Chinocops Forex Fiasco -
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thread: Chinocops Forex Fiasco

  1. #21
    Member DPert's Avatar
    53
    Trading is definitely an emotional rollercoaster. As I was wading my way through my first few months of trading, I was undoubtedly experiencing the lows and highs of every trade. I'd beat myself up and be insufferable for an whole day for turning out of commerce simply to have it go the direction you had originally intended to take. You need to experience these items in order to reach where you want. I am definitely glad I did all of this while demo trading because these would be the intial steps which I needed to undergo in order to know who I was.

    I had read posts by other seasoned traders saying it easier emotionally and more profitable to trade the greater time frames. Of course, I am very stubborn, and that I was determined to make it large trading the 15 minute charts and ignoring all else. That's because I knew what was best for me, and what did those other guys know badly. I have always been a contrarian and exchanged that way. I was constantly searching to get retraces and reversals since I wished to grab a corner and grab this 100 pip runner. So I started using candle stick patterns and fibonacci's to determine when a change was going to take place. The majority of the time that I was correct, but the problem was when to take a profit. I was always stuck with the idea that I will ride out this for a huge profit. The thing that I noticed most on the charts was after a decent sized movement there was generally a moment of consolidation and the 38.2 normally restricted it. So me being the genius I had been became fixated on trading 38.2 retraces. My problem was that once I found something that worked for me once or twice I'd look for this exclusively. We all know how that turned out !

    I then started to jump from system to system, but still sticking to my original premise that I was going to trade price action on the 15 minute chart. I recall putting keltner channels on my charts and looking for the right doji to buy or sell into etc.. Just to cast that aside and try something different. From the time July had rolled around, I had been winning some and losing a few.... basically breaking even. Therefore I decided to put my money where my mouth was open a small mini account since I needed to undergo trading with real money. I plunked down $1000 and opened up an account with Oanda.

    The first few weeks I did ok with trading. I had been using 5x leverage on my rankings and was doing fine ching bottoms and tops as well as 38.2 retraces. I thought that I was the shit. I'd take 20 pip profits on half of my place and allow the rest ride. From the 4th week of live trading that I had been up 3 percent, and I had been going to burn the candle at both ends by trading the EU open and NY open. So I decided to add yet another tool to my arsenal. I had come up with the ingenious notion that I was going to go into a place based on the 23.6 or 38.2 of the former candle basically before the current candle had even closed. My plan was that if I had been 10 pips in profit I'd move my stop to breakeven 1. Well, one thing that I forgot to mention was that my disciplined sucked. I'd constantly break my rules because I did not need to get stopped out after being green so I'd lie to myself saying that things are going my direction so I am not going to have stopped out on a stop run. I tried this through the EU session with astrophic results. I'd be up then down and cursing myself. My measly 10 to 12 pips stops were getting removed right and left. 10 to 12 pips doesn't look like much unless you're using leverage that as a newbie you have no business using. In about 5 weeks, I had blown my gains and'd lost 6 percent of my account. This isn't much but the emotional toll of constantly losing and losing real money made me realize that I needed to start all over.

  2. #22
    Member DPert's Avatar
    53
    Here's a trade that I took on Wednesday. I originally entered at 113.116 based on the touch of a 4 hour s/r level but was stopped out. I must have gotten from the position once I saw a hanging man on the 15 minute coinciding with the 38.2 fib. Anyhow, I re-entered the transaction but had to wait it out for half a day. I've connected the charts and results.




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