The Legend of The Gambler - page 40
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^ I don't mind at all, Igor. I'm as much of a student of MM as anyoe else. I respect your hard work in this subject. It is intellectually stimulating, and post as much as you want.
USDJPY
Buy @ 95.54
SL @ 94.90
TP @ Open
Current Price @ 95.51
Current P/L @ -4 (not including spread)
Opened a 2nd trade on the same pair, same direction. Basically, the second leg of my trade on the pullback. Not much else to do but hope for the best.
USDJPY
Buy @ 95.26
SL @ 94.89
TP @ Open
Current Price @ 95.24
Current P/L @ -2 (not including spread)
USDJPY
Buy @ 95.54
SL @ 94.90
TP @ Open
Current Price @ 95.51
Current P/L @ -4 (not including spread)Opened a 2nd trade on the same pair, same direction. Basically, the second leg of my trade on the pullback. Not much else to do but hope for the best.
USDJPY
Buy @ 95.26
SL @ 94.89
TP @ Open
Current Price @ 95.24
Current P/L @ -2 (not including spread)Both trades hit the S/L. Both were positive for a little while, the pullback trade was actually up 50 pips at one point. Sucks. It never really took off after that.
USDJPY
Bought @ 95.54
Out @ SL
Final P/L @ -$67.44 (including spread)
USDJPY
Bought @ 95.26
Out @ SL
Final P/L @ -$38.99 (including spread)
Bummer, Kenny. I had another margin call on my account today. Intellectually I know all the rules, but when it came down to the moment, I gambled 8 times my risk limit on what I thought was a pullback after that huge upswing before the london close. It felt lousy to lose it all but I gotta believe it's just a small pothole on the yellow brick road. Live and learn, right? Now if I only had a brain!
And thanks iGoR for the pip analysis, very cool!
^ It's all about discipline.
Even if it looks like a good pullback, you have to respect the market. It will go where it wants to go, there is no magic line in the sand. You will have to preserve capital by using stops and not over-leverage. On my USDJPY trades, if the uptrend was true, I would be swimming in pips, but it broke down...and hit my stops.
I made a play and I lost, this is trading. I need enough capital to place another trade, and another and another. The statistics is in my favor (if you have a profitable edge), I just need enough sample size to make it happen.
To understand trading is to learn about mass psychology because the price will move where the majority is going. Yes, when you join too late, then that's exactly that...you're too late to the party, and the it just might reverse on you.
Logically, do you think the market cares about timeframes, or which indicator is at which level? The Market respects principles that are independent of timeframes. The high and low of the day or week is same on every time frame. The areas of heavy resistance and support because of past movements are the same in all timeframes. Etc etc.
These are the ideas that I had thought to myself when I started from scratch to try to understand the Market. I learned I don't know too much about the Market, or why it moves. I learned these principles, and I focused on them to rebuild my trading philosphy. Everyone will have different ephiphanies, these are mine.
jenofe
music n trading cool stuff
How to turn $10,000 into $0 very quickly? Simple, follow THE GAMBLER system.
Losing trades are virtually guaranteed, and a spectacular negative equity curve that will make a grown man cry like a baby. The key is cutting your winners short, and letting your losers run. If I can do it, so can you!
Well, I'll let you in on how I developed this system, it is a pure gambling, non-statistical speculative system that is based mostly on (bad) luck, revenge trading, and the principles of the legendary Kenny Rogers aka The Gambler. And obviously, we never ever trade with a stoploss or profit target. As Kenny might say, stops are for losers.
Execution, you ask? Well, it mainly consists of that (tiny) gray matter in between my ears, and a very powerful index finger developed from owning chumps on Gears of War (Etrade!).
Only after years of pounding cheap whisky to the tune of The Gambler, I was able to unlock the secrets of the mantra:
"You got to know when to hold 'em, know when to fold 'em.
Know when to walk away, and know when to run.
You never count your money, when you're sittin' at the table.
There'll be time enough for countin', when the dealin's done."
and
"The secret to survivin' is knowing what to throw away and knowing what to keep" and that "the best you can hope for is to die in your sleep".
At the conclusion of this prospectus, the investor may be overcome with the profound nature of THE GAMBLER system.
DISCLAIMER: I am not responsible for the occasional profitable side effects of this system, and no money management strategy is utilized to improve (negative) results.
So sit back and enjoy the ride down. Have a nice day!
/cue the music (~The Gambler)
- Sincerely -
JBFX THE GAMBLER,
CEO of Drawdown Inc.
Kenny Roger's #1 Fan.Music n trading seems to have a lot in common
chart patterns could be a chorus of a song
rythm could help you follow the trend
tone could determine it strength
a bang could help you pull the trigger
pips droping in with a + very melodious
GBPUSD
SELL @ 1.6709
SL @ 1.6850
TP @ 1.6509
Current Price @ 1.6715
Current P/L @ -6 (not including spread)