Hi,
My name is Gus. I am on the verge of blowing my first two accounts. I have been making so many losses to the point I’m now having second thoughts about placing another trade. Kinda frozen with the fear of failure. I’ve been trading since September 2013. I’m mostly a trend trader but every once in a while rely on fundamentals like during NFP reports and other major announcements. I guess I’m just looking for a community of like minded individuals ready to trade and bounce ideas. I hope to interact more with y’all in this upcoming year.
Gus, did you used to run Los Pollos Hermanos?
From Breaking Bad. Lol… No!
Ha Ha it was worth a try.
Do you have any inkling in regards to how you have blown up the accounts so quickly? 3 months is pretty impressive. I wouldn’t worry about it, if you’re new its 100% not your fault.
It would be like someone getting in a car who has never driven, getting on the motor way and then wondering why they are in a 7 car pileup. There is something to be said why did they get in the car in the first place but hey, it’s Christmas, so let’s skip over that bit.
So question I would be interesting to know the answers are,
Do you follow a specific technique?
How often do you trade?
How much are you normally targeting to make per trade vs. where you place your stop. I.e. your risk reward ratio.
Do you believe that skyler should have given walt such a hard time over the meth?
What is your average win vs. average loss in pips?
What is your winning percentage currently?
Do you trade a consistent size?
What the hell was jesse’s problem?
jajajaja you are rally funny.
- I did not follow a specific technique. That made me vulnerable because I did not have the time to specialize in one.
- I was inconsistent with my profit target, stop loss and lot size. i.e moving the stop loss hoping for a reversal at times.
- I did not let my profits run to completion, sometimes I would end a perfectly good trade coz of fear of a reversal.
- I used to trade at least 3 times in a 24hr period, not anymore.
- My average win is 30 pips with an average loss of 45 pips. I lose less, but lose bigger.
- My current winning percentage is 54%.
And yeah, Skyler needed to. It was a trust issue and there were kids involved. But she should have known Walt did all that for her and the kids. As for Jesse, he was a junkie and mentally weak so one couldn’t expect much from him.
Absolutely awesome. That made me laugh a lot. The BB bit not your losses 
You sound like you have answered a lot of the reasons already which is good as only you can fix them. Bleeding an account to death is a lot better than killing it by martingaleing without realizing you’re doing it. There was someone on here saying they lost £85,000 in a single trade after they had made a lot of money. Their analysis was “be careful” rather than working out that their strategy was effectively like playing Russian roulette. Anyway, if i stay on topic the point i was trying to make is it sounds like your on the right path.
This is my opinion but i think you might be helped from some psychological strategies. It sounds like you have the over trading under control, but you need to work out how you can stop yourself from ****ing around with the trades while they are in play.
I would say there are few ways i know to help train yourself to do this.
- Trade as small a size as possible while you work things out, this immediately takes a lot the excitement, but also the emotion out of it. If you feel excitement in a trade then you’re size is too big.
- Think pips not $$$. This just removes a lot of the emotions.
- Keep a detailed trade log and when you make an adjustment to a trade, keep a log of the adjustment. Over time you can workout in the set of trades that you left alone and the ones you messed about with. Is it better to just leave the trade or not. When you have convinced yourself via experiment that leaving them alone is a good idea you will find its easier to do under pressure.
- You need a consistent strategy and you need to convince yourself it works from experiment. You can read around here as to ones you like but any of the 1D, 4H PA strategies are a good starting point.
I think the main thing is to stay in the game. Trade size is a big part of this, over trading is another. Have you read much around risk or ruin and how to workout a sensible per trade risk limit based on your target accuracy etc?
That was always the funny thing about Jesse. He was mentally weak in some ways i.e. his drug addiction but in regards to being loyal and sticking by Walt he was unshakable. It’s what ultimately saved his life.