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From woohoo to boohoo

 
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Fbchao808

From woohoo to boohoo

Had a tough week so far: 500+ pips win and 250 pips loss days. Definitely no longer consistent. 211 trades win/ loss ratio: 55:45%, not so good either. Some would think that I am still profitable. But since I'd foolishly experimented trades with lot size from micro to mini, in/ between or had up to 20 positions opened at times. As a result, I now have average win/ loss:$ -.87 and -$50 account balance within past two days.
I primarily traded Sidney, Tokyo & later part of NY market hours due to time zine difference with EUR/USD, USD/JPY & USD/CAD. But traded London market mostly this week, which is more volatile. It certainly hurt more since didn't safe guard for yesterdays USD/JPY 57pips surged within minute.
Scalping, breakout, PC, TC & basically traded with naked chart. Above all errors, I think that I'd better start from scratch (with -$50) back to micro lot size. Change loss/ profit risk ratio to 1:2.5 or 1:3. Also followed my latest trade plan & slowly recovering.
I was going to complete all Gold 2 requirements yesterday. Big learning curve hiccups ! However, lessons learned, definitely most beneficial now than later. Time to re- test strategy & face my trading demon. Any feedback, suggestion and help will be greatly appreciated. Please feel free post or message me. Thanks very much in advance.

Wed, 05/04/2016 - 3:35pm
 
briano

It seems to me that it would be very difficult to manage 20 positions at the same time.
It's not a good idea to do any experimenting in your Gold account. That is what the simulated account is for.

 
hakchinoy

I think you're being harder on yourself than you need to be. Sure, you had a couple off days, and made a few mistakes, but that's part of growing.

Please keep in mind that a 55% win-rate doesn't necessarily have to be a bad thing. As long as you are structuring your trades with at least a 1:1 reward:risk ratio, your system still could yield a positive expectancy even with a 51% win-rate. Sometimes we encounter market conditions that would cause our systems to yield several losers in a row (LIARs). That doesn't make you a bad or inconsistent trader, and it doesn't mean that your system is broken.

I also primarily trade during the Asian session and secondarily during part of the London session (especially the part that overlaps the NY morning session). So understand first-hand what you experienced while trading during the London session. :) I experienced that same eye-opening experience awhile ago, and I learned how to adapt the techniques that I honed during the Asian session for trading during the London (and NY) session.

While it's good to experiment with larger positions, you might want to run some tests with them in a "sandbox" demo account--before trading with them in your primary Gold level account. That way you can take your lumps without backtracking. Nevertheless, I acknowledge your "hiccups" going from micro to mini lots, and I experienced the same thing in my own transition. Yet, I got the hang of trading with mini lots somewhere between my 3rd and 10th attempts.

 
Fbchao808

Thanks very much hakchinoy,

For your positive input and encouragement. My biggest challenge currently is that I temp. lost confidence as a newbie.
I'd 791 practice trades over the past 90 days. Win/loss overall- 73:27. Yet I hardly traded other than micro lots. Its an adjustment itself from a $10k to $1K demo account. This week I traded mixed lots, the losers are mostly larger models. So its a typical trouble of many small wins and just few big losses put me in the hole.

briano, yes agreed. Since we cant close partial trade and I also didn't want to have larger lot sizes per trade and used up sum of .2 lot, I opened multiple stacking positions in intervals. 20 opened positions were on three currency pairs. Each pair had 2- 3 buy stops and or sell stops. It works fine except when encountered extreme volatile market conditions- gone opposite directions erratically.

On the other hand, the other mistake was when my account started gone into red. I up the lot size. Assuming it's easier to win 3 pips than 30 pips. Thinking it would lower the risk. Not necessarily so as I learned. Other errors: when I changed computer, typed a space too many on code- stop loss variable(enable_ _stoploss) I'd 13 open positions at the time then was disconnected from Alveo server for hours during the early EST of 5/3. We all know what could happened then- if the trade goes against, the profit/ loss ratio is off. Made the matter worse, I had another typo mistake subsequently: typed a "0"(100) too many on code instead of 10 pips SL. Luckily I caught it soon/ didn't create more drama. Even though I'd just returned from a trip, jet legs with 18 hrs time difference. It's no excuse and fruit for thought for me is even small mistakes can cost big.

I'd already loss 3.86% of my account. Instead of risking a losing streak to put me over 5% limit. I figure that I'd better regroup & wait another few hours start over the day new. Never the less, shall I trade same size lot, so the average profit: loss wont be lop sided again ?

 
hakchinoy

Sounds like you went on a nice trip. :)

I trade using dynamic position sizing, so each of my trades might have different position sizes. Yet, I'm only willing to risk a fixed percentage of equity per trade. So even though my position sizes might differ, the amount that I'm putting at risk remains the same. Additionally, I prefer to structure my trades with at least 1:1 reward:risk, so that plus my dynamic position sizing help to prevent lopsided losses. :)

Although "small mistakes can cost big", small strides also can win big. :)

 
Fbchao808

I c, it helps a lot/ thanks again.

 
FxSuperstar

Sounds like your on the right track as far as knowing the changes you need to make for the most part. I do wish you all the best you become a successful trader someday soon its just hard for you right now so hang in there you will be glad that you did.

 
FxSuperstar

Sounds like your on the right track as far as knowing the changes you need to make for the most part. I do wish you all the best you become a successful trader someday soon its just hard for you right now so hang in there you will be glad that you did.

 
Fbchao808

Thanks FxSuperstar 4 ur words of encouragement. I needed & really appreciate it. All the best !
My trade result had gone from not so good to worse- from tiny profit to lost over 11% of my account. It's all because I got inpatient, wanted to be funded quickly, lost discipline and ignored my own trade plan. So I took a break. Getting ready to be at it again.

 
hakchinoy

Sometimes it's good to step away; doing so can help one to gain perspective. I've done that too with my own trading: I forced myself to not trade for a few weeks, and focused on reading/marking-up charts. Doing so helped me immensely with improving my skills in reading PA in real-time--especially on lower TF charts.

 
FXGold54

Yup, every once in awhile you need to take a step back so you can take 2 or 3 forward

Allen

 
Fbchao808

hakchinoy and Allen, thanks very much for your input. I'll remember.

 
4xNorm

bchao you can do it! anyone who made it to Gold2 is capable of getting thru it. You just need to reflect and figure what you did different so that you don'y do it again ( too often ) I have had similar days and usually the following days are better because I get more cautious. You are only a few steps from the finish line................C'mon grab my hand and cross the line.

 
Fbchao808

4xNorm thank you so much/ will do. Your comment certainly puts air into my deflated balloon.

 
chaffcombe17

bchao! Wow! that was an frantic read! :-) Have things settled down yet? How are you doing now?

 
Fbchao808

Slowly recovering !

 
FXGold54

bchao,

Trading is a progression and you will have your down times but Norm is correct, if you can made to Gold II, you are a good trader :)

btw, what is the available internet speed on and Ohau and Kauai, if you know?

Thanks,

Allen

 
Fbchao808

Thanks Allen for your kind words,
Depending on part of the islands. On Oahu: Hawaiian Tele Com has up to 1Gb/ 100Mbpc & TWC up to 300/20Mbpc plans. On Kauai H.Tel only has up to 15/1Mbpc not so sure how fast TWC can offer. I'll be on a contract in Kauai weekly next month. Will check with friends.
I used to have H. Tel. However, the max speed in my neighborhood was a pity 7/1Mbpc. I now have a TWC 100/10 Mbpc plan. It supposed to be 110+/ 11+Mbpc But most typically 80-90/ 11-12 Mbpc.

 
FXGold54

Bchao;

Thanks for the info. I am planning an extended stay and am concerned about internet speed.

Allen

 
fayfussell

Bchao,
Please stop beating up on yourself. The market will do what its going to do no matter what you do. On the days that you think you are messing up-so what there is always tomorrow. Have patience -if you can get to gold 11-give yourself a pat on the back. Trading is not easy just hang in and everythig will be allright.

 
Fbchao808

Thank u fayfussell, Will take an easy. Plan my trade/ trade my plan.

 
dawie.ans

Bchao, Thanks for the gutsy sharing of your Boo-hoo experience. I have done a similar thing TODAY...got myself in a huge drawdown and now have to wait on the sideline for a month!!! Better sort this discipline thing before gold level. And use the time studying and sharpening other skills.
May things go smoothly for you from here!

 
kbeach01

I have really blown some trades this week so I will probably sit on my hands the rest of the week.

 
Fbchao808

Thanks dawie.ans & kbeach01 4 the input. Time 2 go back 2 school than busy trading.