I blew about 4 or 5 of them in the early days… Some say I’m a slow learner haha
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I didn’t completely blow them I ended up in say 50% DD then withdrew the rest and went back on demo lol
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Well, maybe yes. Blowing up accounts has become more like an unsaid custom or ritual by beginner traders. I have even seen intermediate traders, who have been trading for almost more than a year now, blow up their accounts.
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If you can learn your shortcomings without blowing your trading account, then that’s obviously better. But, if you’ve already blown your account, then keep in mind not to make those same old mistakes ever again. Take a ‘slow and steady’ approach, understand the market and its intricacies before placing trades. Spend time learning and practicing forex trading because that’s how you’ll get better at it.
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Blowing your first live account is quite common among forex traders. So start with a capital that you can afford to lose. But don’t actively try to blow your account. Trade responsibly like your life depends on it and that will help you to reach professional level skills. Good luck!
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It’s a waste of time and knowledge if you are purposely opening micro accounts just for the sake of blowing it up. Instead, open a standard account. Focus on risk management to gradually preserve your profit to increase your capital. With a bigger capital you can have more profits (if your strategy and risk management is good at all).
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Can any of you reasonably believe that with a few hundred dollars you are going to enter the Forex market and make money?
Do you even know what you are buying and or selling through your broker? Do you know that your broker is the one on the other side of deal you make?
Do you even realize that on the level you’re playing there is no MARKET? You’re just getting quotes provided by the house. You’re not dealing with a broker, because there are no brokers in Forex.
So you got $500 to open an account with FXCM or Forex.com. They will take that money from you before you have any idea what just happened.
[Edited for a Forums Violation]
It is not uncommon for new traders to blow up their accounts. However, this creates a negative impact on their portfolio. Focus on your risk management and money management to prevent your account from terminating.
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Starting with a small account is a great way to learn. But please don’t compromise with risk management even if your capital is small. The goal of starting with a small capital is to avoid huge losses but we should have a serious approach and try our best not to blow up our account. It is fine if you end up blowing your account even after trying but make sure that you make rational decisions from the start.
When beginners tend to blow up accounts, it’s because of lack of knowledge and objective in trading. We should start with small capital and patience in order to not regret later. Incorporating learning on demo account can also save you from blowing your actual accounts.
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I agree! Newbies blow up their account because of insufficient knowledge and mostly because of their impatient nature to make prompt profits.
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