600$ Lost on first day

Hi there,

whats mentioned in subject happened to me :frowning: I am really upset, okay I would admit first of all that I do not know anything about forex and I just went in the software blindly and this is the result. but dear reader can anyone give me some hope that I lost this much money in one day if i learn about forex from this website i can earn back all my lost money in one day too.

Waiting for someone honest and helpful.

Kind Regards.

Afaq.

In theory yes… But considering your first attempt, No… I think it will take longer… Don’t try to earn it back again in one day… But don;t consider it lost either… You can get it back, over time…

Hello.

This is not a nice feeling, I’m sure. The thing to remember is not to jump back in while in this frame of mind…you said you were upset… But don’t let that feeling of needing to “win” this money back influence your next trade. Imagine how bad you will feel if you do this and loose another $600!!!.

Take some time, learn some basics, and open a demo account. I sincerely hope that the money you lost was in demo, but by the original post I fear it was real. Trade small until you’re comfortable, don’t listen to anyone who claims making millions from hundreds, and realise that everything in life has an upside and a downside. You’ve had a big lesson on your first day, use it positively, never forget the feeling you’ve described above, it will stop you gambling with money. One way to look at it is if you had earned this money on your first trade without any knowledge you may have set yourself up for a massive loss in the future, carrying on blindly entering trades.

Everyone who trades forex (and indeed anyone in business-forex is a business and not a get rich by not doing anything loophole) understands that you will lose as well as gain profit. You just need to get to a point where the gains outweigh the losses.

There are some really simple ways to approach trading to get you started and then add more as you progress if you need to. Forex isn’t easy, but it doesn’t need to be difficult.

I hope you get back on track.

CSM

i am sorry but its making me laugh how foolishly you put your money on stake without any research on this business and worse part you lost it. you must have made a little search on some initial countermeasures but its not gonna get back, i suggest you to first gets your hand on this thing and then go live …

Losing 600$ on first day is very easy but recover same amount of money in one day is not possible if you are new in forex market. Start forex learning with Babypips School and enjoying learning.

LMAO. This guy’s like the text book example of what gurus are referring to when they talk about the “95%” of newbie traders. On a more serious note, if you want to have any chance of making that money back you best drill that feeling of despair deep into your mind and stay the hell away from your account until you have established a solid risk profile and a trading method that gives you an edge. Easier said than done of course xD.

Losing was a blessing. The scariest scenario is when you don’t want what you’re doing, get lucky, and win.

Hello mate,

Aren’t you the same babypip1 that’s asking a fairly basic question on another thread?.

Everyone starts somewhere, even foolishly, however, newbies laughing at other newbies isn’t going to exactly encourage any form of learning.

There are many people on this forum who will gladly offer advice, I’m not usually one of them, however, here’s my advice to you. I would suggest until you get the basics down (and saying your using a “leverage ration of 100:1” and asking people for definitions of margin, equity, balance etc suggests you haven’t got the basics down) I would suggest you leave the criticism of other beginners alone.

On the other hand, wtf do I know?!.

We all burn our accounts in our newbie days. What did you learn from this experience?

Sorry you lost money.

Try not to put real money into anything until you can see its reliable with your own eyes. Demo accounts are a blessing.

Pretend that you donated that money to me then I spend it all going shopping :wink:

B-zinga, wellcome to the club, we all did that at least once.

First eliminate"Get Rich Quick Mind" from your self. Don’t think that you can earn this much money from forex trading.You cannot recover loss in one day until you are confident in trading . Forget bad experiences and start forex in fresh mind by following babypips school with demo trading.

LOL! This must be a joke! You gambled and you know it. Chill out, don’t deposit any more money, learn, practice over and over (at least 100 trades IMO with proper +ROI) to see if your style is a winner. Then, think of depositing. But what you did was IMO less favorable than winning at roulette. Gl

Hi Mate
My name is rakesh and I have been trading forex for the past 5 years and somewhat I did the same mistake in the starting what you did. But for the past 3 and a half year I have been successful and making consistent profit each week every month. I can help you learn forex and make expert in this field absolutely free as it is my passion to train new guys and I feel good when they make more profits. IF anyone out there want to learn forex or even increase their profit and make it consistent feel free to ask me.
Thanks

You need to stop trading live and spend some time finding a decent method to make consistent gains. You won’t gain it back in one day

I paper traded for two years, with printed charts & a red pen, before trading live.

The great thing about printed & marked charts is that you are forced to relive your decisions every time you look at them.

I’d recommend paper trading with 4 hour, Daily, & weekly charts.
You can add 10 minute charts when you go live; I don’t recommend the use of small charts when paper trading:

You might plan to trade a 1-2-3 breakout on the 4 hour chart…
Trading in the direction of the possible breakout (on the 4 hour) is where the 10 minute chart would come in.

If you just practice trading a 10 minute then you might forget that holding for a trend involves longer periods (larger charts).
That fact that you might profit does not warrant the placement of a trade; your risk is always the same, but your potential should always be parabolic.

I think you were in a gambling mood. Also the fact that you risked that kind of money without even understanding how this works displays naked dumb greed ( as opposed to calculated risk ). I am a noob and I have no shame in admitting that I am learning . Having said that I can say 2 things I learnt before putting my $$.

  1. Start small. Mini lots not standard lots
  2. Have a plan that has at a basic - entry point, exit point, risk / reward, STOP LOSS.

No, unlike some who have claimed, blowing up of accounts was limited to demo accounts. You blow up your $$ accounts only when you risk big and without a plan. So I have managed to slowly move into profit. Thanks to Babypips I have had lot of inputs.

You should just demo trade until you can rake consistent profits.

Dear All,

Thank you for your condolences and support but I dont feel this forex as a business for me it has many many draw backs I would rather put a barber shop and be happy with what i earn in real, i am quitting my account and everything.

Thanks and Regards.

Afaq.