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Trading stories - my first 100K!

  • #21
  • Sep 27, 2019 3:38am Sep 27, 2019 3:38am
Quoting Ef5
I think those results are pretty respectable. At the end of the day, if you made 3,500 trades and you’re ahead then you’re doing much better than most. 3 years is good too, it took me about 6 years to finally start making money.

Ha well thanks for resurrecting this dead thread ..

After nearly 4 years I am definitely in red !!! But I do love, and hate, Forex. I took time off work to trade full time, with a plan B of Airbnb income from my house ( and live with my partner) The short of it is Airbnb was a great success, and the money from it fed my Forex account which is currently at $1k , and as I say in loss. The conclusion I came to in doing my tax and confessing my sins to my accountant was that Airbnb was a saviour. I am also back full time as an Ambo ( and very appreciative of a government job).

My biggest Forex sins include :

Trading too often
Trading too big
Taking profit too soon.

I am not guilty of big draw down, but 25% success of some basic fundamentals is not enough. I have certainly learnt a LOT !! I think it is possible to be profitable but I currently lack the emotional intelligence to succeed. I still gamble and get frustrated etc A reduction of leverage to 20:1 would, for me , be a blessing which I also think is embarrassing somehow. I am taking a break from trading , but hope to make a come back. It's interesting someone posted here today because I took a photo of my dogs at the beach today and thought of sharing it to my journal as an update. They say never to risk more than you can afford to lose, and I have not done that, but I have taken a beating mentally and I will move forward appreciative of what I have and all I've learnt. I hope I can smarten my trading up in the future!

Good luck to all
Cheers helena
  • #22
  • Sep 27, 2019 4:02am Sep 27, 2019 4:02am
Quoting hellsbells
{quote} Ha well thanks for resurrecting this dead thread .. After nearly 4 years I am definitely in red !!! But I do love, and hate, Forex. I took time off work to trade full time, with a plan B of Airbnb income from my house ( and live with my partner) The short of it is Airbnb was a great success, and the money from it fed my Forex account which is currently at $1k , and as I say in loss. The conclusion I came to in doing my tax and confessing my sins to my accountant was that Airbnb was a saviour. I am also back full time as an Ambo ( and very...
you are a very brave woman for sharing this ,kindest regards from dave
people leave, but this thread will go on for ever
  • #23
  • Edited 5:02am Sep 27, 2019 4:32am | Edited 5:02am
Quoting hellsbells
{quote} Ha well thanks for resurrecting this dead thread .. After nearly 4 years I am definitely in red !!! But I do love, and hate, Forex. I took time off work to trade full time, with a plan B of Airbnb income from my house ( and live with my partner) The short of it is Airbnb was a great success, and the money from it fed my Forex account which is currently at $1k , and as I say in loss. The conclusion I came to in doing my tax and confessing my sins to my accountant was that Airbnb was a saviour. I am also back full time as an Ambo ( and very...
I learned that there are no failures or we win or we learn in every trade .... but I also know that we have a cyclical behavior I am sure there is no money in the world that pays for the knowledge and learning. You were exceptional with what you told us here in this thread...


about loving forex on days when I'm stressed I avoid trade...
look at this woman's phrase.

"The moment you realize that you are not in your time to trade, you must leave. To not hurt you, your psychological or your account. Only comes back when you are in the high performance state. It's the cat jump !!! Accept your cyclical behavior. Then create a strategy to make money when you're like this" !!!


Larissa Sihle.



You're right in your decision ... because the weather clears some things in our mind, I'm sure when you come back it will be different and better.
Cheers Marcieny
  • #24
  • Sep 27, 2019 7:56am Sep 27, 2019 7:56am
Quoting hellsbells
{quote} Ha well thanks for resurrecting this dead thread .. After nearly 4 years I am definitely in red !!! But I do love, and hate, Forex. I took time off work to trade full time, with a plan B of Airbnb income from my house ( and live with my partner) The short of it is Airbnb was a great success, and the money from it fed my Forex account which is currently at $1k , and as I say in loss. The conclusion I came to in doing my tax and confessing my sins to my accountant was that Airbnb was a saviour. I am also back full time as an Ambo ( and very...

Why don´t you try this, it could help
The free trial is a very good way to see if one really has what is needed

https://www.forexfactory.com/showthr...707034&page=23
  • #25
  • Sep 27, 2019 2:45pm Sep 27, 2019 2:45pm
I have a funny story i did 2k-41k in 3 and half week. I have a fulltime job and yesterady when gold tanked. I was long and no sl because i thought nothing huge gonna happen... I went to meeting as usual in the morning and when i came out received a stopped out email. The bottom line is lost 30k. But still withdrew 10k. I am starting again now 1k-50k. I am gonna die trying....
Extreme gut feeling trader
  • #26
  • Edited 4:46pm Sep 27, 2019 4:30pm | Edited 4:46pm
Quoting montygoldy
I have a funny story i did 2k-41k in 3 and half week. I have a fulltime job and yesterady when gold tanked. I was long and no sl because i thought nothing huge gonna happen... I went to meeting as usual in the morning and when i came out received a stopped out email. The bottom line is lost 30k. But still withdrew 10k. I am starting again now 1k-50k. I am gonna die trying....
Gold can make your head spin, I've had my biggest and worst trades with gold. I think TA doesn't work as well with gold/USD, it's more a momentum/volume/news pair. From zero to watch out !! Happens often.
Cheers h
  • #27
  • Sep 27, 2019 4:36pm Sep 27, 2019 4:36pm
Quoting hellsbells
{quote} Gold can make your head spin, I've had my biggest and worst trades with gold. I think TA doesn't work as well with gold/USD, it's more a momentum/volume pair. From zero to watch out !! Happens often. Cheers h
It does respect S/R but it's the news .. One word from Trump or tweet can make this pair go to north south west anywhere.

I lost too but happens to everyone, head up and move forward
  • #28
  • Sep 27, 2019 4:45pm Sep 27, 2019 4:45pm
Quoting Marcieny
{quote} I learned that there are no failures or we win or we learn in every trade .... but I also know that we have a cyclical behavior I am sure there is no money in the world that pays for the knowledge and learning. You were exceptional with what you told us here in this thread... about loving forex on days when I'm stressed I avoid trade... look at this woman's phrase. "The moment you realize that you are not in your time to trade, you must leave. To not hurt you, your psychological or your account. Only comes back when you are in the high performance...
Thanks for the kind words Marcieny.
Ironically I do have a good sense of what forms a successful trading day for me. I trade from Eastern Australia, I like to trade the Asian session. I know UJ well. I like to hunt reversals. When I trade only 1 or 2 trades in a session, looking for a reversal, taking profit of 5-7 pips on 1 trade and if I've placed a second leaving that BE with say 15pip target, I tend to have a beautiful successful day. I historically screw it up by sitting in front of the computer looking for other trades in other pairs ( like gold) , getting stuck with poor late entries and revenge trading. The number of times I have started with great trades and proceeded to screw it all up is nonsense. I confess yesterday I placed 1 trade, Sat patiently and calmly, TP at TL , made a simple 5 pips and walked away in under an hour feeling good and thought FFS can I not just do THIS!!! I'm on holidays now and actually having a holiday for the next few weeks then back to work. Being smart and holding onto the strong experience of what works for me will drive me in the future. I have learnt SO MUCH.

Cheers again
Helena
  • #29
  • Sep 27, 2019 5:36pm Sep 27, 2019 5:36pm
Quoting hellsbells
{quote} Thanks for the kind words Marcieny. Ironically I do have a good sense of what forms a successful trading day for me. I trade from Eastern Australia, I like to trade the Asian session. I know UJ well. I like to hunt reversals. When I trade only 1 or 2 trades in a session, looking for a reversal, taking profit of 5-7 pips on 1 trade and if I've placed a second leaving that BE with say 15pip target, I tend to have a beautiful successful day. I historically screw it up by sitting in front of the computer looking for other trades in other pairs...
Sometimes it can be a good or a bad entry, the market always changes, I see that frequent tweets do away with any business ... and from what I study the price past the forex was much better than it is today.
  • #30
  • Sep 27, 2019 5:46pm Sep 27, 2019 5:46pm
My advice to you, go back to work as soon as you can.
When you see it, BET big.
  • #31
  • Sep 27, 2019 6:31pm Sep 27, 2019 6:31pm
Quoting Rennaissance
My advice to you, go back to work as soon as you can.

I've been back at work full time since April, with ongoing airbnb income. I have a very good understand of my strengths and weaknesses , and both praise and forgive myself. Forex has been a financial sting but not a disaster. I am focused on a comfortable financial future and I have no indication that will be connected to Forex, and I move forward with my head up.

I'd like to still contribute to FF because I know my story is not unusual. In fact it probably IS unusual because I have 2 other incomes that I am very appreciative of.

I read FF a fair bit, and I now have a better understanding of those here who share tales of doom and gloom, e.g. Mingary and the Forex suicide thread. I think it's important for people coming to this site with wild hopes and dreams to read about unsuccessful traders and the stress of trading . My ego is not huge, I am comfortable sharing my story... and I am philosophical about my experience. I think hearing the flip side, that FX is a zero sum game, that it affects family and mental health etc, is all very important. I totally underestimated how much changing my lifestyle to trade full time would affect me and my family. I am not a "hater", but I think it's important to voice experiences of the 95% " losers", because there will be traders having very bad days who might learn something important from me.

A long response , a general response.

Cheers h
  • #32
  • Sep 27, 2019 6:48pm Sep 27, 2019 6:48pm
Quoting hellsbells
{quote} I've been back at work full time since April, with ongoing airbnb income. I have a very good understand of my strengths and weaknesses , and both praise and forgive myself. Forex has been a financial sting but not a disaster. I am focused on a comfortable financial future and I have no indication that will be connected to Forex, and I move forward with my head up. I'd like to still contribute to FF because I know my story is not unusual. In fact it probably IS unusual because I have 2 other incomes that I am very appreciative of. I read...
over the time i have had haters helena come to my threads and then after a while i used to get cranky but from now on i will ignore strait away so they can not post , to many good traders and new traders have good intentions and want to learn and see what other traders do , when these hater start with the negatives about trading and trader do not realize what harm they are doing to good people once doubt sets in it affects how they trade , you have good people like ced74 digger1 so many to name that gives out some positive energy to help people , the haters will always have the hate and they can have it perhaps i can start a thread for the haters thread so they can go their
people leave, but this thread will go on for ever
  • #33
  • Sep 27, 2019 7:02pm Sep 27, 2019 7:02pm
Quoting Aussi
{quote} over the time i have had haters helena come to my threads and then after a while i used to get cranky but from now on i will ignore strait away so they can not post , to many good traders and new traders have good intentions and want to learn and see what other traders do , when these hater start with the negatives about trading and trader do not realize what harm they are doing to good people once doubt sets in it affects how they trade , you have good people like ced74 digger1 so many to name that gives out some positive energy to help...

Hey Dave.

Just so there's no confusion, I'm not a hater, and I certainly do believe there are plenty of profitable traders here. I guess I'm just drawing attention to the fact it can be a rough ride. I strongly dislike trolls and I suspect there are more trolls than successful traders on FF , with a while heap of traders just trying to learn . I do think a lot of negativity is tiresome, and I don't want this to be considered a negative thread. If my Forex trading is a cross country race then let's just say I have face planted a few times and might need to sit out for a bit, but I have grown immeasurably from my experience , and I still do love ( and hate) Forex, and I do see myself trading , but certainly NOT with the starry eyed aspirations I started with !!!

Best wishes
H
  • #34
  • Sep 27, 2019 7:14pm Sep 27, 2019 7:14pm
Quoting hellsbells
{quote} Hey Dave. Just so there's no confusion, I'm not a hater, and I certainly do believe there are plenty of profitable traders here. I guess I'm just drawing attention to the fact it can be a rough ride. I strongly dislike trolls and I suspect there are more trolls than successful traders on FF , with a while heap of traders just trying to learn . I do think a lot of negativity is tiresome, and I don't want this to be considered a negative thread. If my Forex trading is a cross country race then let's just say I have face planted a few times...
i understand you not a hater , but i hate what happened to you
people leave, but this thread will go on for ever
  • #35
  • Sep 27, 2019 7:36pm Sep 27, 2019 7:36pm
You have a lot of experience with all your trades, but are you keeping statistics on them or just trying to remember everything? I mean, when you win, why? When you lose, why? Write it down for awhile and look for trading patterns you can correct. Just from a few of your posts, may I recommend the following:

1. Try to remember there is always another trade, so if you miss a signal, don't worry about it or try to jump in late.
2. If you are bored with the size of your profitable trades, then look for pairs with higher ranges. You might have to alter your sleep schedule.
3. Consider a two time frame approach, if necessary. When they both agree, open a trade, if your system is capable of profiting like that. That can also give you an exit signal to help you stick with trades longer, and exit losers faster. Of course if you are trading slow motion rangy pairs, the spread will be your loss.
4. You need to be trading the appropriate time frame for a profitable range. If you are trying to trade the 1M chart, but barely making profit, then you are on the wrong time frame. You can only make money on vertical movement, so go to the time frame that your system can signal the vertical movement consistently beyond the spread.

I have no idea what you do, or why you haven't improved, but maybe these ideas might help. Good Luck.
You cannot be extraordinary by being normal
  • #36
  • Sep 27, 2019 10:41pm Sep 27, 2019 10:41pm
I've been off work trading full time trying to make a go of it but I've found a combination of skill and psychology issues has sent me back into the red so I'm going back to work, and going back to mini pips until I get my mojo back. My winning trades are 52% (too low) and my average loss trade is higher than my average win trade, plus I havent managed to get a trade to stick for greater than 12hours for weeks, so I'm going back to my shift work and back to the drawing board for now. Like a lot of people I underestimated the psychological aspect of wanting to rely on forex for daily income, I'm not ready yet but I have learnt so much. I'll still be checking in on FF , and to all the positive contributors to FF thanks so much.

 

  1. ME TOO

ado
  • #37
  • Sep 28, 2019 6:13am Sep 28, 2019 6:13am
Quoting hellsbells
{quote} When I trade only 1 or 2 trades in a session, looking for a reversal, taking profit of 5-7 pips on 1 trade and if I've placed a second leaving that BE with say 15pip target, I tend to have a beautiful successful day. I historically screw it up by sitting in front of the computer looking for other trades in other pairs ( like gold) , getting stuck with poor late entries and revenge trading. The number of times I have started with great trades and proceeded to screw it all up is...

What stops you changing that behaviour for good? Do you really want to change it?

Regards
D
  • #38
  • Sep 28, 2019 8:28am Sep 28, 2019 8:28am
Quoting hellsbells
My biggest Forex sins include : Trading too often Trading too big Taking profit too soon. I am not guilty of big draw down, but 25% success of some basic fundamentals is not enough. I have certainly learnt a LOT !!
Quoting hellsbells
I historically screw it up by sitting in front of the computer looking for other trades in other pairs ( like gold) , getting stuck with poor late entries and revenge trading.
I am glad that you confirmed some of the ol' (10) rules of trading I stick to some of them as a mantra, because otherwise we just get sucked in this very easily!
Back in the days DBFX had it on the frontpage...

What you are saying is like confirming the following rules:

  1. Failing to plan is planning to fail
  2. Do not chase the loses
  3. Learn when not to trade

Those 3 are my GOLDEN guidelines... + FOCUS...
Knew a guy that was rather good but got sucked into other "golden opportunities" and then averaged in all of them, meaning he was losing...

And I try to be FOCUSED af... I was almost 100% focused on eurusd for the last 10years... With some stocks/weather on the side (for hobby.
And recently.. tracked GOLD, BTC, OIL, NGAS, CO2!... due to STALL in fx/eurusd... But now just reducing pairs aka increasing focus...

Hope you retained some of your profits?

What sets me off is when people keep pushing for trades.. You give them "n" signals.. and they want more (higher rate of them), like its printing machines...
Or when people say "Omg, you stopped trading".. I mean why should one trade (I do not post all of my accounts, but still)... all the time... Most of the people just overtrade profits to loses eventually... It is good to be aware that the next trade could be OVER.. or the first sign of it is going to an end.. Knowing this helped me preserve much of my profits... Hope that when/if you get another 100k profits... you retain at least 30k out of it for rainy days If not 90% and play with the rest of 10%

Tnx for the wonderful story...

BTW I regret dbfx is not still around (for retail) since they got 10 wonderful/golden rules to memorise for traders The sad thing is that either people do memorise them or spent a lifetime of trials and errors to confirm/prove them... They could be wrong however

Can you afford to take that chance?
  • #39
  • Sep 28, 2019 10:18am Sep 28, 2019 10:18am
[quote=auricforecas;12529826]{quote} {quote} What you are saying is like confirming the following rules: Failing to plan is planning to fail Do not chase the loses Learn when not to trade Those 3 are my GOLDEN guidelines... + FOCUS... Knew a guy that was rather good but got sucked into other "golden opportunities" and then averaged in all of them, meaning he was losing.../quote]

That sounds familiar to me, like if I been there


I don´t remember where i saw this, but helped me a lot:

"You need to know when to trade big, when to trade small and when not to trade at all"
  • #40
  • Sep 29, 2019 4:36am Sep 29, 2019 4:36am
Quoting Casiopea
{quote} What stops you changing that behaviour for good? Do you really want to change it? Regards D

When I started trading well i did it part time and I would place a trade then leave it because I was busy etc. When I started trading full time I thought more time in front of the screen would lead to more profit which was totally false because

A) trading the 2nd half of the Asian session is a sluggish nightmare
B) the longer I sit in front of the screen the worse my trades become and I become impatient and frustrated.

So in theory being back at work with limited time and a better understanding of the markets as well as more experience things should improve. My discipline is my issue.

My issues with myself bore myself even.

Anyway good luck this week, I'm going fishing.

Cheers h
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