Damn I suck..... 
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Is my career over?
- Thread starter TruthSeeker247
- Start date
Don't feel like the lone stranger there....
This thread helped me address some basic errors to eliminate propensity for huge loss.
But I'm finding it almost impossible to "get in sync" with the ssslllooowww rhythm of the currency market -- if I could work from 4-hour bars and be comfortable with multi-day positions I might make some money. Instead it seems that budding profitable positions go south and force me out, and then 2 days later the support breaks down and the market goes where I thought it would.
So by following rule #1, preserve capital while learning to be profitable, I'm able to divert to the DAX to see if it's a better fit for my timing....
This thread helped me address some basic errors to eliminate propensity for huge loss.
But I'm finding it almost impossible to "get in sync" with the ssslllooowww rhythm of the currency market -- if I could work from 4-hour bars and be comfortable with multi-day positions I might make some money. Instead it seems that budding profitable positions go south and force me out, and then 2 days later the support breaks down and the market goes where I thought it would.
So by following rule #1, preserve capital while learning to be profitable, I'm able to divert to the DAX to see if it's a better fit for my timing....
Quote from amtrak:
Don't feel like the lone stranger there....
This thread helped me address some basic errors to eliminate propensity for huge loss.
But I'm finding it almost impossible to "get in sync" with the ssslllooowww rhythm of the currency market -- if I could work from 4-hour bars and be comfortable with multi-day positions I might make some money. Instead it seems that budding profitable positions go south and force me out, and then 2 days later the support breaks down and the market goes where I thought it would.
So by following rule #1, preserve capital while learning to be profitable, I'm able to divert to the DAX to see if it's a better fit for my timing....
InterDay moves can be very dangerous. You have to be able to take losses of a handle or even more if you hold positions overnight. I'm not ready for that. I was up over $1,500 this week alone. I lost $840 today plus 78 contracts in commissions. I traded 6-lots all day. Next week I'll have to go back to 1 lots maybe 2 lots. Today I really had no tolerance for losses. I felt as if I couldn't even take a $31.25 loss. I defintely should never trade when i feel that way.
anyways....happy you learned something from this thread...
BTW, your problems seems to be a problem of entry. Focus on better entry points so that you can be in the market when it does what you thought it would. Maybe you need to wait a little longer before entering into a position?.....thanks
Sounds like you cut the loss a lot quicker than back when this thread was started.
For me, after rule #1 about capital preservation, I'm gonna go with rule #2 -- if it's not a winner, change something.
Hence the upcoming attempt at the DAX.
Oh, and I think you're right about my entries being too early on currency trades. I should be waiting for a confirmed break of the support/resistance level I'm targeting (not just a crossing). And a second level break before a size increase.
Since I have trouble waiting, an index future might be a better timing choice for me.
For me, after rule #1 about capital preservation, I'm gonna go with rule #2 -- if it's not a winner, change something.
Hence the upcoming attempt at the DAX.
Oh, and I think you're right about my entries being too early on currency trades. I should be waiting for a confirmed break of the support/resistance level I'm targeting (not just a crossing). And a second level break before a size increase.
Since I have trouble waiting, an index future might be a better timing choice for me.
Quote from amtrak:
Sounds like you cut the loss a lot quicker than back when this thread was started.
For me, after rule #1 about capital preservation, I'm gonna go with rule #2 -- if it's not a winner, change something.
Hence the upcoming attempt at the DAX.
Oh, and I think you're right about my entries being too early on currency trades. I should be waiting for a crossing of the support/resistance level I'm targeting (not just an approach of the level). And a second level break before a size increase.
Since I have trouble waiting, an index future might be a better timing choice for me.
My humble advice would be to stick to a single pair and trade it. Learn it, and know it like the back of your hand. I don't know if jumping to another security will change anything for you.
Also, i think you want to see heavy volume print below support or above resistance to take advantage of the breakout trade. Volume is essential......well, it is in the bond market anyways....
I did cut my loss and was able to be net positive for the week a little over $400. It's not much money but it's better than losing. When I initially lost big $$$, it was my state of mind that was at fault. I must never trade like that again....
Anyways, I wish you good fortune
Quote from riskarb:
Yeah, I've got the Dreyfus statement right here -- came across it this weekend when looking for the car reg info for getting new plates.
Her brother lost >$100mil the same year. Makes for interesting dinner conversation.
Hi, I'm new here. It just seems to me that losing $80 Million when you have $100 Million doesn't hurt as much when us little guys losing $8000 when we only have $10,000. Because, you can still have that penthouse dinner conversation while I have to resort to peanut butter sandwiches. Am I wrong? :eek:
That´s a good idea, getting to know a single market, it´s average pull back, average trend... the way it usually oscilates... would be much more helpfull than going around and trying to find one that just works for you.Quote from TruthSeeker247:
My humble advice would be to stick to a single pair and trade it. Learn it, and know it like the back of your hand. I don't know if jumping to another security will change anything for you.
Also, i think you want to see heavy volume print below support or above resistance to take advantage of the breakout trade. Volume is essential......well, it is in the bond market anyways....
I did cut my loss and was able to be net positive for the week a little over $400. It's not much money but it's better than losing. When I initially lost big $$$, it was my state of mind that was at fault. I must never trade like that again....
Anyways, I wish you good fortune
One highly successful trader advised:
one market, one time frame, one signal. Start with a small account -- $5000, and if you can be successful with small, you can grow into large.
Trading is a craft, like plumber, doctor, dentist. It takes time, education and practice.
Learn that market and trigger signal well, and then you can move on.
one market, one time frame, one signal. Start with a small account -- $5000, and if you can be successful with small, you can grow into large.
Trading is a craft, like plumber, doctor, dentist. It takes time, education and practice.
Learn that market and trigger signal well, and then you can move on.
One highly successful trader advised:
one market, one time frame, one signal. Start with a small account -- $5000, and if you can be successful with small, you can grow into large.
Trading is a craft, like plumber, doctor, dentist. It takes time, education and practice.
Learn that market and signal well, and then you can move on.
one market, one time frame, one signal. Start with a small account -- $5000, and if you can be successful with small, you can grow into large.
Trading is a craft, like plumber, doctor, dentist. It takes time, education and practice.
Learn that market and signal well, and then you can move on.
Quote from TruthSeeker247:
I look to make at least 5 ticks per trade and lose no more than 2. Each tick is worth $31.25 in the 30 year bonds. Sometimes I trade the 5-year note and it moves in half ticks so minimum price fluctuation is $15.625.
so the MINIMUM risk/reward ratio is 5/2 or 5/3 (if I'm being stubborn). I say minimum because I usually make more than 5 ticks per trade.
I don't trade multiple securities. The only instruments I'm trading now are the 5-year note and the 30 year bond. 10-yr is too volatile for me. I'd rather become good with the debt markets than to jump around all over the place. Thanks
You sound like an active trader. Have you tried trading the Index Futures at CME? What do you pay in commissions?