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  • Hi fellow traders!

    Hi all,

    I'm new to the site. On my 7 day trial at the moment.

    Have been trading Forex and Indices for a few months and obviously, I have been loosing money on a constant basis.

    However this doesn't bother me too much since i know there is more to learn from losing strikes than there is from happy winners. I consider the lost money as an investment on my education and business. I'm also recording my mistakes and learning from them. Already realized that this is a marathon and not a sprint. It will take years to achieve anything positive in this business and emotional and risk management is key.

    At the moment i have a ratio of 55% winning trades vs 45% losing but it's the average gain and loss where the problem lays.

    Looks like a matter of trading less and trading better (high probability).

    In these few months in the business i have also realized the huge amount of B.S (pardon my french) and pure scams to be found on the internet.

    I must say that watching Andrew's videos on Youtube has helped me already to realize some of my mistakes and he looks like an honest guy. The fact that he's not focused on the trade porn lifestyle is already a plus.

    I really hope, despite some concerning reviews i have found, that this site delivers what it promises and convinces me to pay the fee to be a member.

    I look forward to hear from you all and learn as much as i can.

    Have a nice week y'all!!

  • #2
    Originally posted by Chemazo View Post
    Hi all,

    I'm new to the site. On my 7 day trial at the moment.

    Have been trading Forex and Indices for a few months and obviously, I have been loosing money on a constant basis.

    However this doesn't bother me too much since i know there is more to learn from losing strikes than there is from happy winners. I consider the lost money as an investment on my education and business. I'm also recording my mistakes and learning from them. Already realized that this is a marathon and not a sprint. It will take years to achieve anything positive in this business and emotional and risk management is key.

    At the moment i have a ratio of 55% winning trades vs 45% losing but it's the average gain and loss where the problem lays.

    Looks like a matter of trading less and trading better (high probability).

    In these few months in the business i have also realized the huge amount of B.S (pardon my french) and pure scams to be found on the internet.

    I must say that watching Andrew's videos on Youtube has helped me already to realize some of my mistakes and he looks like an honest guy. The fact that he's not focused on the trade porn lifestyle is already a plus.

    I really hope, despite some concerning reviews i have found, that this site delivers what it promises and convinces me to pay the fee to be a member.

    I look forward to hear from you all and learn as much as i can.

    Have a nice week y'all!!
    Hi @Chemazo

    I know exactly what you are talking about, and so does everyone here. Welcome, and be glad that you can learn from our mistakes and the mistakes of trade copying providers and fund managers here. There are plenty of stories, track records, and links here that will help you avoid mistakes that are common in this trade: overtrading, thinking it is easy, becoming overconfident, not taking essential precautions, learning what Risk Management is proper for your goals and equity in your account, and the ever-present nemesis of psychological warfare that happens in all our minds as we trade everyday.
    My advice is to start with a small account, and only risk what is just barely painful for you to lose at the start. Say $500 account with a stoploss at $50 approx. Then once you've found/discovered a strategy that works for you and your life and personality, then you can add to your trading account once you've had decent success for a few months. Make sure to check the "show your profitable account here" forum at myfxbook. It's a good one to see who might have a good system, and which ones are definitely scams.
    Also check out my forum on Donna Forex as I've reported on many of my discoveries and mess ups along my FX journey.
    I've finally had about two years of consistent success in FX, after about 10-12 years of practice and learning. It's not for the faint of heart, believe me.
    Now I provide trade copying and managed accounts, and I feel much more confident now, with 228% returns in that time period and 94% hit rate, along with other performance metrics that you can check out here and on sites such as FXStat, PsyQuation, , FXBlue, and Myfxbook.
    “Learn from your mistakes and do not give up!”

    Outside the Box - Myfxbook
    Outside the Box - SimpleTrader Trade Copying

    Comment


    • #3
      Hi OutsideTheBoxHK ! Thanks for your comment. I suppose the figures you used are not the best example? I think risking 10% of your account as stop loss is not the best risk managment.
      However i will check your forum and discoveries.

      Thanks and safe trade!

      Comment


      • #4
        Originally posted by Chemazo View Post
        Hi OutsideTheBoxHK ! Thanks for your comment. I suppose the figures you used are not the best example? I think risking 10% of your account as stop loss is not the best risk managment.
        However i will check your forum and discoveries.

        Thanks and safe trade!
        I usually teach scaling-in and scaling-out of positions to new traders, since it is always hard to nail an entry accurately.
        So I use 1/4 position or 1/2 position first. Then add positions as price moves either 1/4 the distance to stop loss or 1/4 the way to take profit.
        A full basket of open positions would equal no greater than 1 standard lot per $10,000 balance.
        The way I trade allows trades to breathe. For me a total loss of 10% and then I start drawdown countermeasures and start thinking of scaling out partially. You can trade more conservatively, but if you become more and more accurate with entries then being careful only hurts your profit. As in sports, come hard or don't come at all. And yes be wise, measured, and quantify and monitor risk. Some gurus and educators say risk no more than 2 or 3% of their accounts on a single trade, well that is a single trade. How much of total equity and margin, though, should be used at one time? This is for each trader to determine. Some copy providers here have 30 or 40 positions on at once and use a good 30 to 40% of their total margin. This also would add risk, even though each individual trade might only risk 2% of account equity.
        “Learn from your mistakes and do not give up!”

        Outside the Box - Myfxbook
        Outside the Box - SimpleTrader Trade Copying

        Comment


        • #5
          Originally posted by OutsideTheBoxHK View Post

          I usually teach scaling-in and scaling-out of positions to new traders, since it is always hard to nail an entry accurately.
          So I use 1/4 position or 1/2 position first. Then add positions as price moves either 1/4 the distance to stop loss or 1/4 the way to take profit.
          A full basket of open positions would equal no greater than 1 standard lot per $10,000 balance.
          The way I trade allows trades to breathe. For me a total loss of 10% and then I start drawdown countermeasures and start thinking of scaling out partially. You can trade more conservatively, but if you become more and more accurate with entries then being careful only hurts your profit. As in sports, come hard or don't come at all. And yes be wise, measured, and quantify and monitor risk. Some gurus and educators say risk no more than 2 or 3% of their accounts on a single trade, well that is a single trade. How much of total equity and margin, though, should be used at one time? This is for each trader to determine. Some copy providers here have 30 or 40 positions on at once and use a good 30 to 40% of their total margin. This also would add risk, even though each individual trade might only risk 2% of account equity.
          Thanks for the explanation. I see you point now. Still think i prefer to use a more conservative aproach for now since, even only using 2 or 3%, my chances of blowing up over time are high. As i mentioned before my average loss per trade is considerable higher than my average win per trade so i can only imagine what would happen if i open several positions for the same set up/pair. Anyways i appreciate you taking the time to answer. Learning new things never hurts

          Comment


          • #6
            Hi there Chemazo
            Thank you for sharing. I'm new here and I kind of having similar situation with yours, but not more than 50%. :P
            I mean, I do losses as well as recording mistakes, it's been long days and I completely agree with your valuable lessons. And I'm glad to see lots of suggestions. Really a good one. After all, I've learned something from y'all.

            Comment


            • #7
              Originally posted by kPips View Post
              Hi there Chemazo
              Thank you for sharing. I'm new here and I kind of having similar situation with yours, but not more than 50%. :P
              I mean, I do losses as well as recording mistakes, it's been long days and I completely agree with your valuable lessons. And I'm glad to see lots of suggestions. Really a good one. After all, I've learned something from y'all.
              Hi kPips, Glad to meet you! Lets learn together! I think we are in a great place for that

              Comment

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