Dont take this as patronizing - coming from the guy still running on demo - i know im in for my own uphill battle when i go live…
You sound really emotional right now… Take some time out, reload, and come back and trade demo until your risk/money management is sound… Meanwhile, it will give u some time to fund another smaller account…
You dont need a substantial amount to start with, compounding will take care of that… Just start small, with something you can afford, and be consistent…
sorry to see this post.
ake, for what it’s worth, i have learned from you! your contributions to this community have helped us all, i think.
i won’t try to convince you to stay with us, that is your decision.
i wish you well and thanks for the contribution.
hope to see more posts from you soon.
Get to the root of the problem. What is causing your poor emotional control? Maybe work on solving/fixing that instead of actual trading, if you can. Don’t give up! My mother passed away two weeks ago from cancer. When they first discovered it 6 years ago the doctors told her she had less than one year to live. What did she do? She found a way to survive, changed all her bad habits, seeked out alternative medical care, researched her disease and did what she needed to do to survive. And she did, for five more fulfilling years! She showed me what extreme perseverance and dedication can do and because of that I will never give up on anything that I want badly enough or is important to me… this being one of those things.
Sorry to hear that AK, have you spoken with ICT or some of the senior members about it. Can you pinpoint the issues and continue to work on them.
I’m not really in a position to comment as I’m still ‘green’ in forex but I hope you can continue and see things through as youdo give a lot to the forums as well as give others encouragement.
Can’t start small. The brokers that do that won’t take me as a client (like oanda). I need at least $2500 to exercise proper risk mgmt. And by my estimates it will take 4 to 5 years to save that up. Please understand I am very poor, earn a crap wage, and am drowning in debt
Besides, who wants to waste all their time turning $100 into $500, what a joke.
If I helped anyone along the way, then I am very happy to know that
Thanks for responding. I did make sure the files landed in the right folders, and the data files from correct place, but no dice.
When I run the Build script, I get errors such as “handle 4 does not exist in FileWrite” and “handle 4 does not exist in FileClose”. I’ll work through the instructions again when I get a chance. thanks again.
You know that I am the newbiest of the newbies and you are one of the people here that I love to see chime in! Like Brinkfx said, we are all gamblers to a degree. I watched the videos out of order and even did it before I am finished with Bpips school. Point is that the video talks about finding what type of trader you are. Keep searching Bro! Don’t give up. Maybe do that four week test thing again. I have yet to begin but sounds cool.
akeakami…just get a small account opened up in someone elses name. give them 500 dollars in cash and get them to wire it to your account…no big deal its not like you can overdraw the account…you can only blow it up.
problem only starts if you turn it into a million dollars…but at this rate that aint gonna happen too soon. …(no offence mate)
then when you blow up this account…ask your friend if he knows anyone else who will open an account for you.
i know it sounds amusing…im actually rolling on the floor laughing as i write it…but trust me… i would actually do the above…
its your businesss…and you got to do anything and everything to keep it afloat…
stop crying about it…pick yourself up…dust yourself off…and learn from your mistake…
just use your will power to not let this thing happen again…its that simple…write a sheet of rules and limitations…and adhere to them no matter what is happening…even if you just got 1million pips that day…if rule says call it a wrap the wrap it up…
I was going to say the exact same thing!.
…the only thing I will add is that I remember ICT saying he had an ‘efinty’ to you, when he said that I have to admit that i was jealous! lol even though I cant spell it and didn’t even know what it really meant lol, such a cool thing that your mentor wants you to succeed so much man! Its worth trying again just for that.
It does seem its mainly the money management that is the problem, it IS something you can over come!
the saying at the end of a recent market review springs to mind!..
Many of life’s failures are people who did not realise how close they were to success when they gave up!- T.Edison
In the book “Street Smarts” referenced by ICT there is a strategy called “Momentum Pinball” (chapter 7). It says:
[I]
There are lots of tricks one can do with short-term rates of change. This Pattern uses
a one-period rate of change or “momentum” function. This is simply, the difference
between today’s close and yesterday’s close. (i.e., if today;, closing price was 592
and yesterday’s closing price was 596, the difference is -4. A three-period RSI of
this one period change is calculated. (Most software charting packages allow the
user to do studies on studies in just this way.))[/I]
Now I checked, and the momentum indicator in MT4 is calculated as a [B]ratio[/B], not the difference between two prices. Ie, (Closing Price Yesterday * 100) / Closing Price Today. (ref: Momentum - Oscillators - Technical Analysis)
Is there such an indicator, as defined by the authors Laurence & Raschke, in MT4, or do I just make my own? Or is it just the regular RSI indicator, which uses the formula:
RSI = 100-(100/(1+U/D)) where
U — is the average number of positive price changes;
D — is the average number of negative price changes.
Take those 4 to 5 years to study ICT 's teachings, practice on demo. Perfect your plan, get your act together and your emotions under control.
After that you can double your money every year, with only 1 A+ setup a month (around 60 pips, RR of 1:3 with 20 pip stop loss)
Take another 5 years and all your money problems are gone when compounding interest did its work
OOPS - 3 losers- according to the online charts --I should have been stopped out on all three positions - there you have your answer to impulse trading.
@akeakamai: I sincerely hope things will turn out better for you in the future. Please consider taking a long break from forex, gain back your energy, and at some day give it another try!
As for me, I actually had a great day and have to admit I can’t help but feel a little proud, because I was able to identify the Turtle Soup entry that was later discussed by ICT. I took the trade and got 41 Pips out of it.
I am still very new to the ICT material, but I am already feeling pretty enthusiastic and my confidence as a trader grows every day.
So ICT, Thank you SO much for sharing your concepts and wisdom with us. You spend a lot of time helping this community. I want you to know that your efforts are greatly appreciated!
okay I am looking at fiber and I see a possible judas swing setting up and a possible ote short during london. Price is at an ote region off of yesterday’s high but I am thinking the 2540 region (ote from Friday’s high) I could short now but I will wait. Seems 2540 is a decent area to expect some reaction + if I did the reflective thing right than I can expect price to hit this area, so I have a couple of good reasons to take this trade, Finally 2540 has been a good s/r level for some time now. I’ll be eying the 2480 area than the 2450 area’s for my take profit levels. At that point we will be at a bullish ote but I will have to reavaluate at that point considering my bearish view.
Anyway I apologize if this has already been posted. I tend to do my analysis before reading posts this way I am not relying on you guys as much as relying on myself.
Well I missed my entry but my tp was right on the money. I could have went with yesterdays high but I was holding out for Friday’s high. Anyway no regrets, I’m just glad that I got the “jist” of what fiber was doing today even if it did miss my entry.
Now I am off to read the 30 pages from todays post lol!!! This is quite a popular thread
If i managed to turn 100$ into 500$ in a year by sticking to money management and a trading plan, it would mean more than making 500$ monthly at a desk job.
I agree with the principle behind what you’re saying… The skill is priceless at any account level. But what im saying is that trading requires energy and many sacrifices when working a FT job. These sacrifices are not worth the $400 gain over many years.
The money I was trading was very emotionally charged. I have a lot of debt anxiety and I felt this multiplied every time I took a loss. Today I just couldn’t take the loss. Problem is that it will take at least 4 years to pay down the debt from working alone. I’m not the only one with debt, but given that I am prone to debt anxiety, it was very foolish of me to even be trading that money. I see it now but much too late.
I think my subconscious wanted me to blow the account, just to relieve the pressure I put on myself trying to get this venture to take off. If you don’t build your account from a solid emotionless base, the stress will rip apart your trading from the bottom up.
I hope I am a good warning to others. You can know the tools, but it counts for nothing if your psych isn’t in order.
