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Attachments: $2,000 to $2,000,000... no time limit
Exit Attachments

$2,000 to $2,000,000... no time limit

Quoting pt49
I accidently closed my sell hedge and lost $200 so decided to bite the bullet, close my remaining losing positions and stop trying to manage my crazy losing position on my account, so my account balance is now $836 down from my $2,000 start 3 or 4 months ago.

It's called "pressure reduction" in some industries.
Don't get me wrong man , I also have serious weaknesses and thats why I am struggling a bit( not with anything else but discipline, I don't like losing trades as well)The other issue I have seen with you is you stay in a trade for weeks , this means you will be paying your broker a certain amount EVERYDAY , which is wrong really.The other is when you stay in a trade for weeks , hoping it will come back ,you lose sight of other trading opportunities.Subconsciously , you will be forcing yourself to look for trades in the direction where you wil have entered and sometimes this clouds your judgement.
If you decide to sell , ypou should have a stop los and a target , depending on your time frame .Every move will reverse at some point , and the last thing you want is to see you with 100 pips in one day and losing that in the next day .It hurts .
As for me , I am past my demons .You will see my account growing .I just have to trade my signals and put my take profit and stop losses .That's all I have to do , nothing complicated.
Quoting pt49

Now... I may lose this account of mine, however I WILL WIN.

Keep your eyes on my thread, I WILL DO IT. Trust me.
I like the spirit.The only reason why I will keep an eye is I want to see someone doing it LIVE , which I haven't seen yet.Someone even making £20K from something like £1000
Thanks for the advice and attention guys, but that was not really my intent.

I will start trading this account again shortly, within a week or so I think.

I may add funds to bring it back to a respectable starting amount.

Stay tuned... I guarantee you WILL see some action here.
In the days of old when sailors were bold, and seldom if ever contented.
Quoting tafadzwa02
I like the spirit.The only reason why I will keep an eye is I want to see someone doing it LIVE , which I haven't seen yet.Someone even making £20K from something like £1000
This man nailed it.
Quoting duyk20
I'm keeping an eye on your thread and wish you success.
We really need to see how you are doing man on your Explorer , just a glance will be fine.
Quoting tafadzwa02
We really need to see how you are doing man on your Explorer , just a glance will be fine.
Ok, fine.

My small high risk explorer. Not gonna show the main one since it's an ECN.

http://content.screencast.com/users/...08-09_1719.png
Quoting duyk20
Ok, fine.

My small high risk explorer. Not gonna show the main one since it's an ECN.

http://content.screencast.com/users/...08-09_1719.png
Wow man you are doing well, This is impressive
Nice entry, buy aud/usd... 15 pip stop, now moved stop to just over break even.

That gives me a free swing at bat!

Could go 150 pips... but who cares, I'm cost free.
In the days of old when sailors were bold, and seldom if ever contented.
Dunno what 'appened, but I'm out just over BreakEven
In the days of old when sailors were bold, and seldom if ever contented.
  • Post #90
  • Quote
  • Edited at 7:02am Aug 15, 2012 6:42am | Edited at 7:02am
In a e/u buy now at 1.2281, stop 1.2261

Took myself out already +1

And now in a sell
In the days of old when sailors were bold, and seldom if ever contented.
  • Post #91
  • Quote
  • Edited at 7:55am Aug 15, 2012 7:29am | Edited at 7:55am
Only talking to myself really.

My point of these few trades is to prove to myself that I can follow and stick to a set trading plan... enter on my rules, set a stop and move the stop to BreakEven when price moves to about +15.

If the trade looks like going screwy, get out at minimal loss (if my Stop is not at BE already)... if it's at BE already, its a winner in my opinion. It's just a matter of how much it makes once the stop is at BE+.

... edit
Once the Stop is set to BE, the trade is only exited by the stop (which is adjusted as the potential profit increases).
In the days of old when sailors were bold, and seldom if ever contented.
Some traders may be judging my sanity at this point... I've entered 3 trades the last few hours and each of them was at +10 or more at some stage, but...

  1. I have closed 1 manually at about BE
  2. 1 stopped out at BE
  3. the current trade is still open at +6

So I have realized profit of about 1 pip and 1 trade open.

However, my thinking is that the big profits come from trades that go 50, 100 maybe 300+ pips. If I close out every trade at say +10, I will only get small steady profits (but they'll be offset by occassional losers).

I'm pretty sure I can get close to 10 pips from about 85% of my trades now, but I'm not ready to be labeled a short term/scalper just yet.

In the days of old when sailors were bold, and seldom if ever contented.
Quoting pt49
Only talking to myself really.

My point of these few trades is to prove to myself that I can follow and stick to a set trading plan... enter on my rules, set a stop and move the stop to BreakEven when price moves to about +15.

If the trade looks like going screwy, get out at minimal loss (if my Stop is not at BE already)... if it's at BE already, its a winner in my opinion. It's just a matter of how much it makes once the stop is at BE+.

... edit
Once the Stop is set to BE, the trade is only exited by the stop (which is adjusted as...
Traders are all the same , I can read your mind from this point , but tell you what ? all I can do is
Quoting tafadzwa02
Traders are all the same , I can read your mind from this point , but tell you what ? all I can do is
You laughing at me or are you looking in the mirror?
In the days of old when sailors were bold, and seldom if ever contented.
Watch out on you losses , you tend to take little profits but accept huge losses.With that kind of trading style , it will be hard to get anywhere
A good observation there... you are pretty sharp.
In the days of old when sailors were bold, and seldom if ever contented.
  • Post #97
  • Quote
  • Edited Oct 18, 2012 5:31am Oct 17, 2012 6:51am | Edited Oct 18, 2012 5:31am
I am trading again after a break of a few months, and a few ribs.

Drinking, BBQ's and stray pieces of wood on the ground are not a good mix.

I've taken the time off to sharpen my dubious skills, train myself to ALWAYS place a stop (maximum 20 pips, with the aim to get my initial stops down to 10 pips or less).

Now risking 2% of my account per trade with an initial stop of 20 to 22 pips.

My aim after placing my trade is to get my stop moved to BreakEven+1 once price has moved about 15 pips in my favor, then continue to move my stop behind my position as the trade goes in my favour.

I will resist the temptation to close a profitable position manually... rather I will let my stop close me out (I hope).

While it's tempting to take partial profits, doing so is not condusive to getting a big profitable trade, and who is to say how far a trade may run?

You may close a trade at 5% account increase and think you are the next Soros, only to see price continue on it's merry way after you departed the scene.

I'm going to try and force myself to leave well enough alone, and let my stop take me out in profit.
In the days of old when sailors were bold, and seldom if ever contented.
My entry criteria have changed, due to the new stop limitations I've placed on myself.

While I'm not going to go into why I place individual trades (details of my current methods), surfice to say that they are very accurate entries with comparatively short stops, on trades that all have the potential to run for hundreds of pips, however I do expect that about 70% of them will close out at +3 to -3 pips (a wash in other words).

I can live with that because of the other 30% about 1 in 3 will close out at -20 and 2 in 3 will run 20+ pips... with a few a month closing out at well over +100 pips.

One trade closing out at +100 pips = a 10% account gain.
In the days of old when sailors were bold, and seldom if ever contented.
I have spent $8,000 building 2 new trading stations... a Xeon E5-2687W with 32GB of RAM and an i7-3960X with 16GB of RAM.

They can both be upgraded to 64GB ram if needs be, but I doubt I'll need to do that.

The Xeon is running 3 monitors 24" high definition SA850 Samsung's and the i7 is running 5 of my old 19" Samsung 940b's.

My trading room does not require a heater.
In the days of old when sailors were bold, and seldom if ever contented.
Quoting pt49
I am trading again after a break of a few months, and a few ribs.

Drinking, BBQ's and stray pieces of wood on the ground are not a good mix.

I've taken the time off to sharpen my dubious skills, train myself to ALWAYS place a stop (maximum 20 pips, with the aim to get my initial stops down to 10 pips or less).

Now risking 2% of my account per trade with a max 20 pip stop.

My aim after placing my trade is to get my stop moved to BreakEven+1 then move my stop behind my position as the trade goes in my favour.

I will resist the temptation to close...
Good luck man - We need to defeat this Beast man!!!
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