70% Account Drawdawn.

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xtremeforex
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Postby xtremeforex » Thu Nov 18, 2010 6:02 pm

Yes, initially.

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newschool
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Postby newschool » Thu Nov 18, 2010 8:18 pm

xtremeforex wrote:In case anybody is wondering, I use the OANDA API
and code mostly in javascript or C++, this is why I don't really bother posting my code because I know a good majority are using MT4.


Javascript is interpreted and thus much slower than C++, not sure why you would use this. But you gain credibility in my eyes if you don't rely on MT4 for automated trading (after 1 year of coding for it, I see its limits clearly).

I was an electrical engineer so the MT4 approach was just simpler to me, you probably are in informatics.

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genlogins
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Postby genlogins » Thu Nov 18, 2010 8:24 pm

You guys are right, take me as an example, I was very profitable on the Demo, I whent live and got a drawdown of more than 70%.

Emotions are very different because in demos you play with no money.

May be if you give me money, than I could fool my subconscious acting as if the money was demo, and get bigger results.
================================================

The Way To Money Is Using Simplicity And Take Small Loses

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xtremeforex
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Postby xtremeforex » Thu Nov 18, 2010 8:34 pm

newschool,

I'm an Electrical Engineer too...concentration in Computer Engineering , done some grad work in Physics. It's always good to meet another electrical, shouldn't you be busy changing lightbulbs?? ;) I guess we got alot in common!

I find MT4 very annoying and ugly actually. The order-entry interface was the immediate turn-off that sent me away forever.

My bot is nowhere like an MT4 bot. The bot actually looks like its' own trading platform, well it basically turned into one after getting carried away and building many customizable parameters.

The parameters can be adjusted/modified as the robot is running without turning it off/restarting it. API/DLL access to Coldfusion allowed me to build a web interface so I can adjust the parameters, turn it on/off over the web when I am not neer my server or using my iphone.
Last edited by xtremeforex on Thu Nov 18, 2010 8:50 pm, edited 1 time in total.

xtremeforex
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Postby xtremeforex » Thu Nov 18, 2010 8:49 pm

genlogins,

What advice can you give the rest of us on Kreslik when you look in hindsight?

I am still interested to know how and when psychology impacts trading, can you give us examples of things you did that in hindsight you regret, or things you wished you had done? Things that made you nervous (besides a 70% draw-down) and where you have learned from it?

This is really important to all of us.

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Postby genlogins » Sat Nov 20, 2010 11:18 pm

Well Xtreme and all others,

When I 1st heard of Forex, i thought another money making scheme from some one.

Than, when i saw the price up and down, I saw the money, but not a lot.

Than I got involved with a trader that was up to last Thursday, my mentor.
She was good to start with. But, now the mentoree knows a lot more than the mentor. Why, because I have read loads, tonnes of trading books, website, etc, within the last 2 years. And she didn't.


Than She told me, and showed me Robots, than, gurus, than systems, than all the (now I know) CRAP that it is out there.


When I started with real money, than I was up for the take all from the market, like she said.

First trade +20 pips, 2nd trade -50, -46, -89, -20, -10, -5, -1, 0, 0, 0,0.

Well I was getting scared, I saw my money going fast, indeed very fast, and within less than 2 weeks I had a 70% DRAWDOWN.

That's when I stoped completely for a few months, even Demo accounts.


It took me a few months to get back.

And I whent back to my Scalping System for Tick Chart.


No thinking, no nothing. Get in, and get out as fast as I could.


After 1 month my Demo account was from $1,000 over $30,000, and I could get higher.


When I started the Real account, I could not trade the tick anymore. My fingers where frozen. On the Demo However, I traded so good that lately I was Using lot 10 and making a lot of money every few seconds here and there.

Once I did 1 candle a $900 in less that 20 seconds. But, in DEMO.


Now, I am trying to understand the TRO Never Loose Again Method, and having a few good results.

I am taking more easy, because I know with my money management that you cannot get Millionaire in less that 10 Years in Forex.

So, I now only want an extra salary to pay for my vacations.

Thanks all for your support, and please write your thought in this thread to tell others what would you gain if you have a big Drawdown like I have.
================================================



The Way To Money Is Using Simplicity And Take Small Loses



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xtremeforex
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Postby xtremeforex » Sun Nov 21, 2010 5:02 pm

I have blown an account up before early in my trading experience.

Luckily it was only $1,000.

The mistakes I made were the following:

1) Inappropriate trade sizes relative to account balance.
2) Inadequate capital for total trade size. (similar to #1)
3) Waiting to long to accept profits.
4) Closing trades too quickly when gone negative.
5) Usage of stops too close to price action (within 10 pips)
6) Ignoring news events that usually change the ball-game (i.e price enters between new support/resistance channels, this can work in or against your favour)
7) Using risk levels up to 1% per trade. (too high)
8) Attempting to predict the future.
9) Not realizing trailing stops have pros AND CONS.
10) Reading too many books from "successful" - failures.
11) Inadequate screen-time, paying too much attention to strategies of others.
12) Using an inappropriate broker, bad spreads, too high minimum deposit, un-flexible trade-sizes, too much leverage etc.

I think it is important to LOSE REAL money before a trader can fully respect the art of trading. Hopefully the amount you lose isn't too high.

You really can't appreciate being a winner, until you know what it feels like to lose.

ZEN
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Postby ZEN » Mon Nov 22, 2010 6:05 am

Dear genlogins, you don't have to learn any method of anyone. You have to creat your own method. Like Buddha said befor he died, don't do what I've done, don't take my way, find your own way, and most of all don't make me a god, wich they did.
First of all you have to forget everything you have learned from others about forex and learn just from your own experience. Rely only on yourself. And, most of all, be discreet, don't tell anyone, in real life, what are you doing, this is very important, and do not give-up.
You don't need any indicators at all. Just wach and see the charts, see how the price's are moveing, are behaving.
And finaly, you need a real good and honest broker!
BUT MOST OF ALL YOU HAVE A VALUABLE EXPERIENCE, you now know why you lost. You know what not to do and this is very important!!!!
Your own experience of losing money is of a great value in the learning process.
Today it's better!

ZEN
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Postby ZEN » Mon Nov 22, 2010 6:06 am

xtremeforex wrote:I have blown an account up before early in my trading experience.

Luckily it was only $1,000.

The mistakes I made were the following:

1) Inappropriate trade sizes relative to account balance.
2) Inadequate capital for total trade size. (similar to #1)
3) Waiting to long to accept profits.
4) Closing trades too quickly when gone negative.
5) Usage of stops too close to price action (within 10 pips)
6) Ignoring news events that usually change the ball-game (i.e price enters between new support/resistance channels, this can work in or against your favour)
7) Using risk levels up to 1% per trade. (too high)
8) Attempting to predict the future.
9) Not realizing trailing stops have pros AND CONS.
10) Reading too many books from "successful" - failures.
11) Inadequate screen-time, paying too much attention to strategies of others.
12) Using an inappropriate broker, bad spreads, too high minimum deposit, un-flexible trade-sizes, too much leverage etc.

I think it is important to LOSE REAL money before a trader can fully respect the art of trading. Hopefully the amount you lose isn't too high.

You really can't appreciate being a winner, until you know what it feels like to lose.


This is very important too for someone who want to learn.
Today it's better!

Toccata 1
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Postby Toccata 1 » Mon Nov 22, 2010 4:34 pm

xtremeforex wrote:Most of my best experiences in demo have been not when I was profitable, but when I was able to learn how to deplete draw-down when it occurs, because it WILL occur. There is no getting away from it.


Hi Xtreme,

I think you are right about that, but how can you deplete your draw-down? How do you manage that? Maybe you can show us an example?
Thanks

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