I was shoddily addicted to forex and was over trading. First trading in my forex life gave me a heavy hammering of 10 % deduction in account balance. After getting first trade lost, I become very emotional and straight away entered on another trade (a revenge trade) to grab back the losses. I faced consecutive losses and was trading like crazy to get back the losses. Finally, I found my 10K account drained, within one week of breathtaking trading.
I lost my confidence, got irritated with everybody, was not paying attention in food, fun, job .........................................
2. What I cultured from my serious losses ?
After few weeks, I reviewed my breakdown and came to the underneath winding up.
Never risk more than 2 % of account balance at a time.
Never ride the losses .
Always wait for a new signal to carry out another entry after a trade(Win or lose)
Keep emotions away and stick to the strategy.
3. What I am doing now after losing a trade ?
I am visiting the babypips thread Playroom and playing games online presented by babypips under this thread for one hour before going again to charts to look for another entry.
Thanks for telling me of your experiences when you started. I have not been trading for long and am trying to set my emotions aside - but this is not easy - I have a huge ego.
So I will close out my positions over the next couple of days, take a break and start again on Monday (I think I am a compulsive scalper).
And dont worry about your english, I enjoy the encouragement (it is quite lonely trading).
when I loss I feel very sad but at the same time I feel closer to achieving my goals of becoming a professional trader when you lose a trade you acquire something valuable EXPERIENCE and the more loses you get more experienced you become specially when you lose real money.
Last edited by icisnerosfx; 07-11-2012 at 07:22 PM.
What do I do when I lose...I usually go onto Google maps, and search for the closest bridge. I find the actual 'as if your walking down the street view' works best as you can see what your up against and you also know what your looking for once you embark on your journey.
When I arrive I wait till night, and jump.
We all have different ways of dealing with stress, you could always call the Good Samaritan for advice.
...... And you swim back and trade again. And lose and jump and .....
Right now I'am loosing 2000 over pips on EU pair and will hold on it. I always believe what comes down will go up
some day. But you need enough M power to hold. In forex you'll never lose money if you trade within your money
Ouch ouch ouch
It may be a looooonnngg wait!
Sometimes it is better to capitulate, vent a bit (or a whole lot), lick your wounds, catch your breath and start again.
I caught the pips - but only by default!!