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…
- 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…
| - 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:
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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
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My lot size was extremely high, but i was so convinced that this trade would’ve made a huge profit.
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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.
I do know about margin requirements, i just risked a big trade expecting it to go in to profit.
However, could you please explain how leverage works? i’ve researched and read babypips a couple of times but still don’t understand how it works. I heard that it affects your profit/losses but whenever i trade i don’t see how it does.
Hi @riskymovements, Understand, I’m not having a crack at you… we all make mistakes trading these markets… Although it looks grim… your situation looks worse than it really is… Even if you are margin called and your Broker shuts down your position… the £1500 is released back to your account…
As you are now aware… the more you can make is directly proportional to the amount you could lose…
Watch the video above for a clear explanation of Leverage and Margin trading CFD’s…
You are correct, it doesn’t, this is just a myth generated by Brokers marketing justifying you to deposit larger amounts and locking more cash with low leverage… a 0.3 lot trade hits your 55 pip SL?
You lose the same amount using 1:20 (£1500 Margin) as you do using 1:500 (£75 Margin) leverage. It’s just how much margin is held to open each position…
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In Forex, you need to have control on your emotions. You can arrive at such bad situations many times since trading is uncertain. Before you rely on signals, make sure you have a precise trading plan. You must have planned your risks well and worked on your lot size, account size etc. . Harming yourself will not reverse the situation. Perhaps, only you can control your mind and be positive. Practice as much as you can and gain experience.
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