SFX Divergent Daily Advice

[SoundFX]

Thanks Guys. I didn't really mean to sound arrogant but after multiple cocktails I suppose that happened. I also didn't mean to blame the market. It is obviously me. I don't deny that. I have repeatedly taken accounts under $1000 multiplied them by several hundred percent in short order. Then INEVITABLY I can take a $5-10K account turn it in to $500 in a few days by doing all the wrong things.

Anyway this has wasted too much of my time money for 8 years but I've enjoyed corresponding with all of you. Time to find a new hobby that actually generates cash. Best of luck to everyone!

-S

[mosad2]

Originally Posted by SoundFX

Thanks Guys. I didn't really mean to sound arrogant but after multiple cocktails I suppose that happened. I also didn't mean to blame the market. It is obviously me. I don't deny that. I have repeatedly taken accounts under $1000 multiplied them by several hundred percent in short order. Then INEVITABLY I can take a $5-10K account turn it in to $500 in a few days by doing all the wrong things.

Anyway this has wasted too much of my time money for 8 years but I've enjoyed corresponding with all of you. Time to find a new hobby that actually generates cash. Best of luck to everyone!

-S

I'm sure
you will be back!

Mosaad

[MidnightRun]

Originally Posted by SoundFX

T It is obviously me. I don't deny that. I have repeatedly taken accounts under $1000 multiplied them by several hundred percent in short order.
-S

Well Sound it is obviously you - you said it yourself. Why don't you give FX another shot trading the market as if it were a $500 mini-lot see what happens - just for the hell of it!

I think Mosad is right - I don't believe someone who has spent 8 years of his life in the market has had some success can simply walk away. Maybe you need a break do some real good analysis?

[mosad2]

sound
read this article
http://www.moneytec.com/forums/f14/b...-looser-19415/

[lily3]

Say it aint so Sound!

I hope you just need a break you come back later...


My big thing was realizing that I needed to preserve my capital to trade another day/week/month/year etc so I drastically cut my position sizes....I don't make as much money but I don't lose as much either so it's gotten much smoother...my trading got much better wayyyyy less stressful...

All the best...hope to see ya back here...it won't be the same w/o you!

BTW: EXCELLENT article find mosad...^_^ Get your money management right it will all flow together...you won't be so worried about one particular trade or groups of trades that allows you to think clearer about ways to improve strategy etc...

[stringfx]

oh well ... there goes one more son this vicious circle. Very disappointing but hope you come back soon SFX .

I am a regular reader of your posts but not a great contributor due to lack of time but this decision of yours has d me to write a few lines so here goes ...

you managed to lose 80000 in the last few years which amounts to something like 8000 per year. It's not been a losing streak always which also means you lost more than double i suppose .. counting your profits in these years as well .. i think like all those who wrote before me your problem is most likely money management. Almost all traders have gone through this tough times one time or the other .. most probably in their earlier years of trading but you have been in the market for so long yet you don't seem to underst that the big boys in this market is waiting to take your stoplosses present you with the margin calls everytime they can.

I believe that there is no holy grail to figure out this market be it technical fundamental or any sort of trading. If there is one with someone they are not going to share it either. To certain extent i beleive in gann or elliot but this sort of technical indicator is for people who have the patience to wait a week or two to gain some profits playing the daily or weekly charts but for intraday trading there is always a risk of losing money everytime. Either when president bush sneezes or ECB president's dog has loose motions the princess of japan decised to have a baby the market does it's thing in a major way screws up our equity.

Bottom line is trading this market will be profitable for people who maintains a fantastic discipline in putting stoplosses following the trend taking small positions to manage your money. No market moves 1000 pips a day if it does it gives you ample opportunity to hedge your positions to minimise your losses or even to give your more profits. With a 5000 dollar equity if you play .1 lot you have ample time money to make it double in say ... 3-4 months provided you have the patience to wait. My simple suggestion is to play only the daily charts forget about intraday trading. Follow the trend put trailing stops forget about it for the next 3 days .. just occassionally glance at it to see the performance .. easier said than done. hehehhehe.

anyway .. i have learnt it the hard way by first losing 20000 dollars in about 3 months. i then started with 5000 playing the way i mentioned earlier in the last 18 months my equity has grown to 19500. I have promised myself not to bring emotions in my trading so far so good. I want to withdraw the 20000 after the equity reaches 30000 only then i will have some peace of mind as i cannot forget the ridicule i went through my family for losing that much money in such a short time after boasting to become a millione in about 6 months ... heheheh

so Sound You have lost a lot now it's time to put on those winning come back to play the game with a different strategy.. let's see you strum those 80000 back into the account....!!!

My sincere wishes to bring you all the luck in the world.

Regards
String

[G550]

Originally Posted by stringfx

oh well ... there goes one more son this vicious circle. Very disappointing but hope you come back soon SFX .

I am a regular reader of your posts but not a great contributor due to lack of time but this decision of yours has d me to write a few lines so here goes ...

you managed to lose 80000 in the last few years which amounts to something like 8000 per year. It's not been a losing streak always which also means you lost more than double i suppose .. counting your profits in these years as well .. i think like all those who wrote before me your problem is most likely money management. Almost all traders have gone through this tough times one time or the other .. most probably in their earlier years of trading but you have been in the market for so long yet you don't seem to underst that the big boys in this market is waiting to take your stoplosses present you with the margin calls everytime they can.

I believe that there is no holy grail to figure out this market be it technical fundamental or any sort of trading. If there is one with someone they are not going to share it either. To certain extent i beleive in gann or elliot but this sort of technical indicator is for people who have the patience to wait a week or two to gain some profits playing the daily or weekly charts but for intraday trading there is always a risk of losing money everytime. Either when president bush sneezes or ECB president's dog has loose motions the princess of japan decised to have a baby the market does it's thing in a major way screws up our equity.

Bottom line is trading this market will be profitable for people who maintains a fantastic discipline in putting stoplosses following the trend taking small positions to manage your money. No market moves 1000 pips a day if it does it gives you ample opportunity to hedge your positions to minimise your losses or even to give your more profits. With a 5000 dollar equity if you play .1 lot you have ample time money to make it double in say ... 3-4 months provided you have the patience to wait. My simple suggestion is to play only the daily charts forget about intraday trading. Follow the trend put trailing stops forget about it for the next 3 days .. just occassionally glance at it to see the performance .. easier said than done. hehehhehe.

anyway .. i have learnt it the hard way by first losing 20000 dollars in about 3 months. i then started with 5000 playing the way i mentioned earlier in the last 18 months my equity has grown to 19500. I have promised myself not to bring emotions in my trading so far so good. I want to withdraw the 20000 after the equity reaches 30000 only then i will have some peace of mind as i cannot forget the ridicule i went through my family for losing that much money in such a short time after boasting to become a millione in about 6 months ... heheheh

so Sound You have lost a lot now it's time to put on those winning come back to play the game with a different strategy.. let's see you strum those 80000 back into the account....!!!

My sincere wishes to bring you all the luck in the world.

Regards
String

Nice post String. congrats on your remarkable comeback. It takes some serious moxy to blow 20 gr an come back with fresh wounds to the fire. Well done good luck.

[Atomised]

Originally Posted by G550

That's funny. At some point after I entered that trade I was checking out my levels again noticed a significant support at 9550. Not sure why I didn't see that before but I realized that probably wasn't the best place to place a trade. 9550 would have been a far better trade.

So are you going to carry the EZ Bake torch? I started a thread (S/R Trading) a few days ago. It would be great if you stopped by opined every once in a while. We seem to have similar trading styles it would nice to get some outside opinions/suggestions.

My only minor problem with EZ is that when it comes around i'm usually already in a trade the morning session so tend to just take note of the levels see what happens. I was busy all weekend so i didn't get a chance to read your thread will drop by in the next day or so !