Let’s not give this guy a hard time. He blew an account; it can happen to everyone. I do not think anyone can say that they have never traded emotionally or have made a judgement in error. This could happen to you as well.
He’s replied promptly, and has been, in my opinion, honest and transparent. So I don’t think he’s hiding anything. And I do not believe he’s trying to sell anything, so far anyways. His MyFXBook, although shows a loss at the current moment, has shown some nice withdrawals (MyFXBook isn’t 100% accurate, but that can go both ways) and I believe he is still up because of his money management.
Trading emotionally happens to everyone and this community is about supporting traders and sharing insight. So let’s keep it like that.
Thank you for showing interest in what was said. Yet, I never gave a specific MA to use. You must try all of them to see which one provides you with the best results. Also note, that accumulation (sideways ranging) will result in many recrosses as you have described. To counter the sideways entries. You can use bbands as a visual aid to help you identify the range.
The picture I have added below shows the same very system I use. The first candle which touches the middle band I calculated the high, and low. If the trend is done (by the color of the red dots) then as long as candles close under the top line, then I hold the sell position. Once the price Closes above the top line, I then take a buy.
You guys simply have to find your own MA. As you have been able to see that using this simple has worked for me. Only problem I have is closing the order when the price moves against me quickly. If a trader can control the bias, then I would say this would be the best scalping system online.
We’ll my intent is to share parts of my system. Of course not all of it. I would love to see members try posting MAs (different ones) to see which one works the best. Me simply giving it all way won’t promote learning.
Thanks for the support. I’ve been around long enough to know that pessimistic blights only come out to say “I TOLD YOU SO”. Yet, when asked to provide their trades or statements no response is given. As long as I have funds, I will continue to post them for everyone to see. This will be the only way for people to learn what is is going on. Simply reverse engineering my entries you’ll be able to figure out which MA I’m using.
The dots in no way tell me when to enter or exit. I only use it as an aid to confirm the trend. Yet, with that indicator (DODA) you get less fake signals if you simply were to follow the color change. Yet it works best on higher time frames. As for where you posted “fake sell signal” I would only take a sell once the price closed under that line. In this case it didn’t. I also usually take a long position when it leaves a tail under the line as it did then. Yet it is those positions which causes me to pull my sl. Yet Between the two lines or above it it is a 100% buy. Anything under the lower line makes it a sell. And a big one at that.
Here you can see the candle which allows me to draw a high and low. Then look at the movement on both sides of that line. Once the price closes back into the middle of the two lines “YOU HAVE TO CLOSE THE ORDER” if you don’t then you may end up on the wrong side of a 100 pip spike. :20:
Not sure if this comentary was adressed to me…
I know you have been here for a long time, so I presuppose you will understand how probabilities works and how important is the role of risk management in this “game”. So i will expose my opinion again about his way of trading, hope you understand my point of view regardless the fact you agree or disagree with me.
1st of all It can happen to everybody, but the way he trades was not only a small probability, but a fact that it was going to happen. Was not a problem of 1 day, but the way he have been trading the last months. His trading plan consisted in doubling up the lot size after 1 or 2 losses, once the lot size becomes big, he just entered the trade without sl and keep adding new orders, to get only a few pips. By probability the 1st times it worked well, bringing great profits, but soon or late this was going to happen. It occurred last week, so now saying it is a problem of 1 day its unfair, because you dont take into consideration the fact that he has been growing his account by avoiding losses using this system.
He protects himself withdrawing profits? I bet you know this is not true. there is not a single difference between having your $s on a bank account than into the broker account. Having small accounts instead of 1 big account doesnt effect the final result if you use the same mm in both. Withdrawing profits dont reduce risks or change the profitability of a system, or in this case, a martingale.
Moreover we dont know the real amount he is designating to forex, so we can’t say this is a good money management.
If you take every account as the 100% of his total amount, his risk management is horrible.
even taking the 3 accounts he has blown as the 100% of his total balance, he’s in a dd of over 80%…
In the 1st page of this thread he posted his profile to show how profitable he was. This profile had 2 accounts, both growing at that moment. Now that he has destroyed both accounts, he deletes the one without withdraws saying:" Im still profitable, look at this account stats", hiding and ignoring this mentioned account .
Is this being transparent?
I think if somebody post his way of trading and results, he should be ready for positive and negative feedbacks, the same way that if you scorn a way of trading, a filosophy of trading and mm, the day you destroy all your accounts you should accept the consequences. HOWEVER I just posted 2 times in this thread, one asking some questions (he never answered), and the other posting the total balance of his accounts. The answer i get was a pair of offensive commentaries full of insults to my person. Why? just to post impartial information about the real balance of his myfxbook profile.
I don’t consider this a normal, or at least, an expected reaction of a well-mannered and/or adult person.
false. I asked you some questions and post my opinion about your system before. Not only on this thread…
I’m not going to discuss about evidences. The client decided to blow his account, on his own, trading the same pair, at the same direction, at the same moment, and adding lots the same way that your other account, in resume blowing it the same day at the same time in the same trade but on his own, losing the same amount you withdrawed from your 1st account. If you tell me this is the explication I accept it. Now everybody can draw their own conclusions. But don’t call me blind, when i posted clearly: total of your 1st account+ total of your 2nd account.
Search in google: "ad hominem"
no, i’m the only one in the last pages (without counting those asking about your system) of this thread who have not given a single advise…
Do what you want with your trading, I don’t really care at all. I have not a single interest on seeing how you keep destroying accounts. I have nothing against you, or your way of trading/teaching your method. I just posted some questions and opinions and a punctual information. I have no interests on showing how bad or how good you are at trading, just to keep things clear. Things clear means facing the truth, let everybody know all the information. It doesn’t seems me right to let all people who have not followed your recent progress believe you had just 1 account, hidding them half of the total information. This is just another form of lying. If you feel this is unjustified and gives you the right to insult me, I have nothing more to add, so im not going to spend more time in this thread.
I wish you good luck with your new accounts. I sincerely hope you can recover the 2,2k$.
[B]edited Note*[/B]: I just realized you have banned me from this thread… I think now things are finally clear.
when a guy insults me i do care, when a guy is scorning a wise and more experienced trader(im referring to MrGone, not me.) and his advices, basing his argumentation in a lie, i do care. However ,if this guy is a pro trader or a 15 years old rude kid who blows 15 accounts/year and tries to teach others with the only purpose to grow his damaged ego, i don’t care at all. To point out truth/giving opinions/ asking questions im not a troll. because i have a different opinion than you, you think you have the right to insult me?
but yes its true, i have not enought hability to blow a 7k account in 10 days. By the way, what happened to the “try again account” ? looking at your opened positions from the outdated myfxbook, you lost at least half of this account too, thats why you opened 2 new accounts, and as soon as you blow 1 of this 2, you will repeat the same process. True traders answer questions instead of banning those who make to many questions. True traders have nothing to hide.
Now you can keep insulting me, (I’m banned from this thread), and i bet that mrGone has been banned too, so you have free way to post your lies.
Paw3000 and Mr Gone. Why don’t you guys deposit some funds. Then load it to myfxbook so we can see how great your money management is. Your more concerned with being pessimistic then actually trading yourself. As for Mr Gone not sure what pyramids your referring to. A loss is a loss no matter what. Only difference is I have withdrawn funds, and use that to redeposit. No pyramid in that. You guys have a wonderful week in demo trading. I’ll be on from time to time.
Believe me you do care. You care so much that you feel the need to respond to anyone who doesn’t seem to agree with your train of thought. Before Thrusdays trade you were pointing out how “horrible the system was”, only to say" I told you so on thrusday" That my friend is a troll. Internet will be full of people like you. Looking to pointing out things to deprive someone from taking further interest in something they have not much knowledge in. Which is perfectly fine. I take it because your in demo, or because you lack the ability to scalp you must bash others. My reality is I trade in a live account. How about you? Why haven’t you shown us the correct way to trade. With perfect money management and .01% drawdown. Is it because you lack the skill? oR because you have nothing to prove?
Both of the accounts which have been loaded recently have been done so to back one another up. This “should” work to remove trading bias which I have from time to time once the price crosses my entry. For the most part these two accounts will never be in an open position at the same time.
Just want to ask what are the indicators you used on the chart? Is it Parabolic SAR combined together with Bollinger Bands?
I have read your previous regarding entries but I still don’t fully understand it. Therefore, I hereby list down the entry and exit rule based on my understanding, can you comment if I’m right?
Rules:
When the first opposite dot (from blue to red / red to blue) appears on chart, we wait for the price to reverse and approaching middle bollinger band line.
When the first price candle close above/below the middle bollinger band line, then we enter for long/short.
We set a fixed 10 pips stoploss after we entered long/short position.
We close the long/short position after we have 5 pips profit(including spread).
I never mentioned anything about the red or blue dot giving you an entry. It is only used for a trend of the price action. The only thing I use for entry is my MA. As for take profit. My take profit is always open. I use an EA which trail stops my position once I am in green a certain amount of pips.
Bollingerbands are used for a visual aide. It also helps me identify a range bound market, by using fibs with it.
Despite your long defense, it doesn’t really matter at the end of the day. His FXBook shows that he has withdrawn a good chunk of his profits. What difference does it make?
I know a few traders who have the same mentality where they will deposit, and make a fair chunk of capital in a short amount of time, then withdraw - knowing that they have covered their deposit and more.
If my trading plan was to deposit $1K and I was able to double it every month and take out the profits but every 5 or 6 months, I will bust the account, what does it matter? The fact is I’m still up. Losses will be different for everyone. Just because this strategy is not the norm, does not mean it’s not viable. If bestpickrus can continually do this, I do not see anything wrong with that.
They’ll only call you out when you’re down. It’s like stalking prey, they won’t attack when you’re strong. It’s hypocritical, but a couple years ago, I probably would have done the same, so I can understand that mindset. But now I realize it was wrong of me.
And yes, reverse engineering your entries is do-able; I’ve already done it.
If you are able to tell me which one I’m using, then I would gladly break down the system for everyone. As for the trolls, I love the hate. Only because it reveals how ignorant they are to how the market works. Although trading is subjective, the reality is patterns seen on higher tf are repeated on lower tf. I simply play the patters.
Might I ask the name of the indicator?
It’s hypocritical, but a couple years ago, I probably would have done the same, so I can understand that mindset. But now I realize it was wrong of me.