[Ek0]

Hello
fficeffice" />>>
Im back again. I made a post about last year about my story begining trading how I had doubled my account in a week. Well I am now here to fill you in on the rest of the story to let you know what Ive learned up to this point.>>
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To recap :>>
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Around this time last year I began trading with $1000; I doubled my account in a week posted about it. It is hilarious to me in retrospect because
another poster made some comment telling me to read a book titled something like "traders who end up moving milk cartons for a living" or something of the sort. Why it is funny is because after that I grinded that account into oblivion in two weeks.>>
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Oh! I bet you all saw that coming. >>
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Let me tell you why I did it what I have learned. I have found so much information on these forums I feel like I should give back.>>
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Background explanation of why I am posting in this style manner :>>
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I am 20 will be turning 21 this year. No college degree I almost finished my AA however I have been more interested with trading. Htly at college I was turned off greatly when I would go into classes felt like I could read the book myself teach better than the professors. I consider myself to be pretty bright others who know me in person will agree. I hope you take this post in serious consideration because Im not stupid I have learned a great deal about the forex trading how to become a better trading starting scratch.>>
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One thing about this post - Ive noticed people dont like to post actual numbers of gains losses due to the fact that possibly they may receive criticism or whatever reason it is. However it makes no difference to me I think it will actually help convey the importantance of the psychological side of trading investing. So I will make this post some what personal because I think it will help hit on certain points which other peoples posts dont do.>>
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Why I lost my account after making a 100% gain on my account (technical side) ->>
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I lost my account because I basically had not had enough experience the psychological factors of trading blinded me.>>
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After I read the post about me moving milk cartons instead of being the guy in the ffice:smarttags" />lace w:st="on">Coronalace> commercials on the beach trading; I some what lost my edge. I dont blame them for my loss. They could have put it in different terms to be wary. However it could have been the best thing to have happened. I truly feel now that if you havent grinded your account down once you arent a true trader are just waiting to lose your account sooner or later.>>
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What happened the week I made my 100% gain in a week ->>
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I was god of the market for a week. All of my calls were correct. My system was working for the environment flawlessly that week.>>
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Now here is the most important piece of information that you can take that last sentence.>>
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"My system was working for the ENVIRONMENT that WEEK.">>
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The market was basically range bound over all I was using volume indicators (MACDStochastics RSI) with bollinger bs as my levels of resistance support.>>
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I made tons of money with bad money management taking risk. Many traders will say I was an idiot got lucky.>>
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Thats where they are wrong. I wasnt lucky. My system worked FOR the conditions of the market the reason I made money was because it was correct trading for the environment that week. I wasnt wrong. I was lucky that my system worked that week sure. However I made money retained profits. I dont care what anyone says... no matter how much risk a trader takes if they can make money retain profits they were trading well.>>
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I was trading well that week.>>
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SIDE NOTE : This is possibly one of the most IMPORTANT ideas ANY TRADER should accept take into their philosphy if you make money are consistent retain profits over time; it doesnt matter if you are putting your house up for collateral to trade. Your system works thats how you trade. It is your methodology it works. You're an idiot to risk your life on a trade but if it works; no one can judge you Id want to know your system. If you are willing to risk financial ruin on your trades you make money retain profits are consistent... You are doing something right.>>
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SIDE NOTE 2: Dont trade money that you need. =] You will lose ultimately unless you get lucky. The psychological pressure you would feel would ultimately lead you to make bad decisions sooner or later will make losing trades.>>
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Psychological side of why I lost after my week of 100% gain ->>
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The post the person made definitely had an affect on me. However I chose to try take their warning into consideration instead of getting upset brushing off their comment. Why? It was a valid point.>>
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The next two weeks the markets developed into more of a trend based type of market. My reversal calls werent working at all.>>
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I also felt as though I was amazing could make more pips than the market was showing me that I should be trying for. I became greedy I became arrogant I lost all my money.>>
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However what is funny is just how every trader probably goes through this cant be told one way or another. I thought I was in control. I thought I wasnt attached to the money I was in the perfect mindset to trade.>>
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Let me tell you how I was wrong.>>
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My mind set was "I made 1000 dollars in a week... this week lets try make two!">>
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I became DESPERATE looking for trades. I was trying to trade markets which didnt fit my system. I was trying to my trades. I was opening myself up to trades just because I felt the NEED to trade. I needed to make money.>>
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I also thought that I wanted to be able to trade any environment. Which is a great idea however not such a good idea when you dont know how to trade every environment already.>>
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SIDE NOTE : What is the last paragraph trying to show? Stick to your system!>>
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If you are a newbie to trading you will go through what I have gone through. Thinking I was in control when I was on a rampage of self-destruction of my ego account progress of learning to trade.>>
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What I felt ->>

I felt desperation greed impatience. These three things led to making losing trades extremely fast. Losing trades lead to lack of confidence broken dreams hurt ego definitely a loss of motivation.>>
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The worse feeling when trading is desperation. I was losing money felt the need to make it all plus some right away.>>
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Desperate to make money. Desperate to find a trade. Desperate to just break even. Desperate to make pips again just so I could gain some confidence back...>>
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Feeling desperation to trade make money when you dont even believe in your system anymore dont know why you are losing money is a fast track way to grind your account to nothing.>>
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If you have feel this way keep trading like I did... lace w:st="on">Illlace> tell you this. You're better off buying something or taking it to the casino putting it all on red or black at the roulette table because your chances are better there than trading when in this state of mind.>>
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Please take these last two parts into consideration. I have had no mentor dont really think you need one. However it took me quite a while to learn that I actually felt this way costed me a decent amount of money. It was definitely worth all the money in the world. However I may as well have paid a mentor $5000 to teach me this. Yes within about 6 months I lost $5000. Now consider my income again $30000(before taxes) -$5000 = $25000 income for the year. (ouch.) >>
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The next few months ->>
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After those two weeks I took a break. I didnt have much money so I had to start saving up again. However I didnt want to quit trading because it is my dream to financial freedom.>>
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I started depositing small ammounts into my mini account anywhere $250 - $500.>>
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I would grind those away almost instantly. I couldnt make a single good trade. I tried to forget about the two weeks of straight losses continue trading. After a few more weeks I began to try learn my mistakes however I couldnt figure out why I had lost... At this point I had not realized that I was extremely emotional those two weeks. I was blinded to it. I considered the fact that I was trading under margined I was trading with too little capital maybe my broker was corrupt or maybe I was just an idiot who thought he could be a prodegy failed. I was on tilt.>>
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Being on tilt - A phrase or word usually associated with poker. However it can be applied to anything. Being on tilt is basically consistently losing at whatever you do not being able to change your outcome no matter what you try.>>
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I was trading blindly trying to figure out why I was losing money. I just COULDNT figure it out for the life of me though. After probably losing $2000 more of my actual income not gains. I considered quitting. Maybe I just wasnt cut out for it. The banks have information that I dont have. Something is wrong I cant figure it out... maybe I should just stop save my money...>>
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Trading blindly - Trading just to trade. Trading without a system. Trading without any idea of what you're doing.>>
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However this is about when I had my eureka moment as described in soultraders post. I was talking to a good female friend of mine about trading just about my dreams life. She helped me realize why I had lost my ass finally with one simple sentence. She said to me "Why are you so impatient?">>
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After she said that it just clicked in my mind. In retrospect I was impatient I was desperate I was on the fast track to going broke. I realized why I was able to make $1000 in a week a $1000 account. I realized why I lost my 2 g's in two weeks.>>
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The most amazing feeling is having that light bulb go off in your mind. However I must say it is the most difficult part of being a trader overcoming. Trying to underst why you're losing even though you are blinding yourself to the answer. I truly feel everyone must go through this... if you havent lost your account at least once or gone through this phase... you will sooner or LATER! Hopefully not later... =]>>
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After this I felt more motivated. I didnt have a system still however I had an idea understood more felt capable of learning more about the forex how to win. I felt like I could progress this was the most important thing to me. When I was on tilt I felt like I had reached my limits. At least now I saw a future with my trading continuing on with the forex. =]>>
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Im currently at work so I will finish this post later explaining my methodology in detail. I am writing this now because I have been meaning to make this post for a long time. I just havent gotten around to it felt the need to do it now or else Id never get around to it.>>
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I truly feel that this part of my trading story is the most important part because it lead to all my other realizations on how to make money in the forex.>>
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Please dont think you can make money without understing yourself the forex your system. The forex is a beast will humble you as it humbled me. I write this section to hopefully help new traders see the light in the dark without having to linger with consistent losses for too long.>>
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Come back in a bit to read the rest!>>
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