Hi folks, remember me???
OK - well - you should all know by now that when I’m not posting - I’m losing money - and getting ‘pis*sed off’ with the whole thing.
On the other hand - that’s pretty ‘wrong’ of me seeing that I was the one that started this thread in the first place.
Well - for what it’s worth - I have managed to wipe out pretty much BOTH my trading accounts (again)!!! So - there you have it - that’s why ‘the low profile’ at the moment!!!
To put it mildly - I am now in EXTREME financial ‘sh*t’ and I’m not sure ‘where to from here’.
It’s the strangest thing - I seem to be able to write about these things and see things and post them here and everybody else seems to be doing alright (well at least I hope so) with their ‘own versions’ of some of the ideas that I’ve put forward and yet I don’t seem to be able to ‘cut it’ with the same ideas.
Anyway - there it is - that’s it - that’s the situation - and I now no longer have the luxury of being able to ‘plow’ another couple of thousand USD into this business.
Well - I don’t think I can help with advice on HOW to trade i.e. I don’t think that would be ‘prudent’ coming from me at this stage. I can, however, give you the reasons WHY I’m sitting in this situation right now - maybe that’s worth more!!!
Well first - the obvious - overtrading my account. While I felt I had good reason to do this i.e. month end coming up again and needed money to pay (already behind) bills - took WAY too many ‘chances’ - did not follow even the most basic of any ‘system’ I’ve come up with to date - and - well - here we are!!! Broke!!!
(By the way - I have to say this now because if some piece of sh*t posts a post here saying that they don’t feel sorry for me and my plight - I WILL find out where they are and make it a personal mission to hunt them down and kill them. I AM NOT LOOKING FOR SYMPATHY OR HELP OR ANYTHING ELSE - I am posting this so that once again I may be able to help someone else with the same ‘character traits’ as me to not repeat my mistakes and land up in the same place - THAT’S THE ONLY REASON - NOTHING MORE - NOTHING LESS - SO BEWARE)!!!
In keeping with my ‘true style’ and sheer desperation yesterday I was down to the 1 minute chart on the Nasdaq (ironically using ‘pure’ Parabolic SAR but on the 1 minute timeframe). NOT A GOOD IDEA!!! While the Nasdaq pays well per point move it has the tendency to 'fuk you up’ very quickly if the trade goes against you on this timeframe EVEN WITH NO DEALING DESK INSTANT EXECUTION!!! At first things went well UNTIL it became range bound on the 1 minute timeframe. This then started eating margin and eating margin and eating margin ‘like there was no tomorrow’ and when I looked again these little ‘nibbles’ had taken their toll on my account. Put it this way - if you or I were EVER in any doubt as to whether or not Parabolic SAR works in a range bound market - I think I’ve now cleared that up once and for all - IT DOES NOT WORK AND IT WILL FACILITATE THE FUKING UP OF YOUR ACCOUNT IF YOU’RE NOT CAREFUL!!!
My 50 EMA ‘plan’ did not seem to work either. The biggest problem that I noticed yesterday (which is something I did not take into account or actually did not think of) is the fact the 50 EMA is not ‘static’ i.e. it does not stay in the same position once it’s been plotted and displayed. In other words: when you look at a chart historically and see where the bar has crossed the 50 EMA very nicely and ‘cleanly’ the chances are that the 50 EMA was not at the same point that you are seeing a couple of days or weeks down the line i.e. it moves with the current bar so you need a ‘very sure’ crossing of the 50 EMA to be able to say ‘the price is now above’ or ‘the price is now below’ the 50 EMA for an entry and the problem is ‘how sure is sure’??? I hope that makes sense.
Also - if anybody IS foolish or mad enough to want to try the 1 minute timeframe (on any instrument) - trust me when I say that there is not a single indicator that means ‘jack sh*t’ on this timeframe - they just cannot and do not react fast enough. Sure - when you are sitting and looking at historical 1 minute data there does not seem to be a problem - but believe you me - when you’re trying to trade this timeframe - it’s a whole different ball game!!!
Lessons from this:
Do not overtrade your account - NOT FOR ANY REASON. If you’re under financial pressure then you probably should not be doing this for a living in the first place. If, on the other hand, it’s the only choice you have - then DO NOT succumb to the pressures that your creditors will put on you. If they can’t wait - then they must ‘do what they have to do’ - and in the meantime - you just keep ‘plodding along’ slowly but surely. Put it this way - if there is one thing that I am at least sure of - they cannot take the money in your accounts - it’s ‘offshore’ (which is where I’m thinking I should be right now - ‘offshore’)!!!
Do not ‘fu*k around’ with the shorter timeframes - the only one that counts is the daily - and I have spent a whole lot of money in proving this fact. Sure you may get lucky and do the odd ‘fantasmic’ trade on the 15 minute timeframe or whatever - but it won’t last - just trust me on this one.
Stick to a system - any system - just stick to something - no matter what.
Now - if you don’t hear from me for a while - it’s not because I’m too embarrased to be posting here or avoiding the subject. If the truth be told my Internet (ADSL) connection is going to be suspended very shortly (and as much as I love you guys) I cannot afford to be connecting to the Internet via my mobile phone to post.
What am I going to do now? Well - two things: right now I have one last position open i.e. short on EUR/USD (yes - who would have thought I’d be trading a forex pair again)!!! The reason (going against EVERYTHING I’ve said above again already): it’s consolidating right now on the 30 minute timeframe (I don’t have anything to lose at this point so I’m ‘going for broker’ - get it - ‘going for broker’) as I type and it will either ‘shoot up’ or ‘shoot down’. If it’s down - you’ll hear from me - if it’s up - well then maybe we can ‘shoot the breeze’ in another lifetime!!!
Also - I WILL sell something to get some money together to go short on Gold, Silver, and Oil at some point. Why? NOTHING (and I don’t care who says any differently) goes up this high and this fast and then does not ‘correct majestically’. When will that be? No idea. I’ve been wrong on all of these every time but when I look at the charts today - well - I don’t see how I can be wrong this time around. The good thing about these three instruments is the fact that you don’t need a whole lot of margin to be able to make ‘big bucks’ if the trades go in your favour. What indicator am I going to use to ‘get in’ on this ‘action’ - I have no idea at this point (although it will probably be 'good ‘ol Parabolic SAR’).
Good ‘luck’ with this business and remember one thing: it has the ability to ‘feed you your ar*e on a plate’ if you’re not careful. It can make you and it can break you - there is no ‘middle of the road’. It’s not ‘gambling’ like everybody around me tells me it is - but it sure can have the same catastrophic effect on your life and well being as compulsive gambling. It’s something I’ve noticed: it (the market) will feed you just enough to keep you interested until you start running low on margin and it will then ‘close in for the kill’ if you let it. Don’t let it.
Catch you all ‘on the flipside’!!!
Regards,
Dale.
Edit:
Bocajunior: if I still had the money - I’d still stick to the indices and the like - even although the Nasdaq just about single handedly has 'fu*ked me sideways) it’s still more controlled and ‘refined’ in it’s movements than forex pairs.
jguy3348: The reason this thread took a turn away from ‘pure’ Parabolic SAR is because I started thowing in EMA’s and SMA’s and ‘pink elephants’ and lost money and tried something else and then tried something else and . . . and . . . and . . . If you have the money, the time, and, above all, the patience and self control then Parabolic SAR is the way to go (just be careful of range bound market conditions is all).
Rob: I may very well start gigging at some local pubs again. Who knows - maybe this is the ‘turning point’ for me. Watch out - if I put as much effort into my music as I have into this - you may see me playing ‘at a local [B]arena[/B] near you’ some day. Everybody that has put up with my ‘sh*t’ on this thread will be entitled to complimentary tickets (Golden Circle of course), VIP treatment, backstage passes, and anything else your heart (or loins) desire on the night!!!
