

Or have I missed the pitch?

Hey Guys'
I’m newbie from Midland and I'm going to start trading in Forex.
I was wondering, if using, Meta trader and Expert Advice, is a good way to get started. Is that stuff good to start a new trade? I’m so glad to join this honorable community of traders. Hope to be able to learn from you guys here, and also share as much as I have with you all.
Thanks if you can help Hello everyone,

Sorry, I haven't read much of this thread (I will do so when my time permits) but I just had to say that I LOVE the title of this one and I know that good things will come from it.

Newbies and gurus alike, there is something for you here, since there is ALWAYS something to learn... and what better way to learn than from your mistakes?

PS: ForexTraderX, I think I speak for the community when I say we're glad to have you as a participating member of the forum. I myself have done the same thing and found that the increased exposure can help expedite your learning curve.

I would like to share why I also SUCK at trading...

It's pretty simple, really.

I have an AWESOME system, but I can NEVER follow it (consistently)... even after years of experience.

When I do make a good trade, it's usually just a matter of time before I give it back.

My discipline is virtually non-existent.

For example, I made 1,800% a couple of weeks ago (in 48 hours), then proceeded to lose it all. Then I made 600% the following day, and lost that too.

So now I have to start all over again... ahhhh, the joys of trading

May I humbly suggest..... If you made 1800% in 48 hours perhaps your lot size is too high
or your expectations are.
So..... if you made (even) 600% in one day then can you expect to be able to continue that feat.

Realistically, can you double your account every couple of days? If you had a 500k account would
you even attempt it?
Just food for thought

Got'ta go

best

Hi Slim Buffett,

Thanks for the response and apologies for my delayed one. I like your post a lot and I am glad that someone has the smarts to at least ask these questions, because they are very important. So here is my response.

First, I should note that I am a highly aggressive trader (daytrader). My expectations are extremely high because I know that I have an extremely good system (method), so good in fact, that I am still trying to take advantage of it's full potential -- even after around 3 - 5 years of experience. It is my own trading ability that is lacking/the limiting factor, and therefore I fall prey to human error like excessive fear or greed and/or not having enough patience, just like any other trader. But the system works extremely well (better than I am able to trade it), and I am trying to improve these traits so I can take advantage of my system to the fullest, and... these are all reasons why I'd also like to automate my system.

So, given that I am a very aggressive trader, with a very good system, and very high expectations, then yes, I do feel comfortable doubling my account every so often. But you must understand -- as I'm sure you do -- that that comes with additional risk. I say "every so often" because, obviously, the more capital you are trading with, the more difficult it is to double your money. And I know that is exactly the point you are trying to make. I understand that point and have given it plenty of thought, and I guess I would say that my expectations would have to change relative to the size of my account.

Right now, my account is pretty small, so I am definitely comfortable trying to double my account in a few hours, a day, or a week -- depending on my degree of confidence in the underlying move. The 1,800% that I made was on an original balance of ~$100, so doubling $100 in an hour is no problem since I (usually) trade hourly expirations. Doubling $200 in an hour -- no problem either. Doubling $1k in an hour -- can certainly be done, but I'd start to get nervous. When the digits change from 3 to 4 (ie: $999 to $1,000), I start to become more nervous because more is at risk and to compensate for that risk, I usually push out the time/expiration, which gives me more confidence in the trade, but reduces the ROI over a given period of time.

I have made 600% in one day (actually, lots more), but as I've said, it was on a small account, so it's a bit easier to do. To answer your question though -- and because of my very high expectations -- I would absolutely attempt to double my account even with $500k... or $1 million... or even $50 million for that matter... it's just that I would do it in a more conservative way (either by not taking all the risk at once, or by pushing the risk further out in time). I am so aggressive that it is in my nature to want to double the account, regardless of size. I understand that the more success you have, the harder it is, but hell, that won't stop me from trying. I would like to make the list of the Top 100 richest people in the world one day. Not kidding.

If George Soros can do it and supposedly "break the Bank of England" in a single trade, than I am confident I can do it too... one day... soon.

Finally, I will just say that, ironically, I actually lost the original 1,800% that I made. Because of extremely poor money management (I wanted one more "double", and I'd also had a few too many drinks, lol). But I deposited ~$50 one more time (I don't remember the exact amount, I think I had a balance of about $75), then got it down to my final $40 USD. At that point, I was pissed for making so many stupid mistakes in a row, and I said to myself this is it, I'm not going to be stupid anymore, and from that point on I turned the last $40 of my deposit into a current balance of $1,500. And I did that in just 3 days (this past week, from Sun - Wed, didn't trade since then bc I was too tired), so that's a 3,300% return I made in just 3 days, which beats my 600% and 1,800% I did a few weeks ago. So I know I can do it and am capable of huuuuuuge returns IF ONLY I can get the discipline in place, which I am working on.

But again, I am not oblivious to the fact that larger amounts of capital demands smaller returns OR more time... and that is so important it is worth reiterating. I will always try to double my money but the way in which I plan to do so will be a reflection of my account balance. I hope that makes sense.