let this be a warning

[AZBOfin]

hi guys gals.

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

Always stick to your trading rules !

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

today i got greedy didn't pay attention to the signals 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 i don't underst 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 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... 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 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 going back to demo again.

Atleast you aren't drinking during your trading - that's what I did before the first time around 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 cashed it in for a whopping 22 pips ! My take profit was 200 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 hold strategy" So much for that !

[AZBOfin]

patrick_fx:

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

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

aleph:

... 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 gut feelings (like you said). yes as strange as it sounds but i hope it'll happen again again. it's one way of constant learning improving.

outofdept:

... cashed it in for a whopping 22 pips ! My take profit was 200 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 ( i mean drinking) a while ago. got older wiser went to hooters for some wings

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

AZBOfin