i can't attach multiple files so i'll just upload the tally statistics. i did suffer a losing day on Day3 and analyzed the kind of market trend that is least suitable to my trading style. i was able to control the loss, not get into the mad state, and as soon as i noticed the "idiot"(myself) was doing the trading i halted and called out the "boss"(myself) and prevented myself from re-trying on losers. the "boss" looked at the first two trades and alerted that they were poor quality setups (what was the "idiot" thinking?) but then the next two trades didn't do well either so the kind of market on Day3 was affecting my methods. Day 1 challenge +$604 Day 2 challenge +$503 Day 3 challenge -$337 Day 4 challenge +$184 Day 5 challenge - Wednesday. i'm confident i can fix my problems, i've always averaged 77% for past couple of years so i'm back in shape. i will go live next Monday.
Just thought I'd chime in and say this post is very valuable. Beginners start off with plans thinking they'd stop after 3 or 5 or whatever, but it's an illogical thing to do if there's positive mathematical expectation on whatever you think a "setup" is. Now, although The Big D is 100% right, we know that humans have a difficult time processing loss. It's ok to take breaks to avoid feeling down, but you need to resolve very quickly whether your technique is generally positive or not.
hi darktrader, here are some trade examples using multiple lots which you can learn from, http://donotpostinET.com(click on the pictures to expand view). i never trade with single lot, one-entry-one-exit. unless you trade with a fixed mechanical style like 20pips stop for 60pips take profit, it is not logical to trade one single lot. multiple entries multiple exits offer much more flexibility and fun.
I have just seen this thread, and it seems to be about the same problem I responded to at another forum. I don't know if the forum rules allow to post links to other forums, if not, please delete my post. I am just too lazy to write everything anew. Otherwise, maybe the OP or someone else will find them useful. http://fxtrade.donotpostatET.com http://fxtrade.donotpostatET.com http://fxtrade.donotpostatET.com
Hi Frank, thanks for your replay, could you please send me the link in a private message, I think the link has been disabled by the administrator, maybe we can't post external inks on ET. many thanks
Frankie, if you took three losses in a row you might need to re-eval your strat. If a HH fails, and a LL fails you are in consolidation, and you will be cut to pieces. Find a way to ascertain sentiment and trade with the sentiment. You should never take three losses back to back to back. You are trading noise, and you should fall back.
================ Frank, frankly ; may want to get a hobby like mine-thrill ,chills , excitement-gambird /high volume gamebird shooting. Keep breaking your trading plan/principles; the market will solve that problem for you.Blowing up an account is fun when you're young, but maybe educational
after this week of live trading i pretty much have an idea where my problem lies. i will start a journal documenting my live account trades in the Journal section soon. been thinking alot these days .....