DislikedDo you really think you can make millions sitting on your ass just wearing your pajamas in the privacy of your home ? You will "trade" when the pain of failing is greater than the pain of winning. If your "trading" makes you suffer, you are still not there yet. You must get an absolute conviction of no hope - and perhaps even considering suicide as an option. When you get there, you won't know it, but you will be ready to win. Most never come back... and then there is still the 99.9999 % that don't make it.Ignored
You must get an absolute conviction of no hope - and perhaps even considering suicide as an option. When you get there, you won't know it, but you will be ready to win. Most never come back... and then there is still the 99.9999 % that don't make it.
Thanks to the other posters from today I am taking all comments on board and will use where I feel it can assist in my goals.
This is a very interesting thread.You see a lot of different advice here but im not sure if thos advice will fit you psychological makeup.
I want you to look it at different way from my experience. I got around 8-9 years of experience trading fx.
Fx market will and can break your mind.One way to deal with it is to split your account.Open 3 different account in 3 different broker..
one for low risk ,2nd for medium risk and 3rd for high risk. Your way of trading for me is considered high risk.
Iknow this game..staying up until night to chase trades ..chasing 20 -30 pips with small or big sl.Some times you hit tp sometimes you hit sl.
Last month i got 10 consecutive losses for 1xxx pips, but did not make me upset since the low risk account are still winning,It helps you massively to know that despite one or two accounts facked uup you still have one that still winning ..
In my opinion/experience.. i cannot ever get to make sl work for me i dunno why.Its amazing after 8-9years i couldnt make it work.I could protect the account from marginc call but it just still reduce losses.Not to mention the sl hell repeating over and over again.And i think risk reward ratio is massive joke if you have bad system/trading methodolgy like i have you still end up losing the account only slowly.I know the pain.
On the other side of the coin using no sl can lead to fast,big account losses which is well known.The trick for me is to use hedging with correlation..not with same pair. Use other pairs like gbpusd,audusd,or nzdusd to hedge out your losing eurusd position.I have hedged 800pips floating losses this way.Use long term trends.Be aware of the correlation.its a massive advantage when trading fx market.Now this is for account number two.
Use smallest lot size for you account...use minimal risk for your low risk account.This is very important..be prepared to have 2000-5000pips dd per pair.Be prepared to wait and do not close prematurely...use it to get as much pips as u can in the trend since your trading small lot sizes.Remember that if one pair are loosing there can still be 2 -3 pairs to make up for the losses and +profit. Recently i purposely "sabotage" my own demo account which is sitting in about -1350pips in drawdown.I will try to turn this into +profit in time. Always practice!
3 different accounts can really cut down 2/3 of the stress .If one of the account get destroyed it does not hurt much since you have otheraccount that are winning. Scalping can be profitable, but markets do love to seek/hit sl wether big or small.The amount of waiting for signal is painful+ when the the position hit sl after you had waited for the signal to emerge for sooo long. I have tried price action trading ,indicator trading,basket trading,martingaling,averaging up/down it doesnt matter if your against long term trend you can still lose. Hah i remember some thing about coin toss trading..pathetic.
Remember to not overleverage.
Ps ..i wrote this not just to give advice to you..but also for myself in case i ever forgot my own advice..sometimes you need a reminder for yourself.Hope this helps
I want you to look it at different way from my experience. I got around 8-9 years of experience trading fx.
Fx market will and can break your mind.One way to deal with it is to split your account.Open 3 different account in 3 different broker..
one for low risk ,2nd for medium risk and 3rd for high risk. Your way of trading for me is considered high risk.
Iknow this game..staying up until night to chase trades ..chasing 20 -30 pips with small or big sl.Some times you hit tp sometimes you hit sl.
Last month i got 10 consecutive losses for 1xxx pips, but did not make me upset since the low risk account are still winning,It helps you massively to know that despite one or two accounts facked uup you still have one that still winning ..
In my opinion/experience.. i cannot ever get to make sl work for me i dunno why.Its amazing after 8-9years i couldnt make it work.I could protect the account from marginc call but it just still reduce losses.Not to mention the sl hell repeating over and over again.And i think risk reward ratio is massive joke if you have bad system/trading methodolgy like i have you still end up losing the account only slowly.I know the pain.
On the other side of the coin using no sl can lead to fast,big account losses which is well known.The trick for me is to use hedging with correlation..not with same pair. Use other pairs like gbpusd,audusd,or nzdusd to hedge out your losing eurusd position.I have hedged 800pips floating losses this way.Use long term trends.Be aware of the correlation.its a massive advantage when trading fx market.Now this is for account number two.
Use smallest lot size for you account...use minimal risk for your low risk account.This is very important..be prepared to have 2000-5000pips dd per pair.Be prepared to wait and do not close prematurely...use it to get as much pips as u can in the trend since your trading small lot sizes.Remember that if one pair are loosing there can still be 2 -3 pairs to make up for the losses and +profit. Recently i purposely "sabotage" my own demo account which is sitting in about -1350pips in drawdown.I will try to turn this into +profit in time. Always practice!
3 different accounts can really cut down 2/3 of the stress .If one of the account get destroyed it does not hurt much since you have otheraccount that are winning. Scalping can be profitable, but markets do love to seek/hit sl wether big or small.The amount of waiting for signal is painful+ when the the position hit sl after you had waited for the signal to emerge for sooo long. I have tried price action trading ,indicator trading,basket trading,martingaling,averaging up/down it doesnt matter if your against long term trend you can still lose. Hah i remember some thing about coin toss trading..pathetic.
Remember to not overleverage.
Ps ..i wrote this not just to give advice to you..but also for myself in case i ever forgot my own advice..sometimes you need a reminder for yourself.Hope this helps
.. Ps ..i wrote this not just to give advice to you..but also for myself in case i ever forgot my own advice..sometimes you need a reminder for yourself.Hope this helps
Markets wispers, just tune in.
- #90
- Jun 17, 2015 11:15pm Jun 17, 2015 11:15pm
- | Joined May 2006 | Status: Dynamic Expansion & Contraction | 360 Posts
I would not desire to salt your wound, however it's the Pain that's the enemy. Failure in trading is a emotional mix of all applicable bad feelings mixed together with a back biting cherry on top.
I have experienced this myself and no matter how small a lose it still carries that same old horrible sensation. Everyone that knows me will ask "Are You In The Market" in the sense of meaning have you screwed up.
How About This: Trade Monday, Tuesday, Wednesday. Don't even look at the market Sunday ,Thursday or Friday. Our minds play hard on rebound efforts towards the end of the week. Deep in your subconscious gears are turning pushing the knife further in by that inner push you feel to trade More! You thus become your own spectacular Illusionist.
Keep your efforts contained like a 3rd date with a "Ugly Girl Your Besty's Hooked You Up With" (No Pun Ladies... Metaphorical reference)
The idea here is to stop trying to Earn Back What You Lost. Instead Just Start Earning! No fancy gimmicks or indicator fascinations need apply for success. (All that simply kept me in dark for years.)
Pay less attention to the So called Rules of engagement and just Trade the very thing that you can obviously see happening onscreen in front of you.
You don't have to assemble anything It's already being done for you in Real-Time! All you have to do is participate.
I have experienced this myself and no matter how small a lose it still carries that same old horrible sensation. Everyone that knows me will ask "Are You In The Market" in the sense of meaning have you screwed up.
How About This: Trade Monday, Tuesday, Wednesday. Don't even look at the market Sunday ,Thursday or Friday. Our minds play hard on rebound efforts towards the end of the week. Deep in your subconscious gears are turning pushing the knife further in by that inner push you feel to trade More! You thus become your own spectacular Illusionist.
Keep your efforts contained like a 3rd date with a "Ugly Girl Your Besty's Hooked You Up With" (No Pun Ladies... Metaphorical reference)
The idea here is to stop trying to Earn Back What You Lost. Instead Just Start Earning! No fancy gimmicks or indicator fascinations need apply for success. (All that simply kept me in dark for years.)
Pay less attention to the So called Rules of engagement and just Trade the very thing that you can obviously see happening onscreen in front of you.
You don't have to assemble anything It's already being done for you in Real-Time! All you have to do is participate.
"Look Left Think Right"
- #91
- Jun 18, 2015 12:10am Jun 18, 2015 12:10am
Instead Just Start Earning! No fancy gimmicks or indicator fascinations need apply for success. (All that simply kept me in dark for years.) Pay less attention to the So called Rules of engagement and just Trade the very thing that you can obviously see happening onscreen in front of you. You don't have to assemble anything It's already being done for you in Real-Time! All you have to do is participate.
Trade in the now, with right mindset
Closer To Dream
I would not desire to salt your wound, however it's the Pain that's the enemy. Failure in trading is a emotional mix of all applicable bad feelings mixed together with a back biting cherry on top. I have experienced this myself and no matter how small a lose it still carries that same old horrible sensation. Everyone that knows me will ask "Are You In The Market" in the sense of meaning have you screwed up. How About This: Trade Monday, Tuesday, Wednesday. Don't even look at the market Sunday ,Thursday or Friday. Our minds play hard on rebound efforts...
Now I believe the trade will continue higher today but as part of my new rules I wanted to start using a physical stop loss and take profit until I get my consistency going and taking some of the emotional issues away.
Therefore the trade I took this morning on the breakout higher and after old lows retested was with a 20pip stop loss and 60 pip take profit.
Worked out well, was a little disappointed as I saw price push further higher but hitting these consistently will take that tiny emotion away in the long run
Seems another good opportunity to buy on the retrace but I'm on shift at 10 and so another reason I was happy to take the money here.
Therefore the trade I took this morning on the breakout higher and after old lows retested was with a 20pip stop loss and 60 pip take profit.
Worked out well, was a little disappointed as I saw price push further higher but hitting these consistently will take that tiny emotion away in the long run
Seems another good opportunity to buy on the retrace but I'm on shift at 10 and so another reason I was happy to take the money here.
{quote} I try not to be greedy, all trades are set up at 2:1, if it runs 7:1 then once again so be it, I "missed out". The emotional rollercoaster of micro managing a trade to squeeze out every last pip is a stress that I do not need. I just want consistent 2:1, nothing worse than widening your TP to have a guaranteed 2:1 reverse to BE or even a loss..
Now I believe the trade will continue higher today but as part of my new rules I wanted to start using a physical stop loss and take profit until I get my consistency going and taking some of the emotional issues away.
Perfect
Worked out well, was a little disappointed as I saw price push further higher but hitting these consistently will take that tiny emotion away in the long run
Just be pleased you took pips out of the move. Keep doing that consistently and you will be all good man. Nice work.
- #98
- Edited 7:39am Jun 18, 2015 7:28am | Edited 7:39am
Focus on consistency as the only thing that is required from your in the market. There is nothing more you can or should do. It has to become your voodoo, your idol, your fetish. Just master the consistency. Traders say the market is not efficient but I do not agree. Market is very effective on checking you if you are on or off the track and when it catches you it immediately takes your money from your account.
Stop focusing on results. It does not matter if your account is 400 or 400k. It's always the same. You have to do your job and your job is to be consistent NOT TO 'CHASE' MONEY. Money is just reward. It sounds odd maybe but money is just a by-product of doing your business properly i.e. being consistent.
Be consistent on:
Stop focusing on results. It does not matter if your account is 400 or 400k. It's always the same. You have to do your job and your job is to be consistent NOT TO 'CHASE' MONEY. Money is just reward. It sounds odd maybe but money is just a by-product of doing your business properly i.e. being consistent.
Be consistent on:
- taking signal when they are valid - never hesitate. You won't hesitate when you are focusing right way. I would also try to focus on narrower trading hours. I trade first 30 mins of emini Dow. It's enough for loser and winner too believe me.
- never ever exceed your daily risk limit - rather kick something, have a freezing shower, punch the wall, eat ten bananas ...
If you follow these two you are going to be ok
P.S. consider changing your nick from 'downandout' to 'upandin'
Inserted Video
- #99
- Jun 18, 2015 8:03am Jun 18, 2015 8:03am
- Joined Mar 2011 | Status: I should be on your ignore list | 5,597 Posts
