Oh man, not such a good day, :mad: the few trades i did just didnt go my way, but i guess cant win them all, did great last week so i lost all of my profit from that, Lesson Learn that i guess is the most important thing.
Back to the books and move on.
hey dont feel to bad i lost almost $2000 today 
the most important was I quickly realized I was wrong and I cut my losses. It is really humbleing to admit when we are wrong and move on but that is exactly what we have to do!!! If I didn’t cut 2 trades I had been holding onto my loss would have been double!!! It is extremly important to to not be emotional. there is always tomorrow to trade.
Don’t let it get you down just try and look at why it happened and move on, I had a bad day also for no reason but my own. When I looked back it was why did I do that. But got back on the horse and had 2 good trades later…
Just don’t give up and take it as a lesson learned.
Good trading to all…
Lose a trade …but nevr lose your shirt !
I have learnt not to take failure to heart nor success to head .
I blew two of my trading accounts before I became a consistently profitable trader. My first trading account was $1,000, I doubled it in one week and lost it by the second week. I did pretty much the same thing with my second account.
Mistakes are essential to our learning. Accept them, learn from them and get over them.
Sorry NickB,
Can I just ask you what you thought you did wrong in those first two accounts? I’m thinking of opening a $1000 account -> was it to do with money mx, trading strategy, not following your rules or something else perhaps?
Thanks
I failed because I wanted to be the Rambo of trading. Walk in guns blazing, dodge 1000 bullets, and win the day. I was making classic newbie mistakes:
I was 18 years old and I had just made a killing for the past 3 years trading stocks. I thought I was invincible but the Forex market slapped me back into place.
Nice. But now you are the Macgyver of trading. Thanks for the tips.
Side note - do you not work now or go to some form of education?
No I don’t go to school or work. I started trading Forex when I graduated from high school. I built my account up to close to $1mill so at this point I have no need to work or further my education.
Also I am a firm believer that formal education teaches a person nothing of value. Formal education gives you a living, self education makes you rich. I wouldn�t want to waste 5 years of my life at university so I can become a doctor and work 6 day a week until I�m 60… I rather retire to a beach house at 25…
formal education teach you to work for someone else…
IM totally new to Forex and this is pretty much me in a nut shell in the past week ... :rolleyes:No I don’t go to school or work. I started trading Forex when I graduated from high school. I built my account up to close to $1mill so at this point I have no need to work or further my education.
Would you mind telling me how much you leave in your account with your broker? I’ve been discussing with a couple of other traders, what is a “safe” amout to leave with your broker and cover any positions you may want.
Two traders i know, withdraw anything over 100k every week, so at the start of each week they have 100k in thier account and the profit is in the bank (not that that is very safe anymore either). They trade 1-5 lots at a time and swear you dont need to trade any more than that.
Just out curious
Im impressed by you, i just recently started, did some demo trading for about a month until i thought i grasp the concepts but i lost $600, got emosional and was planning to leave. But i realise that people loose far more than that to learn from thier mistakes. Nickyb is like my icon… i want to turn my lost to a lesson taught and be more decisive in trading. I think u should have gone to university Nicky… but then again, im here working my ass off… hardly getting to trade AT ALL and when im finish ill be working just enough to pay rent… I NEED FOREX TO SURVIVE. LOL ( though im still on the losing stream)
[B]What do you call a domesticated animal?[/B] Answer : [B]A pet.[/B]
[B]What do you call a domesticated human being?[/B] Answer : [B]An employee!
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As much as I would like my 2 years of tuition back (preferably into my trading account haha), I can’t say I’d undo the decisions I made. I came out of that experience knowing for sure that I wanted to be a trader. I think that knowing is worth the money spent, since sometimes you have to do something you don’t enjoy to discover what you truly enjoy.
Not everyone can be a trader though. It doesn’t click with a lot of people, and they will likely walk away from the experience with bitter resentment for the market and disbelief of anyone that’s making it big. People making half what you’re making may look down on your career choice, thinking you foolish for “gambling” instead of earning what they consider a real living. For this reason I keep my trading to myself with everyone that isn’t close, because it’s a negative belief that can poison your confidence if you hear it from enough people. Of course the people close to me know all about what I do, and I appreciate their support!