The Captains Chest - Naked Trading & Other Stuff

[sympathy]

EURSEK

[fiox]

Some doubts on this. It is level 4? unexpected for me

However, M on the M15, so not a good idea to enter long I think

[sympathy]

EZAR

[sympathy]

Some doubts on this. It is level 4? unexpected for me

However, M on the M15, so not a good idea to enter long I think

[sympathy]

GDKK

[sympathy]

GSEK....... GUDNIGHT GUYS

[sponn]

Thank you Captain..this is what happen when one attempt to make a picture "Perfect trade"...
A valuable lesson learned today...

We've all been there, including me, many times over. It's how we learn to not make the same mistakes in the future. Too many people fail to post their losing trades and we never get to discuss them. I wish Sponn had posted the trades that blew his account but unfortunately, he didn't so there is no way to fix that.

I have a great deal of trading experience and you know how you get that? By screwing up. You get experience from learning from your mistakes and repeating them less frequently. I say less frequently because we are all human and we will make mistakes in the future. The added experience comes when you see the same setup again and your reaction to it.

When I make I mistake, I generally throw the trade away as soon as I see my mistake. I never marry my trades and I learn to make my bad trades more profitable to me by doing this. This is some of the experience I gained from screwing up.

-CJ-

I will try to post some bad trades when I only have some time. Sorry I'm very busy with my dayjob.

Anyway I can tell tell why I blew my account:
1. Not using SL. I know that some of us are very experienced and SL is not needed. But believe me it is better to lose some pips like 20-30 even when after 31 pips move it will be great move the way you were thinking about. When you use SL you must be much more patient and precise with opening your trades.
2. I was married with my bad trades. Not using SL causing lose 50-100 pips on one trade which is uacceptable.
3. Not waiting for a price but trying to catch it. Causing some to big floating DD. Even if you miss one trade for 5 attempts it is still much better than open a trade to late and loss it when another HH or LL come.
4. Not waiting for IMPORTANT levels... ou can trade 5 or 15 mins - better entrys but ALWAYS.. ALWAYS watch 4h for S/D zones. Price will usually turnaround some pips below or over S/D zone to onfuse traders but almost never turnaround in the middle of 4H/day levels.

[forexgeeker]

Thank you Captain..this is what happen when one attempt to make a picture "Perfect trade"...
A valuable lesson learned today...

We've all been there, including me, many times over. It's how we learn to not make the same mistakes in the future. Too many people fail to post their losing trades and we never get to discuss them. I wish Sponn had posted the trades that blew his account but unfortunately, he didn't so there is no way to fix that.

I have a great deal of trading experience and you know how you get that? By screwing up. You get experience from learning from your mistakes and repeating them less frequently. I say less frequently because we are all human and we will make mistakes in the future. The added experience comes when you see the same setup again and your reaction to it.

When I make I mistake, I generally throw the trade away as soon as I see my mistake. I never marry my trades and I learn to make my bad trades more profitable to me by doing this. This is some of the experience I gained from screwing up.

-CJ-

Well said Captain..very well said... :hi:
I remember back then when I was really into 'Basket trading'...It was such an exciting day..I spend days and nights at FF studying all the basket stuff that I can get there..My chart looks extremely 'sophisticated' with all those fancy indicators and tools they've made..And yes it did works..I was able to generate hundreds of pip daily..I even left my daily job for it..
But not long..In just one night and one MISTAKE I loose everything that I've made..I remember looking at my trade in huge DD,it was a soul crushing and heartbreaking moment that I will never forget..The only strategy left for me is 'hoping'..Hoping for it to at least come back and give me a chance to get out..It was too late..
I give up forex..

But after a while,life's get boring ..I decided to comeback..I've been a member of this wonderful site for quite sometime but haven't really dig into it(which is something I regret)..I was an extreme 'basketeers' in FF back then...

And the minute I read the very first post of this thread,I was blown away...

[simcom]

GCHF

Hi sympathy

Thanks for your continued time and efforts here. Your regular charts are a great learning tool for me.

I wanted to ask when you ended up getting out of this GBPCHF trade yesterday? I was in the same trade and stupidly ended up taking some losses slightly bigger than I should have (only demo though). I think this is my main weakness at the moment; I need to close bad trades more quickly.

I don't think you use a set stop loss (?) so I wondered how far you normally let trades like this go against you before closing them out for a loss?

Thanks for your time.

[Piter80]

In last few months I tried to mapping price.And it's good.sometimes I was doing 200% of my deposit in 3-5 days,but sometimes get MC in hours.AS I pay out entire profit every week that's ok.In my short experience in mapping stuff I can say I give up for now.Will be trying on demo,but on real account I go back to counting of levels.Cause on mapping I can't find precision enter.Don't get me wrong.It's not about enter with 10pips SL,but sometimes my DD was 70% of account.In my opinion level counting it's more safety.And let my enter bigger lot size with much smaller SL.
Hope CJ will show in future some charts with mapping price.Not for copy His trades.For let me understand what I doing wrong.

All the best Guys

PS
Still expect usdjpy and usechf to fall long way down