Went Live And Broke Every Rule In The Book!

[kashful]

It seems over trading is the main killer. one day I was down around 50% of my account, Same mistake, thought trend will be back and added more lots. After that I promised never trade more than 2 lots. Now I m back with my account, it took me 2 weeks and looking to be in positive.

So many people have so many rules, My only rule is trade with the TREND.

[mytwopips]

This last week was much better. Not one down day (some down trades). I followed my rules and traded emotionless. I don't expect every week to be this good, but I will take as many as I can get.

[Junior_Pipin]

Hey all,

This is my first posting and I would like to start on a positive. This is truely a great website and hats off to the developers and all contributors in helping the wider world with Forex trading!

I found this thread quite interesting and will be taking notes. I am new to Forex trading in general so I am currently attending Pre-School.

Mytwopips and co. - great thread - your progress will be interesting to follow. In terms of monetary value what sums of money are you trading now and any good tips on risk management.

Keep up the good work!

JP

[mytwopips]

Hi Junior and welcome,
My account size at this moment is small. My goal as a newb is not money but percentages. If I can on a consitent bases for a long period of time succeed with this balance, I can do it with a larger account without much change to the mind set. My only advice to risk management is stick to it. You may choose a conservative, medium, or aggressive approach. Which ever one you choose, stick to it. You don't want to be on a loser with an aggressive approach and on a winner with a conservative one. That is not only poor risk management but poor money management.

[JazzPip'in]

Hey mytwo

Hope your week has started with some good pip'in; I very "Jazz'ed"; had a 296 pip (5-lots) day last week than gave back 150pips in an instant; I entied to quickly and did not have my s/l set right (5pips); It seems when my entry candle closes I rush to place the trade??? I guess I still need to get comfortable with the trading platform; I mess'in with the indicators to but feeling a lot more comfortable with them;

Jazz

[mytwopips]

Hi Jazz,
Don't worry about what you gave back, any business has overhead. Be glad your revenue was larger than the overhead it took to generate it. That's called profit! Congratulations.

Today and yesterday I have not traded. I have business and personal issues getting in the way of forex right now Sunday I made a trade and come out real nice. I normally don't trade on Sunday but saw some ranges and thought, "why not?".

[mytwopips]

Originally Posted by mytwopips

Hi Jazz,
I normally don't trade on Sunday but saw some ranges and thought, "why not?".

Crap! Now everyone is going to know I am a hick from Texas!

"seen" not "saw"

[Sweet Pip]

Originally Posted by mytwopips

Crap! Now everyone is going to know I am a hick from Texas!

"seen" not "saw"

Hee Haw

Well actually that association would have escaped me being that most of us are grammatically challenged to begin with. We Canadians are notoriously (I think) associated with saying "eh" all the time at the end of our sentences...but nobody's too concerned here that I havn't typed it... it's funny the things we take for granted...like everybody knowing the little idiosyncracies of our cultures.

However, I don't know why more members don't fill out their location in their profile...like what's the big secret?

[mytwopips]

Yeah I want to finish filling out my profile. I don't have anything to hide. Just waiting for me to think of a sweet little avatar I can drum up in photoshop.

[mytwopips]

Originally Posted by JazzPip'in

Hey mytwo

Hope your week has started with some good pip'in; I very "Jazz'ed"; had a 296 pip (5-lots) day last week than gave back 150pips in an instant; I entied to quickly and did not have my s/l set right (5pips); It seems when my entry candle closes I rush to place the trade??? I guess I still need to get comfortable with the trading platform; I mess'in with the indicators to but feeling a lot more comfortable with them;

Jazz

Hi Jazz,
Again, glad to hear that you had a great day! But, why did you let a loser go 150 pips in the hole. Go back to my first post for inspiration on why not to do that. I use 20 pip stops on my trending method. That might be to tight for you. After some study, I am thinking of giving myself a few more pips on my stops for the trending method. Maybe, maybe not, I will do some more research before making up my mind.