True
how many pips did you lose before becoming a succesful trader? 19 replies
Right Wrong Right Wrong Right Wrong 13 replies
How many real accounts have you blown before consistently making money in FX? 61 replies
How many blow-ups are necessary in order to become a pro? 23 replies
How many accounts did you blow? 13 replies
DislikedIn fairness, I think that we traders are allowed to blow some accounts. Else, how will we ever know the optimal level to trade a new strategy?Ignored
QuoteDislikedthey don't know exactly how far/when/how to push the strategy for optimal profits. Just my personal approach here.
Disliked{quote} There are countless ways to determine an optimal risk level without losing money. Do you plunge your hand into hot water to determine if its hot enough to make tea and then bask in your own silliness? {quote} You seem to think that the optimal risk level is one that purely maximizes profit. Every experienced system developer will know that bet size is one aspect you don't want to optimize with this sole intent. The optimum comes just before the precipice after which performance becomes negative. It is very clear that you understand this...Ignored
DislikedNone. That's not to say I've got a winning system. But I'm getting close. I think what new traders should focus initially is how to survive long enough not how to get rich quick (it's not going to happen). Start off with demo. If you can't learn without putting your hard earned cash on the line like many start small. You can start trading with as little as 50$ with Oanda and keep adding for every % you make. The average learning curve is anywhere from 2-5 years. This should get you through this phase without much capital loss.Ignored
Disliked{quote} There are countless ways to determine an optimal risk level without losing money. Do you plunge your hand into hot water to determine if its hot enough to make tea and then bask in your own silliness?
Actually, since a simple thermometer will give me a precise reading of temperature, a cup of hot water is a pretty bad compared to the markets.
Here, we deal with a statistical model (some you win, some you loose) instead of a precise working model.
I have to understand exactly how my strategy interacts with the underlying asset/price. This...Ignored
DislikedI blew quite a number of accounts before I got it right.When you are starting out in forex trading.You always read about all the mistakes you aren't supposed to make in forex trading like over-leverage or trading without a plan.For me,I thought I could get away with high levels of leverage and taking trades without putting any plan to it.Well,It did not take too long for me to blow my first account.After blowing several accounts,I took some time off trading to do some soul searching.I learned from my mistakes and don't use too much leverage anymore...Ignored
DislikedAs such you are simply dead wrong - the goal with all the testing is not to chase profits but rather to understand the strengths and weaknesses of the strategy so that I can understand when to try survive (minimize risks) while be be around when the profits come.Ignored
QuoteDislikedActually, I did not ask you or anyone else to do what I do - in fact, I clearly stated that this is my own ideas and my own way of achieving. I may be wrong but since I run 6 accounts and draw a wage at least 2-3 weeks (for the past 8-9 years or so) I just thought that perhaps my experience may be of help to someone out there searching for some success. In case you are wondering - every time an account doubles, I take a wage.. Even the simplest of strategies may go through a 6-12 month of testing before it will even "touch" my real accounts.
DislikedComing here after blowing my third account. I was doing just fine showing an average of 20% return each month for the last 10 months. But then i was over confident in my last trade idea. I used double even triple the position size that i should, hence the blow. I strictly know the rule that advises one to take a break from trading after a series of wins, but i let it loose,and i payed the price. PS: the feeling sucks, but it's good to read what experienced traders have to share abt this.Ignored
DislikedHow Many Account Did You Blow Before Developing A Winning System. You Can Post Your Exact NumberIgnored
DislikedHow Many Account Did You Blow Before Developing A Winning System. You Can Post Your Exact NumberIgnored