let this be a warning

[AZBOfin]

hi guys and gals.

i'm a newbie to the forex and just let me say this:

Always stick to your trading rules !

over the past few days and weeks i did pretty well considering i'm a total newbie. i gained a bit here and there and i also lost some. but i always stuck to my system.

today, i got greedy, didn't pay attention to the signals and guess what...
i'm like 2K in the hole. everything that i worked for over the last few days is gone... gone with the wind.

i am devestated, mad at myself for not sticking to the rules of the game and i don't understand how stupid i was.

now there is a big piece of paper hanging at the wall right in front of me:
"ALWAYS STICK TO YOUR TRADING SYSTEM!"


AZBOfin

PS: i'm going to the bar now, need a drink (at 8:20am)

[woodmarket]

You are 100% correct: always stick to the RULES. That is rule number one.

[patrick_fx]

Yeah sticking to the rules (if it's a very good one) ;-) A few weeks of profitable trading doesn't convince me. I used to think I had a good system because I had been profitable for a few months. Now I know it's not as good as I thought... A little adjustment from time to time may (or may not) improve your system.


Good luck :-)

[initialsBB]

It is also important to distinguish if your system needs overhaul or it is just usual bad period that every system has

[Aleph]

System here, system there... and what about a bit of intuition? (...) I have a lot to say, but I am way too tired right now. Only this: I know exactly how you are feeling and I bet this wasn't the last time this happens to you (or me ) unfortunately

Aleph

[outofdebt]

Sounds like you might be getting too emotional about your trading. This is a big problem for traders. I went through that. You will make much better trading decisions if you can control your emotions.

We all get frustrated. I too thought I was doing well. I stopped my real trading about a year ago after I blew my accounts out. I've had a year off to hone my skills on demo. Just opened another real account 8 days ago. I'm in a 25% drawdown already. I'm giving one more trade a chance. If it doesn't work out I'm closing the account and going back to demo again.

Atleast you aren't drinking during your trading - that's what I did before the first time around and I lost even more much faster

As frustrated as I could be, I won't let it get the best of me. It's just "back to the drawing boards" for me, once again.

[outofdebt]

Also, I can't beleive I left 197 pips profit on the EUR/USD slip away and cashed it in for a whopping 22 pips ! My take profit was 200 and it never reached ! I didn't wan't to bend the rules of the "system"

Havn't I learned anything ?

I was trying a new "buy and hold strategy" So much for that !

[AZBOfin]

patrick_fx:

A little adjustment from time to time may (or may not) improve your system.

you can bet on it! as the market changes ones trading "system" should change as well. like the universe itself, one should be flexible and be able to adapt to new situations at all times. keep on moveing.

aleph:

...and what about a bit of intuition? ...I bet this wasn't the last time this happens...

IMO a trading system is not only based on pure calculations. it's more a combination of mathematics and gut feelings (like you said).and yes, as strange as it sounds, but i hope it'll happen again and again. it's one way of constant learning and improving.

outofdept:

...and cashed it in for a whopping 22 pips ! My take profit was 200 and it never reached ! I didn't wan't to bend the rules of the "system"...

as Aleph mentioned... i n t u i t i o n
hey, i gave up drinking (and i mean drinking) a while ago. got older and wiser went to hooters for some wings

Thank you guys, you made my day! after this disaster those were the words i needed!

AZBOfin