Hi, not sure if this is the right place to post this post but here we go.
I have been trading for about 6 weeks and have in totaled invested around £2800, my FX trading was going well till about 2 weeks ago when I had around £6000 in my account and I withdraw £1600. I had around 15 buy and sell trades open which were all making major loses. As my equity was getting lower and lower the trades where closed by the broker because of not enough free cash in my account (i dont like using stop loss as I have seen the market change in favour of my open trade).
Eventually the losses were more then the money I had in my account so all the trades were closed so I decided to start all over again and deposited £200 into my account the first couple of days were okay and I made around £88 in profit and again the same pattern occurred where my trades took a turn for the worst and I was making major losses and again I lost all my money and this happened today.
Strategy wise I like to have a look at different sources of data to analyse whether a trade should be a buy or sell.
So my question to you guys is where am I going wrong?
How can i change things around?
Any specific currencies I could look to trade?
At the moment I am looking to take a break for a week or so and then get backing into trading, so would appreciate your advise and feedback. Thanks
Trading, whether Forex or any other asset class, is not supposed to be easy. The majority lose, and the minority win.
Leaving your losing trades open long enough for you to get margin called, for one. For two, using real money before even having proof that you have an edge.
Use a demo account until you can consistently make money. Not to be a downer, but you may never reach this point.
It’s not going to change your situation. No pair is “easier” to trade than any other.
[QUOTE=“king786;631406”]So my question to you guys is where am I going wrong? How can i change things around? Any specific currencies I could look to trade?[/QUOTE]
Lose as much money as you can! Keep losing that money! Don’t stop losing that money! At some point you’re going to get tired of losing that money and realize either this is just a scam that you keep losing money in or you find a way to make money because you figured out the scam.
To understand better where you are going wrong and to help you change things around I have 4 questions for you.
[B]Do you have a trading plan?[/B] If you do have a trading plan, is it tested and proven to work in most trading conditions?
[B]Have you kept a trading journal for all the trades you have made, whether they were in profit or not?[/B] If you have kept a trading journal, you could then compare each trade to see what was good or bad about it, a text file or spreadsheet is easy enough to keep updated.
[B]Do you trade currency strengths and weaknesses or just anything?[/B] If you do not trade currency strengths and weaknesses, then how have you chosen the currency pairs to trade in the past?
[B]Do you use Technical or Fundamental Analysis?[/B] Technical analysis can be good or bad, depending upon how you use it. Fundamental analysis can also be good or bad, depending upon where the information is coming from.
Regarding your question “[I]Any specific currencies I could look to trade?[/I]” The best currencies pairs you should look to trade are usually derived from the 8 Majors, about 28 in total.
Before you do anything, write anything or try to figure anything out. You have 1 problem that is responsible for all your issues. You are using OMG strategy. It doesn’t work a lot of traders before you have tried it with the same results; trader graveyard. I’m assuming you want to be successful so the first thing you have to do is follow what successful traders do first. Once you can do that, then you can make changes and try your luck, or you can keep doing what successful traders do. No successful trader long term uses the strategy you are using. The problem is the assumptions are wrong. O the strategy is called. . ."O my God! please let the direction change please please:51: It just has to turn around! Please Turn around :51:
Successful traders do the following. Learn the basics front and backward, so you can continue to build on your learning. Make a trading plan, out lining your trading method, money management, rules and goals. Then execute the plan with patience and discipline with an eye to long term. Successful traders long term define money management has a plan that protects your current capital while at the same time increasing it. Notice not the other way around; protect 1st, increase 2nd
Whatever trading method you use, trades will be executed with an entry price, a stop loss (that protects your current capital while putting the balance of probabilities on your side to increase it) and take profit target or targets. Hope that helps
Gp
Thanks for the replies guys, its been very helpful.
I want to be a successful and need to be go back to the trading board.
I did have a demo account which I used for around 2 weeks. But I was eager to get started.
The leverage I am using is 1:500, the reason being it will maximise my profits but I have also badly experienced the otherside of this. Is this the right leverage to use? My trade sizes were normally between 0.10 and 0.50 and with my largest trade being 5.50.
I dont have a trading journal as such but every week or so I do get a account statement from my broker.
What do you mean when you say trading currency strengths and weaknesses?
I am mainly use the daily analysis provided by the broker and the investing.com website. Any website you can suggest?
What I am stuck at is when you guys mention strategies, methodologies and trading plan, if somebody can elaborate and provide examples it would be great.
Any literature you guys can recommend to read would also be great.
Nope. Most professional traders use 1:5 real leverage, and rarely more than 1:10.
Myfxbook has good news. You should learn how to do your own analysis. Unless you’re using an NDD model, I’d trust your broker least of all to provide any quality information!
I think you need to read the BabyPips School. It covers all of those.
Some of the greatest traders lost all their capital because they were learning so this is just your journey to greatness, don’t be disheartened the Buddha teaches that impermanence is part of life, so don’t mourn the loss instead learn from it. Work hard raise another stake and don’t over trade.
All the best… If you ever need support just stick around babypips.
[QUOTE=“jadd806;631712”] Nope. Most professional traders use 1:5 real leverage, and rarely more than 1:10. Myfxbook has good news. You should learn how to do your own analysis. Unless you’re using an NDD model, I’d trust your broker least of all to provide any quality information! I think you need to read the BabyPips School. It covers all of those.[/QUOTE]
If you know how trade why not use more leverage & make more money I know pro traders who use a lot of leverage & infact they make much more , & @ times they have grater losses but if you know how to trade you just limit your losses & move on
Mate, you post a ton of rubbish on this forum. Every day, all over the place. For what benefit? All you’re doing is reinforcing your own delusions and misleading newbies who don’t know any better. I’ve ignored it for a while but now I feel the need to comment.
It’s impossible to use more than 1:20 leverage and still maintain any semblance of proper position sizing. There’s no such thing as a “pro trader” who uses ridiculous leverage like you’re claiming.
I’ve read your thread “Journey from $25 to $10,000”. All you’ve accomplished is failing and wiping your account over and over again. So why do you feel qualified to give advice? Clearly you have no idea what you’re doing.
[QUOTE=“jadd806;631733”] Mate, you post a ton of rubbish on this forum. Every day, all over the place. For what benefit? All you’re doing is reinforcing your own delusions and misleading newbies who don’t know any better. I’ve ignored it for a while but now I feel the need to comment. It’s impossible to use more than 1:20 leverage and still maintain any semblance of proper position sizing. There’s no such thing as a “pro trader” who uses ridiculous leverage like you’re claiming. I’ve read your thread “Journey from $25 to $10,000”. All you’ve accomplished is failing and wiping your account over and over again. So why do you feel qualified to give advice? Clearly you have no idea what you’re doing.[/QUOTE]
Obviously your not successful ,
That’s why you feel the need to rant on others
[QUOTE=“jadd806;631712”] Nope. Most professional traders use 1:5 real leverage, and rarely more than 1:10. Myfxbook has good news. You should learn how to do your own analysis. Unless you’re using an NDD model, I’d trust your broker least of all to provide any quality information! I think you need to read the BabyPips School. It covers all of those.[/QUOTE]
just because your in usa and forced to use 1:50 leverage Dosen’t mean other people can’t take advantage of Leverage , it’s a two edged sword it works both way ,
Thats why I suggest if your a experienced trader why not use it to your advantage .
Oh right, I forgot the number one rule… If it’s on the Internet, it must be true!
Mystic did that just for fun. He admitted himself that it was mostly luck and that the results were not sustainable, or likely to be reproducible.
Take 126 accounts with 1k each in them. Flip a coin for entry with 1:1 R:R. You have a pretty good chance of having one of them come out looking like that.
I’m not going to last? If myself the currently profitable trader isn’t going to last, I don’t even want to know what’s going to happen to you. But hey, thanks for taking the losing side of all my trades… Somebody’s gotta do it.
[QUOTE=“Bigdiddy999;631746”] I looked at the thread you linked. I didn’t see any proof that he actually turned 1k to 100k besides him just saying he did. Did he post a myfxbook? If there is not a myfxbook, then I can’t really believe these type of claims.[/QUOTE]
I know I was looking he said he post the trades some where down those pages in the thread ,
But like anything is possible ,
There’s tons of people out there have have made a lot of Money and has there own story ,
I’m sure there’s much more story’s of people losing lots of money as well ,
But like at the end of the day it all matters on you and what your goals are and how hard your going to work to achieve them , I don’t know about you or anybody els but i don’t trade forex so I can brag my fx book all over the web like what dose that prove I trade forex for my self if I make a lot of money I make a lot of money chances are online would be the last place I would brag
Unless I’m to trying to sell a course or something.
People can edit and post fake myfxbook pictures so at the end of the day you cant really take somebody’s fxbook as there word , that they made x amount of money I just used that as a example because he said he used high leverage &
What not weather or not it’s fake or real anything is possible , as long as you work hard and now the steps you personally need to take in order for you to achieve your success
[QUOTE=“jadd806;631751”] Oh right, I forgot the number one rule… If it’s on the Internet, it must be true! Mystic did that just for fun. He admitted himself that it was mostly luck and that the results were not sustainable, or likely to be reproducible. Take 126 accounts with 1k each in them. Flip a coin for entry with 1:1 R:R. You have a pretty good chance of having one of them come out looking like that. I’m not going to last? If myself the currently profitable trader isn’t going to last, I don’t even want to know what’s going to happen to you. But hey, thanks for taking the losing side of all my trades… Somebody’s gotta do it.[/QUOTE]
Your pathetic bro , seriously I could care less if you have a billion dollars in your account
Your making money … Congrats you want a cookie or pat on the back . ?
It’s usually the ones who are silent , & don’t say much , people really making money
If your really making money you could careless
What other people online are making , and claiming it’s real or fake you would just worrie about your self , & your own profits and you wouldn’t be so quick to call your self profitable
Or brag about your fxbook on multiple threads like your trying to prove something To your self