eblip… sorry my friend… I like your spirited approach and your ‘****y attitude’ strangely enough. But one thing is CRYSTAL… you lack experience. Just last week you were going to ‘bet the house that GU would fall through the floor’ and then upon a few pointers from the few experienced traders on BP you quickly came around to the possibility that GU could in fact be in a longer up move. Second, to grow an account to big numbers will rely almost exclusively on small 1-2% of bal trades and compounding. Risking 20% on a trade is sheer madness!
EDIT: The seeds of a good trader are there but don’t go posting that CV off to the major players just yet… I feel you might be met with less than a warm response! :46:
right…last night at about 10 or 11 oclock…i looked at the chart eur usd…and it had dropped dramatically.
i was emotional that i had not taken a postion to capture all the pips…even though my system said that i should earlier.
so i looked at the history and i looked back at how much the euro had fallen in the past…
i waited until the drop got to that amount…and i emotionally took on a buy position …so as to catch a good handfull of pips on the retrace…
anyway i took on a big position as i wanted big pips …about 1 mini lot …as i was emotional and guaranteed this baby was gonna bounce back.
any way once my account was 100 pounds down…i started to panic…thought …there is no way this thing can keep dropping…(note at the time i didnt know why it was dropping fundamentally) so i didnt put any stops on …and it dropped and dropped…
slowly my 3 positions got called on margin…and i am now left with 1.42 in my account …ha ha
(note …earlier in the day my system had reached 308.00 in my account by sticking to my system and being disciplined)
over a couple of days trading the markets.
big lessons learned…never ever take a position based on emotion.
only earlier i was discussing with someone that i was feeling pressure because i was taking on a larger position than i could handle if it went wrong…and i told that person that the maximum position i would take would be 0.1 mini lots…
so next lesson was have discipline to stick to your convictions.
and never take a large postion that is clearly going against price action…should have taken a small one with a stop until price started to move my way…
and last but not least… always always use suitable stops…cause when in the heat of the moment…your emotions will tell you that its gonna turn in a minute …and you keep going hoping for it to turn.
i was gambling…rather than taking a highly likely position…
so i BLEW OUT MY FIRST CASH ACCOUNT…
so for now the deal is off…
gonna focus on getting my cv done and apply for positions in about 6 weeks…
plus also learned that the market is totally unpredictable and will do the most impossible things…and sometimes it seems like there is someone out there moving the market precisely …just to mess up your personal deal…
as just a few pips after i was margin called…the market did turn and retrace…it was as if the market was specifically out to get me…
Emotional trading is one thing that i always suffered from too… I felt the need to always have a trade on, rather than having a trade on because the setup was right…
More recently i’ve become a lot better at stopping myself taking these emotional trades and only trade when the setup is right - and as a result, the number of trades i actually take in a given day / week has fallen dramatically… Now, when i see a big move happening on a chart, i dont think ‘oh man, i need to get in this’, i sit on my hands and try to wait patiently for the moment where the chart will give my the opportunity for an entry.
I remember a few years ago, around the time when Northern Rock collapsed, i wanted to buy shares in them as they had dropped so much… My grandad, who was a banker all his life gave me the advice “Don’t try to catch a falling knife, as you’ll only wind up getting cut”. At the time it didnt mean much, but now it makes more sense than ever…
I’m not trying to say here at all that im the perfect example of a trader, im still very new in this game, i still continue to make mistakes, and still have a lot to learn… But it’s something i have defiantly learned so far, and i think something that is quite important in anybody’s learning curve…
Anyway, still think that £250 would have been better put into my pot
“plus also learned that the market is totally unpredictable and will do the most impossible things…and sometimes it seems like there is someone out there moving the market precisely …just to mess up your personal deal…
as just a few pips after i was margin called…the market did turn and retrace…it was as if the market was specifically out to get me…”
Or maybe, just maybe, you had a good eye for where the market was going to turn, you just didn’t enter at the right time. I entered early on a spread-betting account a few months back, when the FTSE was sitting at 5080 or something. I under-funded the bet, and as a result the market turned upwards from the low just under my stop of 5030. I don’t think it has been that low since. I’m not saying I would have ridden that trade all the way to 5800 though :).
Maybe you’ve got a good eye, you’ve just got to work out when to jump in.
yes sanj…i love your grandads words…and i will one day pass those same words onto some newbie…
but im glad i did it with real money…otherwise the lessons learned would not have hit home proper…
im glad i got margin called on this account…as it was 250 quid…to really learn some valuable lessons…
lessons that i could hear on a 250 quid training course…but to experience the effects of leverage…and to see how the maket moves…the discipline …the stick to a system…i think it was good value for money…
ill be back…cant wait to take her on again (the market)…shes a wild one…but next time im not gonna try and understand her…im gonna dance with her…and im gonna let her take the lead.
