Revenge Traders' 12-Step Program

Beginner Questions
1

[B]Confessions of a Revenge Trader[/B]

“Hi, my name is Clint, and I’m a revenge trader.”

(everyone in unison: “Hi, Clint.”)

The London Breakout Strategy nailed me for 30 pips this morning — that’s 3 days worth of gains, with my 3:1 risk/reward ratio.

I got mad, and said, “The #@$*%^& market stole my money! I’m gonna get it back!”

And I did! (This story isn’t going where you think it’s going.)

In the familiar morality-play about revenge trading, the trader tries to get even with the market, the market beats the piss out
of him, and he ends up with a far bigger loss than he was trying to avenge.

Well, this morning, I did some revenge trading on that big drop in the GU, I got my 30 pips back plus 40 more for good measure. And it felt great! I said, “Take that, market! That’ll teach you to screw around with me!”

(Please excuse my language. I think successful revenge trading causes a spike in testosterone.)

And that’s the problem, you see. I know it’s wrong, but I don’t want to quit. It feels so good to teach the market a lesson!

That’s why I’m here with you nice folks, attending this meeting of the [B]Revenge Traders’ 12-Step Program.[/B]

1 Like
2

:smiley:

and good for you !!

unfortunately I was asleep at the time and missed it as usual.

I don’t understand though, looks to me like the breakout would have been a good one, breaking down no? where did you get stopped out?

3

I’m with you Clint!

One of the worst things that can happen to one’s moral, is to be rewarded for bad behavior.

Your 12-step program is probably needed by many, I included.

4

I agree. I know this sound a little weird, and I’m guessing most people won’t do it, but I think one of the 12 steps should be “Any money I make revenge trading I will donated to charity.”

If you put this rule in your trading plan, and follow it, then it should help with revenge trading, since you really can’t profit from it. :slight_smile:

5

Actually trading that down move was not the wrong thing to do if you did it for the right reason. revenge is not the right reason. But if youre followin price action and MAs like I’m trying to do then it was a good trade.

6

Dammit! When I read the title I thought this was gonna be the holy grail! :mad:

:D:D

7

Hey, Mike

I tried to get creative with the “box”. I discounted the first two hours of the overnight period, because I thought the FOMC spike was an anomaly, and could be disregarded.

So, I placed the Period HIGH at 1.6372, entered LONG at 1.6381, never got above 1.6387, and got stopped out at 1.6351.

That’s when I started looking for revenge-trading opportunities. And I found a good one!

If I had been successful in that LONG trade, per my rules, I would not have been looking for a SHORT breakout. I would have been done with the GU for today, and I would not have traded that big down-move.

8

Sorry to get your hopes up, red ear

We’re still looking for that pesky holy grail. I know it’s got to be around here somewhere.

9

Have you checked behing the fridge? Whenever I lose something it’s nearly always there.:slight_smile:

10

I tend to find a lot of stuff behind bookshelves also. mostly cat toys though, no holy grail yet. I’ll ask the cat tonight if he’s seen it.

11

I saw on the History channel the other night that the Knights templar found the holy grail ages ago and hid it in the mountains of Switzerland… I didn’t know forex was around way back then.

actually I have a holy grail, I keep it on a shelf right next to my round tuit and my box of scratch which is usefull for making all sorts of things.

12

I haven’t gotten a round tuit yet — but, I will — eventually.

13

as long as one has lost more than has made in forex is�nt every trade a revenge trade :wink:

15

You guys are all tuit-te…tuit I applaud…:D:D

16

I can see the 1.6372 also I could see using 1.6397 a s/r area just before the night range.
I posted in the other thread my picture of my range which would have been a winner just barely to the upside.