Thank You for the article. I faced the same issue many times. It's strange in the example that the runner of the trade didn't depart when the resistance was obvious in 0.81400.Originally Posted by ;
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Thank You for the article. I faced the same issue many times. It's strange in the example that the runner of the trade didn't depart when the resistance was obvious in 0.81400.
Great post...
Too frequently traders have a goal of letting winners ride to strike that big pay day. Sometimes just setting a PIP profit goal and after it's hit, consider that profit is greater. (or letting a trailing stop loss take you out) I would believe that many people, who allow what you stated in your article, happen will be the very same people who go back and check on trades they got from and kick themselves if it continued to become more and more profitable. Below is a post from TradingProbability.com It touches on if the goal is to create earnings from trading, letting winners ride may not be the best method.
https://www.tradingprobability.com/l...run-a-fallacy/
Yes that's the first presume come in mind after the hangover. Still doesn't stop me from potential errors. I began to write all my trades and documenting them on video. Still must have a lot of time to regain what is missing. And agreed, my main issue was I made my trades too significant.
this type of situation is actually more common than you think. Im sure others have had similar encounters.
While I can not and am unable to offer any trading advice at all, I do think you shouldn't let a drawback ruin your goals.
IMO, dropping 35% of gains in one day could be interpreted as taking too big a risk on the trade(s) which you took. While I am not positive whether that is true. When it's, you could probably scale back your position ? Those are only my opinions thou. Feel free to disregard them!
Hi,
I tried to post another thread but will induce your one because I am not permitted to post. I have had 8 very profitable months... none not two but eight. I increased my account together with 35%. I dropped everything that I gained in 1 day. Just 1 day. Feeling very frued now and don't have any idea how to take care of this. Basically I am even after one year of trading but for what was all that travel?
Now still pissed off, my egy used to operate for so long and suddenly because of my greediness I concurred severe reduction which vaporized all gains.
Honestly I don't have any idea how I am going to proceed from that point forward. Any help with motivation will be valued.
The best thing to do would be to devise a egy and adhere to it, and try and overcome self and emotions.
Accept small steady roll up instead of a trip to glory.... Money management is key
Accept a maximum loss of say 2% per trade and it's possible to be wrong 50 times in a row without sacrificing your account.
If you were able to reach 1 percent each day, and that's not definitely a too difficult task if it's possible to provide it the dediion and subject, you could roll up your account 11 times in 12 months! ! ! !
Compounding works. The best way to go about it's the real matter. Too often people change their trading egy whenever they blow an account. However, not a lot of people may focus on their own, their mind, and their emotions. A little series of wins will make a trader over confident, they start over leveraging and more than trading and throwing risk management from the window. You can raise lots, but raise lots ONLY after compounding your account into a certain equilibrium. As an instance, you may use 0.01 lot in an 100 account until it gets to 200, then it's possible to utilize 0.02. Don't go jumping right into 0.02 lot after winning one commerce or you have been do 50% ROI in 1 day. When you can take things slow and learn to trade PROPERLY with a constant egy and understanding how to control your emotions, then you may be comfy enough to do high risk trading and also do mad ROI everyday as your greed wants. People today eliminate everything in 1 go since they can not take a reduction. It's all in the ego. Instead of taking a small reduction, they fuel the fire by adding more places and increasing lot sizes as price goes against them. They think price will go their way but if it doesn't, their account gets blown like that. To stop this kind of habit of having little gains and 1 massive reduction, set a stop loss BEFORE you enter a trade and don't adjust it. Additionally have a daily goal for both wins and losses. (supposing 1:2 RR) If you'd 5% ROI, then discontinue trading. If you misplaced 2.5%, then discontinue trading. If you happen to do 10% ROI (5% more than your target), you can SECURE the 5%, and risk another 5% for a potential of a bigger return. If you lose that 5%, you are still up 5% and reached your daily goal. Money management and controlling your emotions! Master those two items and you will break the cycle of little gains and large losses!
I say,,,IF YOU Don't TRADE YOU DO NOT LOSE....
But we do commerce, so limit the trading....
People who say they make 100 pips in a day or maybe a week should be quite near retiring. Make some money then buy a home and rent it out.
edit.... Having said that, I have made the 100s of pips in a day in the past as you mention AND then lost it all.
I only had itself to blame and GREED....
Brokers allow it to be hard but it is yourself that make it harder.
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