My mentality - my problem

YOU WILL NEVER ESCAPE THOSE FEELINGS (greed - revenge - fear). If you are born with them you are born and that's it. You will be frustrated if you don't let them in your life and you ll be more like a time bomb.

I lost lots of money because of those 3 feelings and the only reason I'm ok now is because I put all my strength in trying to find a strategy that would be appropriate for an EA. I know 100% that I will never be able to do it correctly if I do it my self no matter what strategies I learn.

To tell you the truth I understood what I have to do only after I spoke with a shrink. We discovered all kind of shits about my life and I understood what are some of my problems.

Try do the same. Find out why you are impatient, why you are greedy but even if you find out those things don't think you solved the problem. Those feelings will appear from time to time and will ruin your account, your life etc.

I'm not encouraging using/buying any kind of EA. You have to build it ( the logic at least ) from the scratch, using what ever you think it fits you better and with trial and error it's impossible to not reach something profitable. It will cost you a lot less then loosing 1-2 accounts, it will eat a lot of your time and you will learn a lot. You will get bored, you will get evrika moments and then again some disappointment and maybe, only maybe, in the end you will get something.

Cheers and good luck

thanks fahren for the reply ;-)

I know what causes my greed. it is lack of financial safety and fear of the future

and this is how I was doing over last 2 months. I made 2 topups of the account in total, otherwise the percentage would be higher.
http://www.forexfactory.com/showthre...31#post6689531

getting back to normal. looses were like a bucket of cold water for me. understood that I need to work on myself more and keep reading my own rules all the time.

Now that you have rectified the problems yourself which you have listed down so clearly, its time for you to act on those problems. Like in case of emotions try to control your emotions and don't let them rule your mind. Do not be over confident, have proper trading plan and be disciplined while trading in the forex market to make profits.

35% for this week is more than enough for anyone , if I were you , I would stop NOW till next week , else you will be crying again

35% of revenge trades is shite. today I trade like a pro again, with proper mm (missed 100 pips down on EJ and got out by s/l just before it went down, but I can't predict future)

If you follow your strategy , you should be fine . I had a sell limit on GBP/JPY on 15605 yesterday , it did not trigger me , I then went in with less ££ and managed £49 , which was not bad . So sometimes , just let go because this market is here to stay , it is not going anywhere . You should have a limit in % terms what you need to stop trading for that week?

market is my limit. one week it may be 10% another 50% - if I see a lot of movements/opportunities on the market why should I stop?

my account is 71 days old. I never lasted that long without blowing the account. except it I did some mistakes this week and am not doing well.
Greed - I am greedy because I don't feel financially safe. I want to provide my family better life - the more I worry the worse it is.
And the impatience. So many times I did simulations - how would my account look like after a year if I got only 3% profit 100 days in a year - It would look great. but once I get the profit I want more. It is first few trades a day are good and then it goes bad. my 5-10% of profit can change into 20% loose - I need to work more on my mentality. my system and it's mm are fine. but then I start doing silly things.
the account I run is still a test (but live) account. 75 Pounds paid in (25 what gave me about 80% a month and after a month 50). max I got of it was around 105. at the moment I have 35Quid left. I will keep running it till I get 100 (2-3 months If I won't screw again). no point loosing any more money. If I will cope with it and keep account growing for 3 months I'll start thinking about topping up.
Next trading day for me will be Friday. till this time I'll analyse my system, re-read manuals, read more of van Tharp, and will keep studying this one: http://www.forexfactory.com/showthread.php?t=416131
I know when I fail. I keep doing well in trend market, but keep loosing in consolidation - I know how to change it - just need time.
I know I can be a good trader, I just need some more time.

I've been thinking about mistakes I made and it is time to identify my mistakes in written and to write down my mm rules.
I am doing well in bull/bear market, it is consolidation market when I loose – I should lower down the positions. Also I shouldn't trade after 12pm CET. Every morning I catch at least 3% of profit (my target a day is 3%) and usually it is over 5%. and in the afternoon I do some silly mistakes just to loose it. Also when the risk is set at 1% I am not afraid to loose the trade. It is when I set it higher I feel afraid of loosing it so I move the s/l (widening the risk).

So my entries will be:
in consolidation markets I'll trade only on bounces of daily pivot S and R, bounces off daily high and low and weekly high and low. The s/l will be 20-30 pips at 1% of risk

in bull/bear market I'll trade according to choros/dance rules. Bounces off 35 SMA will have 3-5% of risk at 7 pips of s/l, depending on situations. Bounces of 10 EMA will have 1% of risk at 7 pips s/l.

Higher risk only if I got over 6% profit a day and risk only till moment when I get down to 3% profit.

Trading hours 7am-12pm, never longer as I always loose I the afternoon what I earned in the morning.

Sticking to 3% a day rule over 2 years will give me a nice profits. I can trade about 10 days a month, which makes it about 120 days a year, over a year I can multiply the account 33x.
The system/method (choros) worked well for me, was tested many times and gave me 30-80% profit a month, and I was screwing only due to my greed.

Of 75Pounds paid in I have 35 left. I won't pay in any more till my account grows to 100Quid or more. The total I intend to pay in will be 3k. At 3% a day I will be getting of it more a day than from my full time job.

Hope reading my own rules before trading will help me. Next trading day is Friday

Best of luck to you and I hope your explorer will turn green soon.

I can say, I have followed more or less that same path as you, I did the best and the worst trading stock and options, then turned to FX to do the same, I tried what the people were saying just to loose, and then the contrary just to loose too and getting everyone telling me to not do that but I think that a trader must try everything he thinks it's worth on its long path to success.

As you, I finally found some time ago that the final piece that was not working was just me, and then, what I did and what I'm doing now was to stop trading like I was trading in those days. I have the luck to be a professional programmer so instead of trading with my rules, I spent my time writing an EA with my rules in it and letting it trade for me.

Now, I do my best to improve it constantly with new ideas, I see during tests, that some work, and some not and I know that, that EA has the best of me in it, it could work or it could fail, we will see, and I'm willing to risk my account for that but at least, it trades with my logic while keeping my emotions outside.

At least you did what a lot of people is not capable to do here, instead of proving to everyone what works or not, you are just honest firstly with yourself, secondly with the pales that read you, and this is a mandatory step to success.

I wish you the best and would be happy to share any opinion if in any way I can help.

Thanks for the kind words :-)

this market is a joke EURUSD came back just for my stop and suddenly it's back up , I had a feeling it was going to do that , bastard

it does it quite often. It is difficult to trade once you work.

Its just not fair I was in that trade since Friday , I only closed it because my signal said I should , but I was so confident EURUSD was going up

mate your system is crap. I told you many times - try choros/dance, practice it and slightly re-build to fit your daily rutine

We shall see , you will eat your words very soon

If I got one penny for each time you said so ;-)

Both of your systems show almost the same All Time Result, so it would be more productive to have a gentleman's thread discussion on how to improve each one's system than to read testosteronic argumentation that serves nobody.

Don't you think so ?