This is a tough business, but I still love it

Discussion in 'Psychology' started by cashmoney69, Apr 29, 2008.

  1. Code:
    Profit/ Loss Summary [ 204.54 starting capital ]:
    Feburary: + 642.83	balance: 847.37
    March: 	 - 269.57       balance: 389.15
    April:   - 244.17       balance: 145.00  
    Total equity as of 4/29 145.00 ( 71.08% loss)
    After feburary, my trading performance went down the shit hole. I have a few guesses as to why this could have happened:

    1. After 3/13/08 on the gbp/usd I continued to play long positions even though the rally was over.

    2. I still dont have a solid time frame for my trades. Some times I day trade, and sometimes I have longer term trades. Maybe I need to stick to one or the other?

    3. I started adding to losing positions (usually on longer term trades because I felt I had to let the trade "wiggle" some before going higher), convinced I was "right" about the trade.

    4. I did a lot of day trading, however in Feburary, most trades were swings, in order to build equity.

    5. I would trade 1 lot, and some times 2, because of greed and boredom

    ............ Time to rebuild

  2. Im surprised I lasted this long on only a few hundred dollars :D
  3. You are undercapitalized. You need at least 5 grand so you can hold some size for a week or so and not get stopped out on a margin stop. You have to take the big trends to stay in the game in Forex.
  4. Cash... im pulling for you bro.

    Big change in attitude for you everytime I see you post...
  5. Seems like if you used more money to play with, it would help psychologically. Not more lots, but more in reserve.

    Instead of fighting to keep away from the zero mark.

    Not much room for error. Restrictive, paralyzing,
  6. Thanks. How's your trading been this month/year?


    Iron, I use GFT as my broker, and as for strategies..its a mixed

    bag of things...I'll trade patterns like wedges, triangles,

    channels, break outs, support/resistance plays, and now im

    trying to learn more about divergences.
  7. Yes, I agree. I could get more money in my account, but at the

    same time I kinda like fighting for my life...seeing if/how long i can

    last. I've been on the edge of blowing up more than once :eek:
  8. Go deliver pizzas for a few months, get some cash together, fund your account with enough money to give you a decent shot winning this game, or you can continue with your hobby.
  9. I don't know them. Are they an ECN?

    Good luck!
    #10     Apr 30, 2008