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WTF is wrong with me?

  • #41
  • Dec 30, 2013 12:05pm Dec 30, 2013 12:05pm
Quoting Magix
{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...

Well said my friend. I will prevail!
  • #42
  • Edited 12:26pm Dec 30, 2013 12:13pm | Edited 12:26pm
Yes you must.

Now keep something in mind when you finish reading it. I'm not a historian but it seems to be all over the place that he died broke. I want you to remember one thing. This is my take and no one can change my mind. He died broke because he spent all of his money living the good life not because he lost it trading. Remember, he loved fishing and bought his own fishing yachts. Remember the glass is always half full. It's your choice..

(A brand new Viking Fishing Yacht today in the 60' ft range is close to 4 mil)


Quoting Mnmlst_Trdr
{quote} That is the ONE book I have not finished yet, Reminiscenses of A Stock Operator. I will read it this weekend.
SPC * Swollen PocketZ Crew!
  • #43
  • Dec 30, 2013 12:59pm Dec 30, 2013 12:59pm
So here is my original trade plan. A quick scalp type trade (served me well, look at the equity curve) and take profit at the round number area. As you can see, I DID have a stop loss that I CANCELLED!!!! Awesome.

I think I was drunk on egg-nog, LOL
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  • #44
  • Dec 30, 2013 4:02pm Dec 30, 2013 4:02pm
Irony alert. You're a full bag of cliched shite. "Scared money don't trade" being the classic.

Quoting Magix
{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...
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #45
  • Dec 30, 2013 4:09pm Dec 30, 2013 4:09pm
So you say you're treating it as a serious trading capital account yet you lose 40% on a single trade? Try 1% risk per trade and aim for 100% growth per year once you've amassed sufficient capital to trade correctly. Under capitalisation is one of the major overlooked critical barriers to success in retail trading. You're pushing string fooling yourself if you believe the bullshit rags to riches stories on here, you'll never turn that 200 dollars into 200K.

Quoting Mnmlst_Trdr
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.
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #46
  • Dec 30, 2013 4:14pm Dec 30, 2013 4:14pm
Quoting Spreadbetter
Irony alert. You're a full bag of cliched shite. "Scared money don't trade" being the classic. {quote}

Shit....with an E on the end.

Profound.

And equally as worthless as your previous post.

Kicke Stones, wannabe.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #47
  • Dec 30, 2013 4:20pm Dec 30, 2013 4:20pm
Quoting Magix
Shit....with an E on the end.
Common British slang there Magix
Nothing worth having is easy.
  • #48
  • Dec 30, 2013 5:53pm Dec 30, 2013 5:53pm
Quoting Spreadbetter
You're pushing string fooling yourself if you believe the bullshit rags to riches stories on here, you'll never turn that 200 dollars into 200K. {quote}
Actually I beg to differ. You made one crucial error with that statement. You can turn any amount of money into any amount of money if your have the time. With the proper Money Management setup and a back tested strategy that is proven more than 50% accurate over time. You can amass any amount of money really. No different than having a vending machine that 51% of the time you put in $1 it gives you $1.50. Yes it will take you an eternity to get 200k but do NOT ever say it's not possible.

Also, it is extremely foolish to enter into a trade with no Stop.Loss or delete it, or not have clear rules on where to place it. These things happen. All that happened was he paid his tuition and learned a valuable lesson. Always have a default stop loss on a trade when entering into one and adjust as needed but NEVER under any circumstance remove it.

Trading is not about making phonomenal amounts of money it is about conserving capital. Making money is the by-product.

Cheers
  • #49
  • Dec 30, 2013 7:03pm Dec 30, 2013 7:03pm
Quoting Denouement
{quote} Actually I beg to differ. You made one crucial error with that statement. You can turn any amount of money into any amount of money if your have the time. With the proper Money Management setup and a back tested strategy that is proven more than 50% accurate over time. You can amass any amount of money really. No different than having a vending machine that 51% of the time you put in $1 it gives you $1.50. Yes it will take you an eternity to get 200k but do NOT ever say it's not possible. Also, it is extremely foolish to enter into a trade...
I totally agree with this. Thing is, it's not everyone that can ... or want to start Forex with 50k. I think that doubling 1000 into 2000 is as hard as turning 100k into 200k. It might even be easier to turn 100k into 200k because you can negotiate lower spread. I started with 1000$ and I have now 1600$ and it's very very very rewarding.
  • #50
  • Dec 30, 2013 7:45pm Dec 30, 2013 7:45pm
Quoting Mnmlst_Trdr
... 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.
Quoting Mnmlst_Trdr
{quote} ... I just have a bad habit letting losses run sometimes. And that is against my plan.
Read your own "WTF is wrong with me?" writings everyday to brainwash your trading mind..
Without having a right frame of mind, trading is a losing game even before it starts..

http://www.moviegoods.com/Assets/pro...727.1010.A.jpg

As our friend Spreadbetter pointed out that you're pushing the limit in a reckless way playing with peanuts in hope of achieving your dream.. so in essence if you're serious, you need to work on that little thing inside your head besides trying to prefect the tools in preparation for the day that you've amassed sufficient capital to trade correctly..

Not sure about his trading correctly with "1% risk per trade and aim for 100% growth per year", but IMO you must bet with risk-adjusted temper conviction trading the HTF charts like THIS to make money over time.. scalping the intraday noises will not cut it contrary to popular "low risk" cliche, as sooner or later the law of average to join the gods of fx never-land will catch up to you..


Quoting Spreadbetter
So you say you're treating it as a serious trading capital account yet you lose 40% on a single trade? Try 1% risk per trade and aim for 100% growth per year once you've amassed sufficient capital to trade correctly. Under capitalisation is one of the major overlooked critical barriers to success in retail trading. You're pushing string fooling yourself if you believe the bullshit rags to riches stories on here, you'll never turn that 200 dollars into 200K. {quote}
  • #51
  • Dec 31, 2013 4:39am Dec 31, 2013 4:39am
You can beg to differ but you're wrong on many counts. Firstly curve fitting a back test and expecting the results to be replicated is the folly of the inexperienced dreamer. Secondly you've caught the impossible dream bug that so much retail cannon fodder succumb to. The odds on a retail trader taking a few dollars to $200K are so infinitesimally small as to rendered statistically worthless.


Quoting Denouement
{quote} Actually I beg to differ. You made one crucial error with that statement. You can turn any amount of money into any amount of money if your have the time. With the proper Money Management setup and a back tested strategy that is proven more than 50% accurate over time. You can amass any amount of money really. No different than having a vending machine that 51% of the time you put in $1 it gives you $1.50. Yes it will take you an eternity to get 200k but do NOT ever say it's not possible. Also, it is extremely foolish to enter into a trade...
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #52
  • Dec 31, 2013 11:39am Dec 31, 2013 11:39am
Ok people, I have come to realize that I am just more suited for short term trading. I have spent countless hours trying to figure out how to profitably trade the longer time frames and it just doesn't work for me. I know it works for most people but not me. I am quite happy making a few pips over and over again with high leverage. It's how I made money before and that's how I intend to go forward. I got pretty good at capturing small bursts of momentum on 5m and 1m charts. It's when I tried to figure out key support and resistance on 4h and daily charts that I get in trouble. I can capture several 5 to 10 pip swings over and over again in a single 1hr or 4h candle. I know I will get a lot of crap from most of you but so be it.

I wish you all well and profitable in 2014 and beyond!
  • #53
  • Dec 31, 2013 11:49am Dec 31, 2013 11:49am
Quoting Mnmlst_Trdr
Ok people, I have come to realize that I am just more suited for short term trading. I have spent countless hours trying to figure out how to profitably trade the longer time frames and it just doesn't work for me. I know it works for most people but not me. I am quite happy making a few pips over and over again with high leverage. It's how I made money before and that's how I intend to go forward. I got pretty good at capturing small bursts of momentum on 5m and 1m charts. It's when I tried to figure out key support and resistance on 4h and daily...

Ignore the others, Scalpers / Intraday M1/M5 traders are the only 1's profiting around here, so ignore what the losers who's bought into H4's crappola say.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #54
  • Dec 31, 2013 12:04pm Dec 31, 2013 12:04pm
Quoting Turveyd
{quote} Ignore the others, Scalpers / Intraday M1/M5 traders are the only 1's profiting around here, so ignore what the losers who's bought into H4's crappola say.
Right-O my friend!
  • #55
  • Dec 31, 2013 12:47pm Dec 31, 2013 12:47pm
My new wallpaper to by plastered in my trading room...
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  • #56
  • Dec 31, 2013 2:17pm Dec 31, 2013 2:17pm
Quoting Magix
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.

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.

Not losing 40% on a single trade doesn't give you the high ground, it puts you on even ground, because it should never happen for the vast majority of serious traders.


And it doesn't take a "serious amount of brass" to double a small hobby account in 40 days, especially if most of it can be lost in one trade. No offense, but $200 ain't shit. Anybody here could double a $200 account in one day with one trade (read: gamble); that's not impressive, it's the exact opposite. Hobby accounts are great, and certainly better than demo accounts, but in terms of trading for a living? Hobby accounts are not even in the same hemisphere, which is probably why many people are better off sticking to hobby accounts. They can still generate decent cash flow and without the stress of wondering whether a 40% loss in a day means you can't pay your rent.


Quoting Turveyd
Ignore the others, Scalpers / Intraday M1/M5 traders are the only 1's profiting around here, so ignore what the losers who's bought into H4's crappola say.

Assuming you're trading based off of charts, this is pure junk. You wouldn't be able to distinguish between an M5 chart and an H4 chart so what makes you think either is better than the other? Oh, and that's ignoring the fact that spread is implicitly going to be a larger cost the shorter the time frame.
  • #57
  • Dec 31, 2013 2:21pm Dec 31, 2013 2:21pm
Definitely scalp the 1 and 5's if that works for you but continue referencing all the other time frames as well... It's killer for scalps... Find support and resistance in those higher time frames and then zoom in for all the entry kills on those lowers. You're going to find that many of those scalps will look/take off so good, you'll have no choice but to keep them going for a few hours. (If your rules allow that is..)


Quoting Mnmlst_Trdr
Ok people, I have come to realize that I am just more suited for short term trading. I have spent countless hours trying to figure out how to profitably trade the longer time frames and it just doesn't work for me. I know it works for most people but not me. I am quite happy making a few pips over and over again with high leverage. It's how I made money before and that's how I intend to go forward. I got pretty good at capturing small bursts of momentum on 5m and 1m charts. It's when I tried to figure out key support and resistance on 4h and daily...
SPC * Swollen PocketZ Crew!
  • #58
  • Dec 31, 2013 6:37pm Dec 31, 2013 6:37pm
Quoting Mnmlst_Trdr
So here is my original trade plan. A quick scalp type trade (served me well, look at the equity curve) and take profit at the round number area. As you can see, I DID have a stop loss that I CANCELLED!!!! Awesome. I think I was drunk on egg-nog, LOL
A short term equity curve doesn’t tell the whole story IMO, because there could have been trades that were held in a large drawdown, that fortuitously return to break-even or a small profit. Eventually one of those trades won’t work out, and you’ll get a large loss. I had a quick look at your trades, and I saw a trade on 20th Dec (EURUSD), that was held through a 50 pip drawdown, that eventually closed at +10 pips after 30 hours. Was there a stoploss on that trade? 50 pips of drawdown is pretty big relative to your average win size of 7.5 pips.

If you implement a hard, non-negotiable, never to be cancelled or increased stop-loss, on EVERY trade, you’ll find your win rate will drop because more good trades will be taken out, and your equity curve might not look as pretty in the short-term, but your returns will be more consistent, and you’ll avoid the account destroying disasters.
  • #59
  • Dec 31, 2013 8:27pm Dec 31, 2013 8:27pm
Ignore the negatives, stick to what you where doing, don't not have a SL in future and don't trade drunk and sorted!! Any other day you would of likely gotten away with it.


My ownly trading comment is, you was trying to scalp a few pips picking a top in a uptrend, if you flipped that upside down and got on long same trade but in reverse kinda, then your profit potential was what you lost in 1 trade, think about that
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #60
  • Jan 1, 2014 12:40pm Jan 1, 2014 12:40pm
After reading some of the replies here, it's all coming back to me as to why I deleted my Facebook and Twitter account. Good luck people. I leave you with this by
Dickson G Watts:

Self-Reliance. A man must think for himself,
must follow his own convictions. George
MacDonald says: “A man cannot have another
man’s ideas any more than he can another
man’s soul or another man’s body.” Self-trust
is the foundation of successful effort.
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