Hi, I started playing forex and at first it did not bad. After awhile I just kept on losing and I don’t know why. Up to date I had lost 400$USD. Can someone please guide me on how to do forex and also at the same time help me earn back the money I’ve lost. I am just a student and this 400$USD means a lot to me. So I do sincerely hope that any kind soul would step out to help me please. Now all its matter is to earn back the money I’ve lost I will be truly grateful if anyone here would be able to help me please, thanks.
Greetings Ngkj! Forex trading is a skill that takes time to develop; not a fast way to make money. Have you been through the School to learn the skills of analysis and risk management, and do you keep a trading journal to measure your performance so that you can improve?
You opened 2 threads with the same question. I answered you in the other one.
If you keep losing on live, maybe you are not practicing enough in demo. If you just practicing for one week or two with demo, then you are not ready yet. Also, do not deposit lots of money at first, especially when you don’t have a day job. Put it to $50 or $150 at most depending on your broker. If you lose all $50, go back to demo.
Heyy,
I would suggest before entering into any trade first do proper technical and fundamental analysis and look for major support and resistance level. Moreover, do not invest whole of your amount at one go rather create a portfolio to hedge your risk. Besides you should go through all the analysis and risk management tools and first trade on demo account. Eventually when you start understanding the market and benefit from strategies you can shift to the live account and make up all the money you lost. Forex is no fast and easy way to make rather you need focus and skills to excel in the field. 
Practice writing down your plan. Thats #1 Must Do.
Something a scalper must also know, is what the Other Currencies are doing. Scalping is about entry, THEN exit. You need to make the most of each entry, so getting the best price is important.
Master 1 Pair, the gives you the best for your money. I like EURGBP for this reason.
A good Moving average to have on your chart would be [B]8, Smoothed, Typical[/B]
Something else I found very usefull is a Indicator called MADdash, which is basically a Power indicator using a universal Moving average for every currency, every timeframe.
Something interesting please post here - Page 943
Post #9425 ( 5th post of this page in the link)
Good luck, and practice
Alright thanks guy I will do what u all advice haha hope I am able to get it in my brains
Well you right , but not all in forex trading is skill , there are mental factor in other side , this always many traders don’t care and because this factor many trader kept their loss . many items from this side that reason to loss.
Hey, don’t worry, borrow some money from people you know (friends, family) and keep trying; 99% sure you will lose that money, but keep doing it. Don’t give up; smack your head against the wall a few more times. Keep smacking that head against the wall. Just keeping going, don’t give up. Just my 2 cents.
Hi.
Stop trading with real money immediately. You cannot trade. You won’t be able to trade and make money for months if not years.
Open a demo account and don’t you dare put real money into this again until you have proven to yourself you can make money on a demo account for months on end.
At the minute you sound like a gambler. Forex trading can be both, most people are gambling and following systems with no understanding of what is happening or why. So before you do anything answer this question first:
Why does a currency pair increase or decrease in value? Why does the graph have a gradient? What is the graph plotting?
Alright I have stopped but I need someone to guide me along. The currency increase or decrease cause of the news or information. If it’s good it increases else decreases? Gradient to show the trend of the graph up or down? Graph plot is to plot the entry and exit of the graphs?
Its not as straightforward as that.
You need to seriously study at the school on here for several months, then you will have a fuller understanding of fx before you try again
Any help with that?
This is a “help yourself” career path. .
98% fail, because they dont “help themselves”,
You’ve been givin instructions on what to do next. So, realisticly, you shouldnt post again for 3 months till you do what was already said in this thread.
Demo your plan, write down your trades, why they win or why they lose.
You cant take 1 step in any direction, unless you know where your stepping to begin with. You need to draw up a plan, as to why I said in the other post, practice [B]writing down[/B] the plan.
Something you must learn is, there are many threads with many different strategies, from folks willing to give them out. But not very often will you get exact direction on a plater. YOU must learn to be a problem solver, and a routine follower.
You need to think even more basic than that! Even simpler. Stop thinking about how to make money from the graph and think what the graph actually shows. Once you understand what the chart is displaying and what the data actually is then you can think about news, strategies and what ever else.
The chart for the EURUSD for example shows the amount of USD (Y Axis) you get for each Euro traded at the point of time shown on the X axis of the graph.
So what needs to happen for the graph to slope up or down?
What is the chart actually showing?
You will realise that when the USD increases in value and the EUR decreases in value then the graph will move down, because the euro being less valuable will mean you’ll get less dollars in exchange for your euro.
While when the EUR increases in value and the USD decreases in value then the graph moves up.
It’s important to remember though that the value of the USD or the EUR is NOT controlled by the EURUSD chart. There is more to a currencies value than the foreign exchange market.
Can you pick a pair of currencies that will be trending without even looking at their individual chart?
When you can do that you are ready to apply strategies and indicators and whatever you want to a chart but only trading in the direction of the trend defined from the value of the paired currency not just the graph!
Hi,
First of all, you are not playing forex you are trading forex. It seems like you have not enough trading experience and you are not enough educated and that is why you lost the money. Unfortunately there is no fast way to get your money back. Consider this as a part of the learning process where you are learning from your mistakes.
One more thing; Do not trade the money you cannot afford to lose.
Alright thank guys I will do my best
Hey. This is only a reply to try and help you mate. I’ve read both your threads and I have to say it sounds like you’re in a panic. Everyone is right that you need to stop trading live for now but I also think that while you’re feeling the way you are you’re not going to be likely to absorb much of the information that you will need to absorb.
Can I ask what country you live in?. Is it possible for you to take some casual work to earn the $400 back outside of forex?. I have a business in the uk and have casual drivers through an agency that earn $200+ (£150) a week for part time hours. If something like this is available I would strongly suggest you try it. They register with an agency and the agency provides them with casual work fairly quickly. My reason for suggesting this is that even if you find your confidence back and recover your $400 through trading until you have learned what caused you to lose the money in the first place you will do it again. You also run the risk of believing that you can just win it back so a loss isn’t a problem.
Another big point that someone else mentioned is that on this thread and the other that you started you referred to “playing forex”. As you have found out it isn’t a game if you’re trading with real money. If you’re looking to gamble there are plenty of online casino sites that will be happy to take your money from you.
Please understand that I’m not saying write it off and give up, I’m suggesting you earn the money back elsewhere and trade on a demo while going through the school of pipsology and remember how bad it felt to lose your money, but move on from it, it will help you trade better if you do decide to go live again.
One other note, you mentioned that you had a quarrel with your girlfriend, I hope all is ok?. a lot of partners will have issue with forex when you get started as it takes up so much of your time, but if you stick at it and learn learn learn you have a chance to at least make yourself a bit extra money wise.
I hope it helps mate, good luck.
All the best,
Shyfx
Ok stop trading. Your $400 is gone so don’t even try to win it back because you are throwing away more valuable money. Consider it your tuition fee because believe me that’s not an expensive fee.
Next; open a demo account. Start practising there.
Next go to the website myfxbook and find some consistently profitable traders. Look for a trader with more than six months good trading statistics and look at their open positions, read about their strategies.
Next: try the same strategy in your demo account until you have three months successful trading, only then switch back to a live account.
You will get lots of opinions about what to do but very few guys publish their stats to back it up. That is why this is a good strategy.
Gary
The statistics show that long-term profitable traders are between 5% and 15%. Why over 80% lose ? The reasons for that are two, technically and psychologically. Most of the people lack basic knowledge about the technical aspect of trading, another reason is poor choice of brokers. Most people who get involved in trading dont have any idea what they are doing and do not want to know. They think that the only thing they need are the two buttons buy & sell and they can make loads of money. Markets do not produce anything, this is a zero game. All your gain is another one loss. Therefore, you must have some advantage over the other players to take their money. This advantage is information. Information on how the market functions, how to manage money, how to analyze the market when it is better to buy and when to sell. Psychological causes of loss are three, lack of discipline, greed and fear In your case Ngkj it is mostly FEAR. You are afraid to lose and thats why you will lose for sure.