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Why I'm Proud of Myself (Now)

Splexin
May 05 2011 at 21:20
202 posts
P.S. If you want to know what stocks I made the 400%--- back during the peak of the stock crash I purchased $300 worth (all I could afford at the time) of AIG @ $0.40(?)/share and PNX at $0.33/share. I made about $150 on AIG, but PNX was the big winner-- it rocketed to nearly $5.00 but I got out when it was around $3.50. Both companies have been around for ages and I knew AIG would be bailed out.

Had I had about $5K to invest at the time I would've come out with $75K at the end of those 3 months.

What goes down must go up!

Splexin
May 11 2011 at 20:10
202 posts
Hey everybody, just wanted to let you know that I have successful erased ALL my losses and am in profit now!!! Wooohooo! I am so thrilled at how my trading has evolved recently. Before, when I was reckless, my losses would only grow worse. But now I think I 'get' it. I know it's a long road to success, but given my new-found ability to stay in the game I think I have a pretty good shot at this!

😄

Splexin
May 13 2011 at 07:39
202 posts
**** OK take that back, stupid emotions just got ahold of me.....as well as impatience....tried scalping, got ahead $30 and was ready to quit but 'No,' my head told me, 'Let's try to get a little further!' So I did and guess what? Erased all my gains for the week and back down 12%.....and what's even worse....I think the market is teasing me....because had I WAITED I would've gained much MORE......ugh!!! Now it's going to take me another week just to break even 😞

Emotions, emotions, emotions. I hate them! lol

speki
May 13 2011 at 09:08
735 posts
Sean my friend, give me a number. How much you think trading success is luck and how much knowledge. I reckon it's around 50% - 50%. Maybe 49 - 51 or 55 - 45, don't matter that much in the long run.

Surround yourself with people whose eyes light up when they see you and who have no agenda for your reform.
Splexin
May 13 2011 at 09:18
202 posts
It's kinda funny.....about an hour before the EUR took off I told my whole family that it was going to go up at least 100 pips....and I was going to take advantage of it.....

But then when it started happening, a doubted myself and kept entering and exiting trades. Completely out of control. It's crazy, because here I knew what was going to happen and had a trading plan for it, yet I didn't follow through with the plan.

Splexin
May 13 2011 at 10:02
202 posts
Ugh....I nearly erased half my losses but then the price turned against me (oh and guess what, it ended up going my way after that!!!!) and I chickened out with only a few bucks profit.......

I wish I had a time machine to go back about 6 hours....... 😳

Splexin
May 13 2011 at 10:13
202 posts
I give up for the night.......it will take me another 2 weeks to erase those loses......but I can't give up....sigh. I thought I learned my lesson 2 weeks ago but guess not! That or I need to learn to trust my first instinct and stop doubting myself!

Psymon (psymon)
May 13 2011 at 10:44
61 posts
Hey buddy,

Its probably not a great thing for you to hear, but i'm gona tell you anyways! its so good for me to find someone else with exactly the same problems as me! it feels like everything is falling into place and for a couple of days / a week, everything works just so! then for no explicable reason it all falls apart! i'll be damned if i can figure it out!

if you figure it out pls gimme a shout and let me know what worked for you?\

keep your chin up

psy

its all down hill from here!
Intu
May 13 2011 at 17:03
4 posts

Splexin posted:
    It's kinda funny.....about an hour before the EUR took off I told my whole family that it was going to go up at least 100 pips....and I was going to take advantage of it.....


Don't do this, ever. Don't talk about trading with family, friends, etc. they have no idea what you are really going through anyway. Save trading discussion for the forums, otherwise it 'messes with your head'.

Don't critique your results based upon what happens after you get out of a trade or after you stop trading for the day.
Likewise, don't say 'I should've stopped trading for the day'. You take trades because of your system/method, either they are valid or not. You don't avoid VALID trades because you are 'up xxx pips for the day'.

Set your available times for trading... try to be consistent, take all valid trades during that time. Then stop. Start again the next day... same time. It'll help you get familiar with volatility during your trading time. London is different than US afternoon, which is different than Tokyo.

Don't erase your results just because you have had bad draw down. It is so helpful to look back on 6 months of trades, even if you were losing during that time. It's nothing to be embarassed about, over 90% of everyone loses (at least some of the time). [I, myself, am guilty of this.]

Make sure you have an 'edge'. Are you really doing something that will make money over time if applied consistently?
This is where reviewing your trading can help. Even if you have 'blow ups', times of lack of discipline; do you have periods of rising equity curve with managed risk? If so, then manage the discipline. If not, then keep working on a method that will show some kind of consistent profit.

This is my best advice.

Losing is difficult. I know because I've done it for a long time.
Separate yourself from your account balance. Admit that you are not going to take any money out for a long time.
It is a tool to help you trade better, and ultimately make more money.
Devote the time, regularly. It may take months (or longer).

Good Luck!

Intu
May 13 2011 at 17:14
4 posts

Splexin posted: Erased all my gains for the week and back down 12%.....


Sorry, one more thing...

You are trading too big. These swings are too large.
Because you have erased your system from Myfxbook.com, I can't see what you were doing.

After looking at my trading over a long period of time... 5% loss is a big 'hit' for me.
It may take a couple days to make that back.
I would suggest not losing more than that on any given day, until you become more consistent.

Take a few days off, come back the middle of next week.
If there is no news and things aren't 'crazy', try to find a few of the best trades during your trading session.
Book a profit.
Start again the next day.

Swinging for the fences, going for homeruns... to make back losses, will kill your account.

Again, sorry for the ramble...
...just trying to help,
Good Luck!


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