Just Me,Myself & I

[babasemi]

Two important things to remember
1) Your going to have losing trades in Forex , if you have not succumb to that reality yet then you got a long way to go. Every trading loses and wins but ultimately its the numbers that talk. You have to win more than you lose in order to move ahead. So don’t think your going to win each trade every time. If you lose its ok , move on to the next trade .
2) Have a set amount on how much your willing to lose per trade. For example i’m going to lose X percent max on each trade. Dont go for the one shot do or die type trades.

We always jump towards the winning and take profit but never the stop loss. Every trader needs to ask him/herself … how much am I willing to lose. Its a tough question to ask , naturally as humans we don’t like to lose and we will do whatever it takes to win. This mentality will end in your complete demise in Forex and your money just padding the brokers pockets.

We need a risk plan as much as trading plan. You need to know your threshold for pain and when your going to call yourself wrong. I can’t begin to tell you how many times I’ve seen Forex Traders especially a lot of new folks just keep buying into a falling market thinking it will rebound. They reach the point where the margin call wipes out what little balance they had left. Don’t be one of those traders that just doesn’t know when to give up.

[babasemi]

Some currency pairs are more predictable than others.

AUD/USD
EUR/GBP
NZD/USD
EUR/USD
USD/CHF

More predictable currency pairs are currency pairs that “play by the rules” of technical anlysis. For example, if there’s a distinct resistance line or support line, than the pair will usually bounce when getting to close. Or, if this pair crosses the line, it does it “big time”, and makes a big move.
Unpredictable currency pairs tend to be hesitant, suddenly surprise and are hard to analyze. They make traders suffer.
The USD/JPY to be the worst.

[babasemi]

Hi Mates,
Everyone talks about discipline,in forex trading.Because it is very important and one of the most important.
If you look at it in general terms,We need discipline in every facet of our lives,without it there won't be arrangement or organisation or method.i.e everything will be disorganised or incoherent,therefore chaos.
Coming back the issue of my post.
This week as been a good week for traders here( piphut ),but Thursday (21/05) was one of those bad days that you wish never happened.(all traders dread such day).
The trend was down as usual on EUR/USD,as it as been for about 2 months,due to Greece/Europe problems,Then suddenly there was Greek bailout fund released,Then the trend was up,SL was been triggered here and there.This was not helped by bad fundys data coming from USA.
I left two positions open hopping that the trend will reverse soon,thereby also adjusting my SL to accommodate the up trend,which never came until Friday (22/05/),in by which time my account had been wiped out.
An account of little over $5000.00 was reduced to $250.00.and then to $15.00
The lesson learnt here is this: always maintain discipline in trading,if i had been disciplined,i would have OBEYED my SL and then get back in whenever i see the trend reverse and if no reversal occurred,i stayed out and would have just a little lose and thereby save my account.
I decided not to refund the account,i wanna try and build it up again with good MM and Discipline.

Cheers.

[efeguy]

from ur name i think you are from Nigeria.

are you saying you lost 5000usd in a week?what lotsize did you use.

money management is very important in forex trade,for 5000usd what u suppose to have use is 0.1,with a maximum of 3 trades .

well so sorry for your loss.

[babasemi]

Yea ..efeguy.. i am from Nigeria.
If you read my post well,you will see the reason why it happened.
How is your trade doing,i hope you are making the pips.

Cheers.

[babasemi]

I made 10% of my account today between first 2 hrs of London trade opening.
Although i didn't follow Marks signal ( piphut ),i just did this on my own with my own strategies.
But funny enough,i lost it again due to no fault of mine,my internet connection went off for like 6 hrs after placing a trade before placing a sl or tp.
This i have added to part of my trading lesson or knowledge,there are some unforeseen circumstances which we don't have control over, which we need to also always put into consideration.
Tomorrow by God's grace,i shall try to trade both mark and my system together and see how it goes.

cheers.

[efeguy]

ps take it easy,netwrk is realy a problem in nigeria.

try and follow mark signal,and develop ur system cause it every important.

for me i trade support and resistant level and pick 50usd daily,bt d day i lose or dnt pick i thank GOD.

MM very important.

[babasemi]

Hi Efe,

Sorry i need to let you know a certain info,the $5,000,00 i said i lost was in Demo account not Real account,.
God forbid i loose that kind of money.It is only people like Mark that could do that easily.
I pray i get to that point of been able to loose that without bathing an eye.

Yesterday i followed marks signal and my own.
I made some success of both,but still discipline got the better of me.Gave most of it back again,due to crazy lot size and crazy leverage.
Lessons:
a)Small leverage is good.
b)Don't need to take all trade i see.
c)Don't trade when you are emotionally troubled
d)Don't trade out of boredom
e)One pip is better than zero pip.

[babasemi]

Arrived at a decision today of trades i will be taking.i.e

a)EUR/USD
b)EUR/GBP
c)AUD/USD
d)NZD/USD
e)USD/CHF

I am getting the hang of drawing the trend lines and knowing the most important candles e.g ( Hammer & shooting star)
Also getting good confirm from D/4H & 1H.
I was one of the people who thought i could be making $10,000 daily in Forex,but how wrong i was.
Although,not that it is impossibly,but it is a hell of a hard work.
Another thing learnt in order to be successful in forex is to make this a business and not JUST a HOBBY.

[babasemi]

This is just a test.
Lets see how it goes.

Cheers.