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Goodbye high flying FX dealer career 

Just do not have the personality for it, unfortunately. I just cannot seem to stop revenge trading - I do have more winning days than loosing, but once a month I just seem to get pissed off and snap - not good when I already have slant towards gambling! Only way I could hope to make this work would be some sort of mechanical way that my account gets locked out after a breaching a set limit - and no way to reverse it. I might look into that in the future.

So taken a R15K loss - not huge but irritating nevertheless - esp with so many great bargains out there. I do not see my personality changing so no point in loosing the other R10K.

Anyway, will move focus on to my next idea for making money while swanning around the world, become a fiction writer! 

Quick update.

Like a skanky crack whore, I've gone back to my dark place and handed over R60K to GT247.

Watched Mr Price shares drop.

How can this be, I ask - the results arn't THAT bad

let's tear up the rule that say "ALL trades to be evaluated and planned BEFORE entering" and buy 100 @190

It keeps on dropping. Another 100 @R180

Couple of days pass - surely it has to turn?? another 100 @ R165

Please, please turn 50 @ R155

Finding religion now - a voice instructs me to buy another 50 @ R150

Hell, now i'll just be happy to get out close to even (Avg is R172)



So nothing changed on this side

 

(on the bright side - trades that are following my system are showing promise. It seems after hours I can be an rational trader, just cannot watch the screen all day as I turn into an impulsive idiot - live and learn eh?)

So a quick wrap up for the year.

I had basically "spent" R24K in "fees" on my CFD accounts - but have clawed back around R8K in trading on my ungeared account - so call it a loss of R16k for the year.

I went from doing multiple trades a day in CFD's to a few months in FOREX then back to CFD's but swing trading - now a quick trade in a few days - but have trades for a couple of months.

Golden lesson learn't (and paid for a few times) - trades must be planned and sized before entering. Seriously, if you cannot do that, don't bother playing.

Future? A few time this year I thought I should just give up - my personality just didn't gell with trading. but after plenty of trial and error I seemed to have found/made a system that suits me. Early days and seems to work on a ranging market but will need something else for trending shares. Looking back, I started the year as an idiot and am leaving  it as a common fool - so progress all round.

stats from my system - last 24 trades, stretches back a few months.

14 winners 10 losers with winners being 77% larger than losers. - not taking in account trading fees. Have looked at fees on individual trades and not too bad in the overall scheme of things as i am looking at quite a few % swings and i pay 0.1% on buying and selling - hurts more on day trading/scalping.

2017 - will carry on with my system - but will start playing with a demo account and look at a few other set ups. Also want to learn about options and futures - have a few books on the subject to get me started.

BTW - in the previous post a mentioned a MrP trade. I had not followed my rules, it was an of the cuff trade, i then compounded the mistake so many times - just trying to find a way out - basically averaging down. Held onto the trade for close on 8 weeks - and this is the worst part. After selling the lot, the share reversed WITHIN a COUPLE OF HOURS - not joking. Was furious - not so much with my exit, but more with my entry.

for those that are into trading - for some Christmas cheer - take a look at this on a chart (10H35)


Trade ID   15825315
Instrument   Mr Price Group Ltd
Execution   Client Open Trade
Buy/Sell   Sell
Number of Shares   1000
Price   12,690.00
Total Margin   0.00
Margin Movement   -16,250.00
Date   Tue Nov 15 08:35:50 GMT 2016

can you beat that for bad timing esp considering how long i had held onto the trade! Can sort of laugh about it now - at least the nightmares have stopped. Had to buy a new tennis racket after smashing one though!