I traded GBPNZD from a trading signal company on a buy for 0.30 and the trade is currently on -193 for the past 2 days. In these moments, i have smashed my phone, injured my finger my punching the wall repetitively hard and taken drugs to cope. At this point of anger, i am capable of killing someone and feeling no way all because of this 1 trade.
We’ve all had the feeling that comes from a trade that goes so badly wrong, sometimes from the very minute you open it. Thing is, its not wrong to make a mistake, its just wrong to keep making it.
So kick off the train of thought, what would you do differently next time?
(By the way, a loss of 193 pips at £0.30 per pip is not £200, its £57.90. Still a loss though. Where’s the £200 figure from?)
I never usually get this angry, but i think its best i justt stop trading Forex because i don’t think trading for me.
That’s a decision on the wrong basis - you have not actually been trading yet.
What you did was what some new traders think will be an educational short-cut - copy someone else’s trade or trade signal and ride it into profit. That’s not trading. That is investing, in the sense that you hand your money over to someone else’s management and let them take the decisions, while you pay the cost.
You cannot decide swimming is not for you simply because you slipped on the quayside and fell in the sea.
Trading for yourself involves following a strategy (does not need to be original) which lays out for you the entry and exit points and where the decision points are and what are the choices. It must certainly control your potential losses so that you always know before you open a trade what is the maximum amount of account capital that trade, or any trade, might cost you if it went 100% bad from the very start.
Start researching strategies and trade risk management.
Thank you for that
Do not give up easily. Just keep practicing and try harder and learn from the mistake on what went wrong and how can you not make the same mistake in future.
tommor has explained very well and detailed
Just a suggestion, but if you are this angry at forex (which is out of your control), it seems you also get angry at other things in life.
Such anger will ruin you. “Anger turned inward is an unconquerable enemy.”
Everyone is different, so I can’t tell you how to better control those emotions (get a book about it, maybe). However, I think it’s healthiest/safest for you and those around you that you learn to control your temper (which is within your control).
Smashing your phone doesn’t change the situation. Nor does punching the wall.
You control your emotions and reactions to the world, don’t give that power to others (or the market).
P.S. Once this trade is over, stop trading for a couple days and go to demo.
The lot size is too large for the size of your account. That currency pair is quite volatile too.
You should have calculated the total amount that you are willing to risk (lose) before opening the trade. Then selecting an appropriate lot size to not exceed that amount if the stop loss gets hit.
Whatever that amount is, you should be completely ok losing it.
One trade should not make you this angry. You have to be outcome independent and trade with as less stress as possible.
There is a lesson here.
Did you place a stop loss? What are you going to do about this trade now?
you will get there bro it just takes time like everything does, nothing that comes easy is worth having. keep grinding and remember it was 1 bad trade just learn from it all
a smart man once said insanity is doing the same thing over and over so just find another strategy.
it happens to everyone, do not part, everything will be better with experience
Good to hear you’re making money.
It is very possible to lose money by trading poorly. It is very possible to lose money through trading with a bad broker, even if you’re a good trader. But if you make a profit in trading, it is not because of your broker.
Couple of points
- If you CHOOSE to feel angry because you have lost a couple of hundred quid - you need to learn that this game is NOT about “validating your feelings” - It’s just Gambling and we win some we lose some.
- Perhaps your feelings would have been Less hurt - If you had only lost £20 - so your bet is way too big (TEN times too big ! )
- Your job at the level of knowledge you have just now is Simply to Survive financially until you have learned enough to make your OWN decisions about what trades you are going to make.- Close that account and trade DEMO !
- You joined on Boxing day and have read 37 minutes - Go through teh Babypips School until you UNDERSTAND - and try things out on DEMO !
- Yes you first big loss upsets your “feelings” - learn to deal with it ! - Going for a brisk walk Helps with the “Fight or Flight” emotion - clearly Your instinct is to fight ! - That is the wrong choice in trading !
All the best and
- please do let us know what you decide and how you “feel” when the trade is over - THAT IS important !
Its closed now, and yh but the stop loss was far down. This was all due to the work of signal providers which ill never trust again
I just woke up, the trade i took even went past my margin by -£20, i had to wait for it to go back to 0 before i closed it. At the moment, i have withdrawn my money and taken a break from trading. I wont go back to it until i finish my babypips journal. Im only on Elementary course, but just wanted to use a signal provider for the experience. How long did it take you guys to finish babypips?
I didn’t go through it. I started in forex before Babypips and YouTube existed.
Its a good idea to take the time to learn a bit more before you continue trading.
Experience is the best teacher. The best lessons are the ones you learn by yourself and costs you money.
See this as an investment in you education.
It takes as long as it takes you to understand it. I would recommend going through it twice. That’ll keep you busy from punching walls.
You got insight into your behaviour and emotions ,though you have only lost £200 on your first trade, in your trading career you probably going to experience far greater lows than this,so you probably right to question if it’s for you
If you get that angry over $200, you need help my dude.
I think that’s wise - I’ll post a vid of an adviser who was 100% right later (when I find it)
Myself I came here from a good many years on the DoW - But I DID go through the course.- over about a month or so but bear in mind - there was nothing There I was not aware of and many things I’d already tried (Like wasting 2-3 years on Elliott waves for instance) There were some bits I learned (like their use of Bollinger Bands - The opposite way from the way I used them ! - if I remember aright . But a valuable lesson that there are Always alternative views )
AH here it is - a 100% correct system of predicting winner - at the horses - watch and enjoy !