My account got blown out when EUR USD hit 1.16868. My entry point was 1.17782
It went down because fundamentals changed for eur and usd. Germany’s GDP was reported at 0.6% while the forecast was 0.7%. The Unités States retail sales report came out 0.6% which is very positive strengthening the dollar short term.
Recorded loss of 13k.
If my analysis is faulty please correct me, I’m here to learn! 
I am new to the forex but oh my god you loss 13K. How many days, months, years you played that account?
Could you give me time to the minute. and the exact price of when you opened and closed the trade? I guess you were long?
The Ever Curious VIPER
I’ve been trading that account for 2 weeks, started it at 10k and grew it to 17k before this happened.
Went in at 15:30. At the price 1.17892
Hey Again, I guess I missed it, the Date?
The Ever Date Conscious VIPER
Ok, try this. 4 hour timeframe, call up a new eur/usd chart. Put a horizontal trendline at 1.1882, make it Red, then put one at 1.16236, make it Green. Now where is the mean, and can you see why your trades turned negative with the catalyst of the fundy’s???.
The Ever Throwing A Line VIPER
The risk on this trade must have been 100 percent, correct? Realize that sometimes, losing some money can be a way to learn the hard way, and improve your trading. It’s just too bad you had to lose that kind of money. When I trade in markets, I know that I will eventually lose. So, I must plan for losses. I must create a written trading plan, and the plan must have my maximum risk per trade. I have found that if someone has a maximum risk per trade of more than 5 percent, they will most likely lose over time. Usually, a risk of 1 or 2 percent per trade is more common and leads to better long term results. It must also contain my risk to reward goals. Probably, having a more than 1 to 1 risk to reward ratio in your trading is essential to being successful over time. This means making more on profitable trades than you lose on unprofitable ones. The reason why everyone always loses is because there are times when the market can make big moves that make no sense at all to anyone. This is because oddities actually can and do occur. There have been times when it has been known that a trader at a firm made a trade and put in an extra zero or two on the trade size accidentally, and made the market make a big move. If you enter a crashing market like the one in 2008, it can become remarkably scary, with massive moves and massive corrections. If you think that this market environment can kill your account, wait till you encounter those market environments. I read a book by a guy who ran a trading firm, and wrote a couple of books. I wish I could remember what it was called. He told a story in the book about a guy who was trading for a firm. The guy was talking to his boss, and said that he thought the market that they were trading was supporting, and he thought it would go back up. The boss asked him, “so you have that much confidence in your technical analysis?” The guy said yes. So, the boss called in a large sell order, and the market immediately fell through support. It was a good story, and the point is, that we can’t always know why the market does what it does, and sometimes, it does some unpredictable things. It doesn’t have to always add up.
Yes, my risk was 100%. I was operating without a stop loss even. I gotta learn the risk to reward and risking only 5% of my account per trade!
5% of your account per trade is too high that’s why you blown your account! You need to study about risk management Alecx. I been playing my small account for a one month now as a demo but my account still running.
To clarify, I was saying that I thought 5 percent was the maximum that anyone could keep their account going over time, however, 1 to 2 percent is more common and usually yields better long term results for most traders. Think about risk this way. Let’s say I draw down my account by 10 percent. Now, I need to make back 11 percent to get it back to break even. Let’s say I draw down my account by 20 percent. Now, I need to make 25 percent to get it back to break even. Now, let’s say I draw down my account by 50 percent. Now, I need to make 100 percent to get my account back to break even. Now, let’s say that you have a strategy that wins 70 percent of your trades. That is very good. But, it means you will lose 30 out of 100 trades. What is the probability that some of the 30 trades will be in a row? It is probably very high. Let’s say that it loses 6 in a row. At 5 percent, you draw down 30 percent. So, you need to make back 43 percent to get it back to break even. At 1 percent, you draw down only 6 percent. You only need 6.4 percent to get it back to break even. With the level of draw down of 1 percent risk per trade, it is much easier for you to keep a consistent profit curve over time.