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Time to call it quits

  • #81
  • Jun 4, 2012 12:30pm Jun 4, 2012 12:30pm
Quoting duyk20
I was selling at resistance and buying at support, however, my problem was, when I entered the trade, price goes right to hit my stoploss and then turn back to hit the TP lol

Then I decided to remove my SL, you know the rest
It's so interesting... how the thought of "oh, i'll just get rid of my stop then" is the obvious choice.

I've never heard of almost anyone who says "hmm... if it keeps barely hititng my stop, then turning and hitting my target... why don't i just start placing my orders where I would NORMALLY place my stops...and then I can get a better risk reward, AND a better win rate"

funny how we tend to only see one way about it, when the other way would be an order of magnitude better, and also just as obvious of an observation.,

X
  • #82
  • Jun 4, 2012 12:38pm Jun 4, 2012 12:38pm
Quoting forextraderx
It's so interesting... how the thought of "oh, i'll just get rid of my stop then" is the obvious choice.

I've never heard of almost anyone who says "hmm... if it keeps barely hititng my stop, then turning and hitting my target... why don't i just start placing my orders where I would NORMALLY place my stops...and then I can get a better risk reward, AND a better win rate"

funny how we tend to only see one way about it, when the other way would be an order of magnitude better, and also just as obvious of an observation.,

X
Sounds good in theory. Not sure if that works in practice though. Cause our minds are obviously very selective. We always tend to see the winners better than the losers. In the end, most people will still stay on the losing side (if their system is crap), even if they adjust entries and stops.
  • #83
  • Jun 4, 2012 12:57pm Jun 4, 2012 12:57pm
Quoting Custos
Sounds good in theory. Not sure if that works in practice though. Cause our minds are obviously very selective. We always tend to see the winners better than the losers. In the end, most people will still stay on the losing side (if their system is crap), even if they adjust entries and stops.
heh...ok, fair enough, good point.

However, in practice, the best places I find to place my orders is USUALLY where many others will likely have their stops.


Actually, works like a charm, when one also takes other elements of technical analysis into consideration.

X
  • #84
  • Jun 4, 2012 2:14pm Jun 4, 2012 2:14pm
Quoting forextraderx

It's so interesting... how the thought of "oh, i'll just get rid of my stop then" is the obvious choice.

I've never heard of almost anyone who says "hmm... if it keeps barely hititng my stop, then turning and hitting my target... why don't i just start placing my orders where I would NORMALLY place my stops...and then I can get a better risk reward, AND a better win rate"

funny how we tend to only see one way about it, when the other way would be an order of magnitude better, and also just as obvious of an observation.,
I like it, a bit of lateral thinking!
  • #85
  • Jun 4, 2012 2:26pm Jun 4, 2012 2:26pm
Quoting pipmutt
I like it, a bit of lateral thinking!
Of course, on a personal note, it took me many months, several thousand dollars, and I believe some tears as well, before i realized saw it.

Like everyone else, I too had joined the "my stop gets and then my target, so i'll just get rid of my stop!" club.

membership fees for that club just run at too high a cost for my account size.

X
  • #86
  • Jun 5, 2012 5:32am Jun 5, 2012 5:32am
I stopped trading because time wise average job makes me more money,although its harder,but at the end of the week im always in + and when im back home theres no bother in my head about what happened that day,also im trading stocks aswell,very small amount 0 leverage and in two years time im down about 60% to this day,so probably gonna be another 5 years if i gonna see any return from them,thats if companies wont go into liquidation .Now i know i said i quit forex but hopefully in future when i achieve my other goals and manage to save enough money that it wouldnt affect my lively hood and could trade mostly full time,then i hope i will remember every mistake i made and start trading with my head not emotions.
  • #87
  • Jun 5, 2012 5:39am Jun 5, 2012 5:39am
Quoting pinkiaiii
I stopped trading because time wise average job makes me more money,although its harder,but at the end of the week im always in + and when im back home theres no bother in my head about what happened that day,also im trading stocks aswell,very small amount 0 leverage and in two years time im down about 60% to this day,so probably gonna be another 5 years if i gonna see any return from them,thats if companies wont go into liquidation .Now i know i said i quit forex but hopefully in future when i achieve my other goals and manage to save enough...
  • #88
  • Jun 5, 2012 6:36am Jun 5, 2012 6:36am
pinkiaiii

I read your post, and it's horrible for sure, but you have given 4x 2 years, it sounds like you have had a bad time of it, you have also learned allot, you simply haven't found yourself yet, your isolated so don't be, lay of the live go demo for awhile, buy a good system, and make it your own, I use to be a pro gambler (horses) ask any gambler you have real hard times and great times, mths where you cant do anything wrong, mths where you lose dly, push through, 2 yrs in hell gives you great insight to how not do it, get advice, stop being alone and isolated, invest some of the cash in development, I have been there, and it aint a good place, it destroys you from the inside.
I wish you well sincerely, and what ever you do may your god look upon you with favour.
  • #89
  • Jun 5, 2012 10:29am Jun 5, 2012 10:29am
Funny enough i never placed a bet on horses,dogs-as i always think to do that you have to know the horse its owner and all the other horses,so its just pure luck or many i mean many years watching horse races.Altough as i admited before in forex im the horse as even if i tattooed a mistake that i shouldnt make,minute later il be sitting in some $hitty trade because my i think ill get lucky.So better Grow more brain before i do anything again with forex.As i always told my father id rather loose 100e in 50/50% trade in one day then collect pennies for three months to make same profit.And its because of the time i think like this,as if i was treating this as investing i wouldnt care i would put on a trade and leave it,like i do with the stocks,check them every three months or so.but in forex i dont have the amount that i need so instead i risk everything to try and make something,which does happen but only one mistake wipes out most of everything.Ok im going round ways now
  • #90
  • Oct 23, 2012 1:02am Oct 23, 2012 1:02am
Forex trading is not for all and there are many other profitable business available except forex trading. So if this business not suit with your personality leave it as soon as possible.
  • #91
  • Oct 23, 2012 4:35am Oct 23, 2012 4:35am
Quoting shanewatson
Forex trading is not for all and there are many other profitable business available except forex trading. So if this business not suit with your personality leave it as soon as possible.
I am totally agree. It's just not a cup of tea of the topic' starter. There are a lot of variants of investment. You should be sure if you invest you money in the field with a higher risk.
You know like there is a good time to close order , there is another good time to quit it at all.
  • #92
  • Oct 27, 2012 10:54am Oct 27, 2012 10:54am
Quoting shanewatson
Forex trading is not for all and there are many other profitable business available except forex trading. So if this business not suit with your personality leave it as soon as possible.
What other businesses like that are out there? Do you mean stock market? Opening your own business? Banks with 4% interest a year? Where does money makes money without having to invest hundreds of thousands?
  • #93
  • Oct 27, 2012 3:22pm Oct 27, 2012 3:22pm
Quoting meng88
I am totally agree. It's just not a cup of tea of the topic' starter. There are a lot of variants of investment. You should be sure if you invest you money in the field with a higher risk.
You know like there is a good time to close order , there is another good time to quit it at all.
Now that did make me grin a bit, esp the part about investing in a field with a higher risk. Well, from the initial reply, it is obvious that the poster was talking about investments that carry less risk as opposed to more..either way, there are quite a few investment options that do provide for a stable return with less to minimal risk.
  • #94
  • Last Post: Oct 29, 2012 5:16am Oct 29, 2012 5:16am
Quoting Forexnuts
Now that did make me grin a bit, esp the part about investing in a field with a higher risk. Well, from the initial reply, it is obvious that the poster was talking about investments that carry less risk as opposed to more..either way, there are quite a few investment options that do provide for a stable return with less to minimal risk.
I mean there are stocks with less risk. There is a variant of investment into government 's loan stocks. At least there are PAMM accounts (you can choose reliable trader). You can find, if you searching )
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