I just started to maintain a position in life which means that as long as everything works out for a person no matter how he does it, he will still keep doing that. For changes to come, one of the following has to happen:
(1) a person understands that it is wrong and has to have a lot of will to change it (for example you will start off with a losing streak even if you do everything right but just bad luck. The thought of the time where overleverege and overtraded was successful and worked out will always be there. And at critical moments that memory will come screaming back and weak psychological preparation can and will blast to the same habits).
(2) a person receives huge financial blows and emotional pain (my story), and then starts to change himself not wanting to feel like that ever again.
That means YOU have to have a need for changes. And only YOU can change yourself, your habits. Not me criticising you, not anybody here in this thread. Thatās why i started to rarely say anything to anybody, because i know that its useless unless something happens. BUT today i just couldnāt take it seeing how you trade PureMuscle
I will add just a little story not related to trading
Nowadays a lot of young children suffer from obesity. Its huge problem and nobody knows what to do. I liked one particular story. A child is super overweight, parents are lost. They try to force him all kinds of eating healthy/living healthy habits with no luck. A 11 year old kid even started to MAKE his own food, cook etc (am amazed of that because by 11 years i was capable of only playing video games and having fun) just to keep that huger satisfy.
But! The family had a trip to Disneyland. And this child faced a embarrassing and painful encounter when he wasnāt able to fit into roller coasters chair. That particular event shocked him so deeply that he started living healthy, eating less etc and in the end lost unnecessary weight.
Sorry for cluttering this thread with my own thoughts. I promise, last post upcoming months ;))
Good luck unlearning what you have learned and changing old habits with new ones.
Hahaha you finally got through to me - I closed the trade the instant I saw this
Thanks again guys for the thoughts and especially for pulling me over the coals again - You guy are legends! Richard you can bet your life Iām gonna make it
First things first, my priority is now pure patience, and Iāll be damned if I donāt get this concept under wraps! So PJ, Iām undergoing that change you spoke about
Hey bro
Although I wish everyone the best the truth is there are only a few people that I really really want to see succeed, people who I feel deserve it. You are one of them.
Now, I donāt believe that anything anyone says to you will make a difference, I honestly donāt, me and you are in the same boat because we are trading with real money, and i think you will only learn by losing money cause I know it hurts lol. Keep losing money and the pain will either make u keep looking at why till you get better or you will quit once blowing your account.
That said I will chuck my 2 pence worth of advice only cause it has helped me and I hope it will do the same for you.
ā¦ Every time you are about to take a trade ask yourself. "If this is the only trade I can for the while week would I be taking itā
If not put the mouse down and walk away. Cream only baby!!
Good luck bro, Iāll be seeing you at the finish line Iām sure of that.
Noting of interest to report for the past week. I stayed out of the market with my real account. I managed 1 demo trade, got in just above the low at 1.6150 and pulled the plug at 1.6241. That would have been a 1:3 R:R, if only I could do that for real!
Well, now that I have refocused I think Iām ready for this next week.
I donāt fully understand how MyFxbook works but it says that I have a 57% draw down! The last time I check $304/$2000 was 15%. SammyWisdom System | Myfxbook
Well you started off with $100 which you ran down to $48ā¦ie you had a drawdown of 57% of your account. Then you made a deposit and from that deposit you have a drawdown of 15% which you can see by looking at the Absolute Gain row. But your maximum drawdown is still %57 which wonāt change unless you exceed that sometime in the future.
Hi everyone,
well as I understood it isnāt very good to have 57% draw down, so SammyW has lost a lot of money. Maybe it would be better to train on demo account and to work out the right strategy not loosing money and than try spend real money. Who can request proper variant?
Thanks.
Happy trading.
You can never learn how to trade with emotions using a demo account . I ll advise him to only trade with a 50 dollar live balance until he can double it. If you can not turn 50 into 100ā¦a larger capital is not going to make it easy
Agreed with liftoff. Trading a demo account is great for practicing or perfecting your strategy, but it is a whole different ball game when it comes to dealing with drawdown on a live account.
Remember that his drawdown came from a $100 account, but he now has $2000 deposited, so the drawdown is misleading.
What just happened today PM? 8 trades in a day? And I thought I overtradedā¦ Cāmon, donāt go into āblow upā mode, take a few days off as the guys adviced. We all want you to succeed!
PM,
Look at the title of your thread and ask yourself if youāre doing it justice.
Lower your weekly/monthly targets. Even significantly. Maybe that will keep you out of trades and help you actually achieve your initial objectives as paradoxical as it may seem. Whatever it is, you can work it out. You put in the time, demand the best.
Thanks guys, excellent advice from all I am the first to admit how awful Iām doing at following my rules. I have come to realise that there are some things I need to set straight before I get into the markets again. My priorities are a mess right now and I think I owe it to myself to take a long, hard look at this. The only way Iām gonna do that is by taking a break. I canāt carry on just eating, drinking and sleeping forex all day Haha thatās probably why I took 8 trades in one day!
One good thing that came out of this whole thing is that despite my horrific trading, I have still journalised my results, so itās as clear as day where things went wrong. So Iāll be taking some time off to analyse those results, but more importantly to change my mindset.
Letās just be thankful that I didnāt kill all my profits!
Hey PM. I whatched your fxbook, I donāt know if that is the reason I did the same or if I was doing the same and you can tell me what you did wrongā¦
I donāt see my error and that is dangorous. 4 Trades in one day is not so bad, not in our time zone at least. We can trade LO and NYO aswell. Do that on 2 pairs and itās 4 trades.
What I really want to know is what did you do wrong with your analysis? I canāt figure out what I did that was so wrong and thats not usually the case.
Iāll be completely honest with you bro, in my mind there wasnāt all that much wrong with my analysis. I was trading with the H4 market flow, in line with the higher TFs and with market structure, trading divergences only, hitting the right pivot zones etc. So from a technical standpoint I wasnāt doing THAT much wrong (donāt get me wrong, I was still making mistakes, like trading two pairs at once!). But it just cements the idea in my head that sometimes the market will do whatever it needs to, and there is nothing you can do about it. The reality is that I overtraded in an environment where things arenāt all that clear-cut at the moment. I took entries that may have seemed technically sound, but they werenāt IDEAL entries that I would take if I could only take one trade a week. So again it comes down to a behavioral issue - patience.
I also failed miserably in containing risk. Another emotion-fueled response. These are the things I need to work on. Itās not ICT tools or analysis or anything like that, itās just the human element. I need the break because itāll help me to focus on that more. I donāt think it comes from an attitude of just ācarry on carrying onā if you get my meaning. I have proven that I can trade successfully using ICTās concepts, I just need to sort out my mindset, and a few weeks investment in that seems more than worth it
After some time away from the market I have returned! However, while I was gone my PC died and I am left to do everything on my Mac. So I havenāt been able to use Metatrader for my analysis, which is like having a broken finger!
Anyways this morning I spotted a fractal on the daily GU chart. I didnāt wait for a nice entry I just shorted!
My risk was 2% which was 80 pips. Through the day I have slowly trailed my stop down. Right now Iām at about 27 pips of risk, but Iām worried about where it is now. I think if price continues down, there is a chance the area my stop is at will get tested again.
I just looked at what 2% of risk would be for the remaining balance of my account, turns out it was 80 pips. (80 pips according to the risk calculator here on BP)
