mk3, I guess we agree on the most part, so we probably need no other chat about that. I do not relate everything what I write to any person. Some things I write is just general stuff. That’s why I mentioned that.
Frankly, I do not care anymore how it goes with the opening poster here. He has been warned and that’s it. I do not consider him as trader how I understand what a trader is. That’s more gambling. No problem with that, I just guess he will lose his account rather sooner than later.
I hardly think extract is going to be jumping off a building over $200.
Again, I don’t recommend the kamikaze style trading, especially for noobs, but let the guy be. He obviously knows what he’s doing, or the account wouldn’t be where it currently is.
I’d like to make a couple of poimts relative to the exchange between Buckscoder and MK3 and with what this thread is all about. This is also not aimed at flaming the thread starter, but just to make a sincere point.
I think one point that should be tkane into consideration is the fact that it really is not only $200 that is going to be wasted or gambled away. As a trader, I think the starter of this thread has a lot going for him as a trader. The point has already been made about how 200 G’s is not going to be made in 7 months, and most likely, the entire account will be blown at this rate of trading.
Now, let’s put a different angle on it. Let’s say he trades using the more conservative approach. Most experienced traders will probably agree it is realistic this thread starter could make 10% per week. Do the math, but that $200 would be converted into $28,400 in one year, and $4 million + in 2 years. Of course, that means the money would never be touched, and that is highly unlikely. The point is it would not be $200 being wasted, but $28,400 one year from now would be wasted.
This was my attitude when I started trading 7 years ago with a very punitive amount of money-- not the current value, but the potential value is going to be wasted.
You, nor anyone else could guess at how much $200 will turn in to, and it’s presumptuous to think otherwise.
I don’t think it’s his only account.
He’s made it plainly clear that he wishes to not be bothered by anyone telling him not to pursue his mission.
And I’m sure he would be appreciative of those requests being honored.
Well I’m glad to see that there are some people here who see it from my POV(point of view). I think you guys should all read the following book “REMINISCENCES OF A STOCK OPERATOR”, his philosophy is very similar to mine which is basically get on board a trend milk it for all it’s worth than rinse and repeat. I have also just wrote my trading plan i know there’s probably a lot of things i’m missing so if you guys can think of some more for me to add please do so and i will consider adding it in.
Don’t use very high leverage above 100:1 unless it’s an A+ setup
Don’t treat trading as gambling
Don’t trade during low volatile market hours unless a good trade setup has formed
Don’t trade more than 1 currency pair at the same time
Don’t enter on spikes
Don’t short at support or go long at resistance areas unless market gives confirmation
Don’t REVENGE trade
Don’t listen to people on forums saying you can’t achieve this or that. You are capable of doing anything you put your mind to
Don’t OVERTRADE
Wait for the Market to confirm the price move before i enter
When in doubt stay out!
When in doubt get out!
When you Exit a winning trade forget about the money you made and concentrate on the market because the chances are that pair will start heading in the opposite direction so look for Reversal entry
Never Average down
Be patient and wait for the market to show some signs of life before i enter a reversal
Stop thinking that every trade i enter is gonna give me 100+ pips, and look for the next support or resistance level for exit
It’s not the quantity of trades that matter but the quality
Regarding xau: I usually do not short it, but no general rule without exception. I risked less than 0.5% of my account (very low leverage and very thight stop) because I expected a higher probability of good nfp stats. It went the wrong way, so now my account has still 99.5x% of its value and it makes this trade unimportant. That is the way to go regarding money management if you want to survive in this business.
I knew that news would bring joy to your heart:56:
Probably see what i can do with the remainder of the account if i blow that than i will redeposit. Silly thing is i thought it was a long since it never closed below 1526 on the 3hr chart and i listened to my head instead of the market.
I mean, why are you not trying to build up on that what is left and go with small steps and proper risk control ahead? Then you don’t need to refund your account and you will not lose more money for refunding.
When I started with fx, I put in 1k and I never had the idea to blow my account in either direction. Frankly, if I’d have blown this account to zero then I wouldn’t trade anymore, because it would show I can’t do it.
So, after 1.5 years around where am I? Approx. 50% return on investment, never ever a blown account and looking to have a bright future with my account. 50% might not look impressive, but if you compare that to any other investment, it’s huge. I am also sure I can improve that later on if my account is bigger and I can take more advantage of lot size adapting.
As tight as you were margined, I woulda thought you would have closed down everything last night before the NFP, and left today alone.
You were on a roll there for sure:D
Suggestion here. Maybe next time, keep your same game plan, but once you get above the $1,000 mark, cut it down so that $500 remains untouched. Hit 2k, leave 1k alone. Hit 4k, leave 2k alone, and so on. So basically, make half the deposit your personal margin call, and shut it down if it hits there.
I believe i have a big edge in this game and lowering my position sizes would be lowering that edge. I will try again and as long as i stick to my trading plan i should do alright
Okay. Then my next question goes like this: How much money would you mind throwing in gambling in fx until you stop? Because at first you just said it’s 200. Now it seems to become more than that …
MT, why are you sorry? shaking head He got a very valuable lesson in return for just $ 200. That lesson is worth more than those 200000 bucks, don’t you think so?
