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Newly funded blunders to avoid!

 
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borkyork

Newly funded blunders to avoid!

Hi everyone,

I just want to share a painful and embarrassing mistake. 

I've been funded for just less than 4 days.  Man I got excited!  I followed my strategies to a T for the past several weeks and I knew I had a winning combination to keep going.  So I kept going with my strategy. 

My first trades were fantastic.  Tuesday evening my trades went from 1-2% profitable to 6%.  I hit all my exit criteria and left the day with a nice profit.  Well above my 5% target per week.  Then... I got stupid.

"Let's ignore my 5% target.  There's still half a week left I can get more profits out of this!"

So I followed my strategy again except this time I was 100% about where the markets were heading.  So I traded again for the same amount in the same direction for each trade.  "How stupid!" you might say?  Well, yes, I agree with you.  I lost all those trades and eventually triggered the max 5% loss.  I gained less than .3% in total on the account and I'm locked out for the rest of this week basically. 

Blunders and remedies:

1. When you hit your target... STOP!  Nothing good is going to come from this.  You achieved your goal... what are you trying to achieve now?

2.  100% is a term only used in sales papers.  It's not a real thing.

3.  Don't change what you did to get here.  If you're consistently profitable until now... you're doing something right.  Why change?

I hope this helps someone NOT embarass themselves and makes someone even more profitable. 

Thanks,
Brandon

________________________________

"Only an idiot quotes themselves online."  - Me

Thu, 08/16/2018 - 1:14pm
 
kevin.m.reid

Sorry about your misfortune. Look at it as a lesson and learn from it. Do that and you will be climbing the funding levels quickly.

Good luck.

 
EPena

Oh, boy, I have been there too, felt the pain, learned a lot but We all are humans, don't beat yourself up. Things will come around.

 
borkyork

Thanks gentlemen! I think I can get over this. I just didn't want to keep my hard lesson to myself in case it helps someone else out.
Thanks again and happy trading!

 
mfergok

Brandon, thanks for sharing and for this reminder. Most of us have done something similar (I'm nearing expert level, lol).

Congratulations on being profitable for the week. Take the opportunity to review your rules and look forward to a fresh week! Just a suggestion: If you hit your target for the week, consider closing down your live account and 'practice' if you MUST trade. Or, go work on the hobby/pursuit you prefer not trading related. Anything to keep those well-earned pips IN YOUR account! I look forward to hearing about your success.

 
crgsmth60

I am not funded yet due to this same situation in Gold 2. This seems to be an issue for others beyond myself. I have commited to not repeating that same pattern which will enable me to finish Gold 2 and fund. Thanks for the post, its actually nice to see I am not the only one.

 
Norma Jenner

Brandon....perfect picture. lol

Actually it sounds as if you will be just fine and more

 
KevinBanks

Remember slow and steady when you are newly funded, with micro lots.

 
N. Mendez

Thank you I will be considerate of this when I reach Gold.

 
edbernard

Brandon, thanks for sharing. I happened to have watched a segment on Getting Funded given by Ron the Risk Manager at this weeks Summit. He reported that it is not unusual that when a successful trader gets funded everything seems to fall apart.

The first reason is it is tough to go from a $10K Demo account to a $1K and subsequently $2.5K Level 1 Funded account. At the $1K funded level 0.01 lot sizes should be the norm. There is a bit more latitude at the $2.5K level. The biggest mistake newly minted funded members make is in using larger lot sizes and setting SL levels that sometimes exceed the 2% per trade level. The second reason is newly funded traders try to make more money than they should at these levels. It is more productive to make small amounts profit regularly than to risk making more and bowing ones account.

I could relate big time. Since being funded I lost a lot and still clawing my way back up. I reached the abyss by drawing my account down by $1000. I am now at just over $800. My progress is slow and steady upwards. My goal is to get back to $2500 within two months. It is tough at the moment while the markets are moving sideways. I am not a scapler at heart so I need those high pip movements. I will survive and thrive as I want those big accounts where you can make money on just few pips a day gain that can be achieved with very low risk trades.

Joyous trading!

 
LKSL

On the contrary, I think the biggest mistake they're making is not proving on their simulated account they have a consistent strategy yet.

Funded account is like a driving license, it's a privilege not a right. It reminds me of the Sheriff at Sea-Tac airport that tried to fly a plane and never took training prior to. He died, of course.

http://www.foxnews.com/travel/2018/08/11/airline-reports-stolen-aircraft...

So plane (;D) and simple. Cause of failure: use the simulation account, after you know how to fly, use the real account.

 
froggy

@borkyork,

Thanks for the warning! Are you still using your Simple Strategy (HMA200) Swing?

 
gman2000

@ Smith Lord. I agree 100%.

I feel too many "new bees" are too focused on getting a funded account.

My recommendation is stay in the pre-funded accounts for a long time, go slow and take your time developing a solid strategy.
Then test it over a few months at different session times. (Personally - I forced myself to stay in my practice account for an extra 6 months, because I knew in my "gut" that I wasn't ready to "go into the deep end of the pool"!)

The goal is to develop skills that will help you "survive" and "thrive" in all market conditions. Too many times I have made a lot of pips during a strong higher timeframe trend but I didn't know what to do when the trend was over. So I got crushed!!

My key point is don't rush through the training. Focus on developing skills that tell you "when to trade" and when to "sit-on-your-hands"!

All the Best,
Gman

 
PAWaver

Properly compute the risk per trade including the overall RISK of ALL OPEN POSITIONS. Keep it well below 2% all the time. This is the number 1 mistake of new traders. They forgot to compute risk properly!

Example, EURUSD: if you have your SL at 24 pips then make sure to not open more than 8 positions at the same time to keep the overall risk below the 2% mark.

Take note risk per trade varies dependent on the distance of your entry point and SL.

Here, you can use this online calculator to properly compute the risk: https://www.myfxbook.com/forex-calculators/position-size

Capture.JPG
 
skido61

Thanks for sharing your experience with the bee. This will help those of us coming behind to take caution. Wishing you more pips to your wallet.

 
presven

I use 30% leverage for a start. will go higher in later stages

 
malvers

Thanks for the reminder! From my experience I understand
why, but the lesson stays with us, and that's a good thing!
Much Appreciated

 
vesskrastev

"To go from being a net loosing trader to a consistently profitable one, we need to set ourselves achievable TARGETS OF BEHAVIOR."

The article below is from Alan, a trader from Great Britain. Anyone who reads it all the way (it is slightly over 2 pages) will know immediately that it desribes a true story, not just one of these "inspirational" articles that flood the internet. The title of the article is very catchy on its own. Alan is brutally honest and gives us his solution of the problem - in order to move from losing to consistently profitable traders we need to set ourselves achievable targets of behavior. I have heard of all kinds of targets, but this is the first time I heard about a target of behavior - and it has to be measurable and achievable. I agree that the target of behavior is the most important target (all that Alan describes relates perfectly to me). If we are determined and driven, we will achieve our targets, on the condition that we stick psychologically to the proper targets of behavior.

AttachmentSize
What I learnt losing GBP 60,000 my first year as a full time trader.docx 16.65 KB
 
huntb44

excellent article, thanks for downloading it.

 
jrrkkh

Thanks for all the reminders to watch out for. I will be at gold 2 starting monday.

 
kbrown

Thanks for posting Alan's paper vesskrastev

I think we all have a similar challenge, to except the loss and stop. I find it very hard to book a loss and just stop trading.

 
borkyork

Those of you who think I booked it through the beeline without a good strategy... in all of your expert opinions, can you please elaborate on how you determined that my strategy and length of time in the beeline is the problem when I specifically was talking about the psychology change of going from a simulated account to a funded account? Also, how do you practice that psychological shift in a simulated account? I'm curious to see your responses. Note my #3 point to help facilitate your answer.

@Froggy, yes I am though with my trades I'm only risking a maximum of 3% of my account and .5% per trade; so I do not open more than 6 trades to start the week. As my trades go profitable, I'm moving my existing trades to B/E and open other trades as they trigger my entry. Have you been using it in your demo account?

@vess, apologies, I got lazy when spelling your username. That's a great article and well written. I do not believe it pertains to me in this situation but I do find it helpful. Thank you!

 
kevyb777

Thank you for the advice. I have just been funded today and this advice is so valuable because I know how easy it is to bend your own rules and get carried away in the moment. I hope you get back on track soon and good luck.

 
vesskrastev

@ kbrown

If I had, just like Alan, avoided the 10 biggest losing days, I would have been funded at least couple of months ago. BUT.... I would have missed a few very important lessons. And by missing these lessons, I would have repeated these same mistakes in the funded account.

The interesting thing is that the reason for allowing these big losses seems to change. At the beginning it was simply the psychological refusal to accept a loss. It took a lot of time and a lot of painful drops in the value of my account, but it seems that I am finally over that. Now the reason for the current big losses is again my impatience. After learning about something new I don't take the time to learn it in details, but start trading right away, and on my main account. Of course, I would miss a lot of important details, and that would result in a gradually increasing loss, but based on the study materials I would expect that to become a winning trade (it is so important to remember that even the best system at the best execution would never give 100% wins and that occasional losses are absolutely unavoidable and we have to learn to accept them AND TO LIMIT THEM!). So now I allow the loss to become really big because I don't trust my own evaluation of the situation and rely on somebody elses. Of course, there is nothing wrong with their advice (advices), but they have to be interpreted for the current situation. That is where I am not ready, but I proceed in a hurry, and I even allow myself sometimes to modify the rules (mostly out of greed). That is exactly what Alan talks about - an improper behavior. Nevertheless the main reason for my current big losses is improper technical knowledge and bad execution (luckily the simple unwillingness to accept a loss is mostly defeated).

I am trying to figure out what would be the maximum permissible daily loss for me. In Gold 2 the size of the account is $1,000, but mine is already quite below that. Seems to me a maximum loss of $10 per day would be reasonable, but I would like to keep it less than $10 and to allow the maximum ($10) only for the cases of some setups that require bigger stop losses.

 
LKSL

AW webinars don't work on android, whatcha gonna do...

 
Cashbox

BorkYork, you're way ahead of the pack. Nicely learned, nicely done. You'll be moved to $2,500 after week 2 because they will love how you learned quickly and recovered not by revenge trading, but by following your process.

I learned the same lesson last week in the live summit fund. Now I'm trading my process again and will be fine.

Congrats on messing up...it's how we learn and now you'll be hugely successful!

 
rubedog151

I feel you I got funded got my first bump and then I froze my account basically the same mistakes you made now I'm inching it back to recovery

 
cruising4pips

Well as someone who has been in your shoes I know exactly how you feel. I attended the Live Summit last week and during the summit we were able to trade the live accounts and I was doing great, hit my goal etc., Then i decided to trade at a time that I normally don't trade, lost some trades on swings (due to low market volume) got angry so I risked more and .....well let's say I didn't impress anyone at the end of the seminar with my overtrading/revenge trading......

HOWEVER, all is not lost.

Motivation from meeting fellow traders and simple little tips - keeping my hand OFF the mouse when going thru the charts. Among other things will, in my opinion, help me to overcome the psychological barriers and just be 'happy' with my goals.

 
timintuit

Now that I have hit the gold level it seems that I have also hit a pip ceiling. I'm just staying exactly the same treading water. What else did you learn at the summit? Was it worth going?

 
mackmack

A lot of great information in this thread.

As traders, I think it's important to be reminded from time to time that we never stop learning and growing. I have learned the hard way that just when I think I have it figured out, I get humbled by being knocked back down a few pegs.

The best we can do when we are disappointed is to learn from our mistakes instead of becoming disillusioned.

 
juangerick

I've been there too..part of the process..let's just keep moving forward...

 
baggiobaerman

Thanks for sharing. Like others I have hit my goal for the day early with the market behaving quite ideally only to keep on trading more and end up losing my shirt for the day as the market decided to get its revenge on me. I finally have learned my lesson and instead of losing my shirt I trade my demo accounts for the rest of the day working on my weaknesses. I also have been burned many of times by getting close to my goal for the day say like at 0.99% for the day with my goal being 1.0% thinking it is no problem to fulfill my perfectionist urges of getting that extra 0.01% only to end up in negative territory for the day. So I have learned to semi-satisfy that urge by getting that extra percent in a demo account. Like all good traders we learn from our mistakes and keep on adapting.

 
vesskrastev

Borkyork, I agree that Alan's article does not apply to your situation. I believe there were some comments about behavior and I was commenting on them. With my long answer to Kbrown I seem to be moving even further away from your point. Please excuse me, that was not my intention.

Vess

 
sriharipr

Good discussion and inputs. Thank you Bees.

 
borkyork

No worries V, I think it was a valuable contribution regardless of my original statements. Thanks for the courtesy!

 
charanjit18

Very helpful.Thanks for sharing.

 
palmahollowell

I just made Gold 2.

 
Schavez

I'm so sorry borkyork. It's hard not to try for more when you've done well. I mean what if you're in a good zone and you continue earning. Did they tell Michael Jordan to stop at 20 points because he reached his goal? Good thing he ignored them during the five games he scored 60 points.

 
andersondalee

I am glad you admit to your own mistakes and not just blame the system. I had been working in Silver 2 foreevveerr it seemed as I would try different strategies to get to my goal of 5 trades profitable per day for 5 days. I would work out the channels and breakouts but nothing seemed to be consistent. Finally sticking to the breakout system I completed the goal.

Looking forward to being funded like you and working on the trading to make a living.

 
herculesnigel

Hi guys

I can say developing the skills like everything is the key and pratice will make things clearer. In my case i found it good to take a pair and make it your own like a person you have intress in.

NIGEL

 
devrichards

Rule #1, Never think about the money.

I know that probably the most fun you can have in trading is to take a great day or week you've just had, and project those returns into the future as your brilliant trades stack up and your funding level gets bumped again and again in record time. These are happy thoughts but they foster overconfidence that will *always* get you in trouble.

So my advice is to never, ever, never think about the money. Practicing this good mental hygiene will enable you to trade small and like it, to forget about the account balance and focus on positive expectancy and other unexciting statistical facts.

 
Dan G

Rule#1 So True.

I am having the same struggles with funding. I get over confident and try bolder I strategies. rying to mirror Shawn and then letting my loses get out of control. I just had 5% draw down.

I'm trying to keep my strategy the same and only adding one minor change at a time per 100 trades.

Some how in a funded account I get my eyes on the $$$ and my emotions get involved.

 
piplayer53

Well, it has finally happened. I just became a funded trader. This article caught my attention and it is a good lesson to remember.

 
borkyork

Excellent work piplayer53! Now the hard work begins.
I'm glad it caught your attention... my hope is that this post has saved at least one person from doing what I did.

 
r-decker

Thank you all for sharing in this thread. Some really, really great lessons here.

 
Rookie

Please read or listen to "Millionaire Traders" it will abundantly drive home the lessons that may not be so clear that we are taught every day at Apiary. And especially after you have been funded and suspended!

 
Gypsum Capital

Agreed, very interesting thread with many perspectives

 
skw57

Very informative comments, thank you.

 
FX Money

Very Helpful.

 
TraderHewitt

This, what devrichards said, Rule #1, Never think about the money.

Also, I know everyone has a different opinion, its what I love about trading, but ...

>> 1. When you hit your target... STOP! Nothing good is going to come from this. You achieved your goal... what are you trying to achieve now?

I personally feel having a fixed target for a day/week/month will hurt you in the _long run_

I think people coming from a working background like this idea, you got paid a fixed amount per day in your job, and making a set amount in trading satisfies that "mindset".

But trading doesn't work that way, its a numbers game, where you build your "targets" over time, and average of trades, I post this link again: http://yourtradingcoach.com/trading-business/this-is-not-a-game-of-winni... (or every week if you trade longer)

This _one_ time you were up and then had bad run, but what if the week continued to be great, and you ended up 10%??

But, imagine if you have a week and stop at 5%. Then next week you have a bad one, and just manage to grind out a break-even. It happens. But now over two weeks, your average profit is only 2.5% a week.

I.e. every time you potentially cut off your good weeks, the loosing weeks will bring you average right down over time.

The market has no memory, and it does not punish for you strings of good trades, each trade (in the general case) is an independent event, and I feel one should just trades ones edge and let the odds play out over time (that is, I know it intellectually but also battle sometimes to keep doing on a day where I start up in fear of giving it back).

What is interesting however if people happily cut of their winning days (made 10 pips today, must stop trading), but they don't cut their loosing days, they just keep at it.

 
andrewaranda77

I started writing down my entry and exit plan on paper and being patient enough to stick with what I put down.

 
yourontheball

Thats for the heads up and i have gone back in to make a second trade after i have had a win and nine times out of ten
the trade goes against you so if you have had a win
leave it at that and you will be better in the long run
I heard once there is always another day to trade and that is so true
Happy trading to all

 
tabitha.hodge66

Thanks for sharing and I hear you loud and clear. I think the best way to combat this is to always remember what you did to get funded and always use a position size calculator of some sort to ensure you are using proper money management and reward/risk ratio. Happy trading and thanks again for sharing.

 
dutch322

This article has been very enlightening. I will now have a daily limit loss and use this to help build my confidence and to help me become a better loser.

 
cdowis

>>Did they tell Michael Jordan to stop at 20 points

OK, but I am not Michael Jordan.
I agree a goal limit may not make sense for Shawn, but I am not there yet.

 
rsbrady67

My biggest blunder to avoid is the rules. I need to stick to the rules or no trade.

 
curt_3

Of course, always follow the rules you have set. When I don't, I lose most of the time. Adjusting the stop loss to more loss is a big to avoid at all costs. I figure to let it stop out and get back in at the lower point if I think it is a worthy trade.

 
burton

lovin this post borkyork...

"Don't change what you did to get here."

each new level will present new opportunities to learn. sounds like you are handling it well.

congrats on being funded. =)

 
DJ FONO

Great post! I feel your pain and have learned greatly from my mistakes.
I think we all have seen profits come and go like the wind. I have to be careful not to get "over-confident". If that sensation comes over me, I have to step away from the computer and do something else for a few until I cool down.

I agree with @rsbrady67, my biggest blunder is to stray away from my rules.

 
huntb44

Borkyyork the big mistake I think you made is to ever think you know where the market is headed. Unless you can be in the heads of 3000 other traders we, none of us, do not ever know what the next 5 seconds brings much less the next hour. Sounds like you know what your doing. Just do your trade methodically and precisely. You will be fine. Cheers

 
alvarezstorm22

Don't beat yourself up. We are all learning from our mistakes.

Happy trading!!!

 
cdowis

Listen to Shawn as he evaluates where the market is going, in an uncertain market. Very interesting.

He was frequently switching sides.

As Todd famously said, "I've learned how to be a good loser."

 
karen.hopson

Thanks for sharing, I will heed your advice!

 
Paul H

Rule #1 Never think about the money

"devrichards" I agree with you 100% on this one. I just got to Gold 1 $10000 simulated account and have decided to trade it like a $1000 account.

The benefits I see in doing this are:

1. There is nothing mentioned about achieving $ amounts in the Stats for Gold one. Its all about win/loss and profit loss ratios and expectancy and not exceeding 2% etc.

2.. Apiary risk managers are looking for traders who wont lose the funds money and consistently risk manage their accounts well. I believe this should be our priority in achieving funding and for the rest of our trading days.

3. With .01 lot size it would take a bad situation to seriously damage a $10000 account. I seriously damaged my Silver 1 account to the tune of $2000 in the first week by trying to prove I could make money by using larger lot sizes (higher risk profile). It only took a streak of 8 losses. I spent the rest of silver on microlots and just focussed on trading without the pressure of big losses.

4. I get satisfaction when my stats look good, and when my account is in good shape. (Im working on the stats but my account is still in pretty good shape)

5. If I am fortunate enough to get a $!000 account I am used to setting my trades and stop losses etc for that amount.

Some great stuff on this thread.

Thanks for sharing

 
TraderHewitt

Paul,

I think your comments are right on the money, no pun intended!

Was also going to post to say that no-where in Beeline does returns on your account matter, only positive pips/$ or stats.

I think brokers in general (and here) give by default very large demo accounts so traders get a false sense of security and don't feel the impact of their loses so much (i.e. are more keen to steam into a live account). Myself, when I have tried something I always opened a demo account the same size as my live, i.e. if I was going to deposit $500 then I would open a $500 demo. That way you feel the pain quicker.

I feel Apiary should have done the same, and given $1000 accounts throughout. Lots of people seem to be posting the suddenly struggle with the 10x drop in account size, seems like something they should fix in beeline if they are keen to get people funded.

That said of course, as there is no requirement in beeline to make a % return, there is no reason ever in beeline to ever trade more than 0.01 per trade.

 
JT888

Lot of good advices from actual experiences.. Experience is the best teacher and I am very happy to learn from the experiences you've shared. Happy trading.

 
Paul H

TraderHewitt

Thanks. Couldn't agree more.

We cant expect to get to big accounts unless we can prove ourselves on smaller ones.

Wish you well in your trading success

 
Rookie

@trader, the reason Apiary provides 10K accounts for all the early trading sessions is to get folks to trade, get the general hang of it and then in Gold the focus switches to $$$ and yes any folks like myself have had a very hard time with the 10K to 1K transition.

 
mjtallo

We have all had bad experiences. The lesson to be learned is what did we gain from the experience?

 
cbnCallout

I'm using the10,000 account to my advantage. What is the advantage? Practice, practice and more practice. Trust me when I say you can not get the practice needed to perfect your style with a 1,000 account.

I'm hanging out in Gold 1 until I know who I am as a trader and what is my true style.

 
burton

"Practice, practice and more practice." ...exactly

 
GMoney

Sounded painful but thanks for sharing.

 
Pips for Profit

The thing about losses.....is it is IMPOSSIBLE to be a successful trader without them!! Like a business owner, (actually this is our business) it is the cost of doing business. If we are trading a good strategy with an edge, and we know that over several trades the probability is in our favor...than we know that over time we will be profitable. Do we know if the next trade will be a "looser" or "winner"? NO!! Do we have to know?.....NO!! All we know is that just like the casino, the odds are in our favor and over the course of several trades....we will be profitable over all. How do we feel when there is a loosing trade? Are we disappointed? Even if we are trading a strategy that is 80% winners, we still will have 2 loosing trades every 10. Losses are the cost of doing business. We need to trade every signal realizing that not every trade will be a winner.....and that is perfectly ok. This makes us available in the market to lock in the 8 winners that makes us profitable. A loss means that we are that much closer to having another winner. Happy trading!!

 
arete07@gmail.com

I really feel sorry for you, though I bet you won't forget this lesson, in a way it's good that this happens in the beginning than later in your trading career.
That is a warning to all of us, funding shouldn't be the main objective rather acquiring the skills to stay funded should be the main objective.
Thank you for sharing

 
gssmither

Just like you are doing courtney16601, I held myself back on purpose in Gold I to identify my "demons" that prevented me executing my trade plan and how to manage them. By the end of Silver III, I made sure my trade plan was solidified - no more looking at other "strategies" or "systems". I already had that and now needed to work on psychology. In Gold II I worked on sharpening my "edge".

 
AJBells45

Thanks to all who have posted. Great thread.

 
borkyork

Update:

First of all, congrats to everyone who become funded between my last update and now. Well done!

Now, it's been 8 months since my blunder happened.

In the past 8 months, here is what happened and the specifics around them without breaking any rules:

1. I have lost about 66% of my account 8 months ago
2. I've kept my exit strategies the same but I've changed my entry strategies which has kept me out of trades that I have had ZERO business being in
3. I'm back to sitting at 75% of my starting point
4. This means I gained 237% of my account from its lowest point.

How did I go from so low to almost a decent balance? To be completely honest, I became apathetic to my trades. I really had no real actual faith in ever getting to a paycheck. So, I traded to "get my money's worth" out of the technology fee. "Maybe I'll learn something" I said to myself. Making money back was actually out of my head. Even more amazingly, this was exactly what I needed.

The difference in my trading; I have become VERY good at being methodical. I have almost all but removed emotion from my trades. Until recently, I didn't even look at my account balance. I just traded my strategy. My surprise when I saw my account level today was a pretty good one; not because of the value but because I saw my approach working. It actually, truly works.

No, I'm not back to my starting point... but dollar by dollar, I'm winning my personal battle. I have refined my strategy to adjust to the market. My anti-strategy is working just as much as my go-to strategy. I have developed a relatively easy way to determine when the market likes my strategy or likes my other strategy and I'm finding a nice balance to make the market happy with me.

Am I breaking any speed records for profit accumulation? No, but I don't care... that's not why I'm here. I have not been suspended, I have not been disabled and I have constant improvement for 8 solid months. I want to continue that streak.

I'm not here to brag. I'm here to show you that even if you wipe out most of your account... you can still do this. Buckle up and dig in. Not all is lost and you will find a way. I'm not out of the clearing yet but I believe if I stick to my system, I will recover. You can do it too.

 
bull4229

Hi Brandon,

Thank you so much for the update. It is encouraging and inspiring. I'm impressed with your honesty and commitment to yourself and the hive. It sounds like you have really found your stride.

Happy Trading!

Candice

 
Rookie

@borkyork, great post, way to go, Congrats
a real inspiration to all beeliners!

 
burton

borkyork, here's to the journey. =)

 
twbrown

I did the exact same thing. A long string of wins and good profit and a lot of week left. Boom. Fortunately, my big drop was followed by a nice profit. I learned from my mistake just as you have. No harm in that. You know you learn more from mistakes than successes.

 
luvbliss

Borkyork Great going! All the best.

 
neinth

I seem to have gone downhill since I was funded

 
caflischmartin

perfect
great to read this

 
caflischmartin

TraderHewitt
There are pros and cons about a daily/weekly/monthly target.
It definitely helps to be more consistent having a target
It aso helps a lot to train discipline,knowing you can stop at any time and you are able to to that and you
will do it also.
You get out of the hassle of "I missed this move/I could have made xx amount "etcetc
wich is very harmful for the mindset and focus.
Going ABOVE the target leaving your system is of no use at all !
Also there is the temptation of using bigger position because there is the plus percentage as a buffer,wich can cause you to end up with a loss or a minus 2%stop risk.
Of course when you see a set up and according to the rules ,there is no reason why not to go ahead and make more.
The down side of a daily target is it puts pressure to reach it,and when the market is not able to give ,there is no way to get it out of the market.
And also what you mentioned already,it limits your performance unneccessarily.

 
skucchal

I am truly recognizing the value of finding a trading style that suits one's lifestyle. In the early days, one could sit on the PC 24x7 clearing up beeline tasks and feel good. Once funded, I quickly saw that if I had to be doing this day-in and day-out..scalping was just not going to be my thing...I like travelling and wish to trade no more than a couple of hours every day. However, early days in Gold 3 were tempting me to trade 24x7 and suddenly life wasn't fun anymore.

There is a Golden opportunity in the early days of Gold 3, to bed a strategy down that blends in with our personal life. I also realized the value of diversification - sometimes, a trading strategy is fine, but the pair just doesn't move for reasons beyond our control. So it has helped me to apply my strategy across multiple pairs (I now trade 3 pairs at a time vs just 1 pair earlier).

In the process I made the mistake of not monitoring my risk....using 1-click trading, I allocated 3% to 2 pairs and got hit with my 5% account limit. Now, I allocate 1% to each pair, and allocate an additional 1% for the times that I am sitting on a session to scalp & trade. That way my risk allocation stays within the overall account limit. I've also started to use emotitags to tell me which of my trades are long term, and which ones are short term (those that I must close off before I get off my computer).

Once this process is perfected, and it blends in well with one's lifestyle, it should make money - consistently - over time - and monthly targets and balances at the end of every 20th should lose their significance. Those are just the mechanics. You just take what the market gives you - sometimes more than we can hope for (we CAN dream), sometimes just what we expect (which is great), and sometimes a slap across the face (which is inevitable - but we must reflect - either we goofed up, or the market was just in a bad mood - but the strategy should not change every time we get slapped).

And that is the fun of this journey....in theory at least.....Lets see how it pans out..

Great Thread!!!!

 
CharlieY

I just got into Gold 3 last week. The realization I got from Gold 2 was trading a $1000 account was quite a bit different from trading the $10000 account. Also up to this point beeline did not require me to grow the account just meet the requirements. I got into a hole in Gold 2 and it took me 5 months to get my stats to where they needed to be to advance even thow the account still was down $150. As I enter Gold 3 I am taking less trades and adding to positions when I find myself on the right side of the trade. Most of my trading is overnight, I work during the day so scalping really isn't an option. I am in no hurry to grow the account significantly, just trying to make small wins. So far so good, but it has only been 10 days.

 
superwordstar

Great job. Once you learn that you can comeback, your trading will improve because you will sustain a no fear confidence. Naturally, you need to be systematic and process oriented and review your trades to improve, but you are on track...

 
burton

CharlieY, congrats, on g3 =)

 
chevbel

That is a great view point. I will have to give it a try. Thank you so much

 
chevbel

That is a great view point. I will have to give it a try. Thank you so much

 
prosperalways

Hi all I have just graduated to Gold 2. I am certainly looking forward to learning from you all.

 
dudeschini01

Good thread with many good points. I disagree with people who say once you hit your goal you should stop trading and there is nothing more to gain. If you are following your rules and not changing your mind set , have a good feel for price cycle why stop? Maybe a more reasonable explanation to stop is that the extra trading might be putting you later in a session where the opportunities for success have changed. This is where keeping a good trading journal can come in handy.

 
amllagroup

Thank you all for very good points, and I truly appreciate the open honesty of the Hive!

In the beginning it felt like I wasn't exposing my strategy to all market sessions so trading the H4 has now allowed me to check my charts at a minimum every 4 hours. My goal is to build an account that can allow trading the D1 chart, and checking at a minimum once per day.

I also wan't to make sure I tried my system on all major pairs. Now I monitor 20 pairs for specific setups (14 of which are the most traded pairs for 2019). My more rigid entry filters have slowed down entry executions while leveling off the losses relative to the gains. Only time will tell what the market will give me but I refuse to allow greed to take over! Even with a couple losing days this week, (1 day over -100 pips) I was able to net gain over +300 pips with no threat to risk violations. I always have SL's &TP's active on my chart at all times. My 1-click is set at 1.75%R, 0.01Q, 75SL, and 75TP. Each trade begins with two 0.01 lots adding one more if I get a 50%MAE early before breakeven.

I wish us all a great trading week!

 
cccjam2000

Best advise: I also need to learn.SIT ON YOUR HANDS and let the trade come to you.

 
mgerch

Great advice as I creep closer to Gold Level 1. I appreciate the insight.

 
hjagne

Amen! lol, I had a similar thing happen to me today. I followed my strategy to the teeth and placed my trades last might before going to bed. I work up with a handsome 98 pips. Funny enough i keep telling myself "do not be greedy, get out of Alveo and let the market settle before you get back in". But ! i broke my own rule and defy my instincts. In my eyes the market was looking good and i was sure i could bring my pips above 100, "What for? i was already at 98pips". Greed took me over and i placed a trade. At first i was lucky and i went up to 114pips "now its looking good and i found my magic wand". I doubled down and place two more trades, HAHA! the devil said "gotcha". I left to help my daughter get ready for school. When i came back, "Yep! you guess right, I was down to 30pips, HAHAHA!. Lesson "1.THE MARKET DOES NOT CARE WHAT YOU THINK, 2. DO NOT BE GREEDY, TAKE YOUR WINNINGS AND CALL IT A DAY, TOMORROW IS ANOTHER DAY".

 
steven.k.davis

thank for the insight!!