Your questions are inappropriate.
Thank you for your advise mate ?
I am looking forward
I don’t want to quit …
I would like to learn this art and help others newbies in future
I know its a big blow … so I don’t know how long will take to recover.
Not sure where to start …
You need to forget trying to recover your loss. What’s gone is gone. Stop trading real money until you have a better grasp on what you are doing.
No one trade should lose you 70 percent of your bankroll.
You can provide quality information without having him drill out actual figures. Administration has nothing to do with this.
What I mean was … that I am willing to learn from my mistake
If you guys can help me from your experience …
I am more than happy to invest my time to study trading.
Because I am new … I need some guidance
Thank you for understanding.
Again, the figure is irrelevant. You don’t know his entire net worth.
He was a new trader in a bad trade and it hurt. That’s more than enough to go on. Probing people for actual figures is intrusive and frankly none of your business. You do not have the authority to provide a fiduciary role in this equation.
Stick to what this forum is about… Learning how to trade forex.
Start with the Babypips school. If you aren’t in a position to dedicate your time to do so, there is little any of us can do to assist you.
The level of education generally provided in this forum is on the understanding that you comprehend the basics.
Mate I got your point … Its a history now !
I would like to move one … and do some sensible things
I learnt my lesson… So thank you for keep reminding me
Thank you for your help and understanding “mastergunner99”
If you can pass on some information that will be cool !
I know that my money is now gone… but I need to do some thing to earn it back …
If I keep saying and thinking my money is going and I need to see the psychiatrist that not going to help me
All I need is education in trading … and that why I am here for
Sorry for your loss camran12, my advice is to stop trading real money NOW. 70% of your account is a big loss but at least you didn’t get a margin call. Remember that in FX the only money you should trade is money you can afford to lose.
FX is a vicious business you are trading against huge banks and they are not letting you take their money the easy way. So you have train yourself very well.
If you still want to trade FX, then start here: School of Pipsology
Practice in a demo account and if you have questions… come to this forum, here are always people willing to answer
Thank you yunny1 sir much appreciated your advice …
Thanks heaps
Any advise on which plat from to use ?
I am using IG markets ? Which forums to read ?
Good Chart learning analyse reports ?
Camran12. Slow down. Your emotions are likely high. You have to take the time to learn the basics before you start picking charts and brokers.
I know you want to skip the learning curve, but you can’t.
Sure mastergunner99
OK one step at a time
Slow progress is still progress
Ok I will learn the basics first mate … thank you
I dont know if any of you guys know … but this weakness of JPY is seosonal … i have seen it happening almost every year … about end of each year … I dont know why japan does this … but there must be something that they from doing that …
Well it’s a little more specific than that on this occasion - on Tuesday the BoJ announced that they will spend 1 trillion Yen on the second round of fiscal stimulus, here’s a link to the story:
Japan Government to Spend 1 Trillion Yen on Next Stimulus - Bloomberg
So while I am an advocate of seasonal shifts, on this occasion there was a clear reason for the massive moves in the market.
Hi Camran, first up I’m VERY sorry for your loss. That’s a big smack in the chops, noone can deny that.
In specific terms, I think that the most obvious mistake you made was having too much risk attached to a single trade. I would strongly advocate any new trader to risk a simple 1% of their account on a simple trade. That way, should the market move against you, your SL will protect the vast majority of your equity. Personally, I still trade at just 1% risk now. So whether you stick with live or move back to demo, whenever you next trade I’d do that. Sensible risk/money management is absolutely key to successful trading.
Secondly, I’d buy some books. As you are doubtless discovering the hard way, psychology is a key aspect of trading. Big wins or losses can mess with your head, as can the desire to be in the market when there are no clear setups. In my view you need to read books, follow blogs, chat with other traders, whatever it needs to help keep this side of your trading centred. Personally, I started with (and still read) Jack Schwager’s books ‘Market Wizards’ and ‘New Market Wizards’ (plus I think he has just released a third book. They’re just interviews with successful traders, but they should help you believe that this stuff can work, even in the face of the odd loss. I still read them pretty frequently, as I believe that a large part of trading is keeping your head in the right place, staying on point.
Thirdly, I’d echo what the others have said - follow Yunny’s link (he’s a helpful guy, that Yunny, listen when he speaks as he tends to speak wise words of wisdom) and go through the BabyPips school. It’s free, and it covers the basic knowledge that you have to have in your head. When you finish it, do it again. And again. Then do it every few weeks, the whole thing, until it is all obvious to you, until you feel that you could write your own school off the top of your head. That stuff needs to become instinctive before you want to be risking your money in the market. Instinctive!
And fourthly, just to talk about your losing trade: it makes the case for a 1% SL on its own. Even End Of Day traders who tune out news need to take steps to protect themselves from its impact. I was not in the market on a Yen pair when the BoJ made its announcement on Tuesday, but had I been my maximum loss would have been 1%, which would be fine. As it was, I saw the impact of the news, and placed two Intraday trades on Yen pairs, EUR/JPY long on Tuesday, CHF/JPY long on Wednesday, risking 1% on each. Both hit TP, I made around 3%. The point is, I was safe this week whatever happened - had I missed the announcement or been unlucky and been in the market on a Yen pair on Tuesday, trading in the wrong direction, my loss could only be 1%. Had my Intraday trade not worked out, had it proved to be a false climb, I could only lose 1%. As it was it worked, so I placed another the next day (already 1.5% up, so really a ‘free’ trade on this move) and had another winner. Then I was out. Price was overextended yesterday, and retracing today, so I’m done. Cautious, guerilla-style trading. Jump in, take a limited-risk 100 pips or so, then leave by cop Wednesday and wait for the next opportunity. I did not [I]know[/I] what was going to happen in the market, but because my risk management was sound I didn’t worry. I only stood to lose 1%, whereas I was looking at a potential, high-likelihood profit of more than that. I hope you get the point I am trying to make: I consider the risk first, I put in place a plan aimed at capital preservation first, then I plan the specific entry.
This has been a tough hit, but I’d try to think of it, also, as an opportunity to prove your character to yourself. It’s a test of your commitment to this, and of your own resolve. As others posters in this thread have said, I agree that you are at a crossroads, here - either pack up, take your remaining funds and leave currency trading behind, or take this as the spur to knuckle down and start the learning process the right way. Then stick with it and one day - albeit, as Ake so rightly said, some years later - you’ll look back on this and chuckle.
And just to close, this might do nothing for you whatsoever, but this video, and others like it, helped me a lot, this one put me right on point, don’t pause it, don’t rewind it, just let this build onto you. It’s worth nine minutes of your time, imho!:
Look, I know that this is a pretty scatter gun post, and perhaps it won’t help you, but equally maybe there is something in here that gives you something, I certainly hope so.
You took a big hit, but the information is out there to help you understand why. Currency trading is not easy, but it is simple, when you boil it down - them money management, trade management, risk management and psychology are all vastly more complex than simply spotting technical setups, as the technical side can just be learned by rote. So I would strongly urge you to put some serious time into studying across all these areas, then come back to the market focussed, with a detailed trading plan and your head in the right place. Keep yourself on point and this stuff works. Come in underprepared or not fully focussed and you’ll keep losing. You’re allowed one major rookie mistake, but you have now had yours - put some serious hours in and you can make it highly likely that that is your last major loss. Yet the major winners can be ahead of you.
I hope you found this helpful. Keep asking the right questions around here, and put the work in, and you should get there.
ST