have you ever lost your money when you were trading in forex market? if you say yes,so how could that happen? what kind of mistake you’ve made? and what’s your action to handle and fix that mistake? thank you for your answer 
hey, m not yet much experienced in the forex trading. i just started and also willing to learn. waiting for experiences shared here to learn more…
hey alyssa… yeah we’re in same corner here looking for more knowledge about the very basic things in trading,although we’re newbie i’m pretty sure that we’re going to be great trader one day if we keep learning,practicing, looking for more information and also with a little bit of luck…
First off in forex LOSS is part of the game. It’s only a matter of how big are your losses as opposed to your winners ? whether or not you have proper money and risk management in place to go along.
Indeed, many times. Oh Pain, painful pain.
well as of now, learn as much as possible and try what you have learned theoretically in Demo account, its a very good strategy to explore the market.
One of great books that I’ve read that has helped me tremendously is called “Trading in the Zone” by Mark Douglas. As far as I’m concerned, it should be a required textbook when it comes to trading Forex. It deals exclusively with trading psychology, which, as far as I am concerned, is a large part of trading. His other book is great to, “The Disciplined Trader”. Buy it from Amazon, it is much cheaper than getting it in the store. Good luck all!
Yep, truth be told, I blew up a few trading accounts here and there in my younger years, which was why I decided to get to the nitty-gritty of forex trading and get a few forex buddies of mine to help me share this knowledge to newbie traders who go through the same experience. It’s all about learning and practice, I suppose. Of course it’s much easier said than done, as it does require a lot of effort and discipline to figure out which trading methods work well for you and to keep track of your progress. I’d say the most helpful factors, which I continue to rely on to this very day, are the will to keep on learning and keeping a trade journal.
Yep, like Pipdaddy I blew up my first 3 trading accounts. I would say back in those days I was probably the worst forex trader who ever lived. What I learned is you must have a strategy that you know like the back of your hand and you must have complete confidence in it. Also not to be afraid to admit when your wrong and take a loss.
You can read a lot of people doing their accounts. The reason this happened is too much risk. According to some articles I read you should never trade more than 20 times your account. The easy way to work that out is for every $200 you have in your account you should limit yourself to 0.01 lots open at any point. So if you have $1000 you can then open up 5 positions of 0.01 lots or 1 position of 0.05 lots.
The longer you are in the game the more you learn from your experience and the more you learn the better a trader you will be. Experience is the only thing which will teach you the hard lessons.
Hi batara,
This morning I scratched a trade at breakeven, and had a small win. yesterday, I lost a few and won one trade, but came out in front.
If you’re got a method that you’ve tested, and you know roughly your % of wins and losses, and the $ for each, you’ll get a bit of confidence knowing that you’re strategy both wins and loses, but overall is a winner.
So how to overcome these losses? Keep taking the entries, knowing that a win is around the corner! At the end of everyday, I review the session and my entries, and see what I can improve for next time.
There is no a trader who did not lost money. What you are asking is traders to tell you about their mistakes so you can learn from them, but learning process is not working like that. Even if thousands of traders tell you about their mistakes you’ll not be able to learn from them as much as you can learn from your own mistakes.
My experience over the years of trading ever since i began my journey here at Baby Pips is to not be too fussed with EXACT pin-point entries into your setups, that’s how i feel anyway. A lot of trading now comes from what i see, so i no longer have to draw lines on my charts or anything like that because i can just visualize them in my mind, and at that point it’s as simple as entering a trade. There are a lot of cases obviously if you’re on the daily time-frame or higher where pin-point entries can be beneficial such as following a candle pattern etc;. That’s how i feel personally about trading anyway, don’t try and over think your setups, keep them simple.
am a newbie also and only trading a live account about 6 weeks; and believe me i have had so far more losses then gains.
however i have followed the teaching of other traders and studies on the risk management side of trading and try to practice the concept they speak about.
one of the things i did, was first open a micro account which i am currently still using and trade with small lots to start with, with a leverage of 20 to one.
next i am still looking for the right strategy to trade with, and trust me this part is the most challenging of all. however bottom line is i am here for the long haul and not the get rich fast system.
So to all newbies out there all i could contribute to is just read a lot look and listen to the more experience traders and look at trading the Forex market as a long term investment tool.
good luck
fx 64 rancho
Hi,
I want to share my best one wid u all… I never change the strategy of “following a strategy only till works, as the strategy changes with time and market situations.” 
hi all
just wanted to share my Friday trades.
so i followed all possible trends towards 3 pairs i was looking at; there are -
- EUR/USD
- AUD/USD
- USD/CHF
went short on all due to both analyzes fundamental and technical and only to come out with one successful trade.
so what i want to say is the FX market is so unpredictable that even the best of the best will have looses.
so to my fellow newbies you just have to have faith in your system and also be money wise and just keep reading and follow the trends.
just an opinion of mine i would like to share; i look at my account as a demo account due to the fact that it is a micro account, and my losses are very small, however for me this is good because it gives me time to better my strategy and to monitor my win/loss ratios, when i can see my ratios getting better lets say 70% wins my intentions are to move up to a mini account then to a standard account etc.
good trading to everyone
64fxrancho
I have bought the two books and I am enjoying reading these educative books by Mark Douglas.
My suggestion is first of all, don’t try to trade an underfunded account. You need around $1500 to trade 0.01 lot and about another $1500 for each additional 0.01 lot traded, assuming you aren’t trying to trade more than just a couple or few pairs at a time. These brokers that allow you to open $300 accounts know you will lose it in a flash, but they don’t care as long as they get their cut. Just my opinion of course.
Learn to take small losses. This is something im still struggling with. I was guerrilla trading the gbp/usd i just won a couple of trades then the third time it went against me but i held on, the nearer it was getting to non-farm-payrolls the closer i was getting to get out of this trade. One minute to go and my trade was 80 pence down, instead of cutting my small loss i thought id just get out once it was in profit, 10 secs before nfps were announced it went minus £12 and then a few secs later NFPS came out, of course not in my favour and i had to cut my loss quickly at minus £42.
Well you can’t win all your trades if you go short on both EURUSD and USDCHF because they are the inverse of each other because of the EURCHF floor, so it’s just like hedging! It took me one year to figure that out, so there you go.