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I have been on a winning streak and now nervous to take new positions

Repco
Feb 01 2013 at 16:52
48 posts
mylin_m19 posted:
my currency is gbp - but i think the price levels should be the same for eurgbp and usdcad? i just get paid in gbp?


They auto convert for you back to your home currency

Splexin
Feb 01 2013 at 23:40
202 posts
If you keep getting nervous I recommend looking up 'Mark Douglas trading psychology.'

He has several books and videos widely available across the web. This guy basically saved my shirt when I was going through a rough period of losing confidence several years into my trading 'career'.

My advice like others here is to risk less as you make more.

Good luck

mylin_m19
Feb 04 2013 at 18:13
40 posts
Ok so hit my stop-losses, left with 500 now from my 700 - which is still a good return on my initial capital of 80. I need to work on how to decide when to take profit when to let it run. I wonder if there is some strategy on it? Maybe something like x = profit potential/capital at risk?

One more thing - I have been considering my capital as 80 when putting on these trades.. should I consider my daily capital as capital + previous days profit ..for ex in this case 700 as my capital and then from there on I am on a 200 loss rather than considering 80 with 420 profit?
 

mylin_m19
Feb 04 2013 at 20:38
40 posts
Thanks Splexin - I will look him up.


Martin (elerik)
Feb 05 2013 at 13:18
4 posts
mylin you are in similiar situation as I was. I have lots of success. After few months. After that i fell back close to start. It happend to me 3 times. Still dont know what to change in my mind to go throught cash barier.
But one thing I know. at one moment I had thoughts like. Ok this is still good profit. This is exactly what you have to try get out from your mind. Dont focus on cash. Like me and in my mistakes. May be this is a key to break it. And continue in profit without hurt. Try keep focus on your traiding method. And one more think. Try risk just same like when you start until you break it. And then you add just small piece to margin. So ... imagine you have just 80 pounds. And use THEM. Not your profit. Now you will risk much less then before. And if you will be good in your method may be you can go throught you fear. Iam on the same ship. This is what i found in my mind. So Iam tring do this. And yes. I see small steps forward Iam happy for it. But still many to work.

mylin_m19
Feb 05 2013 at 13:24
40 posts
Good points and thanks for that. So everyday is a new day, with the same original capital and the same stop loss mindset.. sounds good to me =)

again but how do you decide when to take profit? if you take it too early you will miss the potential profits, if you do not take it you will miss the current profits? any ideas on that?

mylin_m19
Feb 05 2013 at 13:26
40 posts
in my case most of my profits came from adding to winning positions, some points it seemed they were not winning but i didnt take profits.. i let it run then they became profitable again and I added extra positions - so overall my profits were huge.

mylin_m19
Feb 05 2013 at 14:50
40 posts
Ok so I had put on 2 new trades eurgbp again as the trend was intact and usdcad again for the same reason - I am going to take off usdcad as you mentioned elerik not to risk the profits. I have managed to move my stop loss such that I make a quick profit out of it given the current jump, will stay in until it hits my stop-loss. so lets see how it goes this time.

mylin_m19
Feb 05 2013 at 22:42
40 posts
Ok so eurgbp went well and I am up 80 pounds, now I have added another position to it so leveraged twice..

FX-Parity
Feb 06 2013 at 13:06
28 posts
Can anyone else here that ticking sound....

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