Yoda: "That place⦠is strong with the dark side of the Force. A domain of evil it is. In you must go." Luke: "What's in there?" Yoda: "Only what you take with you."
Neke's weekly P&L so far for 2012: Week 1: (14,450) Week 2: 8,860 Week 3: (3,770) Week 4: 2,303 Week 5: 7,631 Week 6: (14,717) You need to start making some 20 and 30K winning weeks to offset these 14K losing ones. Otherwise limit your losses to 5K per day and 10K per week,however that will have the knock on effect of reducing your profits too.
Bad luck. (sorry couldn't resist) <iframe width="420" height="315" src="http://www.youtube.com/embed/OUd2mQjTC7s" frameborder="0" allowfullscreen></iframe>
first of i want to congratulate neke on his good performance and unbelievable stamina in keeping up to date with his journals throughout the years. iv read significant proportion of your journals and its been entertaining to say the least. never stop that is so very untrue ! how many brain cells do you posses? according to Nekes records he turned 6300$ in to a sum of 966,283$ and is currently on a Draw down of -165,271$ netting him 794,712$ profit , i would hardly call that suffering im going to guess your one of those people who enjoy turning the knife while its in there... Neke i know there's no point saying this but keep up the good work and don't worry about 2 years of slightly negative returns this should only worry you if your trading OPM as they would probably leave or heckle you but since its your own funds you can and will weather the storm. the night is always darkest before the dawn.
Neke, You making some obvious and terrible mistakes in your money management. I spend an incredible amount of time waiting for a good trigger setup. When it happens I expect it to go my way from the get go, otherwise what I had thought to be prime is rather dull today, this eliminates the urge to add to a losing trade. When something does not work as expected I reduce it's size until I'm completely flat and with a small loss. Now, let's examine the opposite end of the spectrum. When something works right, that's the kind of trade you want to hold onto. Don't take profits when proven correct, you/we wait too damn long to abandon what's finally taking care of us. Contrary to common advice, you can go broke taking profits. Once your trade develops into a nice strong trend, consider adding using a 3-2-1 unit ratio combined with a price action based trailing stop. Notice, you are doing exactly the opposite of my recommendation. Accept low accuracy, why does it matter if the end result is green, at the present time this is not the case. Markets love to hit extremes, don't let it do that as it goes against you, try to be on the side of that extreme move and pressing it not exiting. Everything above is missing in your trading. Best wishes.
Don't bother he never listens. Go back to the other threads, you won't be able to find four posts where Neke even quoted anyone. Talk about psychological problems...
RedTank, what did you mean by: "When something does not work as expected I reduce it's size until I'm completely flat and with a small loss." 1) Does this mean you keep scaling out your initial losing entry i.e. sell a third then sell the 2nd third and final remaining third if trade position keeps losing money? 2) Each scale out decision is perhaps based on ATR percentage loss or some S/R being violated? "Once your trade develops into a nice strong trend, consider adding using a 3-2-1 unit ratio combined with a price action based trailing stop." 3) Conversely, here you keep adding to your position or do you still scale out here as well? It sounds as if you scale out here as well by thirds, right? Thanks, Tihfa