the hare
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dc2000
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Skillz or Skills both of which you have zero
against the trend on a trend day are you serious?
This job you have that provides the trading fund do you have to think in it
Sorry, but you will see im a new member and already by posting just one thread the abusive members highlight themselves, which i dont get involved with because you just end up becoming one of you. Makes me laugh how you post as though youv never made a loss. haha
I make loads of losses every single day - but none that bother me, that's the point we've all been trying to explain to you - even if we have differing opinions on how it should be achieved.
Unsubscribed.
Phantom666
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I hope you don't see this as abuse, it's certainly not meant to be.
Your problem is fairly clear, your approach is simply bound to lead to a massive blow up at some point. It's the same mistake that countless numbers have made before and countless numbers will make again.
This is worrying:
Well did a paper trade today using the same methods as i did to build up to 25k. Wall street has been strong today but seeing it was a paper trade i wanted to test my 'skillz' as someone put it and go against the trend. Shame it was only paper as it would have banked me £350. Nice to get back into things though.
You really need to re-evaluate what you are doing, or the same thing will happen again.
dc2000
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You ask for advice we give it
If you think Im being abusive thats fair sometimes it takes a sledgehammer to crack a nut I am mearly trying to advise you against jumping straight back in and trying to get your money back in some sort of revenge move
I could have pointed out the massive error in your trading that saw you go long with 126 points gap to the previous close and only 125 points available in your account.
As for never made a loss when have I said that its precisely because I have made losses that I can post hard hitting comments to you rather than being wishy washy nicey nicey as you would like.
DionysusToast
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Agreed. He's taking directional trades and chances are he has no way of making a rational call on direction. He talks about "I knew it was going to go up" - well nobody knows that unless they have the money to push it up.
$6k -> $25k in a few months = massive risk taking
blowing up = massive risk taking
You could enter randomly in most markets with a no stop and a resonable target and you will make money again and again and again... until you lose it all.
So - whilst he does need to look at risk management, he probably also needs to figure out what makes the markets tick in the first place.
In my view a couple of posts are abusive and unnecessary, not that it bothers me, you crack on. I think a couple of you need to calm down, it seems your trying to get points from others by what you post, rather than contributing to the thread. This was a paper trade based on a basic reversal pattern that I wanted to put into practice, having identified it following a very strong upward spike which ran out of steam, confirmed by other indicators. Trading the correction is what I wanted to try, sometimes like this one, it can be profitable. I tried it, it worked, maybe next time it wont but I just wanted to see and what better way than a paper trade ! Grab a coffee and calm down.
Phantom666
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A herbal tea would probably be better. All that caffeine won't help to promote calmness.
BeginnerJoe
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That's just bollox. The guy selling apples don't wildly swing his prices every few milliseconds and expect to have any customers left. It is important for people to realise these kinds of speculative gambling have very little to do with trading. The only real traders in the market are the large banks and institutions who have the capacity to carry positions. Everyone else are just fodder feed for them.
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BeginnerJoe
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Good strategy. Put some real money in it is all I say. Education acquired through paying real money is always the best.
From you posts so far, I don't believe you have quite worked out why you lost. The quickest way to work it out is keep doing it until it becomes clear.
Joe I have worked it out and im kicking myself because of it, but you live and learn. Head up and get on with it. I missed doubling my account by 3 or 4 pips.
DionysusToast
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This is a perfect description of what will not make you money trading.
Reversal patterns and indicators indeed!
Phantom666
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I think this is your problem - despite your experience you don't seem to get it.
If three or four pips more would have enabled you to double your account, you did not miss doubling your account (no matter how many times you do double your account). It is important to realise that the way you trade means that you are always a trade away from blowing your account. Focus on risk.
Phantom666
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So what?
Masquerade
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Do you know how to read PM's?
Lee Shepherd
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Hello Mrfigure,
It’s been a while for me posting on here but I do pop in to have a peek from time to time. Your story has captivated me but is in no way unique. As you are unidentified would you mind disclosing your set ups, no probs if you do. Along with your account size and positioning you will find that most will be able to give some pretty good guidance but be aware that although it will differ, it won’t be extreme.
There may be many things you are doing right but in this game you only need one thing wrong to blow up. Imagine it to bungee jumping, you check the weather conditions and the strength of the elastic rope but on the day you’re so eager to throw yourself over the edge you forget to tie the rope. It’s this eagerness that will literally throw you over the edge.
After blowing up your account it would be wise to take some time off and re-evaluate, I can’t tell you how long that should be but a day off certainly doesn’t seem long enough. Then paper trade to encourage your confidence back and prove to yourself that you can trade and that it is simply not luck.
Regards,
Lee Shepherd
It’s been a while for me posting on here but I do pop in to have a peek from time to time. Your story has captivated me but is in no way unique. As you are unidentified would you mind disclosing your set ups, no probs if you do. Along with your account size and positioning you will find that most will be able to give some pretty good guidance but be aware that although it will differ, it won’t be extreme.
There may be many things you are doing right but in this game you only need one thing wrong to blow up. Imagine it to bungee jumping, you check the weather conditions and the strength of the elastic rope but on the day you’re so eager to throw yourself over the edge you forget to tie the rope. It’s this eagerness that will literally throw you over the edge.
After blowing up your account it would be wise to take some time off and re-evaluate, I can’t tell you how long that should be but a day off certainly doesn’t seem long enough. Then paper trade to encourage your confidence back and prove to yourself that you can trade and that it is simply not luck.
Regards,
Lee Shepherd
Phantom 'it made £350' was in response to someone saying that it was the way not to make money trading, certainly wasnt a boast as your post implies.
Also Phantom this was 'one' trade, i was very confident in the chosen market, indeed it is exactly where i thought it would be now, but my entry let me down badly. I dont trade this way 'all' trades.
Also Phantom this was 'one' trade, i was very confident in the chosen market, indeed it is exactly where i thought it would be now, but my entry let me down badly. I dont trade this way 'all' trades.
