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WTF is wrong with me?

  • #21
  • Dec 29, 2013 10:41pm Dec 29, 2013 10:41pm
Quoting skenobi
{quote} I took a look at the failed trade: http://www.forexfactory.com/showthre...rade1390491401 I'm more interested at your rationale for selling EURUSD when you did, along with your position-sizing methodology (if you had any).
Do you imply you took his money? :nerd:
  • #22
  • Dec 29, 2013 11:52pm Dec 29, 2013 11:52pm
Quoting skenobi
{quote} I agree with TraderJoe for the most part. If a strategy called for the use of stop loss orders then so be it. I will reserve my judgment on whether stop losses orders are "the ruination of a trader" because I know of traders who can make money either way so whatever works for them simply works. To Mnmlst_Trdr, I took a look at the failed trade: http://www.forexfactory.com/showthre...rade1390491401 [highlight=yellow]I'm more interested at your rationale for selling EURUSD when you did, along with your position-sizing...
If you look at that trade on a 4H time frame, there was what what looked a major resistance area. I took the trade and walked away. Dumb!


Anyway, time to move on and welcome the new year!
  • #23
  • Dec 30, 2013 12:35am Dec 30, 2013 12:35am
"If a man didn't make mistakes he'd own the world in a month. If he didn't profit by mistakes he'd not own a blessed thing" Jesse Livermore.
  • #24
  • Dec 30, 2013 2:21am Dec 30, 2013 2:21am
nicked these posts from another thread, I said this to you on December 17th, try some longer timeframes, brokers want you to take lots of trades for a reason....




Quoting Mnmlst_Trdr
I have been doing very well with short term trades on the 5m and 15m lately. Just plot a 20 & 50 ema and use your instincts. After enough screen time, good instincts develop naturally.



all entries are 50/50 essentially, and this approach will work well, but, beware the bad day, with such an unstructured approach emotions can quickly come into play and spiral out of control. Less likely to happen with a longer TF.

tradewith60
  • #25
  • Dec 30, 2013 6:54am Dec 30, 2013 6:54am
He lost 40% account value in a single trade. And if he doubled his account in 40 days that also reveals that everything is wrong wrt his trading plan and overall strategy.


Quoting Magix
{quote} Hate to wreck your thread here, Mango... If you doubled your account in 40 days, ain't fuck all wrong with you. You took a losing trade.. So what? Ya don't gotta go all drama queen here. If you let this shit get in your head, much past the point where you accept that you took a loser of a trade, you will never see the same gains again. Scared money doesn't trade. Scrap this fucking thread, close down this window and never look back at this subject.
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #26
  • Dec 30, 2013 6:59am Dec 30, 2013 6:59am
Magix was giving him tough love to help him snap out of it. A hit like that can really mess with your mind and create even more havoc on your account. The OP is asking for help and knows it was a dumb move. That point is clear. If you have time, help him out with a better plan...

Quoting Spreadbetter
He lost 40% account value in a single trade. And if he doubled his account in 40 days that also reveals that everything is wrong wrt his trading plan and overall strategy. {quote}
SPC * Swollen PocketZ Crew!
  • #27
  • Edited 8:05am Dec 30, 2013 7:42am | Edited 8:05am
Quoting Mnmlst_Trdr
{quote} If you look at that trade on a 4H time frame, there was what what looked a major resistance area. I took the trade and walked away. Dumb! Anyway, time to move on and welcome the new year!
Looking at the time of your trade, I can guess your rationale behind it. Correct me if I'm wrong. The resistance area in my view is weak because 1. Price didn't fall rapidly from it; it hung around for quite a while, so any sell orders there is more likely to have been hit. 2. Two candles later price did test that area again and did drop thus capturing the remainder of the sell orders. So really after that we should really be looking for the resistance to be broken, which was exactly what did happen.

When we get a good run, it is human nature to get a little blase about things and push the boundaries. It's called greed . Maybe you should print off that trade and stick it on your desk, just in case... good luck.

Also it's a strange time of year. I don't trade live at this time .

Edit: my mistake - you entered 3 candles further on which means that resistance had already been tested 3 times!
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  • #28
  • Dec 30, 2013 8:04am Dec 30, 2013 8:04am
Anyone who risks 40% on a single trade without a stop loss is beyond help. The only explanation is if its a $200 play account, that doesn't make it acceptable only 'understandable'.



Quoting JoeNY
Magix was giving him tough love to help him snap out of it. A hit like that can really mess with your mind and create even more havoc on your account. The OP is asking for help and knows it was a dumb move. That point is clear. If you have time, help him out with a better plan... {quote}
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #29
  • Dec 30, 2013 8:24am Dec 30, 2013 8:24am
I've read a lot of his post. He seems like a cool guy. He'll be fine... even successful one day.

Quoting Spreadbetter
Anyone who risks 40% on a single trade without a stop loss is beyond help. {quote}
SPC * Swollen PocketZ Crew!
  • #30
  • Dec 30, 2013 10:35am Dec 30, 2013 10:35am
Thanks everyone for all the feedback. For the record, and in response to Spreadbetter, yes it is a small account funded with an amount that will not hurt me even if I lost it all. I am actually at about break-even.

The point is, I am treating it as if it is my full time trading capitol. I'm Trying to develop the mentality and discipline needed to go full-time.

I know it will happen eventually.
  • #31
  • Dec 30, 2013 11:05am Dec 30, 2013 11:05am
I was just reading something about Livermore.

"Livermore sometimes did not follow his own rules strictly. He claimed that his lack of adherence to his own rules was the main reason for his losses after making his 1907 and 1929 fortunes." Source: Wikipedia

We're all human .... sometimes.
Nothing worth having is easy.
  • #32
  • Dec 30, 2013 11:06am Dec 30, 2013 11:06am
Quoting Spreadbetter
He lost 40% account value in a single trade. And if he doubled his account in 40 days that also reveals that everything is wrong wrt his trading plan and overall strategy. {quote}

Point me to a single post that has been written or when it gets written that is of any value, in this thread.

They are all the same market bullshit cliches that have zero meaning if taken out of context are 100% meaningless.

What he has done, few can do.

If he follows the trek of the vast majority of posters here, he will never do it again.

Scared money doesn't trade!!!

The longer he spends focused on all or any of these posts, decreases the likelihood that he will be able to ever achieve the same again. Accomplishments are for those who spend more time looking at something that can be done, not looking for reasons they can't.

Your aspect is that his methodology is flawed because he took a losing trade.

Well Champ, if this were the same for all others, this would be a pretty lame site and the markets would have a lot less retail traders.

I stick to my statement. He took a losing trade, the size and amount are meaningless. Even if I took it from the aspect that this was the mother of all fuck ups, he still lives to fight another day.

If you ran into the vehicle ahead of you with your own, would you take driving instructions from the general public?
If you burnt your toast this morning, would you write a blog about it?
If you nailed your wife last night and failed to get her pregnant, (if this was your goal), would you lean on others for assistance?

Others will continue to post here, some taking the high ground as if they never seen the same in their own accounts, some will take the standpoint that it did.

Who cares. People losing a trade happens every day, hardly a reason for an entire thread.

It takes a serious amount of brass to double an account in 40 days...I'd like to see that thread. This one, is just a steaming pile of shit that, in as far as I am concerned, has no value with exception stroking social media and giving others another facebookish thread to chime in on.

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #33
  • Dec 30, 2013 11:21am Dec 30, 2013 11:21am
I think we all just got an ass whoopin from Magix
SPC * Swollen PocketZ Crew!
  • #34
  • Dec 30, 2013 11:31am Dec 30, 2013 11:31am
Quoting JoeNY
I think we all just got an ass whoopin from Magix


We all have our own methodology for dealing...

I do prefer and think others should take a piece of advice from Cloggie on this one.

Write it down on a post it note and stick it to the side of your monitor.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #35
  • Dec 30, 2013 11:36am Dec 30, 2013 11:36am
It's all good Brotha....

Quoting Magix
{quote} We all have our own methodology for dealing... I do prefer and think others should take a piece of advice from Cloggie on this one. Write it down on a post it note and stick it to the side of your monitor.
SPC * Swollen PocketZ Crew!
  • #36
  • Dec 30, 2013 11:40am Dec 30, 2013 11:40am
Quoting JoeNY
It's all good Brotha.... {quote}
Attached Image
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #37
  • Dec 30, 2013 11:41am Dec 30, 2013 11:41am
Ha ha... ya like that

Quoting Magix
{quote} {image}
SPC * Swollen PocketZ Crew!
  • #38
  • Dec 30, 2013 11:52am Dec 30, 2013 11:52am
I went the wrong way trading futures years and years ago, sat there watched a 200pip move in my direction, thought that'll do, checked the account not there, hey, errrmmmm, margin called WHAT, ohhhh I went the wrong way and blew the account!!



It happens to the best of us ( and me ) brush it off and get back on it, try not to do it again LOL
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #39
  • Edited 8:53pm Dec 30, 2013 11:54am | Edited 8:53pm
Quoting Mnmlst_Trdr
I lost all of my profits on a dumb, no stop loss EUR/USD short trade left open overnight. I over reacted and deleted my trade explorer and went invisible all weekend. Well people, I have come to realize that I cannot hide from my mistakes. I learned now to ALWAYS use a frick'n stop loss! It is my undying wish to be a full-time trader. This sh** cannot happen again! The trade explorer is the best tool I have ever used for trading. It's back up and will remain for me and the world to see as I f*** up OR realize my dream.
You are not alone. These guys too lost all their profits on a single trade. Both are live accounts.
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  • #40
  • Dec 30, 2013 12:00pm Dec 30, 2013 12:00pm
Quoting Patience
I was just reading something about Livermore. "Livermore sometimes did not follow his own rules strictly. He claimed that his lack of adherence to his own rules was the main reason for his losses after making his 1907 and 1929 fortunes." Source: Wikipedia We're all human .... sometimes.
That is the ONE book I have not finished yet, Reminiscenses of A Stock Operator. I will read it this weekend.
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