Emotional AID

I have entered a highly leveraged trade where my margin shows yellow so it means most of my money is in this trade and if I get margin called I will lose alot.

This money I have used for this trade is all my money for food and bills so if I lose it my wife will divorce me surely it will cause uproar and anger in my life but I must do this because I feel it is a good trade it is part of my newest system and I really believe I have it it this time. I don’t want to continue being a wage slave loser I need the money and I must do this risk.

I know I have said this many times before, that I have found the right system but this time I think its really it but I have that feeling that I am going to be raped or abused and its scary and I don’t want the market to rape me this time because I am putting all my emotions and going all in again and I really don’t want to be a victim again I just hope this system works this time.

The ringing of a margin call is my worst nightmare, it haunts me EVERY MINUTE EVERY HOUR it gives me the feeling in my chest and stomach that something is going to hurt me like the feeling down a roller coaster ride.

I don’t know what to do I cannot leave this trade I am in it now and I hope …the worst does not happen.:15:

BAD IDEA, sorry, i did the same once but with less money, i was single then and every trade was like i was giving the big hit, instead market gave the big hit and soon i was wiped out. Don’t use leverage, never, if your car have a top speed of 200 MPH it does not mean you must drive that fast. By now i am only trading with 200 USD, gathering the funds to reach 1000 USD to switch to an STP broker. After 4 years i am still struggling, i am collecting samples until the end of the year, after that i’ll take the recurrent patterns of winners and i’ll stick to them.

Sorry but you are done. Forex gains are made little by little not by struck.

It is said that money obsession is BAD, don’t forget how it begins, most cases are because of debts, if you have 'em well, analise the situation and think how bad is it. If you have credit card problems well, pay it all for once is bad just like not paying it, why? because you’ll end up with no cash and will be forced to use it again repeating the cycle. Instead pay it gradually, something more than minimum and take it easy and don’t dispair, yes interests sucks but not having cash sucks too. Uterly without knowing you will end up forcing trades without knowing just because your subconciense wanna kill the debt tells your conciense to overtrade and you are not aware of it.

Regards.

I have to agree here, using all your capitol to win a small amount is a terrible idea. listen to “the old timers” and respect your money for what it is: your source of income in forex. I am right there with you, I have listed my car for sale and am planning on using the proceeds to fund an investment account. the difference is that I know a way even when loosing to make money. it will always come down to how much you expect in forex and how long you are willing to take to really make money at this ; just the same as me. I know this is a long term thing and to make money said stabely then u have to invest time as well and know in the long term I will make a whole lot of money…

Gotta agree guys, my first day trading live was not great, but not a loss, i was down by 10 pips at the end of my 4 hour trading session, but since i was using 0.01 micro account per trade, i only lost just over a dollar, so no big deal, just shows i have a long way to go, so back to demo accounts for now :slight_smile: I do agree, i have money saved ready to use for a live account, but im not prepared to jump and go for 5 dollars a pip like the pro’s as i know im no-where near ready and i can accept a few dollars loss or profit per session at the moment but if i lost 100 dollars a time, when i know im just starting out i would be out of cash very quickly !! Right now my punishment is what ever i lose that is the money i would spend on cans of coke, chocolate while working, so im not loosing anything overall, but i am punishing myself to not lose and when i do starting winning i’ll enjoy my first chocolate bar !!!

I am lucky i don’t have any debts apart from a mortgate, but with this forex trading i could rack up alot of debts if im not ready, so im sticking with micro accounts on demo for the next few weeks and if i am ready i’ll try again.

My main reason for loss was that i did not follow all of my rules. I think i was not fully awake, but really i need my rules printed out next to me so i cannot skip a step.

The journal does help alot !!!

I have to agree with Mr Gone, he has been great and answered alot of my questions and there are alot of his posts which have helped me without him realising, but i can say from my own experience i am getting closer to being successful, but be careful, i would never use the amount you have used even if i was a seasoned pro of 10+ years, just too much to lose. I think highest i would go is 3% if i was a pro, but for the next few years 1% max on a live account, but to be fair right now i am using the minimum i can use on a live account just to minimise my losses.

Once i know i can do this right and be consistently profitable then i will trade using slightly higher amounts bit by bit until i get to an amount i feel comfortable with, but to be fair, i know what i want to earn per day and how many pips i want per day so i know i can do this with a low dollar amount per pip which from what i can work out is lower than what other pro’s use.

You have to be patient and careful, those are my motto’s. My main rewards when i become profitable is that i will use these funds to pay for a home work office setup, which by the time i have finished paying for that i should be ready to go live full-time. By the way that is many years away. Many, many years.

I just know my end goals, they are low risk and boring, but should be do-able.

I would strongly advice re-reading all of Mr Gone’s posts in this thread! They are very informative !!!

Got to agree. Just for the record my funds have come from saving money from my current job. Its now ready and just sitting on my account, but as per my previous posts im just demo trading to perfect what im doing before micro account trading live !!

When i’ve started with fundamentals i’ve got into a very weird world. A good report to trade with for example is GDP but it doe not mean it always will work. I’ve tried with almost every pair available and worked good in most cases. Now i trade with one pair and it does not work with that pair so i just don’t trade GDP with that pair. THat i’ve leraned by taking samples during the last year. THis year i am testing a different system.

I have told before, testing a system takes time and patience, it did not make me earn more money, it helped me to lose less and helped me to learn the best and worst conditions. Something i’ve realized is in fact i had not a system, it was more a discressionary thing. So this year i’ve determined to systematize my trading, starting with candle patterns, by now i’ve memorized 8, i wanna try to memorize all in the book. I am just puting a value to each patern being 5 the ones with highest probabilities but that it is of course an arbitrary valuation, the probability i must calculate after a several number of trades so by then i’ll update the new probability value. So that is for the technical side, by the way my analisys is valid when price is bouncind near to a trend line. For the fundamental side i don’t have anything well defined yet, i just have a vague valuation wich after a year of samples i will be able to stablish a propper valuation of fundamentals, with fundies there is nothing written.

So as you can se i don’t have any rush to just quit my job tomorrow. I am just dedicating to study properly. A lot of thechniques are available but you must test it by yourselves because when it was created a different market condition was set and it might not work well in certain conditions, with certain pairs in certain periods of time, that is why you must test it by your own.

Regards.

Well, the main reason it is because it’s what i’ve always wanted to do, but back then it was not so easy to do so and after September 11th I declined for a while. Anyway i had that oldfashioned mindset that studying hard will eventually would get me a high salary job, well i have one now but i don’t like it anymore.

I am not against the formal education but let’s face it it sucks, the whole system sucks and our parents still belive in that BS. They forgot that education is a tool not a mean. Let’s go back to our childhood, i must warn you, if you are nostalgic this post is not for you. Let’s go back to the days when we used to belive everything was possible, our parents had great jobs and we admired them and the world was the safest place. Whe used to go with our parents to the supermarkets full of choices that eventhought our parent didn´t wanna buy but we used to say “when i grow up i’ll get one”, when toy shops had tons of toys for you to want them all. WHen TV was full of entertaining TV Shows and they all were original, my favourite: Woody Woodpecker.

The forgotten crisis in 1997 came but the only affected were the third class countries and so nobody cared about but whe it came back in 2008 it only affected first class countries and now everybobdy cared about except poor countries. And then Sept 11th happened and all our believes went to hell in just one day, i still remember that day. Then we have realized we were living in a dream, our education system does nothing more than to harvest slaves who sells out for a slurp of soup, now we go to supermarket and there are just few options to chose, most brands we wanted to buy years ago now they are gone or have been bought by another brand. After graduate now we jump form one job interview to another one just to receive the same answer “You seemteh to be good but you are not what we need”. Now TV Shows are crap and a poor imitation of another TV show, cartoons are now joking with drugs, “different people” is allowed to serve openly in the army but children are not allowed to celebrate christmass in school. TV comercials are saturated with products we don’t need just like most credit cards commercials showing us endless opportunities inside a fancy house near to the lake, vehicles commercials and so on. I wonder, we are not screwed up enough to get a credit card? I wonder how many people can afford the houses shown in TV comercials and the worst of everything, everything is more expensive, it is harder to get a job and salary and wages are lower, cars are more expensive each day, so, why in hell vehicles companies do that, who can afford a car these days? “Oh let’s put our new car model in a TV commercial so the poor people watching TV buy one” Yeah sure. I used to have a car, it was too dam expensive, there was a season i had a lot of financial troubles that i had a fancy car parked in my yard because i could not pay for gasoline, the solution, i’ve sold out that crap, i almost gave it away, in fact the buyer still owes me some money, but i get rid of the problem, now i walk to my office and it is like 6 kilometers, 2,5 miles, i walk that distance four times a day, best excercise, cheaper than a gym, my co-workers makes fun of me, just like children making fun of the poor kid, because i have not a car, well, at least i don’t have debt troubles and i am proud of it. And today i’ve read an article about young fellows doesn’t wanna drive anymore, first reason, it is expensive, second one: we all hate traffic and driving licenses are harder to get. As i’ve mentioned cars are getting more expensive. By the other hand, technology industry is kicking butts, PC computers are more accesible now, cell phones are easier to get and have more functionalities and laptops are cheaper than 10 years ago. What do we ask now, when we go anywhere? The password of WIFI and we only need an internet connection ant the rest is up to our own imagination.

So why have i chosen to be a trader? Well, system sucks, and there are many workers but so less investors and business men and the system is not designed to create bussines men. Governments are more concerned about next elections and so they give away tax payers money for those who doesn’t work. Our family and friends they suck giving us support, they feel proud when we get a job. So i’ve chosen to be a trader because there is no light at the end of the tunnel, i am almost 30 and if i lose my job i will not get another one, my skills at the electric company are useless outside and i’ve forgoten what i’ve learned at university, my highly honored university degree will not help me anymore. And retirement plans, those are goverment swindles, it is discounted from my salary every month but i know i will not see that money ever again and that is my challenge to propere. I have chosen to be a trader because i cannot run a bussines such as a restaurant for example or a workshop, i am realy bad with people and administration drives my crazy, besides i don’t trust in people. For the other hand even thought trading is not easy, it does not demands perfection, being the average is the way to profit, my wife was angry because i was making money just like that, well honey, world is not a fair place, accept it, second, have you ever wondered the effort i’ve made to become a profitable trader? Are you aware of the everyday struggle traders mus do to keep themselves balanced?

So, when i have a series of loses and i wanna change my system, i just calm down, i’ve changed before, why changing again will help? I must relax because i have no choice, i must be a good trader and good traders have periods of loses, but the winners overrides the loses. I must remind that to myself everyday of my life. I will live from FX someday and then the pressure will be a little higher and so i must learn to keep cool with less pressure first.

I miss those days when everything seemeth to be possible, it is one of my goals to have them back.

Regards.

ANy moment you can recall try to do some breathing excercise, this will help you to be relaxed. Me personaly i try to inhale the slowest as possible and the same to exhale. You can practice tactical breathing too or if you wanna be more sophisticated try some Zen techniques.

Before opening platform i inhale while counting to 10, when i reach 10 i open mt4 and exhale while counting to 20. The same when pulling the trigger.

Also practice some meditation. In your bed or some comfortable place, close your eye and inhale, while inhaling try to imagine that you are inhaling a blue fog that smels like roses or chocolate, try to relax, feel your body becoming a rock, it becomes heavy and you cannot move, yeah, it’s self hypnosis.

Regards.

Mr Gone, you have hit the nail on the head lol Your post is about all the same reasons for me getting into trading, but i will summerise:

  • I am 32, similar age and responibilites as you i believe.
  • Childhood. Yes i feel the same.
  • I work in IT, good paid job like yours so i can sympothoise as alot of the IT jobs in the UK are going to India or people from India, China are being brought here and IT salaries are going down while we are expected to put up with all sorts of c**p.
  • I don’t like doing IT anymore, i am sick of having managers who know less than my parents about IT, i really should not have to explain for 10 mins+ why i need to replace a component of a laptop etc.
  • Pensions… Well I have seen my fathers pensions and investments take massive hits. I think i do better leaving the money in my business account at 8% interest per year. Seems safer with Santander, their not going bust soon. Also tired of all the scummy companies who seem to be allowed to sell us 10% - 20% plans but when they return less these guys don’t go to jail, loose the job. Too irritating.
  • driving to work, well i used to get the bus, no parking in central london, but now i cycle 5 miles to and from work, saves me about £60 a month and i get great exercise, i think i have lost some weight too!
  • I get the same with trading, i have had lots of arguments as my other half she does not understand trading and all the charts i have open naturally confuse anyone who knows nothing about trading. But in short i get complained at and there are alot of arguments when i spend all evening staring at charts, reading babypips, strategy’s, guides and goto be at midnight and do the same again tomorrow when i get back from work.
  • But too i want to trade as if i can become good like you, then i could trade as my full time job which would be more secure than any other job i could have in IT

But patience is what this forex game takes. Patience and over and over. I think were quite like minded Mr Gone, probably more than we both realise, except your much further down the forex journey than me.

I have got a strategy which i do keep altering and refining and amending, but hey i do admit im not ready for the big time, my first live session did not go as great as expected, but hey i am still learning. So i’ll have to see how my current refinements go :slight_smile:

PS forgot to say im getting very close to a working system, it will give me about 5 pips profit a time and i have to be patient but i think it will work.

Lots more testing needs to be done though before i can be certain if i have a good strategy!!

For those who have read “Trading in the Zone” and those who had not yet i strongly recommend you to do so. Also i recommend you all to read “Your Erroneous Zones”

Well, are you in a really bad trading season? Your system does not work like it used to? BEsides that are you having troubles in your life? Your wife is threating you with divorce? Is someone you care about really ill? Are you stuck in too many troubles?

Before i link this paragraphs i will tell you my personal experience. Before i was asking for devirce to my wife, the picture was quite diferent, she was treating me like hell, i am not a good parterner but i don’t deserve that, anyway i could hold it, she lived threating me with divorce until one day, her laptop just went to hell, it did not started up and we took it to the store. I bought that piece of s*****t and she asked me to buy it for her in a not nice way and she did not said at least thanks. ANyway, she was so angry that way. Forgot to mention she used to become angry if i had a bad expression “change your face or i leave”, was one of her prases, and if i was not in a bad expression she used to felt offended. Well that day i was trying not to be affected and i’ve felt calm, i’ve made a pact with myself, whatever happened that day i would still walking tall. So after fighting with thr store owner we went off and she was really angry. We went to a restaurant ordered something and she started to say things like “it is your fault” and so on, instead trying to deffend my ego i’ve just limitated to listed with a big smile on my face until my patience took its bottom and finally told her “getting angry will not fix anything” obviously she became more angry “go tha hell ashole” were her words, in spanish it sounds more offensive anyway, she throwed me the laptop, thanks God it is not havy, and she just went out of the place. Sooner she started to send me sms’s, the most insultanting messages i’ve ever read in my live. “From now on you will direct to me trough my lawyer” and so on, i must admit i begged a little. But i took the situation as lost, that woman is intolerant anyway and so I’ve sent a message to her “Ok, you win, i’ll stay away, i’ll sign any paper you want for the reason you want and i’ll give you anything you want”. That was the end of it, she stoped the insults and threats. I took everything as already lost and something happened, fear was gone, i could say everything clear and my trading raised like sky rocket. I was in the zone. Time after i’ve read most people don’t get “In the Zone” after suffering a trauma or a very difficult situation.

Eventually my wife apologized and asked for a second chance, she learned her leson and now she knows i am not affraid anymore she treats me better, I DON’T SAY OFF COURSE YOU MUST TREAT YOUR WIFE LIKE YOU DON’T CARE, just respect her and ask for respect.

So, if your life really sucks and you are near to the cliff, well, just wait, take everything as already lost and don’t be affraid anymore. But off course The Zone manifests itself differently from one subject to another but normaly it does not manifests itself nicely, i can tell you that.

Regards.

Agree the wives like to make threats and that ruins my trading it is terrible but that is good advice act like you don’t care and just respect and ask for respect and let it happen.

It is the fear of the unknown or lack of certainty in life that affects our brains and then it goes to the trading account so the best thing to do is treat life like there is no problems so that trading would not be as fearful as life is and it will become profitable.

Exactly, that is my point.

Gotta agree to!!

Trading is a serious bussiness and it must be taken like it. But at your job you can ask for vacations, well not whenever you like but you can. In forex too with the difference you can choose whe and how long.

If an unexpected event takes you out of bussines, well, embrace it, take it as an fx vacation, a little distraction and reflexion time is good for you. This work sucks too and it is stressful too. The advantage here you are the boss and you can rest whenever you want, you must own your system but most traders are owned by their systems.

Next lesson: the untaken big opportunities.

Good point, i only have a holiday in my current job when my other half forces me to take one lol. Also had one of those trades this morning, entry was good then im watching the pips go negative and after about 10 mins, back into positive pips for a closure at 3.1 pips. Could have gone to 15+ pips but profit is profit.

It helped that i was thinking only of the system and not the money, and afterwards i did think if i was thinking about im loosing X amount per pip i would of been tempted to close it early on a loss like before !

Neutral thinking is the way to go !!

Hey Mr Gone i think your advice is paying off, so far i have done 7 trades this morning in about 3 hours netting me 6.8 pips in profit.

Im only demo trading, but im thinking i must be doing something right !!!

Well off to work, but definitely a good start, i’ll have to review my trading later just make sure i was successful and it was not just a lucky run!

EURUSD was ranging before so i think i have done well, if there was a clear trend i would of done better, maybe got about 12 pips!

Thanks for your wisdom, i think its starting to pay off, but i still need more demo trading before i go live again, just to be sure :slight_smile:

Cheers !!

How is your trading getting on ?

Let’s say you hve mist a good opportunity in the analisys you were suppossed to do yesterday,and today it seems to go to the same direction. This is what will happen: You open a trade and minutes later, boom! it activated the Stop Loss. Well, you take a trade now in the opposite direction and boom!! You figured out, SL again. So if you missedt a good opportunity yesterday, [B]DON’T DO THE ANALISYS TODAY[/B] your judgement is blured and biased, wait until the untaken trade fades away woth the market and wait for a new opportunitty, just easy like that.

Regards.