Out of the ashes..

Well a lot has certainly happened since I last posted!! Thursday was a complete meltdown on my behalf in the trading room. I had 4 losses in a row and at that point I called it quits with the trading room and the subscription service. In the fallout and aftermath I realised several things. The pressure of having to call trades and have the weight of expectations on my shoulders was simply too much.  I made 2 bad calls in the morning and I was definitely caught out by the sharp move to the downside. If I had persevered the rest of the day would have been fine. Reading over a few transcripts in the room it became clear people were unhappy with how things were going. I even read someone had lost 6 weeks worth of profits in a single morning. Quite how that can happen I’m not too sure since I recommended no more than 2% risk but what’s done is done.However over the weekend I’ve had a lot of time to think and stew over what happened. I have decided to stop being active on FXTT and my trading room. I believe the guys are carrying on with the trading room as it has a good mixture of people there. I am going to be concentrating solely on my trading. A very kind, generous person has stepped forward and we are now working together to make a better future for the both of us. I owe it to him and myself to keep all of my energy and focus on making that happen.

On a positive note I have come to a solution as to how others can use my trades to make some pips and enable me to focus on my own trading without worrying about what others think. I have been running a demo account for over 5 weeks now with trades that I take everyday. My idea is to keep running it and use Zulutrade to monitor my progress. I’ve mentioned Zulutrade before and I think now is the time to move forward with the idea. The benefits are multiple. It’s free for people to use and it really does show whether or not a trader is profitable or not. I have also linked my account with myfxbook. I feel myfxbook offers a greater insight into a trader’s style and success. The number of stats available are fantastic. 

So despite an awful day on Thursday which actually wasn’t that awful when the dust settled, the cloud certainly has a silver lining. I want to continue with my blog as it really is a help to get things off my chest when times get tough. I’ve added the live link to myfxbook so readers can see an instant update of how things are going.

I’ll make a more detailed post about Zulutrade tomorrow and how it can work.

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    • kevin
    • November 23rd, 2009

    well done D, you’re good at this stuff. If you cant make it there’s no hope for the rest of us.Main thing is stay happy and relaxed.

    • highpoint
    • November 23rd, 2009

    Hey DT, market corrections happen all of the time and we simply experienced a drawdown. I can understand why you felt under pressure and the general chaos of the chat might have detracted from your focus and making the right calls at the time, I don’t know, but none of this invalidates your methods; if there was ever a system that was 100% successful then the markets would collapse in a blink.

    I think perhaps it’s not right that the ‘group’ relies so much on you and maybe it would be good, when the time is right, for you to re-engage on a more passive basis.

    Hang in there and take it all one step at a time. I think I speak for many in saying that we want to see you back in the team.

    • dave
    • November 24th, 2009

    John
    Nice to see you back, raring to go.When will your Zulutrading system be going live.Could you keep me posted.Look forward.

    Cheers
    Dave

    • stevetrade
    • November 24th, 2009

    Good to hear you’ve not thrown the towel in completely John, hang on in there. You have lots of good ideas.

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