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How Many Accounts Did You Blow Before You Got It Right?

  • #201
  • Feb 6, 2016 9:50am Feb 6, 2016 9:50am
True
  • #202
  • Feb 7, 2016 9:39am Feb 7, 2016 9:39am
Quoting Jdpnz
In fairness, I think that we traders are allowed to blow some accounts. Else, how will we ever know the optimal level to trade a new strategy?
There are countless ways to determine an optimal risk level without losing money. Do you plunge your hand into hot water to determine if its hot enough to make tea and then bask in your own silliness?
Quote
they don't know exactly how far/when/how to push the strategy for optimal profits. Just my personal approach here.
You seem to think that the optimal risk level is one that purely maximizes profit. Every experienced system developer will know that bet size is one aspect you don't want to optimize with this sole intent. The optimum comes just before the precipice after which performance becomes negative.

It is very clear that you understand this since you accept the link between pushing the limits of risk and blowing up accounts. As to why you or anyone else would continue to work in this way is beyond me.
  • #203
  • Feb 8, 2016 1:47am Feb 8, 2016 1:47am
None.
That's not to say I've got a winning system. But I'm getting close.

I think what new traders should focus initially is how to survive long enough not how to get rich quick (it's not going to happen).
Start off with demo. If you can't learn without putting your hard earned cash on the line like many start small. You can start trading with as little as 50$ with Oanda and keep adding for every % you make. The average learning curve is anywhere from 2-5 years. This should get you through this phase without much capital loss.
...
  • #204
  • Feb 8, 2016 7:30am Feb 8, 2016 7:30am
Quoting Atokys
{quote} There are countless ways to determine an optimal risk level without losing money. Do you plunge your hand into hot water to determine if its hot enough to make tea and then bask in your own silliness? {quote} You seem to think that the optimal risk level is one that purely maximizes profit. Every experienced system developer will know that bet size is one aspect you don't want to optimize with this sole intent. The optimum comes just before the precipice after which performance becomes negative. It is very clear that you understand this...
  • #205
  • Feb 8, 2016 7:31am Feb 8, 2016 7:31am
Quoting Piquant
None. That's not to say I've got a winning system. But I'm getting close. I think what new traders should focus initially is how to survive long enough not how to get rich quick (it's not going to happen). Start off with demo. If you can't learn without putting your hard earned cash on the line like many start small. You can start trading with as little as 50$ with Oanda and keep adding for every % you make. The average learning curve is anywhere from 2-5 years. This should get you through this phase without much capital loss.
  • #206
  • Feb 9, 2016 12:14pm Feb 9, 2016 12:14pm
Quoting Atokys
{quote} There are countless ways to determine an optimal risk level without losing money. Do you plunge your hand into hot water to determine if its hot enough to make tea and then bask in your own silliness?

Actually, since a simple thermometer will give me a precise reading of temperature, a cup of hot water is a pretty bad compared to the markets.
Here, we deal with a statistical model (some you win, some you loose) instead of a precise working model.
I have to understand exactly how my strategy interacts with the underlying asset/price. This...
Actually, one of my own sayings is:
"In the market it is real easy to make profits - holding on to your capital is extremely difficult."
(My trading group hear this at least once daily, 5 days a week.)
For any and all strategies I have long periods where to goal is survival (not profit) while, at the same time trying to be around for that elusive payday when profits become the goal.
As such you are simply dead wrong - the goal with all the testing is not to chase profits but rather to understand the strengths and weaknesses of the strategy so that I can understand when to try survive (minimize risks) while be be around when the profits come.

{quote} It is very clear that you understand this since you accept the link between pushing the limits of risk and blowing up accounts. As to why you or anyone else would continue to work in this way is beyond me.{quote}

Actually, I did not ask you or anyone else to do what I do - in fact, I clearly stated that this is my own ideas and my own way of achieving.
I may be wrong but since I run 6 accounts and draw a wage at least 2-3 weeks (for the past 8-9 years or so) I just thought that perhaps my experience may be of help to someone out there searching for some success. In case you are wondering - every time an account doubles, I take a wage..

Even the simplest of strategies may go through a 6-12 month of testing before it will even "touch" my real accounts.
  • #207
  • Feb 9, 2016 12:49pm Feb 9, 2016 12:49pm
I blew quite a number of accounts before I got it right.When you are starting out in forex trading.You always read about all the mistakes you aren't supposed to make in forex trading like over-leverage or trading without a plan.For me,I thought I could get away with high levels of leverage and taking trades without putting any plan to it.Well,It did not take too long for me to blow my first account.After blowing several accounts,I took some time off trading to do some soul searching.I learned from my mistakes and don't use too much leverage anymore and I always trade with a plan.
Always follow the trend
  • #208
  • Feb 10, 2016 12:20am Feb 10, 2016 12:20am
Quoting forexonpoint
I blew quite a number of accounts before I got it right.When you are starting out in forex trading.You always read about all the mistakes you aren't supposed to make in forex trading like over-leverage or trading without a plan.For me,I thought I could get away with high levels of leverage and taking trades without putting any plan to it.Well,It did not take too long for me to blow my first account.After blowing several accounts,I took some time off trading to do some soul searching.I learned from my mistakes and don't use too much leverage anymore...
  • #209
  • Feb 10, 2016 7:44am Feb 10, 2016 7:44am
Quoting Jdpnz
As such you are simply dead wrong - the goal with all the testing is not to chase profits but rather to understand the strengths and weaknesses of the strategy so that I can understand when to try survive (minimize risks) while be be around when the profits come.
Thats nice.

When I said that one should not optimize on the basis of profit maximization I didn't know that I was really saying that the goal of testing is to chase profits. Yeah, I dont know, I thought that when I said that one should not optimize on the sole basis of profit maximization I was really saying that one should not optimize on the sole basis of profit maximization. Strange.
Quote
Actually, I did not ask you or anyone else to do what I do - in fact, I clearly stated that this is my own ideas and my own way of achieving. I may be wrong but since I run 6 accounts and draw a wage at least 2-3 weeks (for the past 8-9 years or so) I just thought that perhaps my experience may be of help to someone out there searching for some success. In case you are wondering - every time an account doubles, I take a wage.. Even the simplest of strategies may go through a 6-12 month of testing before it will even "touch" my real accounts.
Good for you friend.

Systematic trading has been around for decades and so have ways of testing strategies that don't involve losing money or incurring opportunity cost while funds lie idle. If you must insist on operating otherwise thats really on you.
  • #210
  • Dec 2, 2016 4:09am Dec 2, 2016 4:09am
Coming here after blowing my third account. I was doing just fine showing an average of 20% return each month for the last 10 months. But then i was over confident in my last trade idea. I used double even triple the position size that i should, hence the blow. I strictly know the rule that advises one to take a break from trading after a series of wins, but i let it loose,and i payed the price.

PS: the feeling sucks, but it's good to read what experienced traders have to share abt this.
  • #211
  • Dec 2, 2016 4:31am Dec 2, 2016 4:31am
Lost 2100 $ in 2008 due to poor money management.

►Ignored US bubble burst news as well ◄ main reason of my loss .
Never Gamble Forex
  • #212
  • Dec 2, 2016 1:14pm Dec 2, 2016 1:14pm
Quoting benmoro
Coming here after blowing my third account. I was doing just fine showing an average of 20% return each month for the last 10 months. But then i was over confident in my last trade idea. I used double even triple the position size that i should, hence the blow. I strictly know the rule that advises one to take a break from trading after a series of wins, but i let it loose,and i payed the price. PS: the feeling sucks, but it's good to read what experienced traders have to share abt this.
You must take action now that will move you towards your goals. Develop a sense of urgency in your life.
  • #213
  • Dec 2, 2016 1:18pm Dec 2, 2016 1:18pm
Quoting PoundTrader
How Many Account Did You Blow Before Developing A Winning System. You Can Post Your Exact Number
I blew 1 account- Tallinex due to SNB and my 2 open trades when the event occurred. I would blame my trading for this as I knew I should close my trades but left them open with a stop in place......lol Like that could have helped when liquidity vanished.


I should add that my account got wiped. Ouch! I pulled my panties up and went on....started over.
  • #214
  • Last Post: Aug 25, 2017 2:50am Aug 25, 2017 2:50am
Quoting PoundTrader
How Many Account Did You Blow Before Developing A Winning System. You Can Post Your Exact Number
The dreaded blowing up of an account blow up. Some people have experienced this – even multiple times. Others have not experienced it yet, but will soon. First of all, we need to define what is a blown trading account. Obviously if you lose 100% of the money in your trading account, then you have blown it. The money doesn’t exist anymore. You lost it. You blew up. Even though there are some people who are destined and others who need to blow a trading account, you do not have to go down that path. You do not have to blow a trading account or two in order to succeed in trading.
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