Let me tell you a secret of Wall Street, or rather a conspiracy: The big players have created the belief in retail traders that they must set a stoploss and take a loss whenever the stoploss is triggered. This conspiracy is to rob the retail traders. Think about it: if retail traders never take loss, and choose to wait for the market to come back, the big players on Wall Street will never make money, and the brokers will have little commissions to make. To take money from retail traders, big players must convince them to terminate their trades at a loss, the more frequent, the better. Be Smart, don't be deceived by the Wall Street conspirators. I am sure some Wall Street lap dogs will attack me for exposing their dirty secret.
that's why in the OP's case, either : a) he need 'bigger' account, so the holding power is greater, or b) if cant afford more money ..he need to finetune his technic or c) both a & b
As someone pointed out earlier the market spends the majority of its time moving about randomly, during the periods of random movement there is no reason for you to be involved. Wait until the non random events come into play and trade those. Too many people want to be entertained by the market, its not a party, its a lot of waiting.
Société Générale was bailed out I think. If you or anyone know I'ld certainly appreciate the heads up. Newedge (IB/DB) who Société Générale clears seemed real attractive to me until recently. Anyone know?
Been there myself enkidu, hang in there, the light will come on for you if you stick with it. Then it will become clear. If you are seeing randomness in the forex market then more than likely a consolidation is happening. The forex market does 1 of 3 things all the time, trend up, trend down, or consolidates(range) and this is relative to the time period you're looking at. Go back, study your trades in the past on the charts and you can see it more clearly in hindsight then you will be able to put the odds in your favor moving foward. Be very aware of your news releases to what ever currency pair your trading. Also, there are some currency dealers that will let you hedge. I tried it, doesn't work well for me, but to each his/her own. This is what has worked for me thus far. Have a philosophy of how you want to trade, create a system to that philosophy, perfect your system as you go. My current system I'm working on produces huge gains and huge drawdowns but utimatley leaves me with a great return. My system is not perfect by anymeans and remains a work in progres but it is true to me as the trader I am. I agree with ThurstonHowell, tight stops or large ones seems to work better than the in between stops. But you have to figure that out based on how you are trading and what your account will allow for. Good luck. YOU CAN DOOOO IIIITTTTTT!!!!
Not sure, my point was that one bad trade or trader can ruin you. You can always blame the market, conspiracies, frontrunning, etc but at the end of the day someone is responsible for the trade. Notice how all the quant shops had big losses together like last august and rebounded together with mean reversion. Don't these guys hedge? Here is another one there was a long thread on the specifics of this trade on et. http://www.cnbc.com/id/23365060/ edit: you are only a "rogue trader" if you are wrong!
Believe in your trading system and give it time to work because if you turn out to be wrong then at least you can deal with that pyschological pain better than if you were right and had simply changed your mind. Missing out on juicy profits because you changed your mind...that hurts even more! (in my opinion) Don't be untrue to yourself.
Been there, done this. Easy solution. Slow your triggers down. Take your first trigger on paper, wait til it moves against you then take it for real.
your timing is wrong if you entered a market, then the market went against you, and you tried to wait for your favour, because you saw loss get bigger, you got out even late it proved you are right, in another way you did not plan your trade well (the right risk you can take), basically you do not know what you are doing, so you started to question your judgement and blame the market. your trading style reminds of gambling: put a bet amd make a wish/hope, if you lose, you will blame you are not lucky, if you win you feel you are smart. suggestion: leave the market and anaylyze yourself