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Overly confident and lack of experience

 
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snakeydirtycreek

Overly confident and lack of experience

Today I feel like “Beep” the clam must have felt, that lived to be 704 years old, when the scientists killed him to find out how old it was.

 

I became a “Silver I” member the (the day after my birthday) 4th of April and was given a new account of $10,000. Wow! I thought currency trading is a piece of cake! I'll be finishing Silver I by the end of the week and will be starting Silver II. By Wednesday the 6th, I had built up my account to $10,030 and was on cloud 10! And then I hit the wall. Two trades called “15-5-6” and “25-5-24” respectively ate my lunch.

 

I crashed. I lost about 450 pips. Everything I did was wrong. Thing is I really had to work hard to lose that much in under two days. Boy is hindsight good and terrible. The should-a, would-a, could-a's are running rampid through my mind.

 

Only caveat is that I live in East Mesa, Arizona; its early Sunday morning. The sun is coming up—it rained last night, the air is fresh and the birds are singing and I'm on my second cup of coffee. But you know what ---I STILL HAVE THOSE TWO TRADES TO MAKE OR WIN!! I HATE TO LOSE!!

 

I would sure love to hear from those of you who have successfully accomplished these two trades and tell me how you did it. It would really be nice to be funded, but only to win not to LOSE.

 

P.S.

Pls call me “Eric”. That's what all of my friends call me. My Mom called me “Johnnie” when I was in trouble. I'll not tell you what they called me in the military service.

 

My email is: snakeydirtycreek@hotmail.com

Thx

Eric

Sun, 04/10/2016 - 10:32am
 
hakchinoy

The easiest way to accomplish the “25-5-24” task is to do the following: 1) select a pair with ATR(H4)>=25 pips, 2) place 5 buys and 5 sells (a total of 10 trades) on that pair, and 3) hold those trades for at least 24 hours. By the time that 24 hours period concludes, either the buys or sells should have accumulated at least 25 pips. If so, then close out (or flatten) all of the orders. If not, then wait until either the 5 buys or 5 sells have accumulated at least 25 pips, and close out all of the orders.

 
meliplumbing

That is how I did it! good luck

 
newoptions

Hi Eric

What hakchinoy said is the easiest way to do it (but perhaps not following the intention of this target).

I actually looked on the daily for the strongest trend I could see and placed 5 trades on that with 2xATR(D) stop. They were up 75 pips each next day so I thought I would just leave them to hit 100 (this trading is soo easy!!). But they then started falling and I only just got out in time with 25 on each.

Bill

 
Trader-Gator

@newoptions and Eric: It's true that what hac suggested may not be the intention of this target. But I believe another purpose behind BEELINE is to expose us to thinking of a variety of ways to (for lack of better words) "beat the system"... forcing us to look at different ways to make the tools we have work in our favor. One doesn't have to like those techniques, but it's good to know they are there. From what I can tell, hac is an experienced trader who gets the job done. And in my opinion..... That's all that matters.

 
flashingpips

find some good long term trades on friday..use a micro and hold it over the weekend and use a big stop...the small lot size allows a big drawdown even if your timing is off for the trending move or you hit an corrective wave

 
alan_6

Hi Eric,

I have sister that just moved from Tempe to Mesa. Also I bought my plane at Falcon Field. Should be flying out there sometime this summer.

Alan,

 
hakchinoy

Bill, FYI, Curtis explained in one of his classes (several weeks ago) that the Beeline challenges were designed to help encourage some critical thinking regarding one's trading. Also, he explicitly stated that he used EXACTLY the same approach to accomplish that task--even though he also is a good long-term trader.

 
Man of Time

Don't get discouraged by the hoops you have to jump thru in Silver, Silver 2 is the worst for that...

 
snakeydirtycreek

hakchinoy, meliplumbing, newoptions, trader-gator, flashing pips, alan_6, Man of Time:

I thank and appreciate each and everyone of you for your help!! I used your suggestions and this morning (Monday), my 15-5-60 trade had successfully closed and the 25-5-24 is looking good and should close after 10 PM tonight. After reading some of your profiles; I am going to expand upon mine. It looks like we have a lot of things in common.

Thanks again for your help.

Sincerely,
Eric

 
briano

Eric,

It may be too late to tell you but all that you really have to do is do the 25-5-24 trades and if they are successful then they will automatically fulfill the 15-5-60 trades.