Aug 31 2011 at 12:21
I really admits your comment.
Andy
Andy
AussieTrader posted:
We all have been there, trust me. Some say that 95% of all who try forex lose 100% of thier money. I believe that.
I have a therory about the stages each forex trader goes through. I would venture to say nearly everyone with any experience in forex would agree with me.
I call this 'The Seven Stages of Tradeing Forex'
You begin by being conservative.
You start out being very carefull with your trades, keeping lots small and stops tight.
Which leads to success.
Your plan is working, and your account is seeing gains.
Which leads to overconfidence.
The plan works every time. look at the gains you are making. You must be a genius. You have found the holy grail..
Which leads to Greed.
If you can make this much with one lot, then why not trade 2 lots, right?
Of course what follows is denial.
The market will come back, right, it always does, we should just double down.
And then comes panic.
No, No, No, not a margin call.........
And then my favorite, dispair.
Its all gone, every last bit.
Some times this path is repeated with a few revenge trades thrown in. Sometimes the hit is big, sometimes it is small. But everyone takes a hit. The thing to do is learn from it and try not to go down the same path.
Pick yourself up and learn from it. You can do it.
good luck.
Aug 31 2011 at 14:50
Yeah, those are some great comments.
That is a vicious, never ending cycle that only a few can break.
That is a vicious, never ending cycle that only a few can break.
Aug 31 2011 at 19:44
how much money is left for u? tell me ur balance and i will give u a free EA which can match your balance and start to recover your loss
Aug 31 2011 at 19:45
hkheredia posted:
I just wrecked my portfolio tonight and lost the spirit of trading currencies. Any tips on how to recover from this very expensive learning experience? I'm humbled by what the market did to me and I think I overtraded. I was trading the EUR/USD, going long and short multiple times and I think I was trading a trend I could not even read.
how much money is left for u? tell me ur balance and i will give u a free EA which can match your balance and start to recover your loss
Sep 07 2011 at 10:27
Emotional trading is the worst i have. When I open position i try to be strong as steel)))Because if you are nervous it is not good. Of course i am thinking about trading all time while my position is open, but i am thinking about how to make it profitable;)Sometimes it happens)
Sep 07 2011 at 17:09
Any book on how to manage our emotion?
There are lots of good tips here. But those tips are useless when we have bad emotion. It is when you don't have control of your self.
In forex you can trade 24 hours, that makes it so hard to control our emotion. If you trade stock, the market will close and you will take a break which is good.
There are lots of good tips here. But those tips are useless when we have bad emotion. It is when you don't have control of your self.
In forex you can trade 24 hours, that makes it so hard to control our emotion. If you trade stock, the market will close and you will take a break which is good.
Losing thrise on the same condition, currency in a short time is a moron
Nov 11 2011 at 04:47
hkheredia posted:
I just wrecked my portfolio tonight and lost the spirit of trading currencies. Any tips on how to recover from this very expensive learning experience? I'm humbled by what the market did to me and I think I overtraded. I was trading the EUR/USD, going long and short multiple times and I think I was trading a trend I could not even read.
It is obvious that you did not have a plan on money management, which led to your failure on this account.
-53.12% -32.08% -17.27% -16.77% -14.23% -13.30% -11.30% -9.67% -8.86% -8.72%<-- TOP 10 losses
38 out of the 60 losing trades you had, you lost more than 2% of your captial.
Need i say more?
The market did nothing to you, you did this to yourself.
Nov 11 2011 at 18:26
goodmast3r posted:
Any book on how to manage our emotion?
There are lots of good tips here. But those tips are useless when we have bad emotion. It is when you don't have control of your self.
In forex you can trade 24 hours, that makes it so hard to control our emotion. If you trade stock, the market will close and you will take a break which is good.
goodmast3r,
Well said. Yes, you can manage your emotion well in a good condition but it's very difficult to control it when you are in a bad condition. The worst thing is that Forex is 24 hours market, it's so tough for a trader walk away from trading when he/she is in bad emotion. That is why Forex is so risky.
I love taking risk with the right returns.
Nov 12 2011 at 14:46
here is the solution: have a bottle of good whiskey handy. and no glass! regularly drink a few shots while trading and suddenly you will float above the market. nothing can touch you. this technique is also knows as drunken forex kungfu master.
Give me your pips!
Nov 13 2011 at 01:08
Yeah I tried that unholy ghost, then you wake up broke and with a hangover instead of just broke !!
hkheredia
Sadly this is the road you need to travel to figure it out. Now the question here to ask is what isn't working. See, few years ago I noticed that if you look at the chat rooms, you see the same people there day after day after day, and very often they call against each other. Someone must be wrong. Yet the same people make money. So it can't be the direction of the call that's making the money. And if it's not that, then what is it?
See your forex journey really starts when you try stop predicting the market, then you start thinking about the things that really matter.
I often say to people they should try trading randomly, try make it work, then suddenly everything changes, because you're not under the false impression you actually know what's going to happen. Then things like trade sizes and so on becomes critical. And trade sizes are more critical than direction in fx.
Want to know on average how many times any trade you open go into profit ? 11 times.....take a point, any point on a chart, scroll left and see how many times the price goes through that point....so get beyond the indicators, direction and news and move up a level.
hkheredia
Sadly this is the road you need to travel to figure it out. Now the question here to ask is what isn't working. See, few years ago I noticed that if you look at the chat rooms, you see the same people there day after day after day, and very often they call against each other. Someone must be wrong. Yet the same people make money. So it can't be the direction of the call that's making the money. And if it's not that, then what is it?
See your forex journey really starts when you try stop predicting the market, then you start thinking about the things that really matter.
I often say to people they should try trading randomly, try make it work, then suddenly everything changes, because you're not under the false impression you actually know what's going to happen. Then things like trade sizes and so on becomes critical. And trade sizes are more critical than direction in fx.
Want to know on average how many times any trade you open go into profit ? 11 times.....take a point, any point on a chart, scroll left and see how many times the price goes through that point....so get beyond the indicators, direction and news and move up a level.
