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CAN I TURN $2K TO 30000K (DUE DATA: 12/30/2010)
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Created: by nhtngn85 Attachments:7

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CAN I TURN $2K TO 30000K (DUE DATA: 12/30/2010)

  #11 (permalink)
Elite Member
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Hi
Given that you are trading live here I assume you have calculated that you have a market edge. How did you work out that you have an edge?

thanks

Lindsay

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  #12 (permalink)
Market Wizard
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nhtngn85 View Post
i know my english is bad, but i will try my best to detail all the trade that i take. First it will help me about psychology part. Because i know since the day i start trading i didnt apply money management, i didn't trust myself,. worst part is i didn't tell my self the true about trading. So today is the day for change because from yesterday i know i have to do it now or i will lost my last 2k. i already lost 170 out of 2k but i know what i did wrong, and i record it and memorized with so it wont happen again.

Time to change you Mr Nhat. i did to many things wrong, you learn about it but u never avoid it.

Things need to change:
- never move your stop.
- Never go against the market trend in each section according to you intermarket analysis indicator.
- Do not look for home run, get your daily target goal done and call it a day.
- Do not try to get revenge from market.

Are you telling yourself the truth now though?

$2k -> $30k in 12 months is setting yourself up for failure.

Let's take trader1 & trader2.
Trader 1 starts with $2k & sets himself the goal of making $10 per day. Some days he exceeds this and makes $30 a day - for this he gives himself a pat on the back and is fairly relaxed.
Trader 2 starts with $2k & sets himself the goal of making $100 per day. Some days he misses this and makes $30 a day - for this he trawls over his charts, pulls his hair out and gets stressed wondering where he is going wrong.

Both traders make the same amount of money. Trader 2 ends up making mistakes to trawl back his lost profits.

Trader 2 is only aiming for $25k in 12 months. You are aiming for a lot more. You are guaranteeing your own failure with this goal. You are going to build up a lot of negative emotional capital with each day that you trade where you miss your daily contribution to the $30k.

More than likely - your account balance will be zero in 3 months unless you change this aspect.

This is harsh I know but it's inevitable if you approach it in this way.

Now - if your goal was to follow your plan as best you could and you rewarded yourself for that - you would be in a different position entirely when it came to handling negative performance.

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  #13 (permalink)
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DionysusToast View Post
Are you telling yourself the truth now though?

$2k -> $30k in 12 months is setting yourself up for failure.

Let's take trader1 & trader2.
Trader 1 starts with $2k & sets himself the goal of making $10 per day. Some days he exceeds this and makes $30 a day - for this he gives himself a pat on the back and is fairly relaxed.
Trader 2 starts with $2k & sets himself the goal of making $100 per day. Some days he misses this and makes $30 a day - for this he trawls over his charts, pulls his hair out and gets stressed wondering where he is going wrong.

Both traders make the same amount of money. Trader 2 ends up making mistakes to trawl back his lost profits.

Trader 2 is only aiming for $25k in 12 months. You are aiming for a lot more. You are guaranteeing your own failure with this goal. You are going to build up a lot of negative emotional capital with each day that you trade where you miss your daily contribution to the $30k.

More than likely - your account balance will be zero in 3 months unless you change this aspect.

This is harsh I know but it's inevitable if you approach it in this way.

Now - if your goal was to follow your plan as best you could and you rewarded yourself for that - you would be in a different position entirely when it came to handling negative performance.

Thanks man. My Goals is not about making money from the market right now because my engineer salary enough for me to live a decent life in a small town. Maybe you are right. Maybe i have a plan but that is not a realistic plan. Time for change maybe. i know i have an edge in the market, i know i have a trader personalities. i think i need to do a mediation and think about what u said here. again thanks a lot.

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  #14 (permalink)
Market Wizard
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nhtngn85 View Post
Thanks man. My Goals is not about making money from the market right now because my engineer salary enough for me to live a decent life in a small town. Maybe you are right. Maybe i have a plan but that is not a realistic plan. Time for change maybe. i know i have an edge in the market, i know i have a trader personalities. i think i need to do a mediation and think about what u said here. again thanks a lot.



Your first trade lost $300 which happened because you broke your own rules.

In terms of dollars - how many dollars would you have lost if you didn't move the stop?

Let's say you had an account with someone like Oanda and could bet any size, then you set your size so that your stop loss would be a maximum loss of $20. How likely would you be to move it? Probably very unlikley, right?

I'd hazard a guess that your position size is too big.

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  #15 (permalink)
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DionysusToast View Post
Your first trade lost $300 which happened because you broke your own rules.

In terms of dollars - how many dollars would you have lost if you didn't move the stop?

Let's say you had an account with someone like Oanda and could bet any size, then you set your size so that your stop loss would be a maximum loss of $20. How likely would you be to move it? Probably very unlikley, right?

I'd hazard a guess that your position size is too big.

i agreed man. Its all fix now. was reading Mike's psychology and money management journal last weenkend. It complete change my view about trading. Everything will change from this new weekend. Thank so much for your input man.
If u read my trade journal a lot . please point about if you see anything wrong. thnx

NHAT

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  #16 (permalink)
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3/21/2011 first trade.

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  #17 (permalink)
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From now on . i would love to change this title of this journal to " HOW LONG WILL I SURVIVE WHICH 2K ACCOUNT".

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  #18 (permalink)
Market Wizard
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Breakouts are a very tough game to play.

Getting in on retracements is mentally tougher at the point of entry - you are going long after price has gone down BUT after entry they are mentally easier as you are either out or it goes your way.
With breakouts, the chances are you have to sit through a mentally challenging retracement shortly after you get in.
With retracements - you probably can get to 1 target if the market reverses at the last swing high. With breakouts, you may be buying at the reversal point.

One of the best things I have on my charts are these turqoise lines...

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The lines simply plot 10 ticks above and 10 ticks below current price. This is my maximum stop loss on an ES trade. In the above picture, the higher line is already on the last swing high, so a double-top would stop me out. This is enough to keep me out of a short trade - the stop is not in a decent place. Put that on your breakout trades and your stops will be in the middle of swings, a dreadful place for them - OR your stops will be huge.

Just a thought....

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  #19 (permalink)
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A better technique IMHO if you trade break outs is to wait for an pullback during the break out and then entering in the direction of the breakout after closing of the bar in the direction of the breakout (so after that pullback is finished)

you will miss some of the break outs but you will increase your profitable trades.

I described it before here :

https://futures.io/forex-currency-trading/6356-new-trading-start-forex.html#post72940

and especially here :

https://futures.io/forex-currency-trading/6356-new-trading-start-forex.html#post76454

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  #20 (permalink)
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i do agreed man. my hr shift 1 hr foward so i trade before london open today. break rule #1.
Also yeah u right about retracement. that what i felt too. my inner told me to get out that trade because it i had a feeling i made a bad choice, but i didnt i got stop out instead.Also i noticed i didnt even have any set up (well intermarket was ok for me togo long) but there was no actual renko set up. but i didnt i got stop out instead. well lesson learned.

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