Seriously my friend, FOREX is not for you. The Ice Lollies sounds like a Brilliant idea, but instead of regular ice, get a permit, go wrangle an Ice Berg from Greenland, then you can shave the berg down and have the purest Ice Lollies in all of the Empire. Then you will be making some REAL $$$$$$$
The Ever Visionary VIPER
Try trading 200 pounds on a cent account. At least you’ll feel how it is done, cause you hardly understand that on a standard acc trading 1 lot with huuuge leverage.
Or use demo, as people said before.
Don’t give up if you can’t be profitable just now, you’re a beginner and it’s a normal situation.
I’ve lost money too. Everyone has.
Yup!!! Everyone will take a loss, anyone that tells you otherwise is lying. But please do learn from how you lost your account. If you don’t know what to do to fix it, stay in demo and keep learning/researching/studying until you think you know.
I am very sorry for you, that you lost your initial investment just in 3 months. I suggest you to not give up right now. My advice is doing more study about forex market can help you, do not skip anything, and do more research. Invest less than beginning. Keep this mind knowledge is power, and start with small trades.
It is not a new thing that happened with you . Many traders loose their initial investment in forex. When we trade live in forex many difficulties and mistakes are done. I loose 3 times my capital then with some experience I was able to grow my capital gradually.
Trade demo until you get three months in a row profitable with no cheating. Then trade 0.01 lots per trade in cash until you get three months in a row profitable. Read everything you can find that you think will help you as your trades run. Then you will know what to do. Plan on that taking 10 years.
In my opinion, before you invest real money again you should probably go back to demo trading for a while. Trade on a demo until you see that you are consistently profitable, only then begin trading with real money again.
This is probably your biggest problem. When you trade to try to recover fast, you tend to lose far faster. Work on taking time to assess why you lose a trade and what your next move should be.
Well said well said…
Don’t worry dear, everyone get loss in the beginning but those who learn from their mistakes can earn better, so you should not leave the forex and you should persist in this business as it is lucrative and good rewarding business, never lose your hope, learn from your mistake in order to earn from this business.
Losing initial investment is a part of Forex trading that cannot avoid the maximum beginners. So please don’t worry and never give up. Try to kick off learning from Zero level. Learn from your past mistake and you can learn from Babypips , Fx Factory , FPA forums where so many important threads about how to overcome from losses , senior experts always express their views about at any problems. And must be focus in demo account until a big success.
Most people do not know how to objectively evaluate themselves and their capabilities, for this they need an outside view.
Happens to the best of us.
True. A lot of traders blow through more than one account before they learn how to trade profitably. The problem is that always hurts when it happens.
If you are going to go at it again, don’t just persist.
Go over the bad trades to analyze and understand what was wrong with them and start tweaking your system.
But if you do not have a system and just trading by feel or gut, you won’t have anything that you can base on to make an analysis with.
After that if you trade live again invest only half of what you invested before and if you fail again, invest half and so on and so forth. Do not increase the deposit amount until you can prove to yourself you can profit otherwise use “lowering your investment” as a penalty for blowing up accounts.
Learning forex requires a lot of grinding and woodshedding, so if you are not ready to do them, forex is not for you.
Persistent = Fail - Analyze - tweak - Fail - Analyze - tweak - Fail - Analyze - tweak - Fail - Analyze - tweak - Fail - Analyze - tweak - Fail - Analyze - tweak… etc. until you make it.
Fail doesn’t have to be blown up accounts, it could just be one of many trades that didn’t go well.
Analyze each bad trades before you blow up your account.
Cheers,
TC.
P. S. The hard truth is you won’t learn much from demo’ing because psychology is just not there, you would only be cheating to yourself. You will have to lose real money and feel that pain to the bones to get rid of any bad trading habits. Start with very small live account and get use to the live environment until you are numb from it. Once you are able to grow your account, It’s good to have occasional sizable losses here and there(during the learning process). It will be a good slap in the face reminding you to stay humble and keeps you on your toes.
You have 2 choice.
Give up, go back to day job, live below your means, save up for retirement.
work harder, review why you fail, join a forex contest. Continue to aim for the sky.
Yes, demo is the best way of learning! Basically, which traders invest their real money unless practicing enough demo account, they suffer in live for surely!
Yes, because trading in a contest is exactly like trading your own account… Not the best advice to give someone who wants to improve?
I’d suggest the opposite: avoid them.
Success in competitions comes only with very poor risk management, exactly what people having difficulties should typically be concentrating on improving.
I beg to differ. Initially i thought the same as you. Joining contest most time force us to take huge risk and may seem to corrupt our money management psychology. Now, i’m beginning to think otherwise. If we can handle the stress that comes with managing huge margin position. Base on personal experience, i think i’m beginning to see the light and see things differently. Sometimes we just need to be on the hard path to learn somethings valuable.