Lost It

I’ve been pretty quiet the last few days as I’ve been quietly going about my business until yesterday arrived. Things were going swimmingly with a steady gain in the early part of the morning and I was pleased with my days work as I knew I’d be looking after my daughter in the afternoon. We hit the mall, had a great time and when I got home I wanted to try SNW out on the US news. I was an hour early so fired up TUFXP. Massive, massive mistake.

I’ve said I’d be dropping the GG method at the end of the month and I so wish it was sooner. Monday gave two losers and Tuesday was a blank. So yesterday was a chance to gain back some losses. It proceeded to fire off 6 straight losers, 4 on GU and 2 on EJ. I took 4 of them as one after the other triggered and almost immediately retraced. This insanity has to stop, as I am blowing all chance of making decent gains by being stubborn and not letting go of a losing method. I refuse to waste any more energy and heartache on such crap. I will continue to use TUFXP but in a completely different manner and this morning was a fresh start and a clean 20 pips made using the new method I’ve been meaning to get stuck into for months.

I am stumped as to why the GG method has ceased to work but 8 straight losers when the risk:reward is only 1:1 just isn’t good enough and no amount of money management can turn it around. I’ll contiunue to track results as it’s been a massive part of my trading for the last year and old habits die-hard of keeping meticulous records.

Australian retail sales hit my trigger with SNW but another no fill meant a very good opportunity was missed but from reading various other SNW users comments, they also didn’t get filled so at least it isn’t just me. 3 more news releases left in the week with the obvious big one being NFP.

I am crushed this month has been ruined by 1 hr of mentalist work but I will fight on and try to move onwards and upwards.

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    • Dawn
    • March 31st, 2010

    I agree with you about the GG method – in fact both the 10 and 15 minute charts are much quieter and less reliable than they used to be. Although I’m a fairly new trader (started last autumn) there seem to be less of the lovely long trends that there used to be when I traded then. I suppose that if the markets are choppier, by the time the second PTP qualifies, the reversal often happens before it gets a chance to scalp. I have often found the 5 minute still makes it, but the second PTP, (and therefore the trade ) doesnt, which is very frustrating! I agree that best to paper trade it for a while, perhaps it will turn around later on and become profitable again – you don’t need to abandon it altogether.

    I found the TUFXP2 to be a lot better so far than TUFXP1 – I’m keeping a record of all the indicators that show for each qualified PTP and using a demo account for a while, until I raise enough to put into a trading account! I agree that yesterday afternoon was the worst I’ve yet to see it perform since I upgraded though, so a shame for anyone who was trading yesterday afternoon.

    Haven’t seen you on skype for a while? Just learnt how to use it (I think) with son’s help!!

    Still enjoying your blogs and it looks so warm in your photo! Really cold, windy and rainy here in the UK – could do with a dose of the weather you’ve got!
    Regards, Dawn

    • Mikey
    • March 31st, 2010

    Maybe you should still use GG but trade the opposite signals to what it says – could have brought you 8 out of 8 winners recently!

    • Julie
    • April 3rd, 2010

    Hi John

    I have to agree to,only been using this method for last 6 weeks & wasn’t doing too badly until this week,nearly wiped out whole account,so back to demo for me for a while! I suppose its good to know its happening to us all & not just down to bad trading,more like bad signals!!
    Happy Easter John & keep up the blog

    Julie

    • Andy M, UK.
    • April 5th, 2010

    Tough times. Like you say, a profit to loss ratio of 1:1 is always going to mean that you need a decent hit rate. I’ve never used TUFXP (and don’t even feel inclined to find out what it is after reading your blog) but is there no way to tighten up the stops to give yourself a better chance of reducing the losses ?

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