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  1. #1
    Junior Member Wilsonia's Avatar

    Wilsonia's BOT Diary !!!

    It's 14:49 GMT...

    logged into my account @ 06:45 GMT, and managed to lose over $100.

    That has to stop... but how...

    ok now I know...

    1. stop being greedy...
    2. be disciplined in my trading...
    3. read and learn more...
    4. kip my diary up to date everyday...

    well for now that is what I will do...

    Past problems...

    Couldn't stop trading even when I saw I was losing, kept telling myself I will win and recover the loses, well sometimes I do, but its no use because at the end of the day I lose and my account balance is getting seriously low...
    I have to determine a good time and my best pair to trade, well so far I am trading the eur/usd, usd/jpy, gpb/usd and aud/usd... that is clearly too much work for my mind to concentrate, I have to stick to at least 2 pairs, and instead of making a whole lot of trades, I have to stick to making a few trades that are well planned and executed to maximise profits and minimise loses.

    To go to BOT school and learn from scratch what this whole thing is and what its about, so to be able to make profits than loses.
    To identify my working strategy.
    To identify a pair that I am good at trading.
    To identify my suitable trading time.
    To do more of studying BOT than trading without clear knowledge of what am actually doing.

    Well with that set out, let me get to school....

  2. #2
    Veteran Member randy1953's Avatar
    good work now you know what to do. Don't get to hard with yourself most traders don't even get as far as you have.
    The key to success in this business is rock hard discipline. If you don't develop strong discipline skills you or any trader will not succeed.

    I remember a true story where a very overweight man had to lose over 200 lbs or the doctors said he would die.
    Now you would think just knowing you can die would be enough incentive to lose that weight. However this man knew himself very well and knew he needed help . So what does he do? He takes a pic of himself and makes a bunch of posters saying if you see this man eating any kind of sweets you will have a reward of $500! He then went around the town he lived in and put all the posters up.

    The end of his story he lost over 200 lbs and never once had to pay the $500.
    In a similar way we need to be like that man in our trading skills.

  3. Thanks Wilsonia thanked this post
  4. #3
    Junior Member Wilsonia's Avatar
    I just have to quit gambling and start trading. To those of you who will read this, well, there is a thin line between trading BOTS and Gambling but there is a big difference. Gambling means, you just execute trades and hope they turn out the way you predicted, when trading means, you make a trade that is analysed, and attentively looked into.

    Often times as newbies we gamble our investments away and then blame the system for our losses (well maybe I am the only one), but this usually is the problem:
    1. We are spontaneous,
    2. We lack confidence,
    3. We turn to be pessimist in our trading,
    4. We jump from one technique to another,
    5. We are very impatient; this is usually and mostly because we want money,
    6. We are constantly connected to the computer, because we think we have found a way out of our financial struggles,
    7. We are so much afraid to recognise losses; well even the most experienced traders do make losses.

    All these things have contributed greatly on my losses... but that was the last time they did...
    In a bid to try and make the system work for me, I have found one strategy that might just work for me, managing my risks is part of it, this is how I will manage my risks... By using the 5/15 rule of risk management I hope to accumulate more profits than making more losses.

    My approach to the market is now a passive than being aggressive, and the technical and fundamental analysis will be one way I will determine whether to trade or not.

    Well that is it for today... Thank you for your time. Please share with me your way to success and educational links and comments

  5. #4
    Legendry Member Okane's Avatar
    Can you share what strategy you use? Maybe something is wrong there and
    we can help make it better?
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  6. #5
    Junior Member Wilsonia's Avatar
    I trade 15minute charts, simply basing my trades on how the pair has done in the past 5 or 15mins and what is goin on or going to happen in the market that will affect that pair

  7. #6
    Junior Member Wilsonia's Avatar
    Its still a long way to go... today I learnt something different... do not be stereo typed in your trading journey, that is to say study the charts at different time frames and try to figure out its future trend.

    the more you study higher time frame charts like the 4 hour and daily, the better ‘feel’ you develop for the market because you are getting to know more about it and you can see the “bigger picture” a lot easier than you can on smaller time frames. The higher time frames carry more weight because they display more data and show more time than a smaller time frame does. If you are just studying 5 minute or 15 minute charts all the time, you are missing out on the bigger, more significant picture of the market. You’ve probably witnessed this with a long-time friend; you can almost figure out how they will react in any situation…whereas with a complete stranger whom you’ve known for only 5 or 10 minutes, this would almost be impossible; it’s obviously because you’ve had more time to study and learn about your friend.

  8. #7
    Senior Member sofaking's Avatar
    Interesting thread. I'll be following your journey. Good luck.

  9. #8
    Moderator Kolyo's Avatar
    Hey Wilsonia,

    How are you doing recently?

    You started amazing diary. Looks very fresh! I like your insides and it will be great if you keep posting
    "The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder

  10. #9
    Veteran Member Dan21's Avatar
    It is nice reading you. I'll keep an eye on your journal.

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