Difficulties.

Trading continues to be difficult for me with any gains quickly wiped out putting me in a loss for the day for each day this week. I’m definitely noticing that I’m exiting trades in poor positions; I’m exiting profitable trades too early and letting bad trades run when I have  a good sense that they’ll hit the full SL. A couple of trades have hit their SL by less than 1 pip then reversed and hit the profit which is always highly frustrating.

Jon left a truly helpful comment the other day; ‘I told you this before but you thought I was being rude, it simply does not work. Trade another strategy.’ He’s talking about TUFXP. I have two problems with this comment…firstly he didn’t say TUFXP doesn’t work and secondly, the comment is of zero use to me.

Family problems continue to worry me and right now trading really is on the back foot. Hopefully a bit of normality will resume soon. Keeping my chin up either way so fingers crossed my luck will turn around soon.

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    • Lee
    • February 24th, 2010

    Whilst I am not a trader I do read as much as I can, including blogs and related websites. Looking at the Cash Master site where you had your Dubai Strategies approved I wondered if giving the ATM-FX method a go would be productive. It seemed to be a winner according to the final write up and appeared relatively stress free which looks to be something you could do with right now. I spend my days attempting to find backs and lays in Horse Racing so don’t have any axe to grind for the system but on the face of it I would give it a go if my interest lay in trading Forex. In the meantime good luck with whatever direction you go in and keep smiling!!!!
    kind regards,
    Lee

    • Hi Lee,

      Thanks for stopping by, always nice to have a new reader! Few and far between.

      I actually have a copy of ATM-FX. However, I’m so busy with various other things I haven’t actually taken the time to properly set up the charts etc. I am going to very soon though.

      My only problem with Cash-master site is that as he’s an affiliate to big publishers, he’s very unlikely to pooh pooh a product as his commission would go. Anyway, I’ll see what it produces myself.

      Good luck with the racing..

  1. Hi mate,

    Hope the family problems work themselves out – trading should always come second to such matters.

    All the best,

    Mark

    • Luke
    • February 24th, 2010

    Keeping ya chin up is the way ahead mate, hope things sort themselves out for ya sooner rather than later!

    Luke

    • Steve
    • February 24th, 2010

    Hi John,

    Just to let you know that I did actually follow Cashmaster’s test of the ATM system and the results he posted are completely valid and anyone else who followed his method would have gained identical results if they traded over the same time period.

    Having said all that I do have reservations about the method which he outlined. In his test he set a target of 20 pips on all trades. If he gained a +20 he would stop for the day. His stop would be the prior high or low from the last market turn prior to the signal – this was general around 35 to 40 pips. So there is already an issue – the risk can be twice the target. If the first trade lost then a second trade would be entered. If there were two losses then he would stop for the day. So from this we can work out a number of ‘stats’. Firstly, if the stop is 40 and the target is 20 then you are likely to win 66.6% of the trades even if the system has no edge. Secondly, from a psychological perspective, what would you feel like if you had a day with two losing trades which cost you around 80 pips in total? What if you had two or three days like that back to back? Suddenly you’d need a fair few winning days just to get back to break-even! You’d have to ask yourself all these questions if trading this method. To some extent I think Cashmaster got lucky with his test period – there seemed to be a slightly higher than average number of days where he made his +20 then buggered off.

    Personally I think that the ATM system does have merit but, as with all systems, it’s down to the individual user to try and fit it around his or her own ‘trading personality’. I don’t think that it is realistic for anyone to think that they can just take a system and make it work ‘straight out of the box’ (even though this is very appealing to many people).

    Hope this helps peeps,
    Steve.

    • phil
    • February 25th, 2010

    Hi mate, yep i have a few trading buddies who are new to this game. We all know its not easy, come on chaps, if this was easy everyone would be trading and driving around in bugatti veyrons, no one would work at Mcd’s for less than a grand a week !!. Personally ive been at this game 10 years and still learning, ive tried every strategy and to be honest only just recently got it right, by that i mean a strat that suits me and fits in with my life style, eg not sitting at a PC for 15 hrs a day. Mate i drop into your site most days, best of luck, keep calm , take sensible trades, stick to your strategy, DONT REVENGE TRADE , all will come gud for you !!.

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