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  • #2,721
  • Mar 20, 2013 1:46pm Mar 20, 2013 1:46pm
Quoting Oser
Mine was 4k up to 3k down, in a week... yes a 7k swing... kept thinking... it'll turn, it'll turn. stupid, stupid, stupid.

pennies to some, but to me, not so much!

That's the past man, I know its hard to block it out, but you got to!
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  • #2,722
  • Mar 20, 2013 1:46pm Mar 20, 2013 1:46pm
Quoting BobGnarly
Try not to let the margin calls happen again! Can't tell you how many times I had to learn that the hard way, amazing at how many times it takes you to realize things... build winners cut losers, I also hold over the weekend since I buy and hold 70% of the time, I just cut positions before fridays end in case of a Terrible sunday open. And if they do drop sunday I just reload from there as long as the main trend has not reversed.
I've blown my fair share of accounts too. Everyone goes through it, guys. It's the price of tuition... as long as you learn from it (eventually)
check out my blog: forexmademillionaire dot com
  • #2,723
  • Mar 20, 2013 1:49pm Mar 20, 2013 1:49pm
Quoting BobGnarly
Completely agree, bro... Think we break 147.958 this week? I have a good feeling we do
THIS week? It sure would be nice... seems we've been wanting it for so long now that I've nearly given up hope. But that's when the beast tends to rear its head, so maybe we'll see it soon
check out my blog: forexmademillionaire dot com
  • #2,724
  • Mar 20, 2013 1:56pm Mar 20, 2013 1:56pm
Quoting Geppy
I've blown my fair share of accounts too. Everyone goes through it, guys. It's the price of tuition... as long as you learn from it (eventually)
I probably shouldn't say it for fear of jinxing myself but, I've never blown an account. I've hurt it bad at times in the past but I still have the first one I ever opened.
Ghost Rider - WWTBMD?
  • #2,725
  • Mar 20, 2013 2:02pm Mar 20, 2013 2:02pm
Quoting albchr
I probably shouldn't say it for fear of jinxing myself but, I've never blown an account. I've hurt it bad at times in the past but I still have the first one I ever opened.
Impressive! Hopefully you never have to.
check out my blog: forexmademillionaire dot com
  • #2,726
  • Mar 20, 2013 2:06pm Mar 20, 2013 2:06pm
Quoting albchr
I probably shouldn't say it for fear of jinxing myself but, I've never blown an account. I've hurt it bad at times in the past but I still have the first one I ever opened.
Too late , you're jinxed now bro... Hahaha Jk , props for never blowing an account.. My first 3 months I blew 2 mini accounts with small amounts, nothing major. And had a few big drawdowns, drawdowns teach you the most in my opinion.. And as geppy said, its just tuition.. But you better graduate with a 4.0 its nice when you get to the point where you know a drawdown is no biggy and you will get it back quickly..
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  • #2,727
  • Mar 20, 2013 2:08pm Mar 20, 2013 2:08pm
Quoting albchr
I probably shouldn't say it for fear of jinxing myself but, I've never blown an account. I've hurt it bad at times in the past but I still have the first one I ever opened.
Oh tell me how Obi-wan. My problem is and has always been greed. I do pretty well entering trades but have a hard time exiting. I was up over 240 pips late last week only to get stopped out with 170 pip loss after the Cypress blowout. I had 4 positions open; 2-UJ and 2-GJ and said to myself, "Self, time to bank some money or at least tighten your stops to a profitable level." I did neither.
Illegitimi Non Carborundum
  • #2,728
  • Mar 20, 2013 2:11pm Mar 20, 2013 2:11pm
Quoting Geppy
Impressive! Hopefully you never have to.
Easy when you're basically

From the start I took the "cut losers fast and let winners run" very seriously. But to an extreme, I've cut an awful lot of winners off too soon and that's what's hurt me most. Kind of like last Friday. Had I held those 3, they would have all profited by now. But I banked the loss.

Just that now I'm a bit better at getting it back...lol
Ghost Rider - WWTBMD?
  • #2,729
  • Mar 20, 2013 2:17pm Mar 20, 2013 2:17pm
Quoting Choopyaz
Oh tell me how Obi-wan. My problem is and has always been greed. I do pretty well entering trades but have a hard time exiting. I was up over 240 pips late last week only to get stopped out with 170 pip loss after the Cypress blowout. I had 4 positions open; 2-UJ and 2-GJ and said to myself, "Self, time to bank some money or at least tighten your stops to a profitable level." I did neither.
The best way I found to conquer this was to literally keep track. When I felt like I "should" close out trades, but I managed to talk my self out of it, I'd start writing down my open equity and what my balance would be had I closed.

Then, pretend like you wouldn't have taken a new trade until you do actually close the position and take the next trade. Keep track of this over a series of 10-20 trades and see which balance is higher. To make it easy, keep two columns on that paper a "should have closed" column and an "actual" column.

Chances are, if you're struggling with this, the "on paper" balance, or "should have closed" column, will be much higher than your actual.

Take that paper and pin it on the wall or tape it to your monitor. Hopefully that will help you start taking profits and not talking yourself out of it.

I still talk myself out of not closing trades, but I'm much better at it than I used to be.
check out my blog: forexmademillionaire dot com
  • #2,730
  • Mar 20, 2013 2:21pm Mar 20, 2013 2:21pm
Quoting Choopyaz
Oh tell me how Obi-wan. My problem is and has always been greed. I do pretty well entering trades but have a hard time exiting. I was up over 240 pips late last week only to get stopped out with 170 pip loss after the Cypress blowout. I had 4 positions open; 2-UJ and 2-GJ and said to myself, "Self, time to bank some money or at least tighten your stops to a profitable level." I did neither.
That would tell me you either didn't have a plan (profit level) at the start, or you didn't follow it. I've done it many times as well. Or I'll have a plan and then change it in my head as PA progresses (yep, greed) and screw myself. But whenever I can have multiple positions open, I'll always bank one and cover the other(s).

Now I really stick to my plan (for the most part)

I live for no loose situations...LOL

As soon as I have this account large enough to have more than a .01 position, I'll do that again. But you can't split up a .01 position size...lol

And...I'm NO Obi-wan bro. See my subtitle? When I consider myself a "trader", it will read "I've Found My Way"
Ghost Rider - WWTBMD?
  • #2,731
  • Mar 20, 2013 2:24pm Mar 20, 2013 2:24pm
Quoting Geppy
The best way I found to conquer this was to literally keep track. When I felt like I "should" close out trades, but I managed to talk my self out of it, I'd start writing down my open equity and what my balance would be had I closed.

Then, pretend like you wouldn't have taken a new trade until you do actually close the position and take the next trade. Keep track of this over a series of 10-20 trades and see which balance is higher. To make it easy, keep two columns on that paper a "should have closed" column and an "actual" column.

Chances...
I like it! That's a great exercise bro. And a MUCH better answer than mine.
Ghost Rider - WWTBMD?
  • #2,732
  • Mar 20, 2013 2:35pm Mar 20, 2013 2:35pm
Quoting BobGnarly
hahaha, thats great...


But anyways I am looking at the 75-78 area to start building longs ahead of tomorrow.
Hey BobGnarly...when I look at your avatar, I see you in tropical paradise...all laid back and easy going....is that where you are? on a tropical island?......... .75-.78? as in 143.75-78.... cool

ETA I'm in Dallas flatland.....
  • #2,733
  • Mar 20, 2013 2:36pm Mar 20, 2013 2:36pm
Quoting albchr
I like it! That's a great exercise bro. And a MUCH better answer than mine.
Eh, I liked yours.

I veered from my trade plan last week (had PTs set at 145.50 and moved most of them higher) and it cost me a lot of lost opportunity because I changed my plan.

Good advice and something I still need to practice!
check out my blog: forexmademillionaire dot com
  • #2,734
  • Mar 20, 2013 2:44pm Mar 20, 2013 2:44pm
Quoting Geppy
Eh, I liked yours.

I veered from my trade plan last week (had PTs set at 145.50 and moved most of them higher) and it cost me a lot of lost opportunity because I changed my plan.

Good advice and something I still need to practice!
Yeah...LOL...we BOTH did.

But I took it a step further Friday and laid out 3 more longs (after saying I was done with 10%) I banked for a loss cause I got scared.

For me the biggest never ending learning process is..... LISTENING to myself!!
Ghost Rider - WWTBMD?
  • #2,735
  • Mar 20, 2013 2:58pm Mar 20, 2013 2:58pm
Quoting Gbp/jpy
Hey BobGnarly...when I look at your avatar, I see you in tropical paradise...all laid back and easy going....is that where you are? on a tropical island?......... .75-.78? as in 143.75-78.... cool

ETA I'm in Dallas flatland.....
144.75.. That was strong resistance earlier.. Would like 144.45/50 even more.

Haha and no, not on an island(YET) that is my dream lol. But as far as being laid back , yup thats me
Peace, mon
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  • #2,736
  • Mar 20, 2013 3:05pm Mar 20, 2013 3:05pm
I was rather hoping Asia would have a taste for selling tonight and thought 144.08ish (61.8% test) would be nice. Too much to hope for?

And...Bob Gnarly was always on a island....

4H
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Ghost Rider - WWTBMD?
  • #2,737
  • Mar 20, 2013 3:19pm Mar 20, 2013 3:19pm
Quoting albchr
I was rather hoping Asia would have a taste for selling tonight and thought 144.08ish (61.8% test) would be nice. Too much to hope for?



4H
IMO 144 should be tested before moving to much higher. But some of that will depend on GBPUSD.
  • #2,738
  • Mar 20, 2013 3:34pm Mar 20, 2013 3:34pm
Quoting BobGnarly
144.75.. That was strong resistance earlier.. Would like 144.45/50 even more.

Haha and no, not on an island(YET) that is my dream lol. But as far as being laid back , yup thats me
Peace, mon
the 144.30-144.50 zone would be a great pull back area. That's where we failed to break through on the 18th, fell from there, and finally broke earlier today. Great area to buy if we can get there for a test.
check out my blog: forexmademillionaire dot com
  • #2,739
  • Mar 20, 2013 4:38pm Mar 20, 2013 4:38pm
Quoting Geppy
The best way I found to conquer this was to literally keep track. When I felt like I "should" close out trades, but I managed to talk my self out of it, I'd start writing down my open equity and what my balance would be had I closed.
I like it.

I always have a plan, but many times think, "just a bit more might be nice" and that always bites me in the butt. If you do the minimum DD almost every trade you take will be in profit at some point and in time be negative. I usually like to open multiple positions and close them one by one and let the last one run with a SL at B/E. This week I just thought we were in for a long run up, didn't take any profit, but at the same time left my stops too tight, but not tight enough to minimize a large loss. Bad planning on my part, but a good learning experience.

I've recouped about half my loss so far this week. Just a few more pips to get back to where I was a week ago
Illegitimi Non Carborundum
  • #2,740
  • Mar 20, 2013 5:09pm Mar 20, 2013 5:09pm
Quoting Geppy
the 144.30-144.50 zone would be a great pull back area. That's where we failed to break through on the 18th, fell from there, and finally broke earlier today. Great area to buy if we can get there for a test.
I agree... But I would love to see price drop to 143.75-50 area.
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