MoneyTec Traders Community Forum - View Single Post - Need Advice -Course with a Mentor?

PittsburghFX · 29-09-2004, 16:22

James,

Yes, I average in most of my positions. I used to never do so and I got killed every time. Those are the main reasons for blowing up the past two times. I will hedge with futures options on a seperate account with a seperate futures company.

I do not have millions. I am working my way up, but no. I will not BS anyone, I do not consider myself rich. I do have some private clients that I met through the grapevine that are well to do and like me, so they help with my margin breathing room.

I may be aggressive, but it is all put in perspective. With a position at the money on the options hedge, I have everything exactly and preciesly defined and in my other posts I shared how I use this technique. Please search my other postings to find this. I do not have many as I have recently been added to the MoneyTec forums.

Here is my logic. I averaged short into the GBP trade and it paid off today. i unwinded everything and now am thinking to go long for a retracement.

I have a thread of my own called Ready to Buy dollars yet? Please read this as it will help shed light on my strategies.

I myself am not rich, but when people that are well to do get to know you and understand what your doing most are very cool about lending money.

I am not managing anyone elses money. Not interested, I'm doing fine right now. No need to make any potential enemies. Peoples money is one thing that is the most guarded in the world.

In my tradining classes I use the word units or mini lots. Like if the position goes to Support here buy 1 unit, if it keeps going buy 3 units, average in.

I understand where your coming from and appreciate your concern. I started trading stocks when I was 16. Learned technicals but the money management killed me. I then started trading with FX in 1999, got with FXCM a year and a few months ago on the sales team when I graduated college and then learned from the insiders eyes.

Only 2% of all traders are pro for more than 2 yrs. I have studied their accounts and am working my way up. I have the knowledge and am simply working my way up. I am not actually an aggessive risk taker. But in regards to my averaging in, I could have simply gotten stopped out at 7950, but I had faith in my analysis and what instinct I had. I had myself hedged. So lets just say I was margin called. The options were making up to atleast 80-85% of the loss not including the cost of the premium.

I was paid by FXCM to sit in front the FX market 75hrs per week. There is more than just regular analysis to make it work. Its like working with the governemnt. You need to understand all the red tape to get through it all. Trading the markets is more than reading a book and a moving average. Banks play games, plain and simple. Just like BOJ. If Duetsch Bank says buy and Goldman says sell, what do you do. Well, you have to understand who's bluffing.

I hope this helps

29-09-2004, 16:22	#42
PittsburghFX level 3 Join Date: Sep 2004 Posts: 235 Downloads: 0 Uploads: 0 Rep Power: 0	RE James, Yes, I average in most of my positions. I used to never do so and I got killed every time. Those are the main reasons for blowing up the past two times. I will hedge with futures options on a seperate account with a seperate futures company. I do not have millions. I am working my way up, but no. I will not BS anyone, I do not consider myself rich. I do have some private clients that I met through the grapevine that are well to do and like me, so they help with my margin breathing room. I may be aggressive, but it is all put in perspective. With a position at the money on the options hedge, I have everything exactly and preciesly defined and in my other posts I shared how I use this technique. Please search my other postings to find this. I do not have many as I have recently been added to the MoneyTec forums. Here is my logic. I averaged short into the GBP trade and it paid off today. i unwinded everything and now am thinking to go long for a retracement. I have a thread of my own called Ready to Buy dollars yet? Please read this as it will help shed light on my strategies. I myself am not rich, but when people that are well to do get to know you and understand what your doing most are very cool about lending money. I am not managing anyone elses money. Not interested, I'm doing fine right now. No need to make any potential enemies. Peoples money is one thing that is the most guarded in the world. In my tradining classes I use the word units or mini lots. Like if the position goes to Support here buy 1 unit, if it keeps going buy 3 units, average in. I understand where your coming from and appreciate your concern. I started trading stocks when I was 16. Learned technicals but the money management killed me. I then started trading with FX in 1999, got with FXCM a year and a few months ago on the sales team when I graduated college and then learned from the insiders eyes. Only 2% of all traders are pro for more than 2 yrs. I have studied their accounts and am working my way up. I have the knowledge and am simply working my way up. I am not actually an aggessive risk taker. But in regards to my averaging in, I could have simply gotten stopped out at 7950, but I had faith in my analysis and what instinct I had. I had myself hedged. So lets just say I was margin called. The options were making up to atleast 80-85% of the loss not including the cost of the premium. I was paid by FXCM to sit in front the FX market 75hrs per week. There is more than just regular analysis to make it work. Its like working with the governemnt. You need to understand all the red tape to get through it all. Trading the markets is more than reading a book and a moving average. Banks play games, plain and simple. Just like BOJ. If Duetsch Bank says buy and Goldman says sell, what do you do. Well, you have to understand who's bluffing. I hope this helps __________________ Brian Summy PittsburghFX