For all fellow bottom pickers that got rocked and caught with your pants down this week, please share your story here.
I’m a bottom picker, but with good mm, fundamentals, and momentum ta, I was able to stay out of trades I would normally take. I only got burned on one and it wasn’t too bad of a blow.
But if you did get burned bad, and want a place to vent it out, lets hear it.
i don’t get burned, i make money
people that get burned are people that should stay out of trading.
It should be noted that people who got
burned, got burned due to their stop/loss
settings, from not having enough money
in their account, from having bad margin
management/money management. And
from having too many trades open.
If you got burned on last week’s movements
that mostly came from slew of economic
news and announcements, and you still
didn’t learn, you really need to leave trading.
Gtfo dude…
Even though no one is coming forward, I’m sure there is alot that got “burnt”. I didnt because i dont trade like that. I’m a trend follower.
You have to consider the fact, that there were those that didn’t get burned. Or those that weren’t even in the market at the time. I was on the right side of the trend as were other chatroom regulars.
I’m just curious as to what indicators you were looking at that gave you a completely opposite read than me.
Maybe they were buying at support
That being the case, then the next question is, where was the stoploss?
I got burned this week, not because of the market being all wacked out, but because I got anxious and excited I almost broke $100 account balance on Wensday, that excitment coupled with my dads unexplained visit to town and other stuff going on in my life cought me all off balance. Basically what I did was try really hard (in the most stupid mannor possible) to get $7 to get up to $100 (was at $93 Wensday morning-ish) Wensday day’ish I had gone down to 80 something before I realised I was over trading based on emotions not based on my stragie… (go figure, I follow the rules I do fine, I dont… well… theres a reason for a trading plan/rules! :mad: and I defintaly know better!)
I did pull it back up a little Thursday afternoon, but Thursday morning didnt do my any favors… Thursday night one trade finally came around and went for the win, I guess some news came out and it went from crawling up a good profit to jumping to push me up to $103 something! Was so excited I decided to not trade for the rest of the night… and I didnt… Was too busy Friday to even look at the charts…
abner: You seem to me to be an alert person who is probibly above average intellict why do you insist on being such a pest? I know your better then that and that you can post constructive critisism – I’m at a loss to why you don’t. Your negative posts do nothing to further the board, your trading, or likley your career unless your a critic for hire – in which case go complain about the whine and fish at your local restraunt while writing a bad review of some never-heard-of movie. Ok… Thanks
hi,
Just some basic questions - not to put you down but to open up the dicussion, as im sure pretty much everybody has been there.
What stop loss did you use if any ?
Was your risk greater the 2 - 3%?
what made you enter the market? chart signal , fundamental etc
And finally why do you describe this loss as being burned compared to any other loss?
Everybody ha taken a loss, but the difference between a good trader and a poor one is the one who can look at what he’s done wrong and try and correct that.
N
What exactly is a bottom feeder?
My best guess and the way I interpreted the question is sombody who is trying to bick the bottoms, or the end of a run… For example waiting for support and resistance lines to be tested and hold true (or ignoring the trade if they fail) They failed this week, kept me out of a few trades because I wasnt sure what the market had planned.
for example look at the GBP/USD on the daily chart… It looked like it was going to bounce where that support was… it just blew right past it though… I was waiting for it to turn around and it never did.
Really? This was one of my most profitable weeks lol, my account went up 137%
I didnt do badly, I just could have done better but didnt feel like taking the risk. I was down last week… Now I’m up 41.55% since I opend my account… Not bad considering I was down 14.77% last week… First two weeks of trading – I’m happy so far.
I think those people who were counter trend trading(trying to pick bottoms). learned I mighty big lesson the trend is your friend price moves where it wants to not it should do this or that. I made a killing this week because I didnt say the Euro was gonna bounce back. The charts told me where the price was going to go not a PP or support line. Chalk it up as a lesson to not anticipate the market and use stops.
I was in going the wrong way intially, but turned it around as it was heading for further low. Made most of it back and then went short late friday and just closed that one for 83 pips… It was stilling going down at closing time so decide to take the risk… Paid off this time never thought it would move that much though. I guess without some news to turn it, might still be a short to start the week…
I lost 29% of my account this week… can anyone top that? lol
I’m not even going to trade this week… I’ve got to get my head back together.
Is your sig total a running total or is it week to week, eg if its 10% week one and 15% week two, is it just 15% up total, or is it 15% more then 10%?
Did you loose 29% by getting emotionally wrapped up, or is it just not a market for your system, or what? I’m just curious – I look up to you…
Oh damn. I opened like 8 trades an hour ago and about half of them are already at the -50 pips mark. Not a good sign 
EDIT: Simy, how did you come up with such a random number for your starting deposit? 
Hey Simy, I like your current stats posted at the bottom of your posts … you sound pretty young, are you a teenager? If so, good for you to get started in forex so early, you should be retired in style by 28 
Are you trading penny-a-pip lots? It sounds like your account balance is too small even for micro lots. Which broker do you use?
Good luck & keep us updated.
Abner … find a rock to crawl under, and stay there … please.
Oh and last week … I overstayed in one trade but then eventually got on the right side of things. In any case the events led me to find a great new trading strategy on these threads (the one used by Jo & Tess) which I shall be testing over the next few weeks. It is amazingly simple, and I do like simple! Trading that way last week would have kept you very safe