Get Your Trading Back on Track! (Friday Rant)

[@nunoalves6962]

We had been missing your rants Nicholas ;)

[@julienrobic6098]

This video actually motivated me stop to lying to myself and start actually analyzing my weaknesses. I realized I was very short term focused, that I have a lot of wishful thinking and that I keep trying to find a new/better set-up because I'm too lazy to work on establishing a system. I'm just sick of ending up at the same spot after so much confidence/break down/confidence/break down and so on epsiodes. Anyways, thanks for the reality check videos !

[@GPlayerHD]

This video came in the right time. Finished my first month on demo account and was 9% profit with it, just thought to myself how easy forex was, this month starts and I'm already -30% in loss. Crazy how confidence can get you blind for improvement, won't deny that's been incredibly frustrating to be making wrong decisions almost every time, but, hopefully I'll be improving both technically and mentally. Thanks Nick, you truly are one of the most unique channel in this business.

[@Emadaln1st]

It been a year now since i have introduced to this channel and u . Thanks nick, u are a great mentor.

[@LuigiSimoncini]

this video will never get old :)

[@MetalSmithSportBiker]

Good rant, I would like to see you do more live trading sessions! no talking just video of you doing your charting setting up your trades and have the time laps of the win or lose. any one that has a half grasp on forex will be able to learn from it with out you needing to discuss step buy step.

[@dozeyy]

Awesome rant! Thanks for keeping it real!

[@yassarzahid9895]

thanks for the reality check :)

[@maartenarnou]

Not a rant at all. Just very sound advice! 👍

[@swright2134]

Another great video

[@Apopjak]

omg this is totally true, Im learning how to trade I had two weeks in profit and I was thinking about live acc but then I said myself, hey what re u doin? make profitable demo few months and then maybe, very big motivations from your videos thnx

[@mwalker52]

That's right, go 90 days before you go live, and at that time start small, like $1000 account (or whatever is small to you) As long as you are profitable every 90 days, you can increase your total trading capital and thus your position size.

[@THERESAPARTYINMYHEAD]

Great vid

[@Duomoinitiative]

🔹 Get FREE access to the Duomo Trader Development Program: duomotrading.com/FreeDuomoTraining 🔹 Add us on Instagram: instagram.com/duomoinitiative/ 🔹 Our second channel for financial news and analysis: kzbin.info

[@fubaredmatt2486]

I feel partially responsible for this video... Well i did ask!

[@Chrisking85]

top man

[@brutepekeberg4570]

You keep reiterating about those 1-2% - could you tell us exactly WHY? Look, the problem is that no one wants to follow strict rules without understanding their purpose - unless you're a sheep, of course. Could you explain why you only risk 1% with max drawdown of 10%? So what do you do with the rest 90%? Do you need them even ? By the way, if you reach that drawdown then what happens? Going back to other kinds of work to earn back those 10%? What's difference it makes if you risk 10 % and max drawdown is 100%? You still go to refill if you reach the treshhold, be it 90% or 0%...

[@satg5733]

Brush Bill this is what I had in mind too !!!

[@brutepekeberg4570]

I found a partial answer in this video kzbin.info/www/bejne/hpjJnqObh9eejK8 Which is psychology. But math for me doesn't make sense. If I lose 50%, I will not decrease my position sizes by 50% as well, I will continue with same amounts on and on while the losing streak ends. I mean - it would make sense if you'd say that there is a posibility of 30-50 loses of 1-2% percent and so you need to make sure it doesn't wipe you out in such case. Fair enough. But there is also this counter rule of "max 10% drawdown", which again, leaves me confused to why do we need so much extra money. So couple that with the fact that every beginner strugles with initial capital and you have a rule that's just too easy to break. Again, just following a rule because someone repeats it is not what men do - we need math/logic behind it.

[@jakubvalenta5403]

If you have trading account $10.000,- you risk maximum $100 - $200,- per trade, if you fall to $9000,- you risk $90 - $180,- depends on the trade, where you are going to set your stop loss. This is important if all your money you have for trading is just that amount. I don’t understand what is so complicated on this. With $10k trading 0,5 contract you can make a living out of this. Lose your capital due to poor money management and you are done, finito. Nothing is more important than money management, nothing. Of course if you have some superior trade, risk more, but your rules about money must be the highest importance.

[@zeus9527]

Brush Bill if you have a win rate of 50%, statistically you are going to have 4 losers in a row every 16 trades. Anything over 1-2% is simply too much risk to take on any given trade. Risk reward ratios should be in your favor. You should be able to risk 1 and gain 3 at minimum, 50% of the time. If you can do this a very small account will turn into unimaginable wealth. Potential profits/gains should not be where your focus in. Focus 10x more on risk and profits will take care of themselves.

[@zeus9527]

Brush Bill that doesn’t mean you cannot compound a trade while keeping a cap on your risk. I’ve started with 2% risk on a trade and never went above, however I netted 30% on my account, which is not small either. Press your winners & if you are on a losing streak that is an outlier of the norm, start halving your position size/risk.

[@hugavet3049]

Ashamed of my lack of discipline. I blew 130k! Addicted to gambling. God help me!

[@Duomoinitiative]

Sorry to hear that. In that situation, the best advice may be to leave trading behind you. With such a big loss, it's likely to weigh on you and stop you being able to execute any sort of plan in a patient way. It would be awful if you ended up making the situation worse by making rash decisions. Everyone is different though and it largely depends on your financial situation now etc. ~ Nicholas

[@Trendlines_mc]

Hope you in a better situation 🙏