Some help would be appreciated

ForexAssistant posted:
I see it completely different. Why should one try to control that which was given as a tool to alert us to when we are doing something wrong. I chose to go with robots as they don't seem to have any problems with any kind of emotions. Now my emotions are feeling pretty cool as my robot makes around 2 percent a month and I can go fishing.

Never send a human to do a robots job...

Bob

LOL Love your work Bob. But I turned my bots off and put the bank on the ARSE falling out of AUD back at .94 and went fishing. Bet I'm doing better than you!! Just came back to cash out B4 the chop starts.

Silverthorn, damn it's good to see you back around. We miss your presence and insights here my friend. There's quite a few new names now days, some are pretty good too. I'm still here, looking to see if someone comes up with something new, not been to much of that but the young ones aren't doing to bad. The attrition rate seems to be lower at any rate.

They're asking good questions like what drives the market, not in those words of course, like this one concerning bank rates. Still, we may be getting past the rough edges when new traders were getting roughed up in the market and leaving before we could get our feet under us, but you might remember that I predicted that would be the case in time.

I know you got other markets to fry but I hope to see you around, it's always makes my day to have you remind me that you are a better trader than me, and in public no less.

Bob

Mate NO. No. No. Not better. Different!!

I love, RESPECT and am fascinated by your style.

More of a turtle approach with a hard shell for protection and a slow and steady pace. As you know I'm a risk junky on an adrenaline drip. Everything has been trending for nearly a year now with only one small speed bump in the road so you didn't need to be a genius to look like one if you were prepared to put your balls on the line. Once the parity BS ended I went all in.

But I fear there could be chop around the corner so time to reduce the exposure.

We're all good traders until the blood starts to flow. When I first started trading in the early 80s you could almost pick a stock with a dart board and a flip of a coin and you'd still make money. 87 sorted the men from the boys..... Lesson learned and history does repeat.

Silverthorn posted:
But I fear there could be chop around the corner so time to reduce the exposure.

Yea, I know what you mean, I can feel it too. Nothing I can put my finger on, but something doesn't feel right. I sold out of my US real estate, I am thinking that I want to go international. I am even thinking that we may want to use more than one bank in different countries, diversifying banks just seems important. I hope you're wrong, but fear you may be right.

Take a look at the aud/nzd, Little New Zealand that just had an earth quake and a glacier or something break loose and cause all kinds of destruction, its currency is so strong that the price broke its historical low. It looks like NZ and the AUD are trying for a 1:1. And it's not the only pair looking like that. Something's going on, but what?

By the way, I liked your analogy of my systems, I'm a turtle with a hard shell. I needed a logo, maybe that is it.
Bob

Sorry buddy but 'The Turtle Traders' is already taken. Maybe an Armadillo??? Goes a bit quicker than the poor old turtle as well 😄.

Will ya look at that. I've been back for a whole day and haven't picked a fight with anybody!! Maybe I'm not so cranky after all.

Turtle Traders? That was back in the 80s I think, and those miracle students were in stocks, and there isn't anything cute about an Armadillo.
Bob

james2015 posted:

Fritz125 posted:
So i started 'training' for forex almost a year ago, reading, learning and practicing on demo accounts with very good results.

But now i jumped into live tradingwith $500 USD and suprise, i already lost $150 in 3 days.

I'm kinda shocked, i wasn't expecting to win every trade or turn $1000 into $2000 (like i did in a demo account) but i also wasn't expecting to fail this hard.

My emotions control me and i totally spaz out whenever a trade turns against me.

Any help?

you should be trade on live with a minimum risk like if you have 500$ in balance then should open max 0.02 lot & must used fix stop loss like 200 or 300 pips depend on your strategy

This! Your risk management has a fault somewhere.
myfxbook calculates the standard deviation of your strategy and the risk of ruin.
Be at least 5 to 6 std dev. away from the max you want to lose (asuming normal distribution/left skew)!
trade accordingly!

Sorry for not answering back everyone, i have been kinda busy lately.

I want to thank everyone for your amazing support and tips, i have read everyone single one of the posts and decided i would step out a bit and rethink what i'm doing as well as my strategy :)

Fritz, thinking before trading??? You're going to do alright.
Bob

Fritz125 posted:
So i started 'training' for forex almost a year ago, reading, learning and practicing on demo accounts with very good results.

But now i jumped into live tradingwith $500 USD and suprise, i already lost $150 in 3 days.

I'm kinda shocked, i wasn't expecting to win every trade or turn $1000 into $2000 (like i did in a demo account) but i also wasn't expecting to fail this hard.

My emotions control me and i totally spaz out whenever a trade turns against me.

Any help?

Always go with trend.
Do not do overtrading.

I know what you mean Fritz125, it happened to me when I first started. The issue I had was that trading live was different to demo in my mindset. It also didn't help that I was a perfectionist.

Take a few days to reflect and get to a good state of mind, also look at your risk management as losing around 25% in that amount of time can wipe you out rather fast.

My advice would be to focus on making pips and trade a low lot size to get accustomed and relaxed with live trading, every time you gain 1% perhaps increase the lot size.

Let me know if that helps?

Fritz125,

What kind of strategy do you use? Day vs Swing?

If its Day Trading, my experience and those of many others show that this is gonna be a very difficult approach to trading.
If its Swing Trading, my advice is to use Candlestick Patterns without Indicators. Keeps it simple with a higher degree of accuracy.

Have a look at my Day Trading Results


https://www.myfxbook.com/members/DRFXTRADING/day-trading/1180103


and compare them with my Swing Trading...


https://www.myfxbook.com/members/DRFXTRADING/duane/1079693


All the best

Duane

Either way requires a knowledge of its operations and some consistency. That is where human fail. I can go along for quite awhile but sometime, sooner or later, I lose my edge. I get tired, I begin to lose until I have to quit. What value is there to all that stress. Stress kills people, makes them sick, ruins your day. What amount of extra profit is considered adequate compensation for dieing early? That's why God made robots, they work so we don't have to.

I admit swing traders can make more than 25% a year but again I have to ask, at what cost?

https://www.myfxbook.com/members/ForexAssistant/passive-income-generator/685841
 

How have you been doing since this thread has started?

Dave, who were you directing that question to?

ForexAssistant posted:
Either way requires a knowledge of its operations and some consistency. That is where human fail. I can go along for quite awhile but sometime, sooner or later, I lose my edge. I get tired, I begin to lose until I have to quit. What value is there to all that stress. Stress kills people, makes them sick, ruins your day. What amount of extra profit is considered adequate compensation for dieing early? That's why God made robots, they work so we don't have to.

I admit swing traders can make more than 25% a year but again I have to ask, at what cost?

https://www.myfxbook.com/members/ForexAssistant/passive-income-generator/685841
 

For a moment there, I thought you were talking about Day Trading..

With Swing Trading, you trade less frequently. Less Trading..fewer trade related issues & stress from

1. Market reversals from tight stops/'Stop Hunting'
2. Emotional Reactions to losses
3.Revenge trading
4. Pressure to meet targets within the tight confines of a few hours a day or week or even a month.


These are just some of the myriad of reasons why people switch to Swing Trading in order to - as one new client of mine recently put it- ' get away from the nauseating Day Trading'

You also a have a lot more time to recover from losses and gains-both of which can cloud ones judgement by making you either want to Revenge Trade or overlook rules by wanting to get more gains. The more time between trades you have, the more objective you remain.

That system you have there..why isnt it Verified?

I have noticed here, that if you ask why a system is not verified - the ones the question is directed at will quickly tell you that they are not selling anything - hence they do not need to verify (why bother participating then)

There are numerous such systems here, and if it can't be verified I can't be bothered to add it to my watch list and what you say around here has absolutely no impact on anything. All that I will consider as truthful are greetings.

Swing and play good defense. You'll make money.

'That system you have there..why isnt it Verified? '

No particular reason, it just wasn't important to me. I do research so I go through a lot of accounts. Most things don't work. Verification just means that myfxbook sends you a pending order, you put it in to your mt4 and it shows up on your myfxbook ledger. If anyone buys a program or doesn't even look at a program because of that, they deserve what they get. I will say again, if you don't know how something works, don't use it. Robots that don't tell you how they work are called a black box. If you know how the system works, you don't need some arbitrary confirmation that you are responsible for the trades.

Instead we recommend anyone who may be interested in one of our robots, to down-load it and use it on a demo account until you feel you want to try it on a real account. No one needs me to confirm anything because you can do it yourself.

But I think there is more to this, when Rihan wrote, ' if it can't be verified I can't be bothered to add it to my watch list ', I take that as terribly arrogant and since I am only selling 5000 of these units, I really don't care if Rihan is among those 5,000 or not. There are 7 billion people in this world and there are a lot of them that do want my help.

I will share one thing with everyone that is wanting to sell their work, this is the wrong place to do that. Everyone else here has something to sell and they get threatened that someone might want something not theirs. They react with accusations and intolerance. No one needs that kind of irritation. The best place to sell your work is out on the streets in your own neighborhood. Start networking with those you already know and prove yourself to them. Make a referral program so your customers want to tell their friends about you. And above all else, be honest, if you can't do the job, go back to learning until you can. Mess up one customer and you will lose many times whatever you made from being dishonest.
   
Good luck all, good trading

Bob