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The Really Useless Thread

  • #135,241
  • May 22, 2015 11:33am May 22, 2015 11:33am
Quoting Rockerzeus
{quote} Check FF calender time to time, it will help.
Thanks mate, I did check and refresh the page, kept them on, so I was confused. Cheers
  • #135,242
  • May 22, 2015 11:55am May 22, 2015 11:55am
A very quiet US morning session and Europe went home without much surprises.... that was pretty much it on the tradable week. All markets going on extended Holiday so thin air until the close....

Not much to see here ...tracking potential comments coming but noise more than anything interesting expected ...

sisse
Pending conversations? PM for a chat...I am mainly in OTM now
  • #135,243
  • May 22, 2015 12:01pm May 22, 2015 12:01pm
Slightly hawkish but nothing new / watch out for killing the move on the 1.09xx handle

sisse
Pending conversations? PM for a chat...I am mainly in OTM now
  • #135,244
  • May 22, 2015 12:11pm May 22, 2015 12:11pm
Quoting sisse
Slightly hawkish but nothing new / watch out for killing the move on the 1.09xx handle sisse
Didn't read hawkish to me
  • #135,245
  • May 22, 2015 12:30pm May 22, 2015 12:30pm
My short didn't get filled earlier, so nothing to do but watching this fragile EU fall like a stone...

Some more reading and studying to catch up this weekend. :nerd: Trading is so hard, but so interesting.

Have a nice weekend guys!
  • #135,246
  • May 22, 2015 1:21pm May 22, 2015 1:21pm
Quoting USD-Bear
chancing some EU longs in this area USDOLLAR D1: {image}
Still thinking of longs hear? There's a demand area at 1.098x on H4 so it might be good for longs.
But on D1 there's nothing in this area, and the next demand level on daily is at 1.088x
Since I'm still holding the shorts from above, I'll keep them running in case this H4 demand gets absorbed easily which is likely to happen considering the last PA behavior and sisse's comments (if I correctly interpreted them). And thinking of buying at the daily demand area.
What do you think?
All suggestions from you guys/galls r welcome
  • #135,247
  • May 22, 2015 1:31pm May 22, 2015 1:31pm
Quoting ws121
{quote} Still thinking of longs hear? There's a demand area at 1.098x on H4 so it might be good for longs. But on D1 there's nothing in this area, and the next demand level on daily is at 1.088x Since I'm still holding the shorts from above, I'll keep them running in case this H4 demand gets absorbed easily which is likely to happen considering the last PA behavior and sisse's comments (if I correctly interpreted them). And thinking of buying at the daily demand area. What do you think? All suggestions from you guys/galls r welcome
well looking at USDOLLAR-level we are at a very critical point.
Planning to buy some more longs next Monday if above 1.0980
Don't be a hero. Don't have an ego. Always question yourself
  • #135,248
  • May 22, 2015 1:39pm May 22, 2015 1:39pm
Quoting sisse
......ailing to test 1.122x by a few ticks with inflation ticking up . Thin market session expected ... For the last play of the week. taking the lows opens strong 1.105x that is naked for a test with an extension to 1.098x for the W roll on inertial play with London going home...
I think that is pretty much it, no point holding any much longer with a long weekend ahead. Don't be a dick of tick rules apply. Clearing remaining one with the the bell....

Interesting levels in play for the M roll and pre June FED. Expecting neutral markets with zigzag (up and down) moves in the upcoming days until we solve the map on hikes in a couple of weeks.

sisse
Pending conversations? PM for a chat...I am mainly in OTM now
  • #135,249
  • May 22, 2015 1:47pm May 22, 2015 1:47pm
Quoting sisse
{quote} I think that is pretty much it, no point holding any much longer with a long weekend ahead. Don't be a dick of tick rules apply. Clearing remaining one with the the bell.... Interesting levels in play for the M roll and pre June FED. Expecting neutral markets with zigzag (up and down) moves in the upcoming days until we solve the map on hikes in a couple of weeks. sisse
he he he, yes sir. I'll keep only one position holding with protective stop, just in case. Have a nice weekend sir and all
  • #135,250
  • May 22, 2015 3:08pm May 22, 2015 3:08pm
...done for the week with the bell... Next week is Key monthly /week close and last technical week before we enter in full Rates Mode Trading for the Summer ...

Today's roll is irrelevant at these levels. Markets aligning for gapping down the 1.10xx handle on low liquidity ( to 1.096x naked) with all main markets closed on Monday (only Asia open).

Noting to see here, but action pack expected in the next few weeks before we get into boring mode until summer is over ....

sisse
Pending conversations? PM for a chat...I am mainly in OTM now
  • #135,251
  • May 22, 2015 3:22pm May 22, 2015 3:22pm
Quoting sisse
...done for the week with the bell... Next week is Key monthly /week close and last technical week before we enter in full Rates Mode Trading for the Summer ... Today's roll is irrelevant at these levels. Markets aligning for gapping down the 1.10xx handle on low liquidity ( to 1.096x naked) with all main markets closed on Monday (only Asia open). Noting to see here, but action pack expected in the next few weeks before we get into boring mode until summer is over .... sisse
Hi sisse,
just to clarify - by "boring mode" you mean the "Rates Mode Trading"? Because you write that from the technical perspective the full Rates Mode Trading may start right after monthly clase (correct me if wrong) but on the other hand you say that an action pack expected in the next FEW weeks before we get into the boring mode until summer is over, which evokes that there is either an contradiction or the "boring mode" in not the "Rates Trading Mode".

Thank you for answer,
Take Care
K.
  • #135,252
  • May 22, 2015 7:14pm May 22, 2015 7:14pm
This is one of my first posts. Long time reader and lurker, but now find myself wanting to share something, accepting any kind of feedback.

Basically I started to trade with 3000 usd and have ended up with $2531 in closed profit, and $4439 in floating loss. My free margin now is at 1037usd, with total position size in open trades of 1.66 lots.

To be brief:

I started to trade small, and was having a losing streak of about 150usd, which was really my methodology not working at the current market conditions, that was at the end of February.

Then I increased size on the Euro, before it continued to fall, ended up with 700 in floating loss.

Hedged my position completely, eliminating margin.

Found too late the issue of a decreasing margin, even when I reduced some time ago the open trade size to 0.97 lots.

At this pace the account will last 4 more weeks at the most.

I am taking all this weekend to make all the adjustments necessary to save the account; if 90% of traders fail, I think the odds of getting out of this are even lower.

I am aware of that, here goes the open trades.

forex account.png

As I said, I don't know if this is too late, any insight greatly appreciated.

Thanks.
Attached Image (click to enlarge)
Click to Enlarge Name: forex account.png Size: 45 KB
  • #135,253
  • May 22, 2015 7:55pm May 22, 2015 7:55pm
Quoting Meymz
This is one of my first posts. Long time reader and lurker, but now find myself wanting to share something, accepting any kind of feedback. Basically I started to trade with 3000 usd and have ended up with $2531 in closed profit, and $4439 in floating loss. My free margin now is at 1037usd, with total position size in open trades of 1.66 lots. To be brief: I started to trade small, and was having a losing streak of about 150usd, which was really my methodology not working at the current market conditions, that was at the end of February. Then I...
Have you created a trade plan? If so, are you allowed to add to losing trades?Do you have a limit on the number of open trades? What about stops to prevent losing an arm or a leg?Lastly, what money management are you using? These are all things you should ask yourself before going any further. Just my opinion. It is better to tear off a bandage than to sacrifice a body part.
  • #135,254
  • May 22, 2015 8:07pm May 22, 2015 8:07pm
Quoting glassblower
{quote} Have you created a trade plan? If so, are you allowed to add to losing trades?Do you have a limit on the number of open trades? What about stops to prevent losing an arm or a leg?Lastly, what money management are you using? These are all things you should ask yourself before going any further. Just my opinion. It is better to tear off a bandage than to sacrifice a body part.

Thank you. I broke a lot of rules, and any further advance will be considering all these points.

I was fool enough to believe I was ready to trade just because I did really well on a demo.
  • #135,255
  • May 22, 2015 8:16pm May 22, 2015 8:16pm
Quoting Meymz
This is one of my first posts. Long time reader and lurker, but now find myself wanting to share something, accepting any kind of feedback. Basically I started to trade with 3000 usd and have ended up with $2531 in closed profit, and $4439 in floating loss. My free margin now is at 1037usd, with total position size in open trades of 1.66 lots. To be brief: I started to trade small, and was having a losing streak of about 150usd, which was really my methodology not working at the current market conditions, that was at the end of February. Then I...
over leveraged with too many trades. you're getting what's commonly called "death by a thousand cuts"

lower the trades, and only use the leverage necessary

there's no exit in the rat race. You don't have to make a million over night. Compounding is on your side....1% a week over a lifetime will make you more than a millionaire.
  • #135,256
  • May 22, 2015 10:07pm May 22, 2015 10:07pm
Quoting Meymz
This is one of my first posts. Long time reader and lurker, but now find myself wanting to share something, accepting any kind of feedback. Basically I started to trade with 3000 usd and have ended up with $2531 in closed profit, and $4439 in floating loss. My free margin now is at 1037usd, with total position size in open trades of 1.66 lots. To be brief: I started to trade small, and was having a losing streak of about 150usd, which was really my methodology not working at the current market conditions, that was at the end of February. Then I...
My newbies advices to you:
1.] Do not risk more than 3% of your capital.
2.] Place STOP LOSS.
3.] Do not wish the market will follow your short or long position, but you should follow the market.

* I did not see any SL nor TP in your screenshot, what was actually your plan?
  • #135,257
  • Edited 2:06am May 23, 2015 1:02am | Edited 2:06am
Quoting Meymz
This is one of my first posts. Long time reader and lurker, but now find myself wanting to share something, accepting any kind of feedback. Basically I started to trade with 3000 usd and have ended up with $2531 in closed profit, and $4439 in floating loss. My free margin now is at 1037usd, with total position size in open trades of 1.66 lots. To be brief: I started to trade small, and was having a losing streak of about 150usd, which was really my methodology not working at the current market conditions, that was at the end of February. Then I...
Hi,

Here my 2 cents. First you need to freeze the losses. I don't know about the opportunities you have for this. In worst case, exit. Then, find for you a system you can trade and stick with the system. It can be a very simple system. Learn to determine the market direction ( this is not a technical task only ) and don't counter-trade. Trade one trade after the other and use SL. Practice with small lot sizes, don't experiment with scalping, news- and recovery trading. Do not try to compensate losses with "quick wins". You need to be confident in what you are doing and you need to feel good. Give yourself a break.

As for the EURUSD trades ( which are the biggest losses in your book ) they are "hedged" and you can wait for better exits ( less losses ). Don't add trades, concentrate on exits now. This is where you lose / make money.

Best, V.
  • #135,258
  • May 23, 2015 3:15am May 23, 2015 3:15am
Quoting Meymz
This is one of my first posts. Long time reader and lurker, but now find myself wanting to share something, accepting any kind of feedback. Basically I started to trade with 3000 usd and have ended up with $2531 in closed profit, and $4439 in floating loss... {image}
Sorry to hear mate. I was actually in a similar place last week with a floating loss of about -$5.2k. The only difference was that my account is twice the size of yours. Long story short, rather than close my trades, I decided to fund my account more to absorb more drawdown. Why did I do this? Because I had conviction in my trades. Also, I wasn't actually down that many pips per se, it was just that I had over leveraged myself, which is why I knew there was a strong probability of my positions going my way. Fortunately they did.

If you have the capital to fund your account to absorb further paper losses, I'd consider it if you know your positions might improve. If you choose to go this route, I would offload portions of your bad trades first.

If however your financial situation is more precarious and you can't risk losing any more capital, you have to draw a line in the sand and stick to it. That may mean closing those trades now and taking a heavy loss.
  • #135,259
  • May 23, 2015 8:16am May 23, 2015 8:16am
Also... focus on ONE currency pair first. Why "spread" your risk when you can't even control it? First work on discipline and money management, then start looking to trade multiple currency pairs (if you would even feel the need to).

To get out of the hedge? The most sensible would be to look at the current fundamentals and technicals, and close everything that doesn't agree with this view. That still means open positions that could quickly go agains you, so the even more radical thing to do, would be to close EVERYTHING, but that will hurt emotionally so you'll probably not be prepared to do this.

Think about it: you still have 1000 left! That's a good thing. You have a choice:

  1. lose it all later by doing nothing (big chance - emotionally easy because you close your eyes to your problem)
  2. save the 1000 (and have pain NOW - emotionally difficult)
  3. take a larger bet that might turn things into your favour, all or nothing style (most stupid thing to do, only speeds up the losing)

Think about what you could do with the 1000 instead. Accept you have already lost. It makes it easier. Good luck buddy, whatever you choose.

  • #135,260
  • May 23, 2015 8:39am May 23, 2015 8:39am
The guy above this post is smart
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