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I did it again :(


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#21 subster

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Posted 31 May 2016 - 11:27 PM

I feel you. 

Three weeks ago - the market conditions have been perfect and I quadrupled my account within the week. 

Then they changed and what I am doing was not working in this period. I saw it, but always thought to outsmart the conditions. Now I have blown 4 accounts in the last three weeks. ALWAYS tapped again into the emotional trading mode, chasing the markets loosing everything.

This will be the last chance I give to myself - I must learn discipline and stop loosing control. 

 

Thanks for posting this, OP! Let's talk honest, this brings us really forward. 


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#22 BrianC

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Posted 01 June 2016 - 01:33 AM

subster, the "giving yourself the last chance" I said that to myself a few times when I first started. I blew a couple of accounts as well then. The thing is that now, I know I can trade, I have studied, practiced and learned these last few months. It has been going well for too many weeks in a row for me to believe it was just luck. The first times I lost big was because of ignorance + becoming emotional, now I know it is "just" the last part. Obviously I'm not an experienced trader yet, but I do belive I am "discovering my style".

 

I think being honest and talking about is part of the solution. Each of us, if isolated with this, I don't think we can change our mindset. Just saying it out lout, feels like it is already changing something.


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#23 subster

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Posted 01 June 2016 - 01:44 AM

Wise words, Brian. Thanks for taking the time to share your point of view - helps :)


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#24 BrianC

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Posted 01 June 2016 - 04:00 AM

OK, from Monday I will start a trading journal, like suggested here: http://www.binaryopt...nd-set/?p=68069

Basically as a self-therapy thing, but if doing it here can help others, I don't mind humiliating myself if I screw up again :D

 

The question is, blog or thread? If I´m the only one posting, a blog is obvoius, if others want to work on: over trading, revenge trading, crazy-martingaling, greed, ego, losing focus, not sticking to rules after a loss etc. we can do a thread together, for a month or so maybe, and see how it goes. But, this will only work if we are completely honest post ALL trades, good or bad.


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#25 Tripack

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Posted 01 June 2016 - 02:12 PM

*
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Ok, what I will share here will probably shock a few people.
I am pretty aware of that and I do it on purpose so hold on with your flame wars unless you know exactly what you are talking about with enough facts to back your stuff up, just in case...

First of all, thanks to the OP, BrianC for the post, it displays exactly what many won't have the balls to talk about, he did.
Personally I'm so fed up by the daily constant display of ITM screenshots and results that I actually don't bother to read them because I know they don't reflect the reality if followed as such and without the correct mindset.

The first point, about the stake mistake, I guess anyone in this business for long enough made the same mistake, and more than once. It can happen, also with spot you can easily be off by a bit with your mouse and click the wrong side etc.

EGO trip is a huge issue but can be worked on once the market has beaten you for long enough, I'm sorry but I don't know of any other way of getting around that one...
It will in fact prevent you from getting emotional about the next part...

Now imagine for a moment that all what you see is completely random. Bear with me I don't say it IS necessarily but imagine it is, and try to think it is while you are trading your live account. What will make the difference between loosing 1k in 20min and loosing only 20 in 20min ? I'm sorry to say but that 98% difference lies within your approach to trading vs the technical stuff. Yes, meaning only 2% from this lost account outcome example was within technical analysis "possible" sphere of influence. The rest of the 98% was all about trader's mindset, which led to the outcome.

Should you accept the fact that you have no control on the market, you will then and only then focus on what YOU can control, that is yourself and your EGO... That you can control for sure, not the rest, I repeat: not the rest (despite the tons of 80%+ strats around and ITM screenshots, at best those demonstrate a trader's ability to control him/her self, and won't help yours).
That is ultimately what will set you apart from constantly loosing a lot to constantly gaining a little, or let me put it another way: in order to gain, you first need to learn not to loose more than you gain, and that is the first step after which some of the technicals will start to make sense...
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In order to become successful, first stop doing what unsuccessful people do.


#26 BrianC

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Posted 01 June 2016 - 02:28 PM

Ok, what I will share here will probably shock a few people.

Maybe, but it makes a lot of sense to me.

 

And to be honest, if we don't share our failures, then it is again our worst enemy taking control: EGO. And the only one we are fooling is ourselves


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#27 Tripack

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Posted 01 June 2016 - 02:41 PM

Maybe, but it makes a lot of sense to me.
 
And to be honest, if we don't share our failures, then it is again our worst enemy taking control: EGO. And the only one we are fooling is ourselves


Indeed to make long post short: take any strat you feel comfortable with, it doesn't matter as they will all tend towards 50% long tun, just pick something you like or invent one. Your self control will get you into profit, not the strat.
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In order to become successful, first stop doing what unsuccessful people do.


#28 jeanjean

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Posted 01 June 2016 - 05:07 PM

I know what you mean man! 

 

I started to trade bin part time 1 month and a half ago. Starting to practice a bit then I thought I was good enough to go Live. The truth is I thought Bin was easy money with no need of real skills! Big Mistake! 

 

So started to put 250 USD for a Live Account. Then Gro it to 750 within 1 week. I started to get overconfident and take trade a bit too fast. Usually I was doig 3-4 trade an hour, now because I thought I co9uld beet the market, I was doing like 6-7. After that, there was that Monday of the second week. With my mindset of '''I am going to kill the market'', I did some trade, lost 2, then try to recover and soon enough, I lost 500 within 1 hour. I had 250 left in my account. So i spend the night thinking ''WTF happened'', then the next day I had a new m,indset and was careful on every trade. Then I went back to 400. On friday I got overconfident after 3 winning day! Then I did the same mistake and overconfident, did some shitty trade and lost 2 in a row, tried to recover until I was back to 250. Then I said, ''F** Off, let's go ''All in'', did a fast trade and lost. Then within a week blow out my account.

 

Then, after, I listened to Tripack and since the last 3 weeks, trying to find a real strat that will fit me. 

 

But another think, Tripack is pretty right with the ''Screenshot'' shit, the strat I was following was just putting ITM. Dunno if its legit or no, but I try to accept the fact now that I can't kill 90% the market of ITM every day! 

 

Next step after strat, will be confronting the market with humility! 

 

But its part of the game, learning from mistake even if its 750$ mistake! 

 

 


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AND THAT'S THE BOTTOOOMMMM LINE!

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#29 BrianC

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Posted 02 June 2016 - 12:04 AM

I know what you mean man! 

 

I started to trade bin part time 1 month and a half ago. Starting to practice a bit then I thought I was good enough to go Live. The truth is I thought Bin was easy money with no need of real skills! Big Mistake! 

 

So started to put 250 USD for a Live Account. Then Gro it to 750 within 1 week. I started to get overconfident and take trade a bit too fast. Usually I was doig 3-4 trade an hour, now because I thought I co9uld beet the market, I was doing like 6-7. After that, there was that Monday of the second week. With my mindset of '''I am going to kill the market'', I did some trade, lost 2, then try to recover and soon enough, I lost 500 within 1 hour. I had 250 left in my account. So i spend the night thinking ''WTF happened'', then the next day I had a new m,indset and was careful on every trade. Then I went back to 400. On friday I got overconfident after 3 winning day! Then I did the same mistake and overconfident, did some shitty trade and lost 2 in a row, tried to recover until I was back to 250. Then I said, ''F** Off, let's go ''All in'', did a fast trade and lost. Then within a week blow out my account.

 

Then, after, I listened to Tripack and since the last 3 weeks, trying to find a real strat that will fit me. 

 

But another think, Tripack is pretty right with the ''Screenshot'' shit, the strat I was following was just putting ITM. Dunno if its legit or no, but I try to accept the fact now that I can't kill 90% the market of ITM every day! 

 

Next step after strat, will be confronting the market with humility! 

 

But its part of the game, learning from mistake even if its 750$ mistake! 

Well I seems I'm definitely not the only one. Glad you are getting on the right track.



#30 MannaAvantil

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Posted 02 June 2016 - 04:25 AM

Hey don't worry man, I've been there when I was trading on Forex with real money, and I've been there like 6 months ago when I started trading with bins, I was literally tearing off my hairs when I started with 1 min candles and Martingale.

 

Now thanks to my journal I improved my critical thinking and took my time to look at trades, without worring about that OTM that appeared once in a while, thanks to the nature of my trading I perfectly know that I have no more than 1 opportunity (if ever) a day to trade, and you should almost treat it the same way as I treat it I'd say.

 

I'm hoping to see a journal from you soon, I'd like to read your mental progress, that holds it's value more than any strat you could find around here.

 

Take care and improve Brian.


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#31 BrianC

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Posted 02 June 2016 - 05:05 AM

Hey don't worry man, I've been there when I was trading on Forex with real money, and I've been there like 6 months ago when I started trading with bins, I was literally tearing off my hairs when I started with 1 min candles and Martingale.

 

Now thanks to my journal I improved my critical thinking and took my time to look at trades, without worring about that OTM that appeared once in a while, thanks to the nature of my trading I perfectly know that I have no more than 1 opportunity (if ever) a day to trade, and you should almost treat it the same way as I treat it I'd say.

 

I'm hoping to see a journal from you soon, I'd like to read your mental progress, that holds it's value more than any strat you could find around here.

 

Take care and improve Brian.

Thanks. Well, following your journal has been somewhat of a motivation for me too, so I thinkg I will start my journal next week, as a way of getting to be way more conscious about I choose to take a trade or not.  I difinitely think the way to go for me from now on is being consertive in my choise of trades and have good reasons to take a trade.



#32 inelements

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Posted 02 June 2016 - 05:09 AM

I feel the same pain with you.

I've lost so much in less than half an hour. And, I did that several times already.

I'm still working on my psychology and these are helping me.

  • I reduced my investment to 2.5% of the balance at one time.
  • I set my trading limit for a day. My rules are, if I hit 5% gain, 7.5% loss, 10 trades or reached the end of my trading hours, I stop trading.
  • I set my goal to follow my rules, not making money. If I lose money but followed my rules, it's okay. If I win but didn't follow my rules, I stop trading.

There's a book called "Trading in the Zone" by Mark Douglas. It talks about how you should approach the market. A great book.


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#33 BrianC

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Posted 02 June 2016 - 05:22 AM

I feel the same pain with you.

I've lost so much in less than half an hour. And, I did that several times already.

I'm still working on my psychology and these are helping me.

  • I reduced my investment to 2.5% of the balance at one time.
  • I set my trading limit for a day. My rules are, if I hit 5% gain, 7.5% loss, 10 trades or reached the end of my trading hours, I stop trading.
  • I set my goal to follow my rules, not making money. If I lose money but followed my rules, it's okay. If I win but didn't follow my rules, I stop trading.

There's a book called "Trading in the Zone" by Mark Douglas. It talks about how you should approach the market. A great book.

 

Great. I was just about to talk about the rules I am setting for myself. Will do that now.



#34 BrianC

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Posted 02 June 2016 - 05:36 AM

These are the rules I have thought about setting for myself when I go back to live trading Monday. I'm getting into details about the strat/style of trading here:

 

  • Martingale: NO!
  • Max. trade size: 3% of balance
  • Max. 2 trades at the same time
  • Max. loss per session: 9% of balance (3 OTMs) -  FULL STOP for that session
  • Goal: the equivalent of 4 ITMs per trading session (aprox 2-3 hours)
  • Max profit: 10% of balance per session
  • Trading journal: with comments on why I took each trade, if the trade were valid or not according to my rules

I'm uncertain if the max. profit idea is good. If I am limitting myself to much if I stop traiding on one of those days when the ITMs just keep rolling in? Any comments would be appreciated.

 

Also, often I have donde a kind of "light" martingaling, let´s say I get an OTM, then on the next valid setup (same or different pair) I take my normal trade size + the profit of the last ITM, in order to recover. Good... bad??



#35 MannaAvantil

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Posted 02 June 2016 - 05:42 AM

Trade size I would even decrease it to less then 2%, but why would you say "Max 3% per trade" and then set another rule as "Max 2 trades at the same time"? At that point you would be investing around 6% of you capital, so the 2nd rule would be kinda useless, but I have to ask, at what point would you consider making 2 trades?

 

I would be fine with 4-5 ITM per day, in the long run they would be more than enough for a sweet gain.

 

Plus 1st rule and last statement don't really match up together, I'd say that you should do a flat rate and don't worry about the OTM at all.


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#36 Tripack

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Posted 02 June 2016 - 05:44 AM

These are the rules I have thought about setting for myself when I go back to live trading Monday. I'm getting into details about the strat/style of trading here:

 

  • Martingale: NO!
  • Max. trade size: 3% of balance
  • Max. 2 trades at the same time
  • Max. loss per session: 9% of balance (3 OTMs) -  FULL STOP for that session
  • Goal: the equivalent of 4 ITMs per trading session (aprox 2-3 hours)
  • Max profit: 10% of balance per session
  • Trading journal: with comments on why I took each trade, if the trade were valid or not according to my rules

I'm uncertain if the max. profit idea is good. If I am limitting myself to much if I stop traiding on one of those days when the ITMs just keep rolling in? Any comments would be appreciated.

 

Also, often I have donde a kind of "light" martingaling, let´s say I get an OTM, then on the next valid setup (same or different pair) I take my normal trade size + the profit of the last ITM, in order to recover. Good... bad??

 

Good stuff, in general I would say focus on max loss, don't limit yourself on profits.

Usually after you're used to your routine, you will kind of "get the feeling" about whether or not your stuf is fitting the market conditions of the day. I.e. if you immediately go in red after a couple of tries, don't insist. If you feel you need to fight too much to get a profit, don't insist either. If you feel that it's working well, keep insisting as long as you see results, those days will compensate for the bad ones. In the end the goal is to get more profits than losses.


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In order to become successful, first stop doing what unsuccessful people do.


#37 BrianC

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Posted 02 June 2016 - 06:08 AM

Good stuff, in general I would say focus on max loss, don't limit yourself on profits.

Usually after you're used to your routine, you will kind of "get the feeling" about whether or not your stuf is fitting the market conditions of the day. I.e. if you immediately go in red after a couple of tries, don't insist. If you feel you need to fight too much to get a profit, don't insist either. If you feel that it's working well, keep insisting as long as you see results, those days will compensate for the bad ones. In the end the goal is to get more profits than losses.

OK, makes sense, and that is more or less what I was thinking. But, at the same time I'm thinking of some way of preventing myself from over trading.... will give it some thought, but I don't want to limit myself too much either.... need to find a balance.


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#38 BrianC

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Posted 02 June 2016 - 06:13 AM

Trade size I would even decrease it to less then 2%, but why would you say "Max 3% per trade" and then set another rule as "Max 2 trades at the same time"? At that point you would be investing around 6% of you capital, so the 2nd rule would be kinda useless, but I have to ask, at what point would you consider making 2 trades?

 

I would be fine with 4-5 ITM per day, in the long run they would be more than enough for a sweet gain.

 

Plus 1st rule and last statement don't really match up together, I'd say that you should do a flat rate and don't worry about the OTM at all.

I know, first rule and last comment... don't match. Thinking about it... I will not increase trade size. I have to learn to accept the OTM, period.

 

Why 3%. Well, many say 5%, I wanted to take it lower. 2% of course makes sense. It needs to be safe enough to be able to run two trades at the same time. Why? You can easily get two very good setup on different pairs at the same time. Why miss one?  The lower the safer, that's for sure. I'm trying to find a balance in things, being careful without overdoing it. I mean, you can take it so low that it will be difficult to make some profit, unless you have a huge account of course.



#39 BrianC

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Posted 06 June 2016 - 12:20 PM

Fired up the platform this morning and then freezed.... something is not right in my mind since the screw up, definititely not fit for trading when in this mood.



#40 Tripack

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Posted 06 June 2016 - 12:28 PM

Try to agree with yourself on an amount you are willing to loose i.e. For the day. Try to split that into smaller trades and generate gains out of it. One you generate enough gains to place trades with gains only do that and raise your mental limit to being willing to loose gains only but not capital etc.
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In order to become successful, first stop doing what unsuccessful people do.





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