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new trader - HELLO! and help

Callen Aw (callenaw)
Jan 12 2012 at 20:47
posts 25
Guys!

I'm new here and new to trading. Hello to you :)

I'm not sure how this works but look - seems like I'm not trading the jedi way.

I ran my account down and up to ~ 30% for the first month. Not sure if it's overconfidence but very sure it's psychology that cause my account to dive -50% within the next 2 months!

To be honest, I'm raped and still trying to overcome the traumas, trying to stay positive everyday. Since the massive drawdowns, I can't seem to get my account back to green or a retracement. I'm clearly in a downtrend waiting for a double bottom hoping to rally. Help me, Smart Traders!

I've still have faith in my system. I've reduce my lot size, SL reading psychology books as I find myself overtrading especially when I occur a loss. I'm also afraid to miss an opportunity, trying to get into every available setups. Maybe it's because I've experienced 100 over pips in a trade within an hour. I tend to be impatient when I know trading is about patience.

I don't know how this work but I'm happy I've setup this account in myfxbook and look forward to play a part in this huge family. I would appreciate your time looking at my stats and commenting on my work, however bad it is. I welcome all comments to help me a better lifelong trader.

Thank you and may pips fill your pockets :)

https://www.myfxbook.com/members/callenaw/callen-trading-inc/221043

Let the market come to you
Jason Ryan
jasonryanforex
Jan 13 2012 at 05:59
posts 6
Hi Callen,

Welcome to the world of Forex Trading. Don't beat yourself up too much, every trader has been through what you're experiencing now. Don't rush your trades, especially when you take a loss. There's always tomorrow to take another trade. You've taken the right step in learning about trading psychology. Good move!

The aim of the forex game is to achieve consistent results. Your first month might have been just a lucky month (beginner's luck perhaps), then December comes and reality sets in. If you want, i can send you a simple money management tool which can help you see exactly what your risks are before taking a trade.

E.g. If you set your risk at 2% for a trade, and the maximum stop loss is 40 pips, the tool will calculate for you how much you stand to lose if the trade doesn't work and MORE importantly, it tells you the size of contract you should be trading based on your equity balance.

After using the money management tool, it gives you a clearer idea in numbers (when you see the numbers in front of you, somehow it helps to better your judgement of whether to take the trade or not.

Anyway, my name is Jason Ryan and i am from Singapore. I've been trading for a number of years now.

If you need any help, just message me here.


Warmest Regards,

Jason Ryan

Jason Ryan
jasonryanforex
Jan 13 2012 at 06:02
posts 6
Hey,

I just realized you're residing in Singapore too. We can probably meet up one day.


Warmest Regards,

Jason Ryan

Callen Aw (callenaw)
Jan 13 2012 at 10:55
posts 25
Good afternoon Jason Ryan!

Somehow I feel like this is playing the world of Warcraft game. Starting out newbie at a low level and getting help from high level pros like you. Appreciate your time looking through my stats. Sure I'll love a copy of your money management tool and yes we can meet up one day loh.

Trading is a lonely but with a community like this it gains motivation and joy in trading.

Let the market come to you
Jason Ryan
jasonryanforex
Jan 13 2012 at 12:53
posts 6
Hi Callen,

You can use the money management tool at this url:

https://www.jasonryanmembers.com/forex/riskcalculator.html


Warmest Regards,

Jason Ryan

Jason Ryan
jasonryanforex
Jan 13 2012 at 14:54
posts 6
You can join our 'New' fund manager account while you're mastering your way in forex trading. Earn some money with us while you trade your own account.

Forex Quick Start™

- Account traded by my team of pro fx traders
- Professional fund manager account with HotForex (broker)
- Low entry level investment of only US$500
- You only pay us if we make money for you

Let me know if you're interested, we can arrange something for you.

We will handle all administrative needs for you from opening of account etc. Very quick approval plus, no deposit fees charged by the broker.

Warmest Regards,

Jason Ryan

Павел (byrus)
Jan 14 2012 at 23:08
posts 1
Я посмотрел твой счет и был немного в шоке. Зачем ты столько много сделок делаешь? Если хочешь начать делать прибыль, то лучше уменьши количество сделок до 10 в день. Уменьши количество начальных лотов до 0.10 И не когда не возобновляй в день, если было много убыточных сделок. Мой счет
https://www.myfxbook.com/members/byrus/admiral/213594
------------------------
I looked at your expense, and was a little shocked. Why are you so many deals are you doing? If you want to start making profits, it is better to reduce the number of transactions up to 10 per day. Reduce the number of initial lots to 0.10 and not when it is not renewed in the day, if there was a lot of losing trades. my account
https://www.myfxbook.com/members/byrus/admiral/213594

Callen Aw (callenaw)
Jan 15 2012 at 08:55
posts 25
Sure Jason, will look into it sometime but now my focus have to get myself back on track.

Byrus, I'm trading intraday 5m and can trade up to 10 trades per day. I realised that could be a problem - overtrading thus trying to cut down and only enter on good setups. I've also reduced my lots to .01 / .005 (if SL is more than 35 pips). I am also trying to stop trading and wait for the next session if I encounter 2 consecutive loss. I see you have very good profits for the last 2 months. Congrats and thanks for giving me good pointers!!

Let the market come to you
NELMAR TRADING SOCIETY
MarcoItalia
Jan 24 2012 at 15:21
posts 6
Splexin
Jan 25 2012 at 04:29
posts 202
In addition to wise money management, I would recommend looking up Mark Douglas, who produces trading psychology materials and coached professional traders for many years-- I have been studying both his books as well as a couple video seminars and they are full of gold. Very helpful stuff that can enlighten newbies and veterans alike.

ForexScam
Jan 25 2012 at 09:01
posts 1008
a trader should look for all the reasons why NOT to take a trade. For me, if I don't feel 100% positive I don't trade. If you have anything on your mind, don't trade. If you feel rushed, don't trade. One approach you can take, is to trade with Limit orders and not market orders. This will take the time-patience- and the waiting game out of basket. You won't feel forced to put ON a trade. and this may decrease, the total orders you make a day.


Callen Aw (callenaw)
Jan 29 2012 at 20:14
posts 25

   Splexin posted:
   In addition to wise money management, I would recommend looking up Mark Douglas, who produces trading psychology materials and coached professional traders for many years-- I have been studying both his books as well as a couple video seminars and they are full of gold. Very helpful stuff that can enlighten newbies and veterans alike.


Just watched his videos about trading like a professional trader. Helped me to think in a series of trades rather than focus on the outcome on a single trade. Thanks Splexin. This community is great help and I'm seeing myself hitting my weekly targets :)

Let the market come to you
Callen Aw (callenaw)
Jan 29 2012 at 20:16
posts 25

   ForexScam posted:
   a trader should look for all the reasons why NOT to take a trade. For me, if I don't feel 100% positive I don't trade. If you have anything on your mind, don't trade. If you feel rushed, don't trade. One approach you can take, is to trade with Limit orders and not market orders. This will take the time-patience- and the waiting game out of basket. You won't feel forced to put ON a trade. and this may decrease, the total orders you make a day.




Will, thanks and that is what I'm practising too. Pass a trade/ stay out, there's always opportunities. If not today, tomorrow!

Let the market come to you
MRfrancis84
Jan 30 2012 at 09:31
posts 7
Set your trading rules and stick to them. Never rush a trade or jump in the market on a whim.

Paul Ng (paulng)
Feb 19 2012 at 11:56
posts 43
Warm greetings Callen. Nice to see a fellow Singaporean here. To be frank, none of us here are experts, and none of us here can forecast. What we do is simply reacting with discipline. Have a proper plan that suits your personality, then stick with it. You can evaluate your performance and plan say every 3 months, and decide if your plan requires any modifications.

Once your system rides on a winning streak, your confidence will be rebuilt, but don't lose your discipline. In theory, it is as simple as that, but in reality, a lot of 'human factors' get in the way. So learn to control yourself. :)

Cheers,
Paul

"The first rule of forecasting should be that the unforeseen keeps making the future unforeseeable." - David McCasland (January 5,2012, Our Daily Bread)
pipmistress
Feb 20 2012 at 12:44
posts 2
This is my advice, since you have a good trading system, maybe what you should change is your attitude toward trading.
Good set up will always come so do not rush to them.

Apply this to build your patience
1.Trade once a day.
2.set small target pips
3.and come back tomorrow, and then, repeat.

Always use common sense
Callen Aw (callenaw)
Feb 20 2012 at 12:55
posts 25

   paulng posted:
   Warm greetings Callen. Nice to see a fellow Singaporean here. To be frank, none of us here are experts, and none of us here can forecast. What we do is simply reacting with discipline. Have a proper plan that suits your personality, then stick with it. You can evaluate your performance and plan say every 3 months, and decide if your plan requires any modifications.

Once your system rides on a winning streak, your confidence will be rebuilt, but don't lose your discipline. In theory, it is as simple as that, but in reality, a lot of 'human factors' get in the way. So learn to control yourself. :)

Cheers,
Paul



Right I guess the human psychology part is one of the hardest to master in trading. Eg. I've told myself not to chase market and manage to cultivate it as a habit for a while.

But every once in awhile it just happens and I find out mainly it's because of after consecutive losses that cause such behaviour due to wanting to gain back lost pips.

Let the market come to you
Callen Aw (callenaw)
Feb 24 2012 at 21:33
posts 25
Comparing to the the first 2 months of my live trading, I've seen my equity curve line running in a straight line meaning that I didn't lose much nor win much. Is that a good sign? What I;ve observed is I've been adhering very strict risk management rules regarding stop losses and also choose only good setups & cut down on silly mistakes like price chasing etc..

Thanks for looking through again :)

Let the market come to you
akatom2u
Feb 25 2012 at 11:06
posts 9

   pipmistress posted:
   This is my advice, since you have a good trading system, maybe what you should change is your attitude toward trading.
Good set up will always come so do not rush to them.

Apply this to build your patience
1.Trade once a day.
2.set small target pips
3.and come back tomorrow, and then, repeat.



I agree wholeheartedly, and if you get in a slump try this!

Better is little with the reverent, worshipful fear of the Lord than great and rich treasure and trouble with it. (Proverbs 15:16 Amplified Version)
polder
Feb 25 2012 at 11:17
posts 12
Hello!
My opinion, you need to come up with a simple algorithm of action for trade and learn to trust him.
For example:
1) Choose 3-4 pairs that you like and which you know better than others.
2) Actually you have to come up with a simple algorithm to trade and to follow it. It should include three simple things:

When to go to the deal, how to deal (to increase the position or not), and when out of it.
3) The most important thing. It is necessary to attach to the algorithm control system risk.
My opinion: the risk to a deal shall not exceed 1%. It is best if it is equal to 0.5% of the deposit. It is necessary to
make only those deals that have the potential make a profit three times more than the loss. At the very least! That is: If the risk is 1% of the deal, the potential profits must be 3% or higher.
4) Belive in ur system!!!111 when think up it xD -)
My opinion: Any system built on a proper risk management will make money. Even the most simple or stupid.
Sorry Google translate =_=

warp to zero! blastorzz!!
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