Bad Start to the Week ::VENTING::

[TygerKrane]

Hey guys, this is just me venting, since you all are the only ones who know what I am talking about I just felt like posting.

I just added a little bit of money into the account b/c I'm working near the bare minimums as I develop my trading techniques.

I set up my chart and place my entry orders based on the weekly open.
I hooked my laptop up to my TV b/c I just felt like working off of the big screen.
I was going to sleep (NY time, EST) , but I wanted to catch some London Session action, so I also set price alarms to wake me up so I could manage my orders...

My laptop screen powered down (as a screensaver, but the laptop itself never went to sleep.) UNFORTUNATELY, THIS CAUSED MY TV TO GO TO SLEEP, so I couldn't hear when the alarms went off. FURTHERMORE, my sell order below the weekly open was accidentally set as a buy order.

...so instead of a well traded morning, I woke up to a margin call.

[leonyde]

What a shame, the margin call sound of fxcm would have been a great alarm!!!

Hope you didn't loose much...

[Fxtraveller]

ouch!

[TheRumpledOne]

Looks and sounds like you were OVER LEVERAGED!!

Use the DRAGON MONEY MANAGEMENT indicator to calculate your position size.


Links to MT4 Motherlodes:

http://kreslik.com/forums/viewtopic.php?p=17490#17490

[TygerKrane]

Thanks, Leon, FXT & TRO,
Yes, I'm definitely over leveraged, I purposely keep a small account so I can work on my technique and confidence (I wouldn't have the same determination, passion & ambition for studying if I was just using a demo account. They would be there, just not as strongly.)

Leon, 32% loss to be exact, but cash-wise only $16. Why practice on a $500 account when I can learn (and master) the same principles on a $50 account, I say.; when I can consistently and calmly perform my pip-napping, I will TOTALLY boost my account up to something meaningful.

[bredin]

Know you you feel, I royally buggered up closing some gaps monday morning. Tried to get a bit clever and ended up -1% for my three trades, when I should have had +8%...... 1 good trade +2.5%, one I moved a stop to a dumb place (when I just should have been willing to take the hit, which would have never came -2.5%, should have been +4%) and one royal cockup when I moved a stop to about 1000 pips above price while looking at the wrong chart, closing the trade immediatly -1%.


Repeat after me: Never Move A Stop.... Eliminate Autoretardation Mistakes

G.

[adaseb]

Thanks, Leon, FXT & TRO,
Yes, I'm definitely over leveraged, I purposely keep a small account so I can work on my technique and confidence (I wouldn't have the same determination, passion & ambition for studying if I was just using a demo account. They would be there, just not as strongly.)

Leon, 32% loss to be exact, but cash-wise only $16. Why practice on a $500 account when I can learn (and master) the same principles on a $50 account, I say.; when I can consistently and calmly perform my pip-napping, I will TOTALLY boost my account up to something meaningful.

When I read this thread and I saw that you went long with 2 lots. I assumed it was at $20/pip and you got the margin call at 84 pips therefore a $1600 loss.

It's nice to know it was only $16.

Back when I was new to trading I would somehow manage to almost lose -100 pips every single day, for weeks. Luckily it was only at 1 cent a pip so losing a buck a day doesn't really make me s**t my pants.

Aside from the falling asleep problem, you need to take power naps. If you are like most of us who live in North American and trade the London session, we take powernaps during the day to stay awake.

Meaning take a nap, less than 30 minutes. If you fall asleep for longer than that, then you will find yourself magically wake up just in time for the NY open. You won't remember waking up and turning off the alarm, or hitting snooze about a hundred times.

Take care and good luck.

[Brookmyre]

Eliminate Autoretardation Mistakes

I hurt myself from laughing so hard....

[TygerKrane]

Back when I was new to trading I would somehow manage to almost lose -100 pips every single day, for weeks.

A month later and your sentence still makes me laugh as hard as when I first read it. Thanks for the honesty, Adaseb; good to be in the presence of others who stuck it out, even with rough starts and through the tough times.

~Krane

[dojirock]

Been there done that.....whats worse is when the platform goes down and you have to relogin to restart....no alarms, emails....

doji

dealbook 360 does it alot to me.