Iâm not worried about you. Not anymore anyway. Possibly just saying that adding the way you do is probably the main reason why Iâm not begging to get in on what youâre doing is all.
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Quick NQ short.16$, Iâm out. Now at $752 for the day.
Update: Made 2 more quick short trades in NQ and FTSE. Now at 780$. Just felt like scalping for a bit.
Stuck in a dumb Brent long. Tried to catch a falling knife, went against major rules of my system, just because I felt I could do no wrong after all the major gains Iâve made. Hope I at least can get out of this breakeven or with small losses. Currently stuck 380$ 
13 lots whew. I vow to never trade against my funda bias ever again. At one point I was stuck 560$.
Update: Thank the trading gods! I was able to make a bit of profit. Closed everything for $890 today, 14.83%. $2,029 week so far, 33.81% on the $6K capital. $9,524 since April 11, 317% on the original $3K capital I put in!!!
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Iâve been pushing myself to trade better and make more everyday. Itâs really tiring but I havenât hit a wall yet so far, so will continue to try to see how far I can push this. Hope I donât try so hard that I screw up my trading.
https://www.fxblue.com/users/pogilas
http://www.myfxbook.com/members/lawblow/trade-responsibly/3272674
Shorted the China index. Feels like a gap fill that will go back down to me.
Update: Closed. Made a nice quick $67. $86 for the day.
get rid of em and get a razor account with pepperstone
How do their spreads compare? My account is not charged commissions, just spread.
my spreads are 0, but the commission is a little higherâŚ
its like that accross the minors and crosses
nice. How much are commissions?
i dont actually remember off the top of my head
but easy enough to find out
And the streak ends. From +$207 today, I end the day with a -$175 loss. A manageable one, and only my third losing day since I started this new account in April 11. That was a really bad trade, went against my funda call, traded tired and lacking sleep.
It MUST have been a bad day for you. This is the longest Iâve seen you NOT post!!! LOL!!!
Hey. With the gains youâve made thus far this month: thatâs no big deal. Probably the best thing that could have happened if you really think about it i.e. it didnât take a $6K loss or your entire account to remind you that nobody is perfect and there will be mistakes along the way. Youâll probably make it up today.
Donât worry about me guys just busy trading today. Needed to focus. Still in a few positions. Will update later when Iâm done.
Made $531 yesterday, 8.8%. Thatâs $2,385 for the week, 39.75% on the $6K capital Iâm using. Total since April 11 is $9,880, 329% profit on the original $3K I put in. Struggling to make some adjustments but thankfully things are going well. Was reminded this week of a few of my rules (which I broke). 1. Never trade against my funda call or soon after against a data release 2. Always scale out profits.
Will be setting up a new myfxbook as my broker transferred my account to a new server.
Have a great weekend everybody!
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Well. Congratulations. That sure is a stellar performance to date. Well done. Nothing else I can say or add (for a change).
Was much less than I had wanted to make this week, considering I doubled the capital used. Made just about the same as last week and the week before that. Took a losing day too after 3 weeks without a losing day.
Sad day. One of the traders who was very supportive of me when I was consistently blowing up messaged me after I was asking for his opinion on something.
âSorry. Doubling down on losers is amateur. my name I try to help you with things, but you really donât listen. You just do your thing. Which is fine. I just donât have the time anymore.â
But I donât double down on losers. I was asking him about increasing capital.
Keep getting reminded that how I trade is unorthodox. So I donât know if this style is ever going to be consistent. More disturbing is I have a lot of respect for that guy.
Yeh listen up.
Before you get all down in the dumps and negative and let it affect youâŚ
I think the dude was being a bit harsh to be honest. Dunno. Maybe just being cruel to be kind.
But I am going to be very frank with you here (although I think you already know this):
My one and only and single issue with what youâre doing to generate these gains is indeed this business of adding positions while the trade is going against you. It has worked perfectly up until now and your results show it. But this is why I asked you the other day: could your account withstand a spike such as that EURCHF debacle bearing in mind that you may have a number of positions open at the time of such spike. Same as on AUDJPY that I know youâve just looked at on my behalf. If the answer is yes: I donât see the problem. Spike aside: do you have a limit as to when youâre going to cut a loss regardless of how many positions you may have open on a trade and are you able to force yourself to close out even at a loss once said limit (if only in your mind) has been reached. And I know you sometimes leave trades open overnight. Could your account withstand those radical movements even if youâre not around to call it a day on the trade. Only you can answer these questions.
Now as you well know: I scale-in to full positions limited to a maximum of four signals. Letâs say for me a full position is 10 units (or lots). So I will scale-in 1+2+3+4=10. That is my limit. And the TOTAL position size is based on that formula that I was busy with on the other thread (this because like you I do not use stops so calculating position sizes isnât easy). Point I am trying to make is that I have a set rules in place to begin with. My full and final position size is calculated before even taking the trade. And this scaling-in is very different from simply adding four (or more) full positions as and when the trade is going against me. And of course I have a very clear cut exits (profit or loss it doesnât matter at the time i.e. I have to be out when signaled regardless). In other words: I donât hold a trade hoping and wishing itâs going to come back to my now average price or better.
So what Iâm saying is that I PARTLY agree with your mentor. But as I say: I donât think the wording was warranted. But I also donât know the history.
Now I know youâre not going to take the above too well. And yes we trade very differently. And yes: my gains are a joke compared to yours. All I can tell you (and you can take from it what you will): the ONLY TIME I have EVER lost money with my trading system (and by lost I mean as near as darn to wiping the account out and back at the time it was INDEED a LOT of money) has been for the very same reason i.e. instead of stopping myself when I had one full position open I continued to add to the losing position and to make matters worse it was done on an exponential basis. And it only took ONE sustained move on ONE particular trade for things to end in disaster. Actually I lie come to think of it. Itâs happened twice. The year before last on the US Dollar Index. And the end result was exactly the same (well just not as bad as my Gold trade of last year). And just to add: not just me. I sat and watched somebody years ago lose $10 000 USD right in front of my eyes in the space of an hour doing the exact same thing (remember it well being GBPJPY) i.e. simply adding positions as the trade went against him. No plan. But I will admit he really had more money than sense and was not a trader by any means i.e. more of a game to him at the time. But of course he had cash to burn and was able to walk away without giving it a second thought.
Now you donât have to answer anything. And as a matter of fact Iâm quite happy to delete this post if you donât think it appropriate. Just think about what Iâve told you. And if you do have a plan in place and youâre sure of it: then itâs really not for me or your mentor to rain on your parade. But just know that bad things can, and do, happen when you least expect it. And it is VERY difficult to cut a large loss particularly after you have been doing so well. It hurts if nothing else and depending on how large the loss is it can actually be a physical pain. Ask me how I know. No feeling in the world like it writing off tens of thousands in a single click (that took you months to generate) and then sitting back with heart racing and staring at the screen in disbelief. And it takes a long time to recover emotionally from that. Taken me over eight months this time. And nobody but nobody will be sympathetic and supportive. Mentioned before: when youâre doing fantastically youâre a hero. But lose big ONE time and youâre perceived to be an idiot (which in hindsight is probably close to the truth because you should not have lost so big in the first place).
And actually: it shouldnât be a sad day. Itâs a good day. If nothing else itâs a reality check and has given you time to pause and think about what youâre doing and how youâre doing it. And you have the answers. Just as long as you are honest with yourself with those answers.
P.S.
And just so weâre clear I am not saying to adopt my scaling-in approach at all. I detail it merely to demonstrate the difference between scaling-in and doubling down (or worse). The idea being that maybe it will give you food for thought as to how you can still keep doing what youâre doing but within reasonable limits and with a clearly defined exit strategy for a loss. I suppose if you had a fixed $ amount in mind as to where you would cut a loss then it doesnât really matter then how may positions you have open. If you can stick to that i.e. itâs not easy. But even if this is case: not something you can leave to chance overnight so bear this too in mind.
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