Why Am I Losing So Often Compared To Wins??! + Why I Always Choose Wrong Direction??!

[Trader333]

I think the promotion of it is at best distasteful and may be bordering on reckless when one considers this guy's financial situation

Why ?


Paul

 

[Lightning McQueen]

Sorry but that's a load of bull. Without making any judgements as to the merits of Technical Trader the lack of it isn't the problem here and I think the promotion of it is at best distasteful and may be bordering on reckless when one considers this guy's financial situation. Feel free to flame as I have a very thick skin .

I agree, the guy has £60 left in his account, and that was funded on a card, how is he supposed to fund the tools required to learn "technical trading" with no job, no cash and a maxed out credit card.

I will hasten to add that spanish is of course most free to apply to join if he wishes, don't let us on the outside stop you

 

[Lightning McQueen]

Why ?


Paul

Basically he has called us idiots for one

 

[arabianights]

Why ?


Paul

His problems are far more fundamental than simply applying a dodgy system (bear in mind that Shadowninja, FxScalper, Mr Marcus and I have spoken to him at length in the chatroom and for example poor guy hadn't even heard of the non farm yesterday and was carrying a position over it)... give him more systems and he'll lose with them as well. So I think it's not a great thing to be offering false hope like this.

 

[Splitlink]

When I first read the post, I thought that it was a subscrition tip sheet. In fact, I believe there is one of that name run by John Piper, but I pulled my post when I saw that it was a private members forum on this site. So, what is it and is it free membership, or what?

In any case, I agree with the general view, here, that Spanish should not be tradingin his financial situation. He's, already, in debt with his CC company.

Its bloody amazing. The bad names that spreadbetting companies have and yet some posters will cheerfully borrow on their credit cards!! I don't know which are the worse, the SBc's or the banks when it comes to screwing the clients.

Split

 

[Lightning McQueen]

yes Split, private forums are free, you just have to message the "owner" for permission to access it as per Grey1's post.

apply within :cheesy:

http://www.trade2win.com/boards/profile.php?do=editusergroups

 

[Splitlink]

apply within :cheesy:

What big teeth you have, Grandma!

 

[alan5616]

Spanish,

It sounds as though you're overtrading and getting whipsawed because of it. Trying to get into a trade because you've got a spare 15 mins is a recipe for disaster. You'll get lucky from time to time but, will, ultimately, blow the whole of your trading account if you continue to do this.

You say that you're at college, perhaps on a study course that might be 3-4 years duration. At the end of that course, hopefully, you'll graduate and will know a lot about the subject which you have been studying. Trading is no different. It takes time to learn; usually from mistakes. I suggest you switch to a longer time frame, perhaps 4 hours minimum. It would help you a lot if you kept a journal of the trades you make AND, most importantly, why you made them.

Trading is not an easy, "get rich quick" business but, a hard slog where you will be in competition with full-time professional traders. Many of these traders have years of experience and may be working for some of the big trading firms. They are using the very latest technology and will be earning a 7 figure salary. It is their job to take your money by whatever legal means they can. This will include faking market breaks, running stops and placing spoof orders into the market.

I suggest that you start with one market, be it Dow Futures, GBP/USD or whatever, and get to know it. Read and learn as much as you can and develop a strategy. There's a lot of help in forums such as TW2, Elitetrader and others. It will seem very daunting once you get on the learning ladder but, it is the only way to succeed. You will need knowledge, patience and the discipline to accept that you're wrong, at times, and cut your losses.

Good Luck

Alan
Better to be out of the market wishing you were in , than to be in the market wishing you were out

Good luck

 

[spanish89]

Aloha everyone and thankyou for all contributing to my forum topic..

ok 1stly i would just like to state that i would prefer it if everyone didnt try to speculate on my financial situation! :clap:

I had £1,300 creditcard debt due to a 3month christmas shopping spree! Lol
But on Friday cleared £670 of it in with the £510 i had earnt on betonmarkets that day, just for £43 risk!! :cheesy::cheesy:
And £160 for my other business'es earmnings that day.


I dont trade on my creditcard, i trade using the money i earn from the online companies i own!
(I have used my creditcard 1x just to get £50) lol

But thankyou for all the people who were just rtying to assist me and were concerned.



Ok back to my actual forum topic...

I want to be able to use longer time frames such as a few hours to half day, but i would need to use alot wider stoploss for that, and as i only have £100 capital it would be extremely risky to put that wide a stoploss.

 

[arabianights]

Basically your only way of getting around that is trading instruments that by their nature won't move more than 50 ticks in a day, such as penny stocks (but going long only for obvious reasons!), front month stirs, two year treasuries, schatz, etc. The alternative is to put up more capital or find a company that will let you bet pennies a point... I think you can find a few forex brokers like Oanda that do this.

 

[spanish89]

Basically your only way of getting around that is trading instruments that by their nature won't move more than 50 ticks in a day, such as penny stocks (but going long only for obvious reasons!), front month stirs, two year treasuries, schatz, etc. The alternative is to put up more capital or find a company that will let you bet pennies a point... I think you can find a few forex brokers like Oanda that do this.

I know that your now gone professional, so your capital will be in the £1000s to even millions if your dealing with firms cash..

But when you 1st started trading as a total amateur beginnner how ever many years ago how mucg did you lose in your 1st few months compared to wins??

And what was your stoploss for indicies / forex / and oil+gold??

 

[timsk]

But when you 1st started trading as a total amateur beginnner how ever many years ago how mucg did you lose in your 1st few months compared to wins??

Hola spanish89,
On the one hand, trading is like any other human endeavor in that newbies tend to make the same mistakes. The most infamous of these - and one of the hardest to overcome - is hanging on to losing trades too long and closing out winning trades too soon. Solving this particular conundrum is a major part of the right of passage to becoming a Consistently Profitable Professional Trader (CPPT). That said, trading is unlike any other human endeavor in that newbies may make the same mistakes, but they make them at different times and in different degrees to one another. The consequence of this is that there are no 'norms' in terms of average profits or average losses or the average length of time it takes to turn the corner to becoming consistently profitable etc, etc. There are no averages, period, so the experience of any one trader will have no bearing whatsoever on your experience. While some traders are pretty much profitable right from the get go (rare), others never achieve this goal in spite of years of endeavor. And therein lies the rub: have you got the determination and self belief to think that one day you'll join the ranks of the privileged elite who can claim genuinely to be CPPT's? Don't look to arabianights, me or anyone else to help you answer this question. You have to do on your own, by yourself.
Tim.

 

[spanish89]

Hola spanish89,
On the one hand, trading is like any other human endeavor in that newbies tend to make the same mistakes. The most infamous of these - and one of the hardest to overcome - is hanging on to losing trades too long and closing out winning trades too soon. Solving this particular conundrum is a major part of the right of passage to becoming a Consistently Profitable Professional Trader (CPPT). That said, trading is unlike any other human endeavor in that newbies may make the same mistakes, but they make them at different times and in different degrees to one another. The consequence of this is that there are no 'norms' in terms of average profits or average losses or the average length of time it takes to turn the corner to becoming consistently profitable etc, etc. There are no averages, period, so the experience of any one trader will have no bearing whatsoever on your experience. While some traders are pretty much profitable right from the get go (rare), others never achieve this goal in spite of years of endeavor. And therein lies the rub: have you got the determination and self belief to think that one day you'll join the ranks of the privileged elite who can claim genuinely to be CPPT's? Don't look to arabianights, me or anyone else to help you answer this question. You have to do on your own, by yourself.
Tim.

I guess in trading you start from the deep end, and either have to learn to swim and save youself , or you just drown!! :idea:

No life-boats in this industry.



On my very 1st day of trading i made £84 virtual cash in under 2minutes on the Ftse morning trend, just doing the exact same values and stoploss i would use on normal account...

Ive made about 250-350pips in the last 2weeks, made 200 on oil in 1hour of minute sclaping back n forth.. so am not just sort sort arrogant impulsive immature fool who just jumps in aimlessly, before doing thourgh research into the market and current trend that hour and day!

But have lost about 4500-600pips at the same time though, not due to trying to trade every tick, run before i can walk, or thinking im smarter than more experienced traders and trying to out smart the markets...
But simply because i can only afford to put the minimum stoploss of 30pips, and only afford to hold for minutes, so if i trade in teh wrong segement of the minute i will endup having the stoploss hit with 20secs!!

 

[Trader333]

What is the minimum size you can trade per pip ? The position of your stoploss is less important than the size of your position relative to the volatility of the market in the time frame that you trade in.


Paul

 

[spanish89]

What is the minimum size you can trade per pip ? The position of your stoploss is less important than the size of your position relative to the volatility of the market in the time frame that you trade in.


Paul

Aloha minimum £1 per pip, and min stoploss 20pips ftse / 30 all other markets, commodities and fx.

I wouldn't really want to trade for less than £1 pip though as though even though it would be less risk to my capital and and would lose less if im wrong, even when i won the profits just wouldn't be anywhere near enough to what i need to support my lifestyle and the hours of work.

 

[Trader333]

Aloha minimum £1 per pip, and min stoploss 20pips ftse / 30 all other markets, commodities and fx.

I wouldn't really want to trade for less than £1 pip though as though even though it would be less risk to my capital and and would lose less if im wrong, even when i won the profits just wouldn't be anywhere near enough to what i need to support my lifestyle and the hours of work.

Now you have me confused. You have £100 of capital and are somehow expecting that you can generate enough income from this to support your lifestyle ?


Paul

 

[spanish89]

I earn money from other things apart from the stockmarket, currnetly i only have £100 capital, but by next weekend i will have between £200 t £600 more money that i could use as capital..

But so want to be able to turn £100 depoit into my spread betting account into atleaset £150 by the end of each day.
(5pips per hour / trade 10 of 24 hours of the day.)

 

[tar]

I know that your now gone professional, so your capital will be in the £1000s to even millions if your dealing with firms cash..

But when you 1st started trading as a total amateur beginnner how ever many years ago how mucg did you lose in your 1st few months compared to wins??

And what was your stoploss for indicies / forex / and oil+gold??

EXPECT TOO MUCH PAIN

 

[normbeef]

sounds like good money after bad to me -- feeding earned income to the beast...

I would go paper for the next 6 months... then once you realize what mistakes you could have made, then breath a big sigh of relief and come back in with the capital you have been building from your other gig's...

I still dont get why people think trading is any way to make a living ???

 

[arabianights]

For a start, £150 a day is £30 000 a year tax free, or the equivilant of around £45 000 salary... What kind of lifestyle *needs* that kind of funding? I can see spending that much on a night out once a week but that's a bottle of Dom every night including weekends plus a bollinger as a hair of the dog on Monday morning.

Anyhow you're asking for a system that will give you a seventy five percent return every single day with no possibility of blowup. This doesn't exist. Nothing even close to it exists. In fact a scheme with that kind of expected return will have more risk attached to it than mugging the tough looking guys in army uniform at hereford.

As for your personal questions I had no trading experience before starting my job, and that was only six months ago so even by the standards of this business I'm no pro (my capital is indeed between a grand and a million though ). And I can't answer the stop loss question as I don't know anything about those markets. But I would suggest you listen to everyone who says you shouldn't be scalping.

If you want more constructive advice or to be taught how to scalp start applying for trading jobs at the various arcades. You'll get helpful advice on that if you start a thread about it in trading for a firm.