The Legend of The Gambler - page 15

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I am on my vacation, and I get an email from InterbankFX questioning my recent request to open a secondary account under my main account. They have some questions regarding the difference between my main account and this potential secondary account strategies. Hmm.

I don't really understand why the 20 questions because my strategies are none of their business in my opinion. I told them that I was putting in new funds, so I'm disappointed in how they treated my request. I have been with them from their small beginnings in Utah. I traded emails with their CEO Todd when I had problems back in the day. I participated in their monthly contests back in 2005. And I have referred many people to them through the years, and most likely, generated thousands of dollars worth of spread to them.

Now my request is routed to their compliance department, and I'll get a decision by 48 hours.

I'm not a happy customer.

Has InterbankFX gotten too big now that they don't even care about having new deposits and taking care of their long time clients who stuck with them from the beginning?

I'm hoping they do the right thing, and let me have my secondary account to trade my other strategies.

 

I got a confirmation from IBFX that they will open the additional account, and I'm content with the response. I'm probably not going to fund it until next year.

And I will probably not trade significantly for the rest of this year, and I'm currently reviewing my accounts and plans. I think I've spent way too much time on this journal, and not enough time on my trading. I will probably cut the chatter way down from now on, and re-focus back onto my trading. I will try to post a weekly result of my 4 accounts.

I will also be swapping around the strategies on each account after spending some down time this Christmas to figure out what I want to do.

Already in my mind, I will cut way back on my bet size, and be much more conservative with my money management. After analyzing my trades and strategy, I've been way too aggressive in my trades this year, and using too much leverage. I will fix and correct that for next year.

See yall next year.

 

hi

hi KR,

Thanks for posting your thread here We would like to know your trading result in the next year , hope it will be better than this year

Happy New Year

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Forex Indicators Collection

 

Watching the market today is like watching the paint dry.

All of the bankers are on Holiday vacation, and the market is fairly dead.

I guess I have some free time to discuss trading. This forum lacks much of the desire to understand the market concepts to become profitable (as evident by the sheer number of requests for EAs instead of intelligent conversations about trading).

Here is my advice to all traders, price action and a couple hand drawn lines are the only thing you need to trade successfully. Just like in a stock market, just go with the flow, buy when the market is going up and sell when the market is going down. Yes, it is that easy. Get the F out when you are wrong and stop trading for the day...yes...the market will be there tomorrow. Do you really need a laggy indicator derived from price? Look at the previous S/R areas because that is where the bulls and bears will meet to do battle (pretty good places to put your TP). Draw a couple lines through the S/R zones, and a couple trendlines off the peaks/dips for channel surfing. That's it. Don't make trading so complicated that you have analysis paralysis. Money management is fairly simple. Cut your losers early and let your winners run, basically the same as having a good Reward to Risk ratio. If you can pyramid into your winners (while managing your risk), you can really bring home the bacon on a break away trend while limiting your downside.

If you study new trader behavior, all of the discipline and principles above is the exact opposite of a new trader. They want to be proven right by locking in their small profits, while letting their losers grow larger because their laggy indicators is tell them the market is just about to reverse. Then they compound the problem by cost averaging as the trade is going against them. New traders often have multiple indicators to "filter out" bad trades, which often filters out the few good breakaway trend trade as well.

Oh, and Have a Merry Christmas.

 

To continue with my previous post about trading.

Stops are for (mostly) losers.

That is because many traders don't know how to use stops properly. Stops are often placed a fixed value pips away from their entry. Think about it, does that even make any sense? I usually don't bother with a stop, but if I do place a stop, I put them at a place where I know that my initial trend determination is incorrect. Logical places are usually below or above S/R levels and other peaks/dips/ranges. And usually, those are places where I reverse my trades anyways.

 

I would share my views on pyramiding, but I don't think many people on this forum would understand or benefit from it anyways.

Pyramiding may seem aggressive for even seasoned traders, but that is because they are only focused on the the pyramiding aspect of it. If you do it right, it is the exact same risk taken as the initial trade. Obviously, the win rate is much lower because you are betting on a trend with smaller pullbacks.

 
Kenny Rogers:
Stops are for (mostly) losers.

One day I will remind you with your statement, been there did that and ego will come at a high cost

 
MiniMe:
One day I will remind you with your statement, been there did that and ego will come at a high cost

I just love Mr. Rogers statement it's like seat belts, they are for people who can't drive. This type of thinking can only end one way.

When you open a trade the first thing you should think about is how much am I willing to lose on this trade. Get into this mind set and see how your trading will be transformed.

 

Do your risk analysis BEFORE you enter the trade. That is actually the more advanced mindset to transform your trading. You should not enter a trade if you don't know what you are risking relative to the rewards already.

I don't think there is any part of my ego involved in this. I'm merely sharing some of the old timer knowledge that I had extracted from successful traders in the Equity/Futures game. You don't have to agree with this. I've traded for over a decade, and it is evident to me now the errors of my ways, and that trading is an evolution of phases. I didn't always agree with what I had just posted either (I couldn't have), but the market is a relentless and unsympathetic teacher.

And I guess that's all I want to say about that.

 

In the past I used to believe that a trader shouldn't use a SL , I did well for a while, then I ran out of luck

Its a learning curve and I would hate to see you lose money to learn the importance of a SL

wish you all the best in your trades

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