Let's Build Your Account Back Up Discussing Bad Trading Habits!! | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

I can't get rid of my bad trading habits... 65 replies

What habits make your trading profitable? 28 replies

Let's Go Down Memory Lane, Your First Account You Ever Blew 19 replies

Attachments: Let's Build Your Account Back Up Discussing Bad Trading Habits!!
Exit Attachments

Let's Build Your Account Back Up Discussing Bad Trading Habits!!

  • #1
  • First Post: Feb 4, 2015 11:04am Feb 4, 2015 11:04am
Hello,

I am starting this thread because I feel it's beneficial to correct your mistakes, or you will sink. This week I made a major breakthrough and finally decided to no longer hold trades while I sleep. This was the one main thing that was killing me. I "thought" I had a good position, only to wake up and find that I had been margin called. The purpose of this thread is to discuss what has been holding you back. I will also be posting my trades throughout the week, along with my trade explorer. Feel free to follow along! Meanwhile please read my Destructive Trading Habits Below...

1. Jumping in trades before big news items

2.Holding trades while I sleep

3.Not being patient enough and jumping in prematurley

4.Not having a trading plan

5.Not having a set amount of pips for a SL

6.Putting trading before my family

7.Holding trades over the weekend

8.Over Leveraging

That's it for now...I look forward to hearing your destructive trading habits and correcting them together!
Good luck and may the odds be ever in your favor!
  • #2
  • Feb 4, 2015 11:19am Feb 4, 2015 11:19am
The first trade we will be trading tonight is going to be the AUD retail sales...make sure to be here 10-15 minutes before the report is released to find out how I will be trading this!
Good luck and may the odds be ever in your favor!
  • #3
  • Feb 4, 2015 11:50am Feb 4, 2015 11:50am
Anyone like to trade the GBP/JPY? I think this pair is due for a move up to the 180.xx range. We have the GBP rate decision tomorrow morning...till done a consolidation range has been established...look to buy at current level for a ride back up to 179
Good luck and may the odds be ever in your favor!
  • #4
  • Feb 4, 2015 12:03pm Feb 4, 2015 12:03pm
Quoting dbutton1990
Anyone like to trade the GBP/JPY? I think this pair is due for a move up to the 180.xx range. We have the GBP rate decision tomorrow morning...till done a consolidation range has been established...look to buy at current level for a ride back up to 179
Long on GBP/JPY...stop at 178.40 Target is at 179.20
Good luck and may the odds be ever in your favor!
  • #5
  • Feb 4, 2015 12:10pm Feb 4, 2015 12:10pm
Looking to tonight's AUD report....right away I see we may have a potential H/S pattern on the 15 min TF...overall direction of this pair is still bearish...I will be looking for a shorting opportunity after tonight's report. I may however, straddle the pair before the report. To do this...you look for consolidation on a smaller TF(I like the 15 min). You set a buy stop order 15 pips above the highs of consolidation, and a Sell stop order 10 pips below. Then when the report comes out, you get taken in, and cancel the other order. Your SL becomes whichever order was not hit. You then identify 4 supports and resistances that you think it's after...I usually will target the first support. Hope this helps!
Attached Image (click to enlarge)
Click to Enlarge Name: 2015-02-04_12-06-30.png Size: 21 KB
Good luck and may the odds be ever in your favor!
  • #6
  • Feb 4, 2015 12:12pm Feb 4, 2015 12:12pm
Bro, I think only no 4 and 8 is bad trading habits. The rest are ok, because eg, if you are playing hourly/daily/weekly charts, don't tell you not going to sleep till you close your trade? Another example, fix or non-fix SL depend on your method of entry & timing, because if you had got the direction right, but with a bad entry, and a tight SL, it may kick you out of a good trade too.
The only winner is the one who survive the longest...
  • #7
  • Feb 4, 2015 12:40pm Feb 4, 2015 12:40pm
Quoting kinspk
Bro, I think only no 4 and 8 is bad trading habits. The rest are ok, because eg, if you are playing hourly/daily/weekly charts, don't tell you not going to sleep till you close your trade? Another example, fix or non-fix SL depend on your method of entry & timing, because if you had got the direction right, but with a bad entry, and a tight SL, it may kick you out of a good trade too.
Thanks for the thoughts! I personally feel like those are what have been holding me back Welcome to the thread! Do you have any habits that you are wishing to kick?
Good luck and may the odds be ever in your favor!
  • #8
  • Feb 4, 2015 2:04pm Feb 4, 2015 2:04pm
I have to say putting trading before your family is a big one. Some things are priceless.
  • #9
  • Feb 4, 2015 6:20pm Feb 4, 2015 6:20pm
Straddlef the audusd. Sell stop at .7730. Buy stop at .7800
Good luck and may the odds be ever in your favor!
  • #10
  • Feb 4, 2015 6:43pm Feb 4, 2015 6:43pm
Short audusd based on a small kings crown formation on the 5 minute chart
Attached Image (click to enlarge)
Click to Enlarge Name: 2015-02-04_18-41-31.png Size: 37 KB
Good luck and may the odds be ever in your favor!
  • #11
  • Feb 4, 2015 6:45pm Feb 4, 2015 6:45pm
Also short aud/jpy based on small kings crown
Attached Image (click to enlarge)
Click to Enlarge Name: 2015-02-04_18-45-28.png Size: 19 KB
Good luck and may the odds be ever in your favor!
  • #12
  • Feb 4, 2015 7:14pm Feb 4, 2015 7:14pm
Closed all my trades for now
Good luck and may the odds be ever in your favor!
  • #13
  • Feb 4, 2015 7:32pm Feb 4, 2015 7:32pm
long USD/JPY at 117.18 target is 118

long GBP/JPY at 178.05 target is open for now because of the UK rate decision
Good luck and may the odds be ever in your favor!
  • #14
  • Feb 4, 2015 7:47pm Feb 4, 2015 7:47pm
nice thread dbutton, I too am currently in the process of redeeming my account so I will likely be hanging around here.
Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2015-02-04 at 6.44.44 PM.png Size: 93 KB



Tried a scalp strategy that accumlated nearly all of my losses it also costed me a ton in commission! Paid nearly 10% of my account in comissions by the time i stopped trading it. Now I trade a 4 hour strategy(Starting from February) with minimal commissions.

Attached Image
  • #15
  • Feb 4, 2015 7:55pm Feb 4, 2015 7:55pm
Quoting dbutton1990
The first trade we will be trading tonight is going to be the AUD retail sales...make sure to be here 10-15 minutes before the report is released to find out how I will be trading this!
I tend to hold my trades for days, weeks mostly, and sometimes a few months. I can't tell the last time I entered and exited a trade in one day.
If the market is giving me money, am not gonna just head out because as a rule - I don't hold trades overnight or over weekends, etc.
Just saying....
I cant agree with holding trades while you sleep and holding trades over the weekends as two things not to do. If a trading plan permits it, so be it.
Just saying...

NB: Moderator... I have been a trader for several years now.
  • #16
  • Feb 4, 2015 8:02pm Feb 4, 2015 8:02pm
Quoting Sis.yphus
nice thread dbutton, I too am currently in the process of redeeming my account so I will likely be hanging around here. {image} Tried a scalp strategy that accumlated nearly all of my losses it also costed me a ton in commission! Paid nearly 10% of my account in comissions by the time i stopped trading it. Now I trade a 4 hour strategy(Starting from February) with minimal commissions. {image}
wow! That's crazy Sis! Who's your broker?
Good luck and may the odds be ever in your favor!
  • #17
  • Feb 4, 2015 8:13pm Feb 4, 2015 8:13pm
Quoting dbutton1990
{quote} wow! That's crazy Sis! Who's your broker?
The ever so popular FXCM :/ they get a bad wrap but their spreads are decent and I perosnally have never had issues win them.

I also have an account with senses capital markets but they only have foreign regulatory body who audits them so I do not hardly ever us them.
  • #18
  • Feb 4, 2015 8:39pm Feb 4, 2015 8:39pm
Quoting Sis.yphus
{quote} The ever so popular FXCM :/ they get a bad wrap but their spreads are decent and I perosnally have never had issues win them. I also have an account with senses capital markets but they only have foreign regulatory body who audits them so I do not hardly ever us them.
I used to trade with them...they were an ok broker....I user traders way now
Good luck and may the odds be ever in your favor!
  • #19
  • Feb 4, 2015 8:48pm Feb 4, 2015 8:48pm
Quoting dbutton1990
{quote} I used to trade with them...they were an ok broker....I user traders way now

How do you like them? i had an account with them but no regulation at all is pretty scary
  • #20
  • Feb 4, 2015 9:27pm Feb 4, 2015 9:27pm
Quoting Sis.yphus
{quote} How do you like them? i had an account with them but no regulation at all is pretty scary
So far so good, no issues
Good luck and may the odds be ever in your favor!
0 traders viewing now