Your situation sounds oddly familiar. I recommend buying this book called Mindful Trading. No one has a bad strategy, it’s just bad control over your strategy that causes you to lose so much. That’s my personal bit of advice on top of everyone’s advice here.
[QUOTE=“vsc2;516626”]I am just posting this to vent about forex I started trading last year in october. I ended up overleverage and lost 10k or 1/3 of my account. I then worked back up to break even but deposited more money during periods of draw down because I was averaging down. I have now lost twice my initial deposit, or $60k which leaves me after debts with only about 5k to my name. I wanted to trade demo initially but my wife convinced me to go to live even though I didn’t want to. I feel like saying this is blaming her for my mistakes which is pathetic. this is all my fault. I started doing trading because I didn’t want to have to spend so much time working away from home. Now I lost my job and I lost nearly all my money. I don’t know if I will trade again. I can’t afford to lose any more. Should I just give up on trading and move on with my life.[/QUOTE]
Don’t give up some people can be harsh on these fourms but then again money has no emotion , just take a break get a job make some money back and don’t start with nothing more the 5k I would reccord starting with 3k tops
But don’t some heavy research befor you re invest and make sure you under stand what your are doing and not gambling , it sounds like you where gambling quite abit to lose that much may I ask what lot sizes you where trading
I am just posting this to vent about forex I started trading last year in october. I ended up overleverage and lost 10k or 1/3 of my account. I then worked back up to break even but deposited more money during periods of draw down because I was averaging down. I have now lost twice my initial deposit, or $60k which leaves me after debts with only about 5k to my name. I wanted to trade demo initially but my wife convinced me to go to live even though I didn’t want to.
Wow! That’s a lot of money. I haven’t started trading yet, myself. I’ll tell you, I have been studying and reading so much on Forex for the last few years it isn’t even funny anymore! And I’ll tell you what! There is still questions I am asking myself. I haven’t risked any money. Why? Because I am not ready, even after all this study. I may never be ready. If this is your dream don’t give up. I see a couple of things you should change. Demo account first, before actually using any money. Practice, Practice, Practice. Make sure you understand the market. Try some plans out. I know I haven’t lost any money or traded so maybe I am not the best person to give advice. I do know, for myself that I am not ready. Am I willing to fork out 60,000 dollars. No way! I will risk 5000 or 10,000 dollars. If I lose that what will I decide to still trade. Probably. But if I do I will dam sure make sure I know what mistakes I made. A journal might be good to keep, that way you can keep track of your trades and maybe figure out or know where mistakes were made so you don’t repeat them. Life isn’t over at 60,000!
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Hi guys,
There was a point of time in my life I studied Pseudo science. It is important to listen to one’s gut feelings.
There is a categorization that the brain is split into 3 categories: The Conscious, The Subconscious, The Superconscious.
Your gut feeling is derived the from the Superconscious. In general, the Subconscious and Superconscious are like idle processes of a computer. It runs in the background doing it’s job processing without you noticing it. Even without you knowing or understanding, you have this feeling of “i just know it”.
If something doesn’t feel right, you get a gut feeling. It is nature’s early warning system that it is beyond your abilities or in conflict with your interests.
The greatest trading advice I ever got was “If you can’t sleep at night, you’re risking too much.” This is an example of you don’t realise it, but your gut knows it is in conflict with your interests.
I hope this helps. Good luck out there
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One thing i have learnt and that has been very heavily emphasized during trading videos from coaches which i have watched, is never to revenge trade.
Also, my coach has told me, if you cannot make money with a demo account, then it’s no use trying to make money with live trading.
A demo account is the way to go for now.
am so sorry for your loss; am not trying to apportion blames on you but we are always told to trade forex with just an amount you can afford to loose. Its not the end of the world though, all you have to do is sit down and go through everything trading plan; trading goals, strategy and know where you got it all wrong, then you make a choice f you want to continue or not.
I’m not sure if i believe the topic starter tbh. I think possibly it’s someone having a bit of a troll
Just wanted to make a comment about losing money. I guess I shouldn’t bring up a dead horse but I thought some might find relevance in this. You can lose a lot of money in many ways, not just the markets or Forex. You can spend your entire life savings on a business and lose it all. On a medical condition. Getting sued. Just about anything. I unfortunately lost around 60,000 dollars on a business loan that I financed for a so called friend. I was the silent partner, yea I was the silent partner alright. All the way to the time my so called friend lost the business and the creditors came calling. He never paid me back my portion of the loss but decided to use my silent money to keep the creditors from suing him. I was suppose to get back half of the investment even if it failed, but my so called friend saw things different and decided to have my silent cash pay the debts off. I did get legal advice but it wasn’t worth the suit because the cost of the attorney was far to high for me. After all me the silent partner didn’t have any cash left because I had to pay my house off or face foreclosure. So, I had to borrow my silent half of my investment to pay off my house or lose it. Good thing I had good credit. Yep, my friend doesn’t even know me now, won’t answer phone calls, nothing, zip. So my advice besides being stupid is never trust a friend and losing money can happen in any endeavor. The trick to keeping your money is, not be stupid, don’t give it to a friend, and if you invest in any market, use good common since risk management.
nothing to lose, everything to gain = a good risk to reward ratio
If you ever decide to go back to trading, you should do a lot of backtesting (testing your strategies on historical market data) before you even start trading on a demo account. Programs like Forex Strategy Builder are your friend so you don’t waste time and money on trading strategies that do not work.
That was well said danyrexy! Venting about losses can be OK for awhile vsc2, but after you take the first steps toward moving forward after a setback you will be both stronger and wiser. It might be good to reflect on what Jesse Livermore, one of the most well known traders of the 20th century said:
[I]“There is nothing like losing all you have in the world for teaching you what not to do…”[/I]
All the time loss is not due to gambling or risky trading some times we loose unexpectedly .In forex we are not sure for results . After some loss trader should evaluate his trading plan and strategy so that net time he can do his best .
I guess forex is not for you.
You should move on with your life.
Just be wiser next time.
Wise advice , have good spirit to move on is needed to not be despair from upset condition or disappointment with the unexpeted result, so we will have good positive thinking about the condition that we receipt
Funny thing about trading is that some people never read a book on trading, yet seem to do very well, while others study and study and never make a dime. This tells me that there must be something called common since missing from the equation. Me, still searching for an answer.
I don’t know those people.
The ones I know who do very well have either read plenty of textbooks or at least been taught in a formal setting by others who have.
I think it’s true, though, that some people have an almost instinctual grasp of statistics and probabilistic concepts which eludes most others (I suspect it’s closely related to how they were taught maths at a very early age), and that almost nobody ever makes a living trading forex without having, acquiring or developing that.
I’m never quite sure what people mean (especially in this kind of context) by “common sense”: I sometimes think that it’s far from “common”, anyway.
It tells me something different …
It tells me that (a) forex-trading attracts gamblers, (b) that the trading world is packed with businesses whose principle [I]modus operandi[/I] is to take advantage of them, © that some people try to run before they can walk or understand money-management at all, and (d) that it’s an illustration of the principle that the overwhelming majority of attempts at self-employment/self-employed money-making are destined to fail.
It’s a curious thread: the OP apparently made a total of one post in this forum, and hasn’t logged in here for 2 years; but some of the replies are interesting.
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I hadn’t looked at the date of this thread, sorry! I read a lot about FX, study it etc… Practice when I can. I have taken a couple of trades made some, not a lot, but from what I have seen and observed I believe money can be made. I work nights and find it hard to Trade because a lot of good moves are made before the london session early in the morning. I am at work when that happens I get home and sleep a lot. So it’s a bit tough for me to get in some trades. I read in some texts that there are some people who never learn trading from books or anything else yet manage to make money at it. I to have not seen anyone like this i am sure anyone who is somewhat successful at trading must have some knowledge at it. My goal is to make enough off of trading to make a decent amount of money, but I have not realized that yet.I have a lot at stake if I do go full time so I do not plan on losing if I feel I can’t make a go of it. I enjoy learning FX, especially since I have gotten into world economics and fundamentals. I think it is a good thing to know even if it you never make a dime. That is basically why I do it.
It is very tough decision that you need to make when you have lost a lot of money because quitting the business puts you at a risk of losing all that money with no hope of regaining it. But make justified self assessment and dont be biased, if you still think that you can make it in the forex trading business dont give it up but this should be backed up by strong proven incidences of your skills.
You make a great point, here, and you make it well.
When you sit down every morning to begin trading for the day, your top priority shouldn’t be “to make money on the day” but “to be able to sit down again and do the same thing tomorrow morning”.
Which is, of course, why it’s so essential to understand position-sizing and the rest of money-management pretty clearly [U]before[/U] trading with real money.
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