About to lose £200 in my first trade

Hi Mondeoman - thanks for sharing that. - Love the name - I nearly bought one of them once - so I guess that makes you pretty new to this particular form of gambling and like me from UK ?

A couple of hints if I may ?

  • This whole thing is hugely psychological - so it is important that you get to know as much as you can about yourself and also about the psychology of others - since GRoup Psychology has an effect on “buying” and hence prices.
  • trust your own judgement and resist “What others think” - they know no more and probably less than you do - and at the major turning points the “Herd” is ALWAYS wrong.
  • Analysts - Respond to movements by trawling through “News” and there is always something to support a view that “it went Up because” - or “It went down because…” - Analysts are rarely correct in their predictions.
  • This game is NOT a benevolent society - for you to make money - somebody has to Lose money Plus “spreads” have to be taken out of the transaction - so just to survive your judgement has to be right more often than it is wrong - by a significant amount. Brokers (The bookmakers ) expect that if most bets are “up bets” - the market will go down !
  • there is debate about whether the markets are “manipulated” or not - but if your thought process is such that you act “as Though” the markets were manipulated - that will stand you in good stead.
  • stops, lot size and exits are very important and something most of us still struggle with - as in most things “forex” - “Conventional wisdom” is not necessarily correct - but that is stuff for later in your journey - This is a “Long haul” journey - most people give up and wander off - or go bust - a Long while before they know what they are doing. - it is NOT easy !
  • Babypips school is a good place TO START - and I don’t think they will mind me saying that a lot of the stuff in there is treated in greater detail in the “Stockcharts” site - so when you have been through Graduation and “Post Grad” - you will be able to know where your interests lie and further your knowledge of individual parts over there - (There are parts of that site which are “Paid for” - I never have entered them )

Anyhow - I hope I’ve not put you off too much and that you do “make it”. Wishing you well

F

Al Brooks on risk :-

“I don’t usually use a fixed percentage - sometimes it might be 1% 2% even 3%. The important thing is - my risk must always be a figure that I couldn’t care less about losing.”

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Hi again,
Horse racing has a very sweet spot in my heart. My father (sadly passed away 2 years ago) was a lifelong Gee Gees man. Though I lived and worked a lot away from home, I remember days when he’d tell me "just had a yankee at the bookies and got four our of six. Just bought your Mum a new washing machine. His best ever was a 1976 3p accumulator in which five from six had won. He pocketed about £850 at the time - about the remainder amount on his mortgage so he paid it off. Recently, I was so proud to drive him to the bookies to collect his winnings. Happy days. When I returned to the UK in 2000 after two careers overseas, I bought an old Sierra when I moved into our home, and with a touch of reverse snobbery, called myself Mondeoman some years later. I now drive a Merc but Mercman just doesn’t cut it. This is my fourth foray into Forex, since 1988, and like many on here, I think this time it will be different. This time is more serious, I wish to find a meaningful future for my son who has just graduated, and doesn’t have a clue what he wants to do, but as long as it it not accounting - the subject of his degree. So if I can lead by example, I’d love that he may become an independent trader. Will cost me less to keep him at home too :slight_smile:

Don’t give up so easily, take is as a experience and move forward. you can practice on demo account and make a strong strategy fir trading and you will improve. keep yourself motivated.

Good Luck!

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I think you need to work on your mine set rather then trading, Looks like you had no stoploss set either ? You shoul be risking a max 2% per trade 5% overall, we all make mistakes, them trades should have been closed a long time ago ! good luck tho !

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Do not lose the hope. May be take some time and then come back with a sound trading plan.

Your risk exposure is too great and basically ensures you’ll lose money.

With £1707, you opened a total position size of 3 mini lots (or 30,000 units).

You’re levered up over 17.5x which is really high.

You’ve given yourself about £207 in free margin, which doesn’t leave you much wiggle room (about 69 pips to the downside). Now with your unrealized loss, another move of just 7 pips will get you a margin call (assuming your broker requires a minimum 100% margin level).

You’re just way too overleveraged and shouldn’t be putting on a trade at this big of a size.

I recommend you read through the following lessons:

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The author should definitely be more confident and careful. All novice traders lose money, analyze your actions, and it will be your happiness!

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Man, quickly widthraw the 1.700$ before is not too late. Make the widthrawal today. You make the same mistakes as me.

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This thread is a perfect example of two recent conspiring issues with Forex trading colliding…

  1. Education (lack of)… So many new Retail Traders pouring into these OTC Markets with virtually no knowledge of the malevolent forces that awaits them… @riskymovements (as previously pointed out) has obviously no understanding of leverage and margin requirements… opening a 0.3 lot position using a ~£1700 account with access to only 1:20 leverage is begging for a margin call…
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  2. Environment… Since ESMA came crashing in last year and smashed leverages down to 1:30, your average trader is getting caught by margin calls far more often than pre 1:30 regulated markets…

If the leverage on @riskymovements was up around 1:400 this wouldn’t be an issue, the margin requirement would be in the vicinity of £75… not the £1500 as has been collateralised opening a 0.3 lot position… Sure he still stands to lose his ~£200… maybe more? But this situation wouldn’t be the FU it has become due to smallish lot sizes and a possible low level leverage induced margin call.

The US removed Hedging via regulation and the EU/UK regulated leverage down to 1:30 after 15 years… Do you believe it was to protect retail traders…? Both “Safeguards” cause similar outcomes…

Think about it for a while…DYOR

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Bro, Frankly speaking that’s how the Foreign exchange market works. Sometimes it will go with you and couple of time it will go against you. So, you have to learn the trading Psychology. Because you can’t make profit all the time. Can you? And also the most important thing, try to learn from your mistakes. So, in future you can avoid them.

Cheers!

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That’s what i thought, hence why i left the signal groups and started to lean towards independent trading. I was just scared that i wont know what to do when i finish the whole of babypips but who knows. I just have to wait and see

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You’re a funny one LOOOOL

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Ill give it a look

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Yh, possibly because i didn’t finish my trading course, hence why i felt like this.

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Hi, i removed the SL because when i was using the signals in the past, the trades will hit the SL then automatically go in to profit. It happened a couple of times hence why when it was about to do it again i removed it.

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exactly what i did

what does that mean?

LOOOL that’s what i did. Before this trade, i was in the same trade but with a risk of 0.10 lot size. because the trade went to break even after 2 days. I attempted to trade again, but this time with greater risk and the trade just backed fire on me and thats how i ended up with the screenshot

Thanks to everyone who replied to this thread i really appreciate it. I usually don’t get this angry over a trade, but the main reasons why i was mainly angry was because:

  1. I was trading with money that i couldn’t afford to lose (yes i know its stupid) but because i saw the success rate of the signal providers i attempted to risk it and the result of this led to all 3 trades i entered with them either hitting SL or ending in me losing profit

  2. My lot size was extremely high, but i was so convinced that this trade would’ve made a huge profit.

  3. The other reason i have to blame myself for is that i did not finish my babypips course, i’m only on the 2nd course, so after entering the trade i was extremely clueless to what will happen next.