Eric Alyea
Master Sergeant
- Messages
- 363
Reality check
Reality check:nerd:
OK, let’s stop and do a reality check here.
First of all, Thank you, "RahmanSL" for taking interest and getting down to numbers. I love numbers.
Second, “Zen Trading” and my weekly notes on it is a “DEMO TRADE”. No way am I capable of doing that with real money “yet”(give me another year or less).
I have to see if I can patch together the quote’s/notes from previous post’s to make some sense of things. I have failed at that in the past and I am improving, hopefully.
For right now I know how to copy and paste (permalink) {I will get with Pharaoh and the Ass. Mod. to educate my self on better posting this week}
I am a Data Collector/Recon/Researcher I find my own and others weaknesses, don’t get in my cross hairs, Nuff Said.
{this is were it get's weird I have to look at and edit what comes up. The current....."What I really wanted to say... “ has changed. Ever said the wrong word to a woman and it took 3 days to edit and prove the reality of what you really meant but were not the lawyer to know how to????
(things below this will be edited and the time/date will be put here:
posted @ : 12:11 3-7-10
last edited @ :23:30 3-7-10
From memory the starting balance on my Oanda demo account that I use for “Zen Trading” was $100,007.61. But, for the proveable EUR/USD $100,361.03 @ February 19 10:00:16 2010 EST.
Fat fingering (buying a roll ball add on for a laptop rather than then using push/sense pad will save money by eliminating mistakes) is one of the reasons for the “Zen Trading” exercise. Finding out how you “fat finger” and hit the wrong, Buy/Sell isw a check list documentation problem, and the real practice of trading. “Pulling the Trigger” right time, right place, no mistake’s. This is the crux of why most beginning traders fail, no or incorrect practice which equates to improper entry and the giving up.
Reality check:nerd:
OK, let’s stop and do a reality check here.
First of all, Thank you, "RahmanSL" for taking interest and getting down to numbers. I love numbers.
Second, “Zen Trading” and my weekly notes on it is a “DEMO TRADE”. No way am I capable of doing that with real money “yet”(give me another year or less).
I have to see if I can patch together the quote’s/notes from previous post’s to make some sense of things. I have failed at that in the past and I am improving, hopefully.
For right now I know how to copy and paste (permalink) {I will get with Pharaoh and the Ass. Mod. to educate my self on better posting this week}
I am a Data Collector/Recon/Researcher I find my own and others weaknesses, don’t get in my cross hairs, Nuff Said.
{this is were it get's weird I have to look at and edit what comes up. The current....."What I really wanted to say... “ has changed. Ever said the wrong word to a woman and it took 3 days to edit and prove the reality of what you really meant but were not the lawyer to know how to????
(things below this will be edited and the time/date will be put here:
posted @ : 12:11 3-7-10
last edited @ :23:30 3-7-10
Eric, I am following your journal with fascination..and your logic for NOT setting SL, and using margin call in place, makes perfect sense to me. Good work!
“11:04 all my trades are closed, stopping at Balance $108,020.89”
This was from your starting account of usd100,372.87; right?
From memory the starting balance on my Oanda demo account that I use for “Zen Trading” was $100,007.61. But, for the proveable EUR/USD $100,361.03 @ February 19 10:00:16 2010 EST.
{edited}
As I posted in another tread, I have started my “trading strategy” Demo account, basing my “buy” and “sell’ on I, 5, 15, 30 minutes charts.
{edited}
I have lost money on 3 positions mainly due to pushing the wrong button. Instead of “Buy”, I entered “Sell”.
On two positions I wanted to open, I pointed the cursor in the “Close” trade…twice…and ended unintentionally closing two opened positions with usd136.03 & 145.14 loss each. This taught me never to “pop-up” a window from already opened positions as this type of mistakes can and do happen.
I do not set “Stop loss” anymore as I have read, and concur, your comments and from elsewhere the logic of being “closed out” with just a couple pips from market reversal due to preset SL. But I make sure there is plenty of “Free margin” to prevent “forced closure” of positions due to insufficient funds.
Here is a “funny” incident in my trade recently.
As I mentioned above, I opened two positions by mistake (i.e. I meant to open with “Buy” but entered “Sell”).
For the better part of the week, I was debating whether to close both positions as I was over usd2k in losses in these 2 positions. But I did not close them because I had plenty of “Free margin” and I thought I would ride the losses until Friday 5-Mar-2010 and then close them before the market ends, hoping by that time my losses would be reduced due to market reversal.
As you can see, the market did reverse and I quickly closed one position with a usd36.02 loss, but couldn’t get myself to close out that larger loss just yet. However, when I finally decided to take my loss to close out that position, I was largely surprised that instead of a loss, that position showed a usd598.43 profit. Needless to say, I immediately closed it.
{edited}
Fat fingering (buying a roll ball add on for a laptop rather than then using push/sense pad will save money by eliminating mistakes) is one of the reasons for the “Zen Trading” exercise. Finding out how you “fat finger” and hit the wrong, Buy/Sell isw a check list documentation problem, and the real practice of trading. “Pulling the Trigger” right time, right place, no mistake’s. This is the crux of why most beginning traders fail, no or incorrect practice which equates to improper entry and the giving up.
Last edited: