Holly smokes, I lost my $4k savings in a month as a first time forex trader

Don’t try to win the money back. Forget it. Focus on being a consistently profitable trader before you put a cent into forex. Take your list, right now you are a 1 for everything on your list. When you feel you are a 10 for everything after demo, then trade with real money.

This sounds similar to a double negative. Maybe this is a freudian message and and it’s time to buckle down and get to work! :grin:

KC

I am not willing to consider over leverage can be reason for losing , if there is any risk , it is completely with non-sense planning with zero risk management approach , nothing without it.

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Your experience will help you grow up as a trader. Now, you know what’s your wrong.You can change there mistake and find out them with “why”. Example why you entry position too ealry? Why you entry position too late? After you clear you mind and make a trading journal. You’re better than yesterday.

There is no reply basically. When a trader loses money, it can make him depressed. But a trader must try to acquire adequate trading skills to make certain rational decision making. If a trader feels to make thousands of profit within few days, this wrong concept can even hamper the whole process. Thereby, a trader must try to gather understanding of Forex first.

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It happens.

At least you have noted down all the mistakes and you can now act on each one.

You just need to talk to others who have been there and done that, [share ideas][removed due to a Forums Violation] and progress etc.

Thanks everyone to all your messages and it indeed really inspire me, its been more than a year since I posted and share my first FX trading. I have learned a lot during that span.
I would say that my losses continues for another 10 months,I have gone through depression but I fought for it, I listened and read psychology books and study technical trading and I would say it really helps. I learned to disassociate myself my mind into my trading or positions, I don’t get excited no more, I focus on results now instead of the dollar value, since then I improved a lot.
There are couple of times where I have turned $40 deposit into $5000 in 2 weeks, but I lost them all in just 2 days, it really breaks me down.

So I keep reading and listening psychology which is I keep improving.
I learned a lot of technical candlesticks, patterns, indicators but none of them makes me succeed consistently. But what I experience and noticed that patience, timing and price action gives me more probability of winning. I just use other technical I learned to make a stronger case when to open a position.

My first goal is to no longer takeout anymore money from my bank account, and I am so happy that for the past 6 months, the last deposit that I put in to my trading account is still there, survive and is now growing!.
I’m winning more than I’m losing now every week!

Thanks everyone!

Advanced Merry Christmas and a have good New Year trading to come!

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I am so glad to hear of your progress! I hope it continues for many years to come!

It is with all those who are in hurry to make money . They do not get adequate skill to meet market conditions and invest all their saving at once for trading. Result is before you when you suffer from a great loss. First thing is to invest just a little amount see your performance and do trading with passion. You can earn any time after having a good trading skill but loss recovery is quite difficult than profit making.

This is greed in action and all of us must resist to get influenced by.

Trading strategy with steps on paper will solve this problem but to achieve trading by paper is not easy.

In this step mentor can be helpful because he will say is your trade ready to be open by all steps in your strategy.

Glad to hear that you actually made a good analysis of what you’ve done wrong and came up with to this conclusion. I suppose that means you learned a lot, consider that this is your investment in education, and just to chair you up – these are the common mistakes for all the newbies.

As I saw you rushed yourself too early and with a high stake. The good thing is that you made a good analysis so dont give up. Learn, try what you learn in demo and the most important - do not risk what you cant afford in real trading.

Well you know where you’re going wrong, thst’s a very positive thing :slight_smile:

Very sad to hear and see so many people gambling away money that they canmot afford to lose on a business venture almost only on hope.

Setting up a new business takes experience in working in a field, sufficient capital to generate income and to pay for living expenses on a quiet period , real skills that you know will make your business credible. . .

In a lot of posts we all recognise the lack of all these things, and when (like the OP wrote) a lot of money is burnt on a dream you always feel that another one bit the dust but it could all have been avoided with a rational assessment of the potential in hand…

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Unfortunately it is a common mistake among newbies especially, I’ve certainly made it as a newbie too.

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Yes newbies aremuch excited think they will capture marke tin couple of days . They are not aware the risk involving in it . They invest all their saving to become more successful in less time. As in the thread is mentioned he loose all amount of first investment . I think they should first review other’s success before investing all money as a starter. When having a good idea and practice of profit making they caninvest any time in trading account.

It’s been a year and a half since the original post, hopefully now he’s doing better.

Wow thats a big loss! My advice would be start from scratch and take your time the next time round! Demo trade LOTS before live trading!

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You are just posting here some usual collection of mistakes of some not that good trader which you are here. And be sure to take that all in account. Also do not spend so much amount of money without seeing anything in return really. I wish you good luck anyway.

You do realize that the thread starter wiped out in June 2017??? LOL!!!

I think it’s safe to say he’s doing something else now.