Here are 4 fail-proof ways to solve the Pip Auction Game problem, and to guarantee that you're not going to play it again. You have heard this before, and it's true, but until now you still have not lived by this rule. You should never risk more for pips than they are worth. You should cut your losses short.
If your trade does not produce a profit for you, then you should close it. Practically, here is what you do. These are not hard and fast rules, but you will be able to mold them to your use easily enough.
1. If your trade does not work out within X minutes, then close the trade. X minutes is the number of minutes during which your trade just sits and does not move very much. You're at a loss, but not a large loss.
2. If your trade immediately starts to move against you, ask yourself: did you make the right decision? If you did, then stay in until your stop loss is hit. If not, exit NOW, regardless of your stop loss being further away. More on this later -- but a few words now:
How do you know that you did not enter the trade for the right reason? If you traded on emotion, if you entered the trade within 5 minutes of sitting down at your computer, if you did not follow your trading plan (later chapter), if you have a feeling deep inside that you made a mistake -- all of these are good signs that you have made a trade for the wrong reasons.
Here's the next way to avoid the Pip Auction Game:
You can't lose what you don't risk. Of course, if you have any desire to be rich at all, you're thinking that this is the dumbest advice you've ever received.
1. If you have lost more than 9% of your account value, within ANY period of time, stop trading live NOW. No exceptions.
2. Trade on a demo account for 1 week for every 2% of your account that was lost (and maybe even more). If this seems like too much of a burden, ask yourself: "How much of a burden would it be to lose my entire account?"
This can be really hard to do. For instance, if you are trying to pay your bills and live off your trading account, and you are asked to stop trading live, you are going to wonder where you're going to get the money to live from. The simple answer is that you have started trading live too early, and it is better to have $2,000 (or any amount) that you cannot trade live, than it is to have nothing left at all.
I once worked with a trader that refused to stop trading live and move to a demo account because "demo trading will take away the excitement. I'm not sure I could stay interested in trading if I'm only trading a demo account." He lost everything. Twice.
1. Every week, print your account history from your trading platform, and spend 2 hours away from your computer (preferably outside your house, in the library, or a restaurant, or someplace that you can think away from your trading area) looking over the report.
2. Look for your mistakes. They should be easy to identify. They are the trades that were losers.
3. Realize that every losing trade is a mistake. If you believe otherwise (the old, "Well, it's good because I've learned my lesson"), then you are going to at least enjoy losing your entire account. Get with the program, man! Would you be happy to have set your hair on fire, because now you can say, "Well, I'll never do that again!"?
4. Get someone you trust to look over your statement for you. Ask them to be brutally honest with you. If this person says, "You are going to lose everything," believe them. Just go ahead and believe them. So many times, traders who have lost 50% of their account feel that "I've finally turned the corner, and this is it. I'm not going to lose anymore." They don't switch to demo trading, and they lose everything. Don't do this. It feels awful.
The last point here. I recently worked with a wise trader in Fiji, who realized that he wasn't following a system with proven results -- that although he had intermittent (large) wins, he also was having occasional losses that left him feeling uneasy about trading. So you know what he did? He stopped trading.
Wisely, he kept his account balance intact while he worked out the details. How long did it take him? It does not matter. My friend was willing to trade on a demo for as long as it took him to get back to trading a proven system that he could trade with confidence.
You could learn from our friend from Fiji. When in doubt, don't take more live trades. Take NONE.
You might not have given it a lot of thought, but wine auctions are now big business, both offline as you probably know but also online and they are becoming more and more popular; whether for private companies, getting rid of end of ranges, wine estates ends of production, charities and of course Joe public wanting a bargain!
Auctioneers have already forecasted that over the coming year, there will be a quiet, but steadily expanding market for wine auctions. Wine auctions and online wine sales have become the perfect method for people to purchase otherwise hard-to-find or impossible wine gems at a fraction of the cost they would normally pay.
The publicity that the oldest and most expensive wines sold at auction garner, might give many consumers the idea that wine auctions are for connoisseurs and the very rich. In most cases, this is a mistaken assumption. In some of the better-publicized wine auctions for charity, you can make a charitable donation and in return receive a delectable bottle of wine.
Wine auctions are usually live events like those you have seen in the movies, but in reality, they are also a great deal of fun. With the exception of high-profile sales like the spectacular events with notables like Andrew Lloyd Webber, most auctions are actually quaint and lovely little gatherings that have a cozy, friendly quality surrounding them. After the trade bids which account for about 70% of the auction, the remaining 30% is made available at bargain prices for anyone who is interested.
While there are a number of well-heeled patrons bidding in the thousands for a single bottle of a specialty offering, wine auctions are mainly made up of donations made to local charities in exchange for a bottle of wine. With online auctions, research can be done prior to bidding. After an auction has concluded, a would-be bidder can use the prices of that auction to get a good idea of the going rate for various bottles of wine. This way, you will be very prepared when the next auction starts. Online wine sales allow prospective visitors the time to do great background searches of the databases to ascertain what to bid.
Wine auctions bring with them a certain level of excitement and with that comes impulse buying and the chance that a bidder can get caught up in the moment when it comes to a bidding war. To avoid this, you will need to research prior to attending either an online wine auction or an offline event.
Auctions provide a convenient way to dispose of them so that they do not just go bad. The well-informed buyer will get a deal. Many auctions are set up around lunches, which make sense because most of the heavy bidding goes on in the middle of the day. What a way to enjoy your purchase than over lunch.
Both Martin Chandra & Kc Kudra are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Martin Chandra has sinced written about articles on various topics from First Date, Forex Guide and Forex Online. is a full-time investor. Learn more at .. Martin Chandra's top article generates over 9900 views. to your Favourites.
Kc Kudra has sinced written about articles on various topics from Food and Drink, Cooking Tips and Kitchen Home Improvement. come in many different sizes and styles next time your looking to purchase a. Kc Kudra's top article generates over 33100 views. to your Favourites.