YouTube - Kenny Rogers The Gambler
The Gambler (legend)
You got to know when to hold 'em, know when to fold 'em.
Know when to walk away, and know when to run.

You never count your money, when you're sittin' at the table.
There'll be time enough for countin', when the dealin's done.

The secret to surviving is knowing what to throw away and knowing what to keep
and every hand it's winner and every hand it's looser
and the best you can hope for is to die in your sleep

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I am on my vacation, and I get an email from InterbankFX questioning my recent request to open a secondary account under my main account. They have some questions regarding the difference between my main account and this potential secondary account strategies. Hmm.

I don't really understand why the 20 questions because my strategies are none of their business in my opinion. I told them that I was putting in new funds, so I'm disappointed in how they treated my request. I have been with them from their small beginnings in Utah. I traded emails with their CEO Todd when I had problems back in the day. I participated in their monthly contests back in 2005. And I have referred many people to them through the years, and most likely, generated thousands of dollars worth of spread to them.

Now my request is routed to their compliance department, and I'll get a decision by 48 hours.

I'm not a happy customer.

Has InterbankFX gotten too big now that they don't even care about having new deposits and taking care of their long time clients who stuck with them from the beginning?

I'm hoping they do the right thing, and let me have my secondary account to trade my other strategies.

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Life is a Gamble. You win some. You lose some. And life goes on.

I got a confirmation from IBFX that they will open the additional account, and I'm content with the response. I'm probably not going to fund it until next year.

And I will probably not trade significantly for the rest of this year, and I'm currently reviewing my accounts and plans. I think I've spent way too much time on this journal, and not enough time on my trading. I will probably cut the chatter way down from now on, and re-focus back onto my trading. I will try to post a weekly result of my 4 accounts.

I will also be swapping around the strategies on each account after spending some down time this Christmas to figure out what I want to do.

Already in my mind, I will cut way back on my bet size, and be much more conservative with my money management. After analyzing my trades and strategy, I've been way too aggressive in my trades this year, and using too much leverage. I will fix and correct that for next year.

See yall next year.

__________________
Life is a Gamble. You win some. You lose some. And life goes on.

hi KR,

Thanks for posting your thread here We would like to know your trading result in the next year , hope it will be better than this year

Happy New Year

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Forex Indicators Collection

^ Thanks for reading.

I will try to keep the thread up to date.

With my new conservative risk mitigating approach, I think my returns will be relatively average for 2009. Although I plan on rolling out a few more higher risk systems to help me retain "THE GAMBLER" status and allow me to reach the Black Label.

Currently I have 4 Accounts for 2009 that I'm trying to figure out what to do.

1) Main Account (On Hold - Deciding on what to trade in 2009, leaning to trade hedge strategy, still testing on demo)
2) 2nd Account (Not Funded Yet - I may trade the toned down original version of the trend following strategy from main account)
3) Tortoise Account (Currently Trading Slow Gaining Trend Follower)
4) Hare Account (On Hold - Deciding on what to trade in 2009)

I'm still trying to figure out how to create a strategy with the combination of all the disciplines I've learned through the years. I have most of the frame works in my head:

- I trade only the busiest time periods which will give me good liquidity. (Which means better spread, less stop hunting, and faster price movement)
- I determine the trend direction on the higher timeframes
- I trade only in the direction of trend
- I use lower time frames to enter trades
- I don't revenge trade if I make some losses (manage my losers early)

Some things I'm still not sure on and mulling over: cost averaging, anti-martingaling, hedging. I think I can make this work, but it's all still in my head, and the time needed to forward test the strategy will be extensive.

__________________
Life is a Gamble. You win some. You lose some. And life goes on.

Watching the market today is like watching the paint dry.

All of the bankers are on Holiday vacation, and the market is fairly dead.

I guess I have some free time to discuss trading. This forum lacks much of the desire to understand the market concepts to become profitable (as evident by the sheer number of requests for EAs instead of intelligent conversations about trading).

Here is my advice to all traders, price action and a couple hand drawn lines are the only thing you need to trade successfully. Just like in a stock market, just go with the flow, buy when the market is going up and sell when the market is going down. Yes, it is that easy. Get the F out when you are wrong and stop trading for the day...yes...the market will be there tomorrow. Do you really need a laggy indicator derived from price? Look at the previous S/R areas because that is where the bulls and bears will meet to do battle (pretty good places to put your TP). Draw a couple lines through the S/R zones, and a couple trendlines off the peaks/dips for channel surfing. That's it. Don't make trading so complicated that you have analysis paralysis. Money management is fairly simple. Cut your losers early and let your winners run, basically the same as having a good Reward to Risk ratio. If you can pyramid into your winners (while managing your risk), you can really bring home the bacon on a break away trend while limiting your downside.

If you study new trader behavior, all of the discipline and principles above is the exact opposite of a new trader. They want to be proven right by locking in their small profits, while letting their losers grow larger because their laggy indicators is tell them the market is just about to reverse. Then they compound the problem by cost averaging as the trade is going against them. New traders often have multiple indicators to "filter out" bad trades, which often filters out the few good breakaway trend trade as well.

Oh, and Have a Merry Christmas.

__________________
Life is a Gamble. You win some. You lose some. And life goes on.

To continue with my previous post about trading.

Stops are for (mostly) losers.

That is because many traders don't know how to use stops properly. Stops are often placed a fixed value pips away from their entry. Think about it, does that even make any sense? I usually don't bother with a stop, but if I do place a stop, I put them at a place where I know that my initial trend determination is incorrect. Logical places are usually below or above S/R levels and other peaks/dips/ranges. And usually, those are places where I reverse my trades anyways.

__________________
Life is a Gamble. You win some. You lose some. And life goes on.

I would share my views on pyramiding, but I don't think many people on this forum would understand or benefit from it anyways.

Pyramiding may seem aggressive for even seasoned traders, but that is because they are only focused on the the pyramiding aspect of it. If you do it right, it is the exact same risk taken as the initial trade. Obviously, the win rate is much lower because you are betting on a trend with smaller pullbacks.

__________________
Life is a Gamble. You win some. You lose some. And life goes on.

One day I will remind you with your statement, been there did that and ego will come at a high cost

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I just love Mr. Rogers statement it's like seat belts, they are for people who can't drive. This type of thinking can only end one way.

When you open a trade the first thing you should think about is how much am I willing to lose on this trade. Get into this mind set and see how your trading will be transformed.

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"The market is not your mother. It consists of tough men and women who look for ways to take money away from you instead of pouring milk into your mouth."