scratty trading from $50

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scratty
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scratty trading from $50

Postby scratty » Mon Feb 01, 2010 11:09 am

Hi all

I have a fxcm micro account with $50. What i want to do is to become a better trader. I lost lot of money trading options and forex. My main problem is overtrading (to much trades/to big lot sizes). What i try to do here is to report my progress to improve my trading.

hope this of some interest for others.
chers
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Postby scratty » Mon Feb 01, 2010 11:12 am

i started 2 weeks ago and my current account is @64$
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Postby scratty » Mon Feb 01, 2010 11:15 am

I broke my rules and overtraded many times. I did some thinking period and notice to learn more for personal trading i have to start with small targets...

Lets just stay at this in my opinion most important target. Only if i can reach this target there could be bigger ones following...

1. Stay in business!
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Postby scratty » Mon Feb 01, 2010 11:21 am

What do we need to do to stay in business? - RISK MGMT!!!

Realized with Lot Size, Stops and amount of trades (what else?).

When i traded before i alway wanted to trade my loss back with bigger lot size => ERROR
To go on step by step i just decided to work with daily goals and the very most important rule (for me) to stay @ Microlotsize 1 all day long. NEVER TRADE BIGGER LOTSIZE! => So my daily goal was just stay @1 Microlot Size the whole day, no exceptions.
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Postby scratty » Mon Feb 01, 2010 11:28 am

When i reached the goal for some days i noticed that there was less emotions and better results. So now that i was able to stay with my lotsize rule i decided to ad the next one to prevent from overtrading problem:

Plan until now:
STAY IN BUSINESS (Risk Management)
- Rule 1: Stay @1 Microlot on every trade
- Rule 2 (new): Always trade with SL (No Exceptions = Because i had never problem with this issue i already followed this rule from the beginning... so lets add an aditional rule:
- Rule 3 (new): Max Trades per Day = 8 (No Excuse)

When i noticed that i was able to trade and stay with 1 Microlot i recognised, that i traded about 30 Times per day which was much too much.
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Postby scratty » Mon Feb 01, 2010 11:34 am

Thats the stage right now.

I think in the last few days i learned more about trading than in every other stage in my 10+ Years of experience with stocks, options and forex. Why?

Because i decided to split the rules to one by one and learn to follow it every day! I dont know why but with a set of rules it was always easier to break them then with this one by one progress. I just try to get ride of my problem areas step by step.

When im not following my rules i start to follow just this rule for some days again. Because i can not add additional rules i am in no progress stage which means i only go on with progress by following the most im portant (Risk-Mgmt) rules.
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Postby scratty » Mon Feb 01, 2010 1:32 pm

"IF YOU FOCUS ON CONTROLING YOUR RISK, THE WINNERS COME TO YOU AND YOU DONT HAVE TO CHASE THEM" ;-)

I am just concentration on controling risk. That why i dont set a target to reach with my account. My goal is to follow the rule and win constantly from week to week and day to day... If i did this for some time i can start think about highering my lot size...
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Postby scratty » Mon Feb 01, 2010 1:51 pm

Learnings until now from Today:
- When i limit my Trades to 8/day max. I am waiting for the better possibility trades instead of just trading every little move. Thats just because i know i have to stop after 8 Trades... Less trades=better results!

I can just recomment to set such rules for your self. But it is even more important that you conrol that you didnt break them.
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Postby scratty » Mon Feb 01, 2010 2:53 pm

Im short in GU @1.5933 This my Trade Nr. 8 for today and the last one!
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Postby scratty » Mon Feb 01, 2010 2:56 pm

16:00 News on USD coming...
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