Comments on: Kill Your Losing Streaks

By: amory

amory — Sat, 25 Sep 2010 01:11:42 +0000

as a latecomer to this site .. & to Forex .. I would say that I too am greatly impressed by Nick’s no-nonsense advice .. with a slight variation.

when I run into a losing streak .. too often for my liking .. I don’t go away. I go to bed .. most of the best trading hours seem to be around midnight Sydney time (have I got that right Nick?) .. & think about it till falling asleep. Next morning, bingo .. I know where I made my mistake(s) .. or think I know! get up, study the last few transactions & confirm my suspicions. redraft trading plan.

How to do that? well, I see myself primarily as a chartist .. this should make it easy .. crossovers thru signal lines, alerts via arrows, pivots & all the rest of it .. & the most difficult one of all & only rarely if ever open for discussion – the unpredictability of the USDollar .. alright then, what did one overlook or overplay or under-estimate the importance of?

figure that out, make a whole heap of notes, condense them into one simplified worksheet .. & TRY AGAIN!

thanks again, Nick!

By: cbkoh

cbkoh — Mon, 28 Dec 2009 15:11:12 +0000

Hi Nick, this post is great advice to newbies like me.I for one could validate that ‘trading out of anger’ could easily decimate one’s account. I knew it because it happened to me!In the end, I had to plough in more $$$ to fund my account.Then I came across this site. Humbly I hope that this site could start to educate this “bad student” and let me “pip” back my hard earned $$$…Thanks Nick. This post has really opened my eyes…

By: Chris

Chris — Sun, 15 Nov 2009 22:23:38 +0000

Nick,,,The best advice, like the truth, is usually simple. My method is simple and I’m doing very good…I hope newbies understand what you are saying, I’ve been trading live over 5 years, by using my simple method you described me..
Keep up the good work Nick..Thanks…

By: Duncs

Duncs — Thu, 17 Sep 2009 22:05:31 +0000

Spot on Nick you described me to a tee

By: rodin

rodin — Thu, 23 Jul 2009 17:05:27 +0000

lol…omg…Nick i’m now wiating to open on my forth account do to Revenge trading. Nick I must say thank you for letting me know I’m not alone when it comes to making that mistake ( more then once).

By: Ark

Ark — Mon, 15 Jun 2009 01:26:46 +0000

What you say is so true. The ‘revenge’ emotion must constantly be kept in check. If you let down your guard and try to get back at the market, you’ll get punished for it. Been there…done that! Great article…thank you for the sound advice.

By: MrCool

MrCool — Tue, 28 Apr 2009 04:58:59 +0000

It’s happened to me… I loss my 8++ USD just because of 1 (one) trade,
why it’s happen.. coz i’m very confidence that market will bounce back.. but actually i’m on my way to collapse… it’s happen to me 2 times… I hope it will not happen to me for the 3rd times. I will use your rule from this time onwards. sorry coz my english is not fluent. I’m still leaning to improve my english,

By: DheroEmpire

DheroEmpire — Fri, 17 Apr 2009 23:54:39 +0000

Hello Nick, I think you are making a point, I have blown my account like 4 times and the last time, my bank delayed in sending my money by almost 48hours,then I have gotten over the fever almost. Great Idea i think i will take that.
Thanks.

By: sagitaire

sagitaire — Tue, 31 Mar 2009 14:30:50 +0000

Nick! A well written article with sound advice, which i will heed, religiously, from now on. I have not totally wiped out my 1st account, but I came very close to it. And that was partly through not knowing how to trade, and getting ANGRY at my losses. So now I’m trading my demo account, listening to people such as you and learning the ropes. Only when I’m confident in myself and believe I can control my emotions, will I go back to live trading.

Your articles and teaching methods are, in my opinion, a great booster.

Thanks again.

By: Nigel

Nigel — Thu, 26 Mar 2009 21:44:17 +0000

The best advice, like the truth, is usually simple. Thanks!