Confessions of a CRAP Trader

July 30, 2008 at 12:25 pm Leave a comment

By FX Insights mistymtntop

Confessions of a CRAP Trader

OK, got to get this off my chest………………

Have to confess some errors I’ve made trading, maybe someone else will benefit from what I have to say here, cause I sure didn’t.

Ever been upside down in a trade and unable to kill it or even hedge it ’cause you “knew” it just couldn’t keep on going up (or down) until you have so little usable margin, you can’t even hedge it?

Ever had so many trades going at once that you couldn’t keep track of them all?

Ever had so many indicators and lines on the chart you couldn’t see the candles?

Ever closed a loser that, had you just waited 5 more minutes, would have been in profit?

Ever had a mental stop you didn’t execute while the price whizzed by so fast you got whiplash?

Ever changed a take profit for “just a couple more pips” because you figured the momentum would take you there, and it then it retraced right where the original take profit was, leaving you upside down instead?

Ever get so pissed off that you are stomping around the room, hitting walls and kicking furniture?

Ever got so loud and mad at the damn market that the wife AND dog ran out of the house in opposite directions?

Ever get so negative in your account that you threw up?

Ever hold a bathroom call to the point of going in your pants because you just couldn’t leave the trade station?

Ever sold at the bottom and bought at the top over and over?

Ever had a 2000+ pip hedge?

Ever had to call your one-time client and good buddy to tell him you lost his entire account?

Ever had a two month losing streak where EVERY trade goes wrong?

Ever set an alert and gone to bed, only to wake up having the alert time out after 1000 signals, and the account M/C’ed because of it?

Ever failed to take off a hedge at the right price out of fear that the market would continue moving against you if you did, and then it didn’t?

Ever felt like “a deer in the headlights”?

Are there “buttons” on your platform that you don’t know what they do?

Ever borrowed money to trade with and lose it ALL in a month?

Ever had a workable system, tried and true, that you failed to follow and lost money?

Ever been so cocky that you were convinced you could never lose?

Ever hit the wrong button and instantly lose $10,000?

Ever thought you were trading E/U and it was U/Chf intead?

Well, I have done all the above, and some more I can’t even remember, and yes; there is a moral in here somewhere.

It may appear counter-intuitve, but whatever you do, don’t stop trading and learning; if any of the above ever has or will happen to you, now you know you are not the only one!

At this point in my trading career I have no idea what else could possibly happen, but if it ever does I’ll be sure to put it in here!

As you can see from the above, it has been a long, trying, expensive experience but the lessons I have learned are NOT easily forgotten.

You might be wondering how anybody could posibly be so stupid, fearful and greedy to have committed all these sins- well I’ll tell you:

It was easy!!!! 

The best possible advice I can give here is to have a workable trading plan, and NEVER, NEVER EVER feel that you can violate your rules without dire consequences as the guaranteed result EVERY time!

Please, please read; no pour over the data here that Cisco and the Team are so graciously sharing with us. It is priceless, and the ONLY method that actually works.

One last confession: I spent $7500 on my first Forex course, and learned NONE of what is taught here, I wish there had been an FXI way back then; but, then I wouldn’t have all these great yarns to tell you, would I?

A once upon a time Crap Trader

Advertisements

Entry filed under: Uncategorized. Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , .

The Mental Battle… Margin/Risk Management/Keeping Profits

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Trackback this post  |  Subscribe to the comments via RSS Feed


Feeds

Blog Stats

  • 4,208 hits

Recent Posts


%d bloggers like this: