I just got burned...BIG time!

Beginner Questions
21

Good morning.

Wow. Thanks for the message @Ananais. Lovely to hear from you after all this time. It has indeed been ages.

And thank you too @peterma for the message. Much appreciated. Thanks also for the insight. Fortunately and if nothing else I know exactly what it is that I do wrong every single time and without fail. Every single time I end up messing up the pattern is the same: start out (start over) and follow my trading system to the letter and this goes on for months and months and months on end no problem. By this stage Iā€™m sitting on nice profits (almost always having more than doubled a trading account over a few months). Then one fine day I get into THE trade. THE trade starts going against me but now the logic is ā€œwell youā€™ve made all of this money so you can afford to lose a bit more than usual because you can always make it up againā€. Trade continues against me so now I start watching Bloomberg (this being the BIGGEST mistake OF ALL in my case over the years). Not seeing what I WANT to see on Bloomberg so start looking on the Internet for ANY justification for my staying in the trade. To make matters worse: at the time my trading system is SCREAMING to get out of THE trade and stop and reverse direction!!! Eventually find the justification to stay in the trade (if you look hard enough youā€™ll always find the justification you need!!! LOL!!!). And then you hold. And hold some more. And so on and so forth. Until your pain threshold has been reached. Always the same thing with me i.e. this cycle has repeated itself around once per year for at least the last five years. Itā€™s not my trading system (which is purely mechanical and a child could trade it) or ANYTHING else i.e. itā€™s just ME!!! And Iā€™ve not bothered to look at some of my old threads but I will GUARANTEE that my old threads detail the exact same path (well admittedly after Iā€™d learned how to manage risk EVENTUALLY back in those days anyway).

Anyways. Iā€™m no longer officially in the job market so the stakes are high right now for me. But save for the above: at least I know I can do it i.e. were that not the case this is the LAST place Iā€™d be right now given my current financial position.

Anyways. Nice to be back on the forums.

Regards,

Dale.

1 Like
22

Well, sorry for the loss to start with, but absolutely I must tell you the root of your problem isnā€™t inadequate knowledge, the problem lies in the fact that you are adequately knowledgeable in wrong thingā€¦which is price action. Trading on price action is emotional trading recipe, and your account is bound to wiggle as the candle flunctuates. My advice is dump price action, start looking at Momentum and see how you can base your trading plans on it.

23

Maybe not shoot for the god wannabe at the bell and start with something a little more realistic like archangel, saint, seraphim or cherabim!!

yes.

exactly.

Demo with what youā€™re real balance will be - $700? - Take it seriously, Understand how much you are risking, understand what how many pips you can lose without making a ā€œbig dentā€ in your acct bal.

And practice, practice, practice. Put all your past trades up on the charts, ask yourself why you put them on and took them off. Whatever the reasons, do more of the winning trades and less of the lossing trades -

Less losing is more winning!! :laughing::laughing:

KC

24

Yes, you have said use Momentum a couple of times, as opposed to Price Action. I think you should say a bit more about Momentum and how you trade it.

25

Heā€™s trying to get his post count up is all. Iā€™m sure some links will be following by the morning.

And once again: you guys do realize that this thread is over seven years old (before it got resurrected) (and I fell into the same trap myself on this very thread thus adding to its being perpetuated).