70% Account Drawdawn.
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It's not really good trading, its more like waiting for opportunities.
For example this euro short I took yesterday, it couldn't of been easier. At a fib retracement and at a resistance area.
Or today shorting AAPL below the $300 break where most amateurs put their stops. A trade that can't fail because you know once those stops get hit a domini effect will occur. I didn't make any $ on that trade because I though it would go down lower but it didn't unfortuntely and got out at b/e minus commissions.
Or todays short of the GBP when it broke the 50's support.
You just need to be patience and wait for opportunities.
For example this euro short I took yesterday, it couldn't of been easier. At a fib retracement and at a resistance area.
Or today shorting AAPL below the $300 break where most amateurs put their stops. A trade that can't fail because you know once those stops get hit a domini effect will occur. I didn't make any $ on that trade because I though it would go down lower but it didn't unfortuntely and got out at b/e minus commissions.
Or todays short of the GBP when it broke the 50's support.
You just need to be patience and wait for opportunities.
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Thank you for your support.
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- rank: 50+ posts
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I am too lazy to read the entire thread so I am unsure if this has already been answered.
When in a massive draw-down, it might be worth your while to keep trading but significantly reducing your trade size. You may be able to deplete your draw-down, to prevent it from getting bigger but it is gonna take some time and your attention. Think of it like building support for the draw-down so it doesn't get bigger until the situation reverses in your favour again.
This could take days, weeks or months even, so don't give up and be patient.
Also, if you're demo-ing, being in draw-down is an excellent learning opportunity, don't simply just close trades and restart the demo, but instead use this opportunity to learn tactics to get out of it otherwise when it happens in real-life you will have no recovery experience. Learning how to handle draw-down will also significantly boost your confidence when you have experienced nightmare scenarios and have learned to survive them.
When in a massive draw-down, it might be worth your while to keep trading but significantly reducing your trade size. You may be able to deplete your draw-down, to prevent it from getting bigger but it is gonna take some time and your attention. Think of it like building support for the draw-down so it doesn't get bigger until the situation reverses in your favour again.
This could take days, weeks or months even, so don't give up and be patient.
Also, if you're demo-ing, being in draw-down is an excellent learning opportunity, don't simply just close trades and restart the demo, but instead use this opportunity to learn tactics to get out of it otherwise when it happens in real-life you will have no recovery experience. Learning how to handle draw-down will also significantly boost your confidence when you have experienced nightmare scenarios and have learned to survive them.
-
- rank: 50+ posts
- Posts: 119
- Joined: Mon Nov 16, 2009 7:43 pm
- Reputation: 1
- Location: Toronto
- Gender:
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