Thread: What i learned today

Six of the biggest mistakes anyone can make from the Forex market:

1) trading with no platform

2) not following one's platform

3) trading using a platform which doesn't work

4) entering into a trade with no pre-determined discontinue or exit egy

5) not adhering to one's quit or exit egy (shing one's trading egy), based on the assumption that eventually the market must turn around , or as one doesn't want to take a loss

6 months) Exiting a winning trade from fear of losing what one has created.

For a long time I was an extremely efficient dropping trader. My accounts went so fast that it amazed me. My virtual accounts would go out of $50,000 down to zero in record time!

I figured that if I created a software package to reverse all my transactions behind the scenes, then I would become a super profitable trader. I envisioned seeking the worst traders in the world, and harnessing their capability with my trade reversal software, sticking them and telling them to perform their best, then sitting back watching the profits roster.

I think it is an excellent plan.

The main reason is that the logic of this typical trader is the exact opposite of what it ought to be. They enter a buy trade at precisely the moment that they ought to be entering a trade. When they see the market raging off in one direction, they enter a transaction in that direction. But by then the tendency is over, and they go into declines. And they hold onto their transactions till they become enormous. Meanwhile if they happen to get into a winning trade they exit their winning transactions as soon as they are up 5 or ten pips.

A perfect platform for liquidating accounts!

So individuals should do the exact opposite of what they generally do. But this goes against their logic.

Originally Posted by ;

Six of the biggest mistakes anyone can make from the Forex market:

1) trading without a system

2) not following one's system

3) trading with a system that doesn't work

4) entering into a trade without a pre-determined discontinue or exit egy

5) not sticking to someone's quit or exit egy (shing one's trading plan), based on the premise that eventually the market must turn around , or as one doesn't want to have a loss

6 months) Exiting a winning trade from fear of losing what one has made.

For years I had been a very efficient dropping trader. My accounts went so quickly it amazed me. My accounts would go in record time from $ 50,000 down to zero!

I guessed that if I created a software bundle to reverse all my transactions behind the scenes, then I would turn into a super profitable trader. I envisioned seeking out the worst traders on the planet, and exploiting their negative capability sticking them and telling them to do their best, then sitting back watching the profits roll in.

I still think it is a very good plan.

The main reason is that the logic of the normal trader is the exact opposite of what it should be. They enter a buy trade at exactly the moment they should be entering a trade. When they view the market raging off in one way, they enter a trade in that way. But by then the tendency is finished, and they enter declines. Till they become enormous, and they hold on their losing transactions. Meanwhile if they happen to get into a trade, then they depart their winning transactions the moment they are up 5 or ten pips.

A perfect system for liquidating accounts!

So people should do the exact opposite of what they generally do. But this goes against their naive logic.

Do you need a method?

Originally Posted by ;

Don't input the antisipation of a signal ! ! ! ! ! I have to smack myself with this 1 alot. I really don't lose much origin of this 8 ema exit approach.

Cann't loe anything thats not there. If you do not see a trade.... ITS NOT THERE YET ! ! ! patiance!

Dave

I still fight with those alot. Oh look its gonna cross! whoops....

Another thing I discovered is you need a micro account. I started with a full account the risk is just to great, I just keep bouncing around my equity. I believe that you might be able to perform a standard but then you could do a micro and just get lots.

I really don't know where I got this but I really do enjoy this:
when a transaction is a triumph and you need to add to it that you include no greater than half of your initial position. If your position was 10 lots, then add a second 5. . And if the tendency is strong and it gets in your favor then add 1/4 off your postion and so on. The trick is simple, when the transaction works against you, you won't give away too much of your profit.

I also do some averaging out. If I open a 10 lot position and it ends in red, I see what happens and take half of the position out with a reduction. So that in case it went wrong a ways, then I wouldnt loose. It frees up margin if I decide to sit it out.

Maybe I'm wrong but thats only me. I am always open to ideas.

I use a similar technique .