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Money Management is everything

  • #61
  • Oct 29, 2012 4:19pm Oct 29, 2012 4:19pm
Quoting Paddy9
Many thanks for your reply - I 'm glad that you like the Goons.

You must have a very solid Money Management strategy if you have managed 8% in six months and you are only risking 0.5% per trade.

There will be a lot of Walter Mittys on Forex Factory who would kill for those numbers. http://www.forexfactory.com/images/icons/icon14.gif

If your account is live rather than demo and if it is more than one year old then you would be well inside the top 75 traders on Forex Factory who display a Trade Explorer .
Ok thanks.
It is a live micro account of around £600 so probably not too impressive. Biggest drawdown is approx 10%. My trading transformed for the better when I started to concentrate on reducing drawdown rather than aiming for "large" returns. Unfortunately my broker isn't on Trade Explorer.
  • #62
  • Oct 31, 2012 11:10am Oct 31, 2012 11:10am
Today I have been mostly.......trying not to lose my shirt on my eurusd trades.

One drawback in using my world class indicator ( 2000 setting ) is that it makes me sell the euro as it is shooting up to the stars.

Another drawback is that if I don't take the stupid looking trades I end up wishing that I had.

Today I followed my leader.

Tomorrow I will be mostly........doing as I'm told.
  • #63
  • Nov 1, 2012 12:34pm Nov 1, 2012 12:34pm
Today I have been mostly ...........wondering if my GBPUSD trades were going to work out o.k.

Tomorrow I will be mostly.............looking forward to the weekend.
  • #64
  • Nov 6, 2012 9:14am Nov 6, 2012 9:14am
I was hoping for a busy week at the cutting edge of technical analysis this week. But a dark cloud is looming.

My mate Dave ( who works down the local chip shop ) doesn't think he's Elvis- but he is a Walter Mitty.

He knows nothing about forex - but he wants to be a highly respected Guru on Forex Factory by the end of the month !

I told him to go to the Baby Pips site - we top flight traders don't have time to mentor newbies. It's not that I am snooty it's just that Dave smells of fish.

It's hard enough trying to take money off Oanda without "Dave The Chip" looking over your shoulder.
  • #65
  • Nov 6, 2012 9:29am Nov 6, 2012 9:29am
I have not been paying proper attention today and I have ended up with the usual selection of dodgy looking trades. It's a good job that "Money Management is Everything ".

Unfortunately my mate Dave ( who works down at the local chip shop) wants me to teach him my highly confidential, top secret forex trading method.

He says that if I don't he will stop the free fish and chips that he gives to me and Mrs Mission Control.

Mrs Mission Control has stepped in with the usual threat regarding my pocket money. So I have agreed to spill the beans to "Dave The Chip".

Regular reports of his progress will follow.
  • #66
  • Nov 7, 2012 8:25am Nov 7, 2012 8:25am
The smell of fish must bring me luck.

My new pupil (my mate Dave who works at the local chip shop ) has been sitting beside me today to see how I trade forex.

According to my Trade Explorer I am 641 pips up for the day.

I am now flat ............ like some of Dave's fish http://www.forexfactory.com/images/icons/icon7.gif

Dave seems to think that this forex lark is easy.

You just toss a coin and..............

In his spare time Dave has been studying the basics of forex and at this very moment he is completing the first written test that I have given him.

I can't wait to read his answers.
  • #67
  • Nov 7, 2012 9:41am Nov 7, 2012 9:41am
As I am flat now, it is a good time to update my performance.

Pips today 641
Pips this week 760
Pips this month 850
Pips this year 5879

I have been reading Dave's answers in his written test:

Question - What is a stop loss ?
Dave's answer :
This is a protective measure that you put in place when you take out a trade.
You then increase your stop loss as it becomes more and more likely that it will be hit.
In the end you abandon the stop loss and close all of your trades manually.
You then hastily post on Forex Factory "Got out at break even ......didn't like the price action".

Well at least he has got the first question right.
  • #68
  • Edited 2:37pm Nov 9, 2012 2:23pm | Edited 2:37pm
My mate Dave ( who works at the local chip shop ) has blackmailed me into revealing to him all the dark secrets of my cutting edge forex system.
He has been sitting next to me all day asking increasingly annoying questions:

Dave : Why do you use your thread to make sarcastic comments about Technical Indicators ?
Me : I don’t like them -they clutter up my charts.
Dave : You don’t use a chart when you are trading – you just toss a coin without opening a chart.
Me: It’s Friday night - shouldn’t you be down at the “Cod Father “ serving life threatening food to large people
who wobble when they walk ?
  • #69
  • Nov 9, 2012 4:00pm Nov 9, 2012 4:00pm
Quoting Paddy9
My mate Dave ( who works at the local chip shop ) has blackmailed me into revealing to him all the dark secrets of my cutting edge forex system.
He has been sitting next to me all day asking increasingly annoying questions:

Dave : Why do you use your thread to make sarcastic comments about Technical Indicators ?
Me : I don’t like them -they clutter up my charts.
[i][font=Calibri][size=4]Dave...
yh love it
  • #70
  • Jan 6, 2013 12:26pm Jan 6, 2013 12:26pm
drawdown!
  • #71
  • Mar 17, 2013 9:29pm Mar 17, 2013 9:29pm
50% DD.

You are averaging down price, which is risky! Time to bring back to profit would be longer.
  • #72
  • Mar 17, 2013 9:39pm Mar 17, 2013 9:39pm
maybe he have to wait up to 1 year. or more.
  • #73
  • Oct 14, 2013 3:59pm Oct 14, 2013 3:59pm
I have been busy slaving away at the cutting edge of technical analysis for nearly a year without posting on Forex Factory.

I just couldn’t face it. It all started about a year ago.

About a year ago I was explaining “coin tossing theory” to my mate Dave ( who works down the local chip shop).

All of a sudden Dave insinuated that I was a hopeless trader who should close all his open positions before his account implodes.

With as much dignity as I could muster I said :

  1. David !
  2. You have never had a live forex account in your life.
  3. You have never had a forex demo account in your life.
  4. What you know about forex trading could be written on a pin head with a pneumatic drill.


He said:

Yes that’s all true - but I have six vouches on Forex factory which is five more than you.

  • #74
  • Oct 14, 2013 4:05pm Oct 14, 2013 4:05pm
Quoting Paddy9
I have been busy slaving away at the cutting edge of technical analysis for nearly a year without posting on Forex Factory. I just couldn’t face it. It all started about a year ago. About a year ago I was explaining “coin tossing theory” to my mate Dave ( who works down the local chip shop). All of a sudden Dave insinuated that I was a hopeless trader who should close all his open positions before his account implodes. With as much dignity as I could muster I said : David ! You have never had a live forex account in your life. You have never had...
been there done that, Good Bye
  • #75
  • Oct 16, 2013 4:41am Oct 16, 2013 4:41am
It seems that my Scottish mate Dave ( who works down the local chip shop ) had a cunning plan.

He joined Forex Factory – then he started visiting threads started by people with a high number of vouches.

He then started posting saying how marvelous the thread starter was.

He claimed that he was using their system and making shed loads of money.

If some newbie posted saying that the system was rubbish Dave would defend the thread starter and tell the newbie to read the entire thread from the start ( all 5 million posts ). Of course no one ever did.

The thread starter would eventually reward Dave for his loyalty with a vouch.

Now he has got six – five more than me.


I don’t know if I have mentioned this before but Dave smells of fish.
  • #76
  • Edited 2:40am Oct 26, 2013 1:21am | Edited 2:40am
so did you cut your loss on your shorts on USD/JYP from last year nov? or still holding on to it?
  • #77
  • Edited 10:50pm Oct 27, 2013 8:38pm | Edited 10:50pm
just don't know how money managment can be everything if you don't have a profitable system

is like going to the casino to play roulette and think you are going to win just with MM , when in reality you have zero chance
  • #78
  • Nov 3, 2013 1:09pm Nov 3, 2013 1:09pm
Quoting diediex
so did you cut your loss on your shorts on USD/JYP from last year nov? or still holding on to it?
Still holding on.

Dunno much about science books , dunno much about the French I took but I do know this ............this account will bounce back- or maybe not. Who cares - because my Money Management is carefully planned I don't care which way the wind blows.
  • #79
  • Nov 3, 2013 1:39pm Nov 3, 2013 1:39pm
Quoting shark10
just don't know how money managment can be everything if you don't have a profitable system is like going to the casino to play roulette and think you are going to win just with MM , when in reality you have zero chance
I hate people who say " read the thread from the start" .

I ask myself...... why should I read the boring old thread from the start ?

If you can be bothered ( and I can't ) to read all of my thread you will see why I believe that
no matter how good your trade selection is - your profitability will be determined by your Money Management.

If you can be bothered ( and I can't ) to read all of my thread you will see why I believe that
no matter how bad your trade selection is - your loss will be determined by your Money Management.
  • #80
  • Nov 13, 2013 3:25pm Nov 13, 2013 3:25pm
Quite frankly it's a scandal.

"Dirty Dave" is manipulating the FF vouches system.

I call it "Vouch Gate".

In fact I started my own "Vouch Gate " enquiry.

My enquiry is based on that film with Dustin Hoffman and Butch Cassidy.

I think that it was called" All The Presidents Men....... In Black" or something like that.

My mate Bob played the part of Dustin Hoffman ( short with rodent like features).

I played the part of Butch Cassidy ( tall blond hunk).

Everything was going great until Bob asked Mrs Paddy9 to play the part of our "Deep Throat".

Mrs Paddy9 doesn't understand investigative journalism terminology.

Anyway my pocket money has been stopped..... as usual.

I don't know if I have mentioned this before, but it's a hard life at the cutting edge of investigative journalism.

Taking into account the pocket money situation ....the investigation has been "mothballed".
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