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Thread: Bags first steps

  1. #21
    Just wiped out all my profit. Still left initial amount so still can fight another day. As someone mentioned once you have made a profit, you then have to keep it. Capital preseveration is number 1. Don't enable the losses operate. I had three bad (stupid, suicidal, ridiculous) transactions in a row, convincing myself it will turn around. I had an opportunity to reevaluate my reduction, or even switch sides at any given stage!! ,, but did not take it. Stupid, stupid, stupid.

    I must concentrate on maintaining the losses little. More attention to setting stop losses that are realistic. Concentrate on the pips, R:R if I have not mentioned previously.

    Reduce risk to 4% instantly.

  2. #22
    % on investment. Putting stop losses trades at levels that make sense. Keeping lot sizes small. Trying to roughly compute risk that reductions won't be more than 2% of current balance.
    Have branched out to AUSUSD and EURJPY. Saw double bottoms and higher lows so risk looked acceptable. EJ flips around crazily. Now set stop losses to lock in some profit.
    Now that I'm letting the profits operate,.... How long can I let them operate!!
    Loe moderate term trend, look for 50% and 61.8% retracement, look for sensible stop reduction, compute 2% risk lot size, then place limit order. Allow the trade. Worked out the past couple of times.

  3. #23
    Profit now standing in 125%. Should be much more, but family and job take a lot of time. Degree 37 or so according to money management xls.
    Strategy now:
    Using zigzag indior, regular settings. Await price action to occur, pull on a fib tool and look for retracement. Take a trade on if retracement clearly underway then place TP above/below 50% line. Many profitable trades, but I do not capture big moves. R/R is not good either as SL are too significant.

    Search for s/r and potential trades. This takes a long time though and time is not what I have.

  4. #24
    Just before Christmas I went to Singapore. Decided to take a commerce when awaiting the airplane. Short GDPUSD. I knew it was going south and right now I was right. But back then I did not anticipate it to spike upward to 1.56 or so.

    Silly not having a sl but I calculated I could weather outside the retracement to some point I believed it would not get to. I had one opportunity to close out with 50% reduction but believed I could bring all losses back. The market can stay irrational longer than that I will stay solvent. It was an expensive trip.

    So here I am with $70 in my live account going back to square one. I will not refund the account till I will triple this $70 until June 1 2009.

  5. #25
    Reading the post above and seeing the price of GBPUSD makes me somewhat ill.

    Been practicing micro micro lots and getting to make more consistent profits. But discipline is a problem. Every once in a while I trade on my cellular phone with a pint in my hands and get into a crazy commerce which makes sense at the moment, but does not seem right on the big screen with my fibs and S/R lines attracted.

    Am developing patience. Do need to trust my own judgement. Should set limit orders more.

    Thought about setting up two accounts. One for long term trades, and one for more daily. See that's much more profitable. But will need to build savings up .

    I need to work in my time management. Decide on 1 to 2 hours every day to concentrate on the charts. Not trade unless I have done my own homework.

    I will keep at this unless I dismiss a second account.

  6. #26
    EURJPY has bounced off it's fib extension at 137.21. Looks like a fantastic prospect.

  7. #27
    Just read back a couple of articles. June 1st been and gone and not managed to hold consistent profit.

    Working on a breakout system that fits my time period. Assess PA over 8 hours (00:00 to 08:00) takes 5 minutes, then around 4:00 local time determine where price is going and what it's done. Establish pending orders at edges of zone permit it to run or stop out. Need to work on a good R:R. Good for viewing market rhythm without wasting time.

  8. #28
    It's been some time. I didn't triple the account . It was painful to watch pennies go and come. I did quite well though and actually developed some patience. Can't think that was a year ago.

    So currently shorting the Euro. I've set the trade to breakeven and allow it run. But I've perhaps set the stoploss too tight but we will see how it goes.

    A problem I have is that I get overconfident after a few great trades. Then let a losing trade go further than my initial plan, only to see hard earned profit evaporate.

    Discipline is now the issue. My Foreign Exchange travel is quite slow but enjoyable.

    Total, nearly made back my complete losses

  9. #29
    Closed the EURUSD Brief. Had set a TP in 1.3883 which triggered towards the close of the trading day on Friday.

    Now wondering whether I might have done that otherwise. Maybe a trailing stop loss could have been better, as really I believe the EURUSD has a way to go yet....

    When is it better to let the profits run and when is it best to shut the place to lock in the profit.

    I enjoy the appearance of USDCAD, It's in an uptrend at the moment and wondering how far that will last. Time to study the charts.

  10. #30
    Eventually made back all losses and now a percentage over break even thanks to some plunging Euro. Would have been quicker if I had not marketed the CAD and allow the losing trades operate.... Oh boy, will I ever learn.

    Why not I let my profits run? Why o why do I hold on to a losing position??

    Currently shorting EURUSD will require profit at 1.1850, unless a break of downward tendency.

    Long on USDCAD although not sure how to play this one. Broke resistance so again hold this for a while. Trailing stoploss to lock in profits once clear by 150 pips? And keep altering it up?

    Short AUSUSD take profit 0.7930. Close possibly to combine my positions.

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