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how many pips did you lose before becoming a succesful trader? 19 replies

Right Wrong Right Wrong Right Wrong 13 replies

How many real accounts have you blown before consistently making money in FX? 61 replies

How many blow-ups are necessary in order to become a pro? 23 replies

How many accounts did you blow? 13 replies

Attachments: How Many Accounts Did You Blow Before You Got It Right?
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How Many Accounts Did You Blow Before You Got It Right?

  • #141
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  • Jul 1, 2012 5:16am Jul 1, 2012 5:16am
I am referring to the youtube video...
  • #142
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  • Jul 1, 2012 6:26am Jul 1, 2012 6:26am
Quoting Mossy68
i start using 45 pip s/l and it only got hit 25% of the time

My other problem in the past was getting out of a trade to early and taking small profits instead of letting my trades run either to stop loss, or stop limit.
I now aim to put trades on and let them run to either the stop loss or take profit targets.
The week before last I managed 107 trades in a week with 24 loosing trades,

Many Thanks
MossY
I do the same thing too, getting out of trade way too soon, end up scalping the pairs.

Manage 107 trades in a week, i think it's way too much
  • #143
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  • Jul 1, 2012 6:29am Jul 1, 2012 6:29am
Yes I think you are correct, that's another reason I am starting again, with only 1 or 2 trades running at anytime, and actually running to the stops (either loss or limit), some weeks probably a lot more.

Some days in the past I had 13-14 trades running at once, which is ok if there all going my way but no good if im loosing on all of them.

I will start again Monday with 1 trade in Eur/Usd.
  • #144
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  • Jul 1, 2012 7:51am Jul 1, 2012 7:51am
But It's not the money management biggest issue, quick profit is the issue, and no alignment i needs, or call it greed, I want big return i dollar value with small account. I think that is the issue, that i need to resolve and work on patience
  • #145
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  • Jul 1, 2012 11:16am Jul 1, 2012 11:16am
Quoting zhexiang
I do the same thing too, getting out of trade way too soon, end up scalping the pairs.

Manage 107 trades in a week, i think it's way too much
It's only too much if your losing due to it or it's tiring you out making you make mistakes so ??

Trying to not get out to early, often ends up getting out to late then hitting the SL and costing you, it's a fine fine balance too soon is better than too late remember that.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #146
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  • Jul 1, 2012 1:11pm Jul 1, 2012 1:11pm
Quoting Turveyd
It's only too much if your losing due to it or it's tiring you out making you make mistakes so ??

Trying to not get out to early, often ends up getting out to late then hitting the SL and costing you, it's a fine fine balance too soon is better than too late remember that.
My problem was adjusting my stop Loss (letting it go further in debt) instead of keeping it where it was, so new Plan from Monday, I just hope I stick to it.

I will try not to do 107 trades a week scalping, but let the trades run to their stops (probably get bored watching the euro in a ranging trend).
  • #147
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  • Jul 1, 2012 2:05pm Jul 1, 2012 2:05pm
Quoting Mossy68
My problem was adjusting my stop Loss (letting it go further in debt) instead of keeping it where it was, so new Plan from Monday, I just hope I stick to it.

I will try not to do 107 trades a week scalping, but let the trades run to their stops (probably get bored watching the euro in a ranging trend).
Crunch how many times the SL hit at 1st point and how many it hit at final SL and work out your extra loss and also the saving when doing it worked out, that should give you the confidence to understand your better off with your initial SL. or might prove your initial SL if flawed ofcourse.

Got to leave some wiggle room though, sometimes it's an obvious dump and reverse to knock out the stops, on them I get another Lot while I'm at it but I like spotting and trading SL hit moves.

Call it 21 per day, dunno how many hours over, but not a huge issue.

30-40 is a good week for me, but in likely 8hours so it's possibly more.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #148
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  • Jul 1, 2012 2:20pm Jul 1, 2012 2:20pm
Hi again

Thanks

I would say apart from the later part of last week, I was stopped out around 40 pips, then the trade went back up the way I thought it would.
I was a fool as you say on some of the Euro/Usd thinking that the 150-200 pip bounce would stop and tried to keep ahead of it, so adjusted my stop loss to 200. Generally if I looked back on 75% of my trades I was actually forcasting the correct trend price action.

Going back to the Forum, I was almost considering re-mortaging my house just to pay of the stupid mistakes that I have taken in the past.

Roll On next week (starting from about 2 hours time GMT time).
  • #149
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  • Jul 1, 2012 5:11pm Jul 1, 2012 5:11pm
Quoting shaukat113
same hare I loss around 2000$ now all things are adjusted except one!!! I make 200-300% in a week!!! (yes it is on 50$) but with in a day or two all wipe out, I know I have the system, I can make money, but last part I can't protect it, one way is to with draw the amount when you reach the 150-200% and again start with 50-100$ than make up to 100-150% and withdraw it and so on, THAN slowly add more fund for start up fund say 100+20$,every month. I let know if it will work for me, I start coming week with 50$ and trade only xua/usd.
If you are making 200-300% a week, then you are waaaaaaaaay overleveraged, that is the only way to make that return. And, in that case, there is no way you are going to be able to protect your account.

Withdrawing when you get lucky isn't protecting your account, it's depleting your account margin. You'll just run into the big losers with a smaller account until you eventually blow the account.

With too much leverage your losers are always going to be big, you may win a few times, but you will also inevitiblly hit a string of losers which wipes out your account.

You don't have a system, what you are doing is overleveraging and getting lucky for a bit.
  • #150
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  • Jul 1, 2012 5:21pm Jul 1, 2012 5:21pm
That is not a good objective because you're already thinking that you'll blow your account. A better objective is to accumulate gain at the end of the year.

Quoting zhexiang
I just got started...
I fund $7000 to my standard, ECN account.
After having lose $1000 initially, I manage to recoup all my losses and now only earn a meager $200 after 2 stressful months
I hope my account could last much longer ...
Fear prevent possibilities, and so does Greed
  • #151
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  • Jul 1, 2012 9:39pm Jul 1, 2012 9:39pm
Quoting KumoDragon
If you are making 200-300% a week, then you are waaaaaaaaay overleveraged, that is the only way to make that return. And, in that case, there is no way you are going to be able to protect your account.

Withdrawing when you get lucky isn't protecting your account, it's depleting your account margin. You'll just run into the big losers with a smaller account until you eventually blow the account.

With too much leverage your losers are always going to be big, you may win a few times, but you will also inevitiblly hit a string of losers...
i been working on a high leverage trading system, you can see the results here http://www.forexfactory.com/showthread.php?t=352380
  • #152
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  • Jul 3, 2012 9:40am Jul 3, 2012 9:40am
Quoting PoundTrader
i been working on a high leverage trading system, you can see the results here http://www.forexfactory.com/showthread.php?t=352380
Well, I wish you luck. But, I put no faith in any demo results. I've only ever demo to learn a method's rule and nuts and bolts. IMO demoing to test a method is tottally pointless. IME demo never works out the same as live, and not because of emotions or anything like that, but because demo is the bullshit playground brokers show you to get you to sign up. It may be the same charts, but somehow you get stopped quite a bit more often live.

I only forward test live, with small lots.

Even if it works out for you though, eventually it will bite you in the ass if you are overleveraged. A string of losers and pow, there goes your account. Not even a string of losers, a couple unexpected spikes in the forex market...those rarely happen right? (note sarcasm)

P.S. besides, if you develop a good method you don't need to overleverage and shoot of rediculous gains of 100-300% per week. All you need to do compound your account, while keeping your risk % the same over the entire account.
  • #153
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  • Jul 4, 2012 7:55am Jul 4, 2012 7:55am
Quoting KumoDragon
Well, I wish you luck. But, I put no faith in any demo results. I've only ever demo to learn a method's rule and nuts and bolts. IMO demoing to test a method is tottally pointless. IME demo never works out the same as live, and not because of emotions or anything like that, but because demo is the bullshit playground brokers show you to get you to sign up. It may be the same charts, but somehow you get stopped quite a bit more often live.

I only forward test live, with small lots.

Even if it works out for you though, eventually it will bite...
i went live this week. i have an old mt-4 account, i have to ask the broker for investor password so i can post my results
  • #154
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  • Jul 5, 2012 8:25am Jul 5, 2012 8:25am
Quoting PoundTrader
How Many Account Did You Blow Before Developing A Winning System. You Can Post Your Exact Number
It took me over a year to find my favorite forex strategy. Fortunately, I traded with small sizes so my losses were small as well and I did not blow even one account. The things is that I found several promising strategies but I became successful when I implement money management to the strategy and this was the key for making profits. Don't waste your time in finding the "perfect" system- there is no such system, just pay attention to money management and you will be fine.
  • #155
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  • Jul 5, 2012 10:35am Jul 5, 2012 10:35am
Another one gone today....LoL....I was trying to scalp Nymex Oil this morning, but I have not started again yet. Will start from scratch with £1000.00 and see what happens.

But you are right we don't need another strategy just mind games and M & M.

I worked on that last weekend so now need put my mind to it and stick to it (5% plan). Called a Life Coach today (not that I usually belive in crap like that, but it's worth a try).
  • #156
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  • Jul 5, 2012 10:45am Jul 5, 2012 10:45am
Quoting Mossy68
Another one gone today....LoL....I was trying to scalp Nymex Oil this morning, but I have not started again yet. Will start from scratch with £1000.00 and see what happens.

But you are right we don't need another strategy just mind games and M & M.

I worked on that last weekend so now need put my mind to it and stick to it (5% plan). Called a Life Coach today (not that I usually belive in crap like that, but it's worth a try).
Me too. Opened an account to trade exclusively Nymex Oil. Will begin next week monday.

And yes - its all to do with MM and SL
practising coitus interruptus
  • #157
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  • Jul 5, 2012 10:49am Jul 5, 2012 10:49am
Quoting avibe
Me too. Opened an account to trade exclusively Nymex Oil. Will begin next week monday.

And yes - its all to do with MM and SL
Exactly, I am getting the majority right but keep being a fool and trying to adjust my stop loss like today, suddenly I had 2 trades running with over 100 pips on one (£1 a pip), and 90 on the other (with £2 a pip). Trying to battle it instead of keeping my stop loss and going with the Flow. If I kept to max 50 pips I would have been ok.
  • #158
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  • Jul 6, 2012 6:21am Jul 6, 2012 6:21am
  • #159
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  • Jul 7, 2012 11:35pm Jul 7, 2012 11:35pm
Vote
  • #160
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  • Jul 7, 2012 11:56pm Jul 7, 2012 11:56pm
Quoting Halifax
There is no option for zero
+1
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