Strangely, I’ve had a similar experience. Until about a year ago I was a modestly profitable trader (fun money, not a career), but a personal tragedy required me to drop everything - and I do mean everything - until quite recently.
Having now returned to trading, I’m struck by how much more clarity and perspective I seem to have now. Flaws and limitations in what I was doing before that then elluded me, now seem obvious. I find meaning in concepts that I previously ignored, or overlooked.
Time will tell if this state of affairs will last, but I have been wondering why things have changed. Perhaps the time away simply allowed me to see things with fresh eyes. Or perhaps the perspective that comes with experiencing real problems (rather than the self-inflicted problems of trading) has made a difference. I would not have chosen it, but it may be a ‘silver lining’ of sorts.
Money management dude… i know u ve heard that probably over and over, but that s the key…u can break even or get out ahead with a strong Mm strategy. no matter how bad u trade, it s a coin flip, or so it should be, so even with 40% winning rate u could still make money if u stick to ur MM plan, and from there it s only a matter of working on what u doing right and what ur doing wrong when u lose, to try and cut down on the bleeders. For instance i use % risk on every trade i take, i don t look at pip value or X amount of pips, have an EA that automatic calculates the risk and in %(not that i don t know how to do it manually, just easier), i just set stops, entry…know where ur trade setup is no longer valid(and set stop there). U don t need to run, drink smoothies and ■■■■, just write that crap down, and stick to that(MM plan)no matter what, on the strategy u can work, but u got to live to trade another day, losses are part of this game, and not every trade is gonna be a home run. Saying that ur addicted kinda implies a sort of casino kinda game, which is not, it is very much doable(i m addicted to trading 2) U r starting to see decent results? just keep on doing that, rince and repeat over and over again, stop listening to people, media etc and do your own thing, you should e more then capable after so many years. stay green cheers
simple analysis using daily chart, u can entry on the 1hr, even 5 mints, whatever suits u… it s not rocket science,and most traders have the main trade direction right, but the stress or the drawdown kills them and makes them question everything,(happened to me 2 not so long ago) that happens when u don t have a money plan or u don t stick to it. cheers
That’s very interesting. I wonder how common this is and I wonder what changes? Maybe - like you say - having time out puts things into perspective, and then when you make the decision to go back, you have more clarity on why you’re doing it and what you’re trying to do
Thanks for the honesty. That was an amazing story to read, especially the ending and really feels like you realized something. In addition, life is much more than simply money - and money doesn’t equal happiness. That feeling of being right in a trade and being profitable might even be greater the more you lose - because the toil is greater, thus the relief and reward is greater. If someone just lost £100 when they started they might give up hope and decided its not for them and they might get out. I think trading takes a lot more from you than just money - but stresses and fatigues you more than a simple job.
I would agree that when you start losing money on Forex you should immediately react. It is best to spend some time out from this market and analyse what you have done wrong. Then make necessary improvements and try not to make same mistake again
My trading started with me practicing in demo and believing i could make $5000 from $5000 in a month. I did. Then i went live and did exactly the same - leading myself to believe this was normal. Then by month 3 i had lost 80% of my account
over the next year i added funds multiple times and lost continuously.
I refused to give up and kept at it - sometimes gaining back - then loosing.
In year 5 i added a large amount of funds - well - largish - about 20K, and within the next 8 months earned all my losses back
Most common faults - thinking you are at the cust of a Turn - always believing it MUST turn now. Recency bias and counter trend trading.
So now with 6 years experience - i start afresh - with no loss
That’s a nice result and congratulations on recovering your losses. Do you want to work as a professional trader? I ask because unless you can get your hands on a nice big fat pile of cash, it will be awful lot of work for not very much – unless you have a method that requires very little time input… That was the conclusion I came to by the end of my time as the type of trading I was doing made it pretty much a full time job.
On the other hand, if trading is a hobby and personal challenge for you, then none of this really matters and you can continue to enjoy it without worrying to much about account size and just see what happens.
Well - I would like to earn my salary trading so I can retire, but more than that i simply want to be trading continuously and ensure I don’t suffer losses - even if its below my salary level.
Protection of capital is number 1!
Trading is now so part of my daily routine - it doesn’t infringe on my life much - so i hardly regard it as effort or work. In fact I love it
