If you were that close to the bottom. You needed to close out some of your low orders. I did but apparantly not enough of them. Price seems to have already come up off the bottom. Well your demo skills would have avoided this as that money would have been demo money and hopefully after going through a crazy cycle like this and getting wiped out demo, you get to NOT lose the money and hopefully still learn that your margin has to be maxxed at 400:1 NOT 100:1 fxsol lets you CHANGE your margin in the middle of a trade,
which would have let you multiply your equity TIMES 4 basically, which means you would not have got sold out. It's also BS that a broker sells out all your open positions. Mine does the same. But you (we) could have sold off more lots from the bottom at a loss to free up more margin so we could live through a bigger move down like it did surprising everyone but the freaks behind it. I expect it to move way up now that it has wiped most every long out. This way you lose on a few minilots or 5 or 10 but not ALL 43 or however many you had. I played it to the death and swore I had a nightmare that I was wiped out and woke up and I was. I was foolish in not selling more at a loss and getting ready for a run down to 200 or lower, 198 even.
One thing is for sure, it didn't run down like this without some sort of its price memory staying intact & forcing it back up.
I know that feeling after you lose 80% of your account you just don't care about the rest of it. I did that 2 times this time. so its not smart.
And I have done that once before on 3/16. Wiped out 80% and then wiped out 80% again in a day or less!
Many times though I HAVE MADE it through and held on all the way to the bottom and rode it back up and sold all my lots for a profit.
I was comparing EJ to GJ and it looked like it was moving in the same directing almost exactly butit seemed like its range was more but the charting software just made it look like that as the charts had different scales. I used to only trade EJ and GJ scared me. And even once after losing bad on some shorts I swore to God I would never trade GJ again.
It is almost like a bad habit, which has a high risk reward ratio but also contains an extreme beast like force that can swing price 700 pips a day.
That's why I play it. It's the most exciting. And the most profitable when she is going your way. That definately knocks me down for the year.
But things are still looking up I think. I've just got too build a little more equity, sell a house, and refinance before the rates shoot up. I think rates have peaked at what is going to be thier lowest level (UNLESS GJ GOES BELOW 198).
It is funny I was thinking i need to get some money in my account so I can buy some more GJ, because it is at such a good price
I guess I need to be more patient, hold my longs longer and use even less margin or change to micro lots and do like 5 of them or something,
30 pips is $15 or something. I only had 16K in my account so I was way pushing it as I had several points where I had as many as 5 minilots spaced 5 pips apart (this was a new thing I tried {IT FAILED}) at quite a few price points where I thought we were at what had to be bottoms.
Clearly I overextended my margin and at one point when I had it below 33% I should have stopped buying and held them and I would have been able to go to the low and live even if I had to sell a few low ones for a loss. Thing is I was amazed at how low it went before it turned around. Even now I don't think it is going to go down anymore.
Quote:
Originally Posted by pipsquito
I had $68,000 in my account last night, now I have $9,000. And yes, it was a real account. You can say I was stupid but I did trade the system for a little over a week in a demo account. It seemed simple enough, and is, I didn't feel a need to trade it demo any longer. And still don't. What would have trading demo done to avert this situation?
Was there a way out of this? Could my demo skills have avoided this catastrophe? I don't think so. I just held on...there were no "save your ass" tactics here I didn't know about.
The only thing I could have done in hindsight was put in that short hedge order for the total number of trades I had long. I set up that trade, but later took it out feeling that I was not expressing faith in the system...and I was certain it would turn around and head back up before that trade could do any good.
Well...easy come easy go I guess. I will eventually recover I suppose. That IS a lot of money and I will feel it, but it won't kill me.
I do wish I didn't trade this on my real account, of course. If this had happened with a demo it would have taught me not to touch it. So that was where I was stupid. But I did believe in the system, too much.
For it to work I think I would have to trade micro lots or trade minis with a much larger balance (I was trading 2 or 3 minis per trade). If I had traded 1 mini per trade the return would be so small and the work to get it so large I just don't know if it would have been worth the hassle.
Now I wish there was a way I could recover from this. I have $9,000 in my account. I could probably get some more in there in a week or so. Not up to $50,000 (my financial adviser has the only direct acess to all my cash and I don't want to tell him I blew $50,000). So do I go long on the GJ believing it will retrace much of this? I may as well do something crazy. I don't care about the 9k I have left (I sound like I am in a Casino now!!)
I will go back to being a good boy and trading almost risk free if I recover. I had a system going for me that made $100k into $400k since February. With no where near the exposure. Why didn't I stick with that? Ah...nothing ventured, nothing gained.
Thanks to all here...and Elijah, I of course put no blame on you or your system. I went into this eyes wide open. It is a cool system and I liked playing it. We just hit a rare occurrence....too bad it was on my second time out.
I will trade this on a demo I suppose...just to see if this breakdown ever happens again.
Good trading!!  |
What you could have done!
I don't think it will ALWAYS bite you to be risky. Sometimes you eat the bear, sometimes the bear eats you. I got eaten.
At least there is the potential for that!! I'll be back!
Linear Mode
