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All Indicators Trading system

  • #821
  • Nov 2, 2012 10:34pm Nov 2, 2012 10:34pm
Quoting Eur Usd
...

having 3 100% profit trades in a row on the beginning of trading new system tells you nothing. means only that you will loose 100% as fast as you can gain 100%. it doesn't mean it's good system, it means that the luck won't be on your side forever. and you need to count on yourself, not on luck.

patience, knowledge, discipline
Amen to quote above!!!

Patience and discipline are easier said than done. Knowledge (and experience) will take time, and so will patience and discipline.

Good luck to you!

P.S. This has been a wonderful thread on human psychology in trading. Tafa's unfortunate experiences are valuable lessons for everyone.
Here's wishing Tafa success!!!
  • #822
  • Nov 3, 2012 6:24am Nov 3, 2012 6:24am
something tells me that tafa will come back middle next week, he will do 2 x 100% profit trades, will inform us: "this is it, now watch this space, in a year I will be rich", then he'll "reward" himself with another 500 quid account (because 2 or 3 good profits confirm that the system is very good and you can easly topup your weekly wage on it, and you'll get rich in a month) , ......and you know the rest of the story
I was same as well. I still am sometimes but I keep fighting with my demons. I understood that nothing is sure in forex, and that chart can go against all indicators, can go against fundamental, can go against technical, without any reason (there's always a reason but you know what I mean) , so no point risking more then 1-2%.
It's up to youwether forex is trading or gambling
I have a job, I cope financially, so no point rushing. I give myself 3 more years. If I will be patient and keep up to discipline I will get there. When I'll notice my trades bring profits I'll be adding more to account.
My plan is:

I am starting from 25quid,

first 3 months: to add 20 quid each month after having any profits at all
it will allow me to get used to raising account amount

After 3 months if I was getting at least 20% profit each month I will allow myself to charge my account with 100 quid. If within last 3 months I didnt get to 20% profits each month I stick to what I have till I reach 3 months of 20% profit in a row.

After next 3 months, If I got the 20% each month again I will add 500 quid

after next 3 months if all goes well 1000 quid goes to my account.

and after next 3 profitable months 3000quid goes to account.

so full topping up of the account will take me at least a year and the account should have (profits plus topping up) over 7k on it (around 4,6k of my cash and rest is profit). and here topping up finishes. from now on I can trade just with it. If something goes wrong and my balance gets down to 5k I take all cash out and forex adventure finishes for me.
If all goes fine I can treat it as good part time job (that would give me probalby better profit than my full time job)

now, why do I estimate 20%?
I was trading choros for over a month, and over 130 trades later I had 30% profit getting after getting used to system 3-4% a day (and it was just beginning of trading this system), but let's not be greedy and get down to 20% monthly.
And another thing is while account grows you are more prone to mistakes. loosing 1 pip worth 1$ and 1 pip worth 100$ makes a difference for your mind, large account may force you to do silly mistakes. That's why I want to give myself time, to top up the account slowly, so the mind will get used to the amounts. It takes time to get rich, it takes years, not days. And I know it may work it may not, but I will never know till I try.

Tafa, I wish you good luck mate. don;t turn around half way, just try to be smarter. read them books written by people that know markets better than you ;-) you will find list of books in one of my topics
On my way to financial independence - if others can do it - I can do it
  • #823
  • Nov 3, 2012 7:03am Nov 3, 2012 7:03am
Quoting Eur Usd
Them general rules I got from books I have read. It would take me much much longer to get to them ideas on my own. Why I am not profitable? because I am impatient. I am like tafa. I want my prize now.... and then falling down is painful.
This time I told myself it's last time. I have to stick to rules. Always. For example as it is presidents elections in states it was easy to predict movement of EUR/USD down. But I have a rule: I trade only from home. I was at work today. And even now when I know I was right about the movement I am glad I didn't...
wise words
  • #824
  • Nov 6, 2012 1:54am Nov 6, 2012 1:54am
Quoting Eur Usd
something tells me that tafa will come back middle next week, he will do 2 x 100% profit trades, will inform us: "this is it, now watch this space, in a year I will be rich", then he'll "reward" himself with another 500 quid account (because 2 or 3 good profits confirm that the system is very good and you can easly topup your weekly wage on it, and you'll get rich in a month) , ......and you know the rest of the story

I am a fighter , back with a bang!!!!

  • #825
  • Nov 6, 2012 2:02am Nov 6, 2012 2:02am
Quoting tafadzwa02

I am a fighter , back with a bang!!!!

welcome back mate, I knew you won't give up.
now, as you already earned o,1% time to top up with another 500Quid ;-)
On my way to financial independence - if others can do it - I can do it
  • #826
  • Nov 6, 2012 3:06am Nov 6, 2012 3:06am
tafa, you said I am loosing. look at my account now. ;-)
faith in myself restored ;-)
On my way to financial independence - if others can do it - I can do it
  • #827
  • Nov 6, 2012 7:02am Nov 6, 2012 7:02am
Quoting Eur Usd
tafa, you said I am loosing. look at my account now. ;-)
faith in myself restored ;-)
http://www.forexfactory.com/eur*usd#...c.png?v=15.1">
Well done - Keep it up
  • #828
  • Nov 6, 2012 7:27am Nov 6, 2012 7:27am
the point is I am not proud of my last 3 trades, as they were made against rules
On my way to financial independence - if others can do it - I can do it
  • #829
  • Nov 7, 2012 8:04am Nov 7, 2012 8:04am
I made a fol of myself. again.
it's easy to give advices for others, harder to follow them
On my way to financial independence - if others can do it - I can do it
  • #830
  • Nov 8, 2012 5:16am Nov 8, 2012 5:16am
Quoting Eur Usd
I made a fol of myself. again.
it's easy to give advices for others, harder to follow them
I know exactly how you feel , take time off and come back next week.Just a word of advice, from experience of course , just stick to the rules , you might make money without sticking to them but , trust me , in the long run , you wiml come out the loser.It can take the whole month to build 20% profit , but it normally takes an hour to lose that.I have learnt my lesson and I am taking it very easy.You can see the difference between now and 4 months ago.I can tell you , it takes about 5-6 times of thrashing your account before you realise that this needs a cool head .
  • #831
  • Nov 8, 2012 6:05am Nov 8, 2012 6:05am
Quoting tafadzwa02
I know exactly how you feel , take time off and come back next week.Just a word of advice, from experience of course , just stick to the rules , you might make money without sticking to them but , trust me , in the long run , you wiml come out the loser.It can take the whole month to build 20% profit , but it normally takes an hour to lose that.I have learnt my lesson and I am taking it very easy.You can see the difference between now and 4 months ago.I can tell you , it takes about 5-6 times of thrashing your account before you realise that this...
Once I have 2 losses I start freaking out, greed and revenge kicks in. this is the last thing that stops me from success. and even when I feel that I am ok suddenly it comes back, last 2-3 accounts I blew were blown this way. good that the amounts were small ;-)
On my way to financial independence - if others can do it - I can do it
  • #832
  • Nov 8, 2012 7:08am Nov 8, 2012 7:08am
Quoting Eur Usd
Once I have 2 losses I start freaking out, greed and revenge kicks in. this is the last thing that stops me from success. and even when I feel that I am ok suddenly it comes back, last 2-3 accounts I blew were blown this way. good that the amounts were small ;-)
You not trading today?And when you not trading that's when you see all you signals winning .lol I know the story
  • #833
  • Nov 8, 2012 8:02am Nov 8, 2012 8:02am
Quoting tafadzwa02
You not trading today?And when you not trading that's when you see all you signals winning .lol I know the story
no, I don;t trade while at work, and I can't see signals without MAs, so just checking the prices ;-)
On my way to financial independence - if others can do it - I can do it
  • #834
  • Nov 13, 2012 4:43am Nov 13, 2012 4:43am
http://www.forexfactory.com/eur*usd#86

Too many trades in a day can kill your account
  • #835
  • Nov 13, 2012 4:59am Nov 13, 2012 4:59am
Quoting tafadzwa02
http://www.forexfactory.com/eur*usd#86

Too many trades in a day can kill your account
how you're doing mate?
On my way to financial independence - if others can do it - I can do it
  • #836
  • Nov 13, 2012 5:06am Nov 13, 2012 5:06am
Quoting Eur Usd
how you're doing mate?
I am doing great , to be honest , I have come of age .I am more relaxed when I do my trades and my confidence is back, even when I have a losing trade.I am only trading my system and It is working .I am no longer scared of candlesticks .lol
  • #837
  • Nov 13, 2012 5:09am Nov 13, 2012 5:09am
Quoting tafadzwa02
I am doing great , to be honest , I have come of age .I am more relaxed when I do my trades and my confidence is back, even when I have a losing trade.I am only trading my system and It is working .I am no longer scared of candlesticks .lol
keep doing this way and you'll get there :-)
On my way to financial independence - if others can do it - I can do it
  • #838
  • Nov 13, 2012 5:39am Nov 13, 2012 5:39am
[quote=Eur Usd;6189583]keep doing this way and you'll get there :-)[/quo

You have to understand that Risk Reward is Key , together with money management .This includes putting a stop loss to every trade.The market can be crazy and hit your money in one go if not careful.This thing is capable of anything , trust me , I have seen enough of it .I urge you to watch out for you risk and make sure your wins take care of your losses .
Just food for thought .
  • #839
  • Nov 13, 2012 5:41am Nov 13, 2012 5:41am
[quote=tafadzwa02;6189686]
Quoting Eur Usd
keep doing this way and you'll get there :-)[/quo

You have to understand that Risk Reward is Key , together with money management .This includes putting a stop loss to every trade.The market can be crazy and hit your money in one go if not careful.This thing is capable of anything , trut me , I have seen enough of it .I urge you to watch out for you risk and make sure your wins take care of your losses .
Just food for thought .
I know it when I give advice for others, it's harder to understand it when I trade myself ;-)
On my way to financial independence - if others can do it - I can do it
  • #840
  • Nov 14, 2012 10:29am Nov 14, 2012 10:29am
Sometimes it's just down to LUCK.I spent the last 4 trades (even making the mistake of selling GBPUSD and even buying it at some point thinking maybe this pair is not going down after all!!!) chasing the AUDUSD sell signal. It kept hitting my stop. It’s only today when I thought “I will wait for it to go a bit more up then I will sell it “
What does it do? comes straight back down as soon as it hit my stop without even getting to the high point I thought it would reach. I am gutted but unlike before , I am not going to be emotional about it , more signals will come my way , I have learnt it the hard way before when I have used emotion so I won’t repeat that , not now not EVER. I won’t chase it as I used to do when I was still an amateur.
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