I started forex trading Australia day this year and i have been doing ok till now 
Gold trades went really bad and i stand to loose my whole account (I know i’m a idiot!) I don’t need you to tell me that 
I just want to know is this fixable please can anyone help me not loose 10k
No, it’s not fixable. You can’t undo a loss. Close it, accept it and learn from your mistake.
First, please start hanging out in the babypips forums, asking questions and learning. Also go through all of the babypips learning material which is free and will be critical in helping you build a solid educational foundation for trading.
Now with your specific issue, if you want to be a successful trade you need to lower how much you are risking per trade. You can’t view trading as a get rich quick scheme or else you will achieve the opposite very quickly, as you already have. If you blew up an account on a single trade that means you were way too leveraged on your trade and risking way too much. Perhaps go paper or demo account trading for a long while, until you have mastered not over-risking and can begin achieving consistent profits.
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please with the educational material here, i can learn and practice to become a good trader?
I am new to forex yet to learn and start the whole process.
would it be good if i stick to learning myself from here and practice on demo whiles learning?
Please advice me . Thank you
Welcome Dannn. That would be my suggestion. There is a trove of valuable information on babypips to teach you everything you need to know about Forex and also some technical trading methods. It will take you from absolute beginner to a more experienced trader. While you are new and still learning you should stick with demo trading until you know what you are doing and can see that you will be profitable.
Thanks a lot for the reply. I really appreciate it.
If it won’t bother you, is there a way I can keep in touch with you if i have a personal question. You being mentor to me sort of.
That’s if you are okay with it.
I will perfectly understand if you are busy and as such can’t have time for it. It won’t be time consuming anyway. Just once in a while guidance you can give to a brother
You’ve been a member here a year today but haven’t started learning?
Why not?
My cousin registered for me and never told me about it. I tried registering only yesterday and it says I’m already a member. Had no I idea I was until yesterday
lissie, this whole game is a game of probabilities. Gold right now has a probability of going lower, so get out now if you don’t want to lose more money.
You can assess probability using technical analysis. This is very difficult intra-day. Learn TA before you do anything else.
I think, you have opened your live account too early! Please, learn first & don’t depend on others! Without own trading skill Forex is really impossible. In this case, BabyPips School & old threads will help you.
thankyou for your non help it would have been nicer to point me in the direction of a thread that will help
maybe a link… i opened the account because i was going to buy a bitcoin and the broker i went with told me about forex so yes it was a rooky mistake and i know i’m not the only one out there loosing like this what thread would be helpful what do i look for in the education help me get educated
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You have been sitting on a 10,000 AUD loss, expect us to give you an easy fix, and when we give you the facts in order to limit your loss you call it “non help”?
What “links” could have we given you? You are on Babypips and there is a literal “How to trade forex” link on the homepage.
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The best advice is to accept the loss and close the account asap.
There is no “fixing” this situation.
Best of luck to you.
actually we cant accept the loss when trading practically , for that reason we got emotional and trade again and again, ultimately become loser.
It seems you have no idea about risk management. In the hope that price will go up, you continued to open more trade to recover the loss quickly. It doesn’t work like this. Averaging down or averaging up is very advanced level learning. It’s not a newbie things. And the fact is trading requires specific knowledge and skills. Otherwise you would loss any amount of money very quickly.
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i just explained the reality of trading , by the way thanks for reply. i also always emphasis on risk management and try learn more about by real trading. actually we cannot avoid risk completely but by using real RM we can reduce risk ratio.
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You are always welcome mete! Keep is up learning, hope for the best.
what actually risk management in Forex trading can you elaborate please ? and there is any different between MM and RM ?
A great babypips article on RM
Babypips definition of Money Management
wow, thank you very much Sir for great reply with great detail about MM and RM.
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