Oh yes Dont worry im in the same boat ,i have been trading for 18 months and it has been a hard road also loosing heeps and putting more and more money in my account i know how you feel ,the worst part is ,all you see on the net is learn to trade in 3 easy steps yea right what a lot of rubbish I have been on courses i have learnt all you can learn but the forex is completely unpredictable and when you get news its to late only the big boys no what is going on i mean banks etc so my advice to you get out now or you will be doomed trust me i trade every day i grow my account and im on a high then one trade buggers it up i am the same i hate stop losses because i it takes me out all the time and if you dont have big money stop losses dont work so get out now before you go broke and as for brokers they dont care they just catch the next guy
cheers Eric
mhm, yea, euh
sarcasm … ofcourse, i burned out like once or twice so far but i succeeded in getting everything i lost back by now … im not gonna talk figures, they’re irrelevant.
The discussion of stop losses is age-old, IF you have substantial capital i think id be in favour of stop losses, if what you start out with is something you , that would be [B]you[/B], can consider peanuts (because thats like different for everyone, i wouldnt bother BUT have you actually checked your pairs, how many pairs are you betting on since it seems like you’re betting and not trading from what you say, have you checked their histories, their normal movement ranges under normal circumstances, have you checked with about 50 major banks what their bias is on the trend in the long term … have you checked anything at all or have you just put up some indicators who rarely have an over 50% chance of getting it right (see, thats gambling : 50/50, you win or you lose)
every pair has its own behaviour and every pair reacts to certain events more or less in the same way, its seems to be a time of low volatility atm. If you burn two accounts in six weeks and we’re talking a 3000 pounds figure thats a ****load of money from my point of view, friend, can you actually afford to burn it like that? if not, why not just find another hobby ?
theres VERY few who make it consistent in forex, and even less who actually make a living, and what a living is is something you need to define for you first. There’s tons of measures of risk management. Not just the stop loss, theres knowing the likely range, theres not trading during high volatility events and IF you do during that THEN is THE time to put in a stop loss, and then even then you can get some kind of slippage breaking through your stop loss and triggering it at a 100 pips below or above, do you know all of that ?
Bloody hell im new to this forum and can’t believe people arguing the way they are. Surely we are all after the same goal. Share knowledge make friends swap ideas and chill the beep out lol
[QUOTE=“threadows;632173”]Bloody hell im new to this forum and can’t believe people arguing the way they are. Surely we are all after the same goal. Share knowledge make friends swap ideas and chill the beep out lol[/QUOTE
Agreed !
hahahaha yes you so funny lol yes the whole lot on one thread dont worry people are just expressing them selves ,all i can say is learn learn learn we will all make it one day lol plus no one really knows.
I am not trying to be rude, however after a quick scan of your post, it did not take long even as a newbie myself to conclude that I can answer your query with one a one word statement…
EDUCATION!
[QUOTE=“moneyhound;632265”] I am not trying to be rude, however after a quick scan of your post, it did not take long even as a newbie myself to conclude that I can answer your query with one a one word statement… EDUCATION![/QUOTE]
i would say time (yes spend hours upon hours, have no life, total disregard for hygiene, no sleep), not education (we all know what a college degree is worth these days) is the answer.
Forex is not easy to trade and mostly people loose their money in Forex. To avoid loose money in Forex every trader should have good knowldge and skills about Forex.
All i can advise is learn about forex first before risking your money;
I have made a small video for newbees available from my yt channel page:
[video]Oops! Something went wrong. - YouTube
Hope it helps
Cheers
Go back to a demo first, build up your confidence in your method.
[QUOTE=“moneyhound;632624”] How about a reading comprehension course for yourself??? Hahahah. Did I use the word COLLEGE education anywhere in my post? You do not think educating one’s self (which is exactly what I was referring to)via study should or could be referred to as education?[/QUOTE]
first off, you would have a difficult time understanding what trading is without some form of secondary education (high school, college); try asking an eighth grader to trade a currency pair. second, college is now high school 50 years ago. third, if teaching yourself was so effective, everyone would do that instead of going off to the garbage post secondary education/indoctrination camps. you know what i’m just sick and tired of stupid, losing your money, teach yourself your own stupidity traders. sir, i challenge you to a duel (be ready with a pistol and a second)!
[B](i dont like using stop loss as I have seen the market change in favour of my open trade). [/B]
Always use a stop loss in your trade; This is proper risk management. The trade may come back in your favor, but then again, the trade may keep going against you. This is a major newbie mistake; hopeing that the trade will come back in your favor, so you end up losing your shirt when the trade doesn’t.
[B]As my equity was getting lower and lower the trades where closed by the broker because of not enough free cash in my account[/B]
Yup, this is known as a margin call. The broker has a certain amount of margin that you must maintain on all open trades. If the balance in your account fails below your required margin, the broker is going to call a margin call, and close your trades so that you don’t end up oweing the broker tons of money you may not have.
[B]How can i change things around?[/B]
You need to be using a stop loss in trade. How much are you willing to lose on each trade? This is setting up risk management. Let’s use an example: Lets say you had $100.00 in your account (Yes, I know this is a low amount), and you didn’t want to lose anymore than 2% of your account on a trade; that is $2.00 or if you are trading a micro account, .10 per pip x20 pips = $2. So your stop loss is 20 pips.
I would also go back to a demo account for awhile and trade “on paper” for awhile. You need to be receiving a profit on a majority of your trades before jumping back into real money. If most of your trades are coming out as loses, it is best to stay on the demo until you can say this.
Sorry for not replying to some of the posts, I have been busy with work and reading through different material to enhance my understanding about forex. Currently going through Babypips school of pipsology.
Keeping posting your advice its much appreciated!
Good day Mr King
Ok picked up some good info been studding my heart out Finely discovered Bill Williams old trader and what i have learnt just from watching his video and thought me heeps already making money and im using his indicators google Bill Williams
I know from experience that discipline is a major problem. Study analysis techniques and setups, learn about money management, pick a market and get to know it well. Get a demo account and put it all into practice. Once you can keep repeating trades successfully, only then think about using your hard earned money.
man, i was chasing that eur/usd today with a naked sell (kept selling)… and then it turned around and I had a 30% drawdown!!! aaaahhh! 
Hi,
Actually i will say you never mad mistakes,but sometime trading stratages changes,and you were on lucky,maybe you also ruched in, never waited for confirmation…
My advice is, look for trading stratage you understand most. also get you informed about the latest moves…
Great day…
Some of the other traders hit the nail on the head. You’re not using stop-losses.
I know there was some so called mentor endorsing this dumb idea a few years back, but don’t follow that advice. It will put you in the poor house very quickly.
ha ha good one mate.
See what i got for you…
divine198dotcom…
Thanks…