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  • #461
  • Aug 3, 2012 1:34pm Aug 3, 2012 1:34pm
Tafadzwa02 I can write you down list of your mistakes if you want, but will you listen to me? :-)
On my way to financial independence - if others can do it - I can do it
  • #462
  • Aug 3, 2012 1:41pm Aug 3, 2012 1:41pm
Quoting Eur Usd
Tafadzwa02 I can write you down list of your mistakes if you want, but will you listen to me? :-)
Write it down. Probably a year later, we'll have something to look up to and laugh how we used to be.
  • #463
  • Aug 3, 2012 1:47pm Aug 3, 2012 1:47pm
two main things as I won't bother to write if he won't listen anyway: EDUCATION: like mentioned before

second: position sizing. your system may be good, but but If you play on 500:1 without stop loss, investing 100% of your wallet you won't get far. If you knew what position sizing is, you'd knew that there is no difference between 50:1 and 500:1 if you have proper position sizing. Van Tharp writes a lot about proper position sizing.
500:1 is for gamblers

but of course our hero is ready to prove me on Monday that he's right and will loose another 100
Quid.
If you'd listen me this morning you'd buy 2-5 good books and still could take some Chineese takeaway for you and your Mrs
On my way to financial independence - if others can do it - I can do it
  • #464
  • Aug 3, 2012 1:49pm Aug 3, 2012 1:49pm
Quoting Eur Usd
two main things: EDUCATION: like mentioned before

second: position sizing. your system may be good, but but If you play on 500:1 without stop loss, investing 100% of your wallet you won't get far. If you knew what position sizing is, you'd knew that there is no difference between 50:1 and 500:1 if you have proper position sizing. Van Tharp writes a lot about proper position sizing.
500:1 is for gamblers
The thing is, you can't be rich fast if you use proper position sizing with $500 account...
  • #465
  • Aug 3, 2012 1:51pm Aug 3, 2012 1:51pm
Quoting Eur Usd
If you'd listen me this morning you'd buy 2-5 good books and still could take some Chineese takeaway for you and your Mrs
  • #466
  • Aug 3, 2012 1:53pm Aug 3, 2012 1:53pm
Quoting duyk20
The thing is, you can't be rich fast if you use proper position sizing with $500 account...
how much did you loose today? :-)
I earned over 20%
besides, for me life is not about being rich. being healthy and fit, having 3 bed house in average area, a small car and a job will make me happy enough, all above it is a bonus.
On my way to financial independence - if others can do it - I can do it
  • #467
  • Aug 3, 2012 2:03pm Aug 3, 2012 2:03pm
Quoting Eur Usd
how much did you loose today? :-)
I earned over 20%
besides, for me life is not about being rich. being healthy and fit, having 3 bed house in average area, a small car and a job will make me happy enough, all above it is a bonus.
I didn't trade today. I don't like trading on the NFP day.

It could be for you, but for our main man, like almost everyone, he want to be rich fast.
  • #468
  • Aug 6, 2012 1:46am Aug 6, 2012 1:46am
Am back to the classroom, reading about Psychology and trading.Trust me , when this last obstacle is overcome , then surely , sky is the limit.EURUSD , I have taken your advice , there is no point throwing away money around when the books and material is there.This whole week is about studies .
  • #469
  • Aug 6, 2012 2:17am Aug 6, 2012 2:17am
Quoting tafadzwa02
Am back to the classroom, reading about Psychology and trading.Trust me , when this last obstacle is overcome , then surely , sky is the limit.EURUSD , I have taken your advice , there is no point throwing away money around when the books and material is there.This whole week is about studies .
I am glad you understood it.
I recomend: Super Trader : Make Consistent Profits in Good and Bad Markets by Van K. Tharp - it has a lot about working on yourself, but take a look also at position sizing. your system may be ok, it is your position size that is killing you

after it try Trading in the Zone by Mark Douglas

besides I noticed you sometimes trade without any signal from the market, then you're guessing "I think it will go up" and it goes down. you hope it will turn back, but it's not and then you loose big style - I know because I am like you :-). Sometimes it's wiser and better to you to stay away from market, than loose.
for example, for EUR/USD I see no important news this week, that's why I'll try to stay away from market (at least till Wednesday) as anything can happen, I have an order on short on 1.2650 with 400 pip stop loss, the market probably won't reach it, I won;t earn but I won't loose


also change the 500:1 onto 50:1, you're safer, after reading van Tharp and about position sizing you'll understand that with proper position sizing it makes no difference wether you're on 500:1 or 50:1
On my way to financial independence - if others can do it - I can do it
  • #470
  • Aug 6, 2012 10:26am Aug 6, 2012 10:26am
Quoting Eur Usd
I am glad you understood it.
I recomend: Super Trader : Make Consistent Profits in Good and Bad Markets by Van K. Tharp - it has a lot about working on yourself, but take a look also at position sizing. your system may be ok, it is your position size that is killing you

after it try Trading in the Zone by Mark Douglas

I wil come back in October .I really need to study these books and prepare myself.I have to deal with the MM and the psychology aspects .
  • #471
  • Aug 6, 2012 11:54am Aug 6, 2012 11:54am
  • #472
  • Aug 6, 2012 1:44pm Aug 6, 2012 1:44pm
duyk you should be happy that he finally realised he needs some more education. probably you as well, as you're even afraid to show your real account ;-)
On my way to financial independence - if others can do it - I can do it
  • #473
  • Aug 6, 2012 2:48pm Aug 6, 2012 2:48pm
Quoting Eur Usd
duyk you should be happy that he finally realised he needs some more education. probably you as well, as you're even afraid to show your real account ;-)
where is your account Duyk20?
  • #474
  • Aug 6, 2012 2:58pm Aug 6, 2012 2:58pm
Quoting tafadzwa02
where is your account Duyk20?
yeah, prove us, you deserved them 7 vouchers ;-)
your account please ;-)
On my way to financial independence - if others can do it - I can do it
  • #475
  • Aug 7, 2012 2:03am Aug 7, 2012 2:03am
I told you, when it reaches 10k, I'll show it!

Voucher means shite, lot of 10+V members are crap anyway.

It's not afraid or some heroic act, it's just different personality
  • #476
  • Aug 7, 2012 1:34pm Aug 7, 2012 1:34pm
Quoting duyk20
I told you, when it reaches 10k, I'll show it!

Voucher means shite, lot of 10+V members are crap anyway.

It's not afraid or some heroic act, it's just different personality

how far are you from them 10k?
On my way to financial independence - if others can do it - I can do it
  • #477
  • Aug 7, 2012 1:41pm Aug 7, 2012 1:41pm

I AM BACK EARLY:

  • #478
  • Aug 7, 2012 1:52pm Aug 7, 2012 1:52pm
I see you started thinking. I like the first step, you started with small amount. Have you bought any books?
On my way to financial independence - if others can do it - I can do it
  • #479
  • Aug 7, 2012 2:04pm Aug 7, 2012 2:04pm
Quoting Eur Usd
I see you started thinking. I like the first step, you started with small amount. Have you bought any books?
I have been reading a lot , I have realized that most of the stuff I am aware of , so really i am just being reminded about issues I know.I will be trading small amounts and increasing the lots as and when I feel more confident about my discipline.Maybe top up £10 per week or something small like that, once well established then I will start to trade big
  • #480
  • Aug 7, 2012 2:05pm Aug 7, 2012 2:05pm
Quoting tafadzwa02
I have been reading a lot , I have realized that most of the stuff I am aware of , so really i am just being reminded about issues I know.I will be trading small amounts and increasing the lots as and when I feel more confident about my discipline.Maybe top up £10 per week or something small like that, once well established then I will start to trade big
you have read jack shit haven't you?
On my way to financial independence - if others can do it - I can do it
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