Hey everyone, I like this thread, maybe this is just what I need. I just got back to live trading after a long break of only trading a demo account. I have blown through a few live accounts, never lost too much but it defiantly stings. Anyway, like I said, maybe a little peer pressure will keep me inline and will help me stick to my trading plan
1 year profitable trading goal
- #1,282
- Sep 21, 2016 5:02pm Sep 21, 2016 5:02pm
- Joined Jul 2013 | Status: Trader | 2,059 Posts
Hey everyone, I like this thread, maybe this is just what I need. I just got back to live trading after a long break of only trading a demo account. I have blown through a few live accounts, never lost too much but it defiantly stings. Anyway, like I said, maybe a little peer pressure will keep me inline and will help me stick to my trading plan
because at first glance I didn't know it was a live account.
This way, we know you are part of the group...
- #1,286
- Edited 9:01pm Sep 21, 2016 8:23pm | Edited 9:01pm
I don't know if it's ok to post it here. If not, please remove it.
I've just had the scariest day of my trading life.
I had over leveraged (I know) GBPUSD positions open. The market went against them. I kept hedging with more volume but the market started to range. I trade like that and I've never had big problems because I trade small volumes, this was an exception.
I use a bot to do the hedging for me, as it is more precise and quicker.
News time: FOMC Economic Projections, FOMC Statement, Federal Funds Rate, FOMC Press Conference (All high impact).
I was watching my trades as usual. News made pair go crazy up and down, more than usual (my bot does hedging!). I had to access my VPS as quickly as possible to turn off my hedging and take control. Drawdown was almost 50% and sometimes it hit more than that!!!
I made sure to read all these news in detail and decided to stay with most volume in long positions, as I understood the market would go up due to relatively bad news for USD. Market went against me badly for 20 mins, I thought I would have to take a huge loss directly. When I was about to cry and take the loss (I had some nearby SLs), the market started to go crazy on my favor.
After a few hours (always watchful), there would be AUD news (RBA Gov Lowe Speaks). I was already close to full recovery, but I read the news from NZD (RBNZ Rate Statement) and decided to take sides and keep the positions on, as I trusted the AUD news would be good as well. That meant (in my humble conclusion) that people who were short GBPUSD, saw the new UP trend (due to USD news) and many would start to take profit (buy). AUD would bring up GBPUSD due to its good news against USD's bad news.
News were good, Australian GDP increased and the currency started to spike up. TPs and SLs on place to take the profit (I didn't care about profit this time
).
Lessons learnt:
- Always keep an eye on your trades (as often as possible!)
- Don't trust your strategies blindly (there are cases where shit hits the fan, BE THERE!)
- Fundamentals drive the market, INTERPRET THEM!
- Technical analysis tends to work a lot:
Against you) When you need to break out of an extreme in your favor.
For you) When you reach extremes against you.
Now that stress is lower I can finally laugh about it and learn from quite an experience
I've just had the scariest day of my trading life.
I had over leveraged (I know) GBPUSD positions open. The market went against them. I kept hedging with more volume but the market started to range. I trade like that and I've never had big problems because I trade small volumes, this was an exception.
I use a bot to do the hedging for me, as it is more precise and quicker.
News time: FOMC Economic Projections, FOMC Statement, Federal Funds Rate, FOMC Press Conference (All high impact).
I was watching my trades as usual. News made pair go crazy up and down, more than usual (my bot does hedging!). I had to access my VPS as quickly as possible to turn off my hedging and take control. Drawdown was almost 50% and sometimes it hit more than that!!!
I made sure to read all these news in detail and decided to stay with most volume in long positions, as I understood the market would go up due to relatively bad news for USD. Market went against me badly for 20 mins, I thought I would have to take a huge loss directly. When I was about to cry and take the loss (I had some nearby SLs), the market started to go crazy on my favor.
After a few hours (always watchful), there would be AUD news (RBA Gov Lowe Speaks). I was already close to full recovery, but I read the news from NZD (RBNZ Rate Statement) and decided to take sides and keep the positions on, as I trusted the AUD news would be good as well. That meant (in my humble conclusion) that people who were short GBPUSD, saw the new UP trend (due to USD news) and many would start to take profit (buy). AUD would bring up GBPUSD due to its good news against USD's bad news.
News were good, Australian GDP increased and the currency started to spike up. TPs and SLs on place to take the profit (I didn't care about profit this time
).Lessons learnt:
- Always keep an eye on your trades (as often as possible!)
- Don't trust your strategies blindly (there are cases where shit hits the fan, BE THERE!)
- Fundamentals drive the market, INTERPRET THEM!
- Technical analysis tends to work a lot:
Against you) When you need to break out of an extreme in your favor.
For you) When you reach extremes against you.
Now that stress is lower I can finally laugh about it and learn from quite an experience
Live stream trading: youtube . com/user/th3b0y/live
- #1,290
- Sep 21, 2016 10:13pm Sep 21, 2016 10:13pm
I was also looking at the head and shoulders pattern and that brings us down to the 1.2850 area. If you go back and look though the charts when price sticks to the low/high of the day theres a good chance that there is another leg coming. I think G/U is going higher and U/C is going south{image}
- #1,291
- Sep 21, 2016 10:15pm Sep 21, 2016 10:15pm
{quote} Nice to see someone has the same view! I'm going to hold off till the NYO and see what it looks like but I'm ultimately expecting it to draw back into 1.3000 to 1.2950 candle. It would be a great way to finish the week
Great to bump into you here!
- #1,293
- Sep 21, 2016 10:40pm Sep 21, 2016 10:40pm
{quote} These set-ups are some of my favs. Like you, I want it to get back up to the resistance and then short. Seems our targets are in the same area too. Awesome! Great to bump into you here!
- #1,295
- Sep 21, 2016 11:51pm Sep 21, 2016 11:51pm
{quote} I think its boj, anyway take a look: {image} Going well above 1324, it might take a visit to 1335 then fomc will decide, i think it ll go south. Im still bearish till fed raises.
- #1,296
- Sep 21, 2016 11:52pm Sep 21, 2016 11:52pm
{quote} oh, wait. You already have a live TE. Can you attach to your signature, and change the name to "1 year profitable"? Or something other than "Demo", lol because at first glance I didn't know it was a live account. This way, we know you are part of the group...
Most likely, price will enter that area. Even if its ends in rejection, i think you ll still have time to unload(prolly on better price).
- #1,297
- Sep 22, 2016 12:09am Sep 22, 2016 12:09am
{quote} Nice one over there, price was just a few cents away from your TP! Guess it will trigger your limit order today
- #1,298
- Sep 22, 2016 12:10am Sep 22, 2016 12:10am
I don't know if it's ok to post it here. If not, please remove it. I've just had the scariest day of my trading life. I had over leveraged (I know) GBPUSD positions open. The market went against them. I kept hedging with more volume but the market started to range. I trade like that and I've never had big problems because I trade small volumes, this was an exception. I use a bot to do the hedging for me, as it is more precise and quicker. News time: FOMC Economic Projections, FOMC Statement, Federal Funds Rate, FOMC Press Conference (All high impact)....
Good to know that you've made your way out!
It does takes a lot of skill to hedge in the market. I myself wouldn't watch my trade too often (because it usually leads to emotional actions) but it seems that your strategy needs it. Fundamental analysis is more than reading news though, trading news to me is more like trading short term events and less of fundamental analysis.
- #1,299
- Sep 22, 2016 12:17am Sep 22, 2016 12:17am
{quote} It closed, i didnt even notice. Quite a good run this week, rather flat but its good to be in the green. Im done this week, good luck to all of you who still looking for more. {image}
- #1,300
- Sep 22, 2016 12:29am Sep 22, 2016 12:29am
{quote} Good to know that you've made your way out!