70% Account Drawdawn.

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genlogins
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Sad Day

Postby genlogins » Tue Oct 19, 2010 10:58 am

Hi fellow traders,

Today is a sad day, after last week excellent trading in a demo account that went from $300 up to $590, and yesterday only morning I did $up to $649.

Today that I finally decided to get back at the Real Account, Bummmmmmmm.

A 80 % Drawdown in 1 candle.

I saw everything, got ready for about 1 hour, I waited for the opportunity since 9 am, with just a few positive trades at lot 0.01.

I saw the break out, and as my rule, once the candle gets to a high and stalls for a few seconds, then will retrace 50%, and if stalls again you should close your position because the candle will proceed with its initial direction.

In the following picture you can see where the candle shoot up quickly, than stall a few seconds, I got in Short with Lot 0.5 (which is the max the account can hold), the candle retraced a few pips, and..........

I realized that my trailing stop wasn't working, I panicked, I when to close the position. I did not closed on the candle, I waited for the next candles to get back down. Very amateur decision.

Than I thought to cut short my losses. And it was best decision ever.

Results:

1- Never trade Demo.

2- Never assume you have gone to all your setups.

3- Never trust a PC. Sometimes they just don't work.

4- Never trust your broker, they delay things.


And Now I am Announcing I am Quitting the DEMO Trading.


Am Also trying to get back at the Never Loose Again, Indicator.


I realised that to make millions, you have to get a better strategy, may be money management.


My Trding Style:


1- I use the same setup on the DEMO, and Real Accounts.

2- I use the same strategy.

3- I use the same money management.

4- I use the same entry and exit.


The Demo is UP more than 50 % and the Real is Down 80%.



Without the demo trading I will acquire more skills on the feelings for the trades. and I think that is the think I am missing.


What you guys think?


Gen.
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ZEN
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Postby ZEN » Tue Oct 19, 2010 11:17 am

genlogins, I'm the last qualified here to give you any advise but you simply have to revisit your money management. Related to your account size the lot you are trading (0.5) is too big. You have to use 0.1 or less if the platform allows you.
On other topic you just told us that you are desperated for money. Forex business it is not for the people wich are desperated for anything because IN ORDER TO OBTAIN GOOD LONG TERM RESULTS YOU HAVE TO BE VERY-VERY-VERY PATIENT!
Be patient and take one-step at the time, let's say one pip at the time.
There is not business wich can make you rich in one night or one week or one month or even one-two years. In order to succeed on long term you have to be involved 100% on the long term results.
Any jorney start with only one step at the time, then another small step and another and so on. Dont rush the business.

So: be patient, don't rush, target long term results and have faith!
Today it's better!

pika
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Postby pika » Tue Oct 19, 2010 11:29 am

Don't you think risking 80% of your capital in 20pips is too much? Perhaps you may not have intended to risk 80% of capital, but it is very important to know what your stop loss distance is and adjust your lot size to a manageable 1-3% level for that stop loss range.

ZEN
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Postby ZEN » Tue Oct 19, 2010 4:19 pm

genlogins:
I saw everything, got ready for about 1 hour, I waited for the opportunity since 9 am, with just a few positive trades at lot 0.01.


Just do what you did above!
Today it's better!

alelualdi
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Postby alelualdi » Sat Oct 30, 2010 4:22 am


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es/pip
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Postby es/pip » Sat Oct 30, 2010 4:52 am

alelualdi wrote:http://www.powertradingsignals.com/performance



yeah that looks like a great idea


1 question

If you are "The Daddy"

why sell it ??????????

f'n retard
Bend over and assume the position for another 4 years of hope and change.

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es/pip
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Postby es/pip » Sat Oct 30, 2010 4:58 am

alelualdi wrote:http://www.powertradingsignals.com/performance


u scamming little f'ers really bother me

trading is hard enough for new people, and you try and shill out your bullshit

you made 800 pips in oct?

i made over 800 this week

you sell s**t

i dont

why

bec i actually made those pips and i wouldnt want to tell anyone how i did it

you

offer ( for a fee) how to do it

which means

you didnt do it

lol

whiskey is on me

maybe we could collaborate and i could improve your "system " for you

lol
Bend over and assume the position for another 4 years of hope and change.

aliassmith
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Postby aliassmith » Sat Oct 30, 2010 2:13 pm

es/pip wrote:
alelualdi wrote:http://www.powertradingsignals.com/performance


u scamming little f'ers really bother me

trading is hard enough for new people, and you try and shill out your bullshit

you made 800 pips in oct?

i made over 800 this week

you sell s**t

i dont

why

bec i actually made those pips and i wouldnt want to tell anyone how i did it

you

offer ( for a fee) how to do it

which means

you didnt do it

lol

whiskey is on me

maybe we could collaborate and i could improve your "system " for you

lol


You only made 800 pips this week? Man you suck at trading you should quit
trading :D :D For mad skills like that the devil surely has your soul tagged
for later removal. :wink:
Trade Your Way as Long as It Makes Money!

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es/pip
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Postby es/pip » Sat Oct 30, 2010 2:41 pm

it is just stupid at this point

part of me wants to talk about it

but i just cant do it
Bend over and assume the position for another 4 years of hope and change.

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genlogins
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Postby genlogins » Sun Oct 31, 2010 11:27 pm

Thaks Alelu but I think I cannot trust my money on some one else ... what they call it???>...... tips. Yes, tips.

I prefer to be able to look at my screen and follow trades, because one day I wil not have the tips and than...... what?


After all, my account is now so low that I cannot afford payment, unless $001.

Thanks anyway, it was a good try.

Gen
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