I started trading last year in october. I ended up overleverage and lost 10k or 1/3 of my account.
I then worked back up to break even but deposited more money during periods of draw down because I was averaging down.
I have now lost twice my initial deposit, or $60k which leaves me after debts with only about 5k to my name.
I wanted to trade demo initially but my wife convinced me to go to live even though I didn’t want to. I feel like saying this is blaming her for my mistakes which is pathetic. this is all my fault. I started doing trading because I didn’t want to have to spend so much time working away from home. Now I lost my job and I lost nearly all my money. I don’t know if I will trade again. I can’t afford to lose any more. Should I just give up on trading and move on with my life.
Men that’s quite sad.
If I were you, I could just take it as another business loss and move on. Afterall forex is a business, and some win, others loose. Its human nature to blame their errors on external factors( explanatory attribution). Find a business that you like and are good at. Bottom line move on!
And if there’s ever a next time perhaps this tough lesson will encourage you to spend far more time properly researching, investigating & assessing the pros & cons of a business & your compatibility to it, before investing capital.
First off - how the hell do you lose soo much
You must be so greedy . And trading huge lots
Why wouldn’t you trade 0.01 starting of . Make/lose $50 a week .
I am only just starting to trade 0.1 -0.05 lots making avg $200 a week , it would take huge amount of bad luck for me to lose $5,000 in a month. Let alone $50,000
Didn’t any alarm bells go off when you lost $10,000 .
Sorry but most trader start of with little to nothing and trade to increase there wealth. If I had any more then $10,000 it would be great . I would sign up to every signal provider at $100 a month , even have invest in a manage account and paid sone one to trade for you .
You could of brought every ea , Zulu trade - and still be better off then your own trading history
The fact that you lost so much money annoy me - as myself and other around the world have limited money
I wish you just donated it - to someone/charity that could of befitted
I guess you should ask yourself the important question: “Why did I lose? How did I lose?”
You lost quite lot of money in a short period of time. You were for sure over leveraging and you let your loses hit you down. How many margin calls did you get? How many times did you lose 50%-75% of your account?
I know because I did the same. Well I lost way less money but I still lost some. I guess it is hard to stand up after losing 60K but what do you want to do?!?
Find a job, earn some money, be happy, one day you will be back. Learn from your mistakes you made and remember:
“Cut your losses short and let your profits run and don’t over leverage”
Trading is as simple as that.
If you didn’t read them I suggest you to find and read/study “Market Wizards” and “Van-Tharp-Trade-Your-Way-to-Financial-Freedom”. You can google them and find both PDF to download for free.
No I do not lost my all saving in forex. I only invest a little amount to check how much I can loose or get in trading . I was not successful in start I again start demo practice . Now I am making good amount from my investment… I invest 30% of my saving and have a good back up for my living.
It’s better to lost money from forex than to lost it from gambling and other bad/unhealthy habits. If I will go trading, I will not put all my money on it just like in the saying, “don’t put all your eggs in one basket”. I will ensure that I still have something left for my family whether I win or loss.
It’s never about your wife or bad luck, as already said this is just another loss but for you the loss is too significant. You had the wrong mindset when it came to trading. I am guessing you tossed a coin to decide what positions to take, even with that you should have had some fight if proper risk management tools had been employed.
I think I can understand how you feel. When I started out trading, I went up to a profit somewhere near 10k before I lost it all, including my initial deposit. The numbers aren’t huge compared to some of the pro traders here, but to me it felt like it was the greatest mistake I’ve ever made in my life. Squeezes the f***ing life out of you.
But as I thought about it, I think I was doomed to fail right from the start. I didn’t have the right mentality to do this straight. When it came to winnings, I depended more on speculation than research. I didn’t even know why or how I won, just that I won and felt good about it. When it came to losing, my mind was racing and all I thought about was to recoup the losses. This means, betting an amount more than what you would initially to get your balance back up to where it was before the losing trade. That was just insanity.
The thing you need to ask yourself is not whether you should give up trading or not. You should definitely move on, but you need to know - be it that you do other things, or if you continue doing forex, your mindset has to be right. I believe there is a learning point from every situation that you go through man. You just gotta get back right up, learn what went wrong, continue paying your due diligence. And get a job man, how else will you have an income if trading doesn’t pay out?
At least you only lost your savings and not your shirt!
I lost £160 in about 10 seconds this morning by typing my stoploss wrong for the GBP news release. Money management 1% trade means it doesn’t hurt too much, but any loss hurts. I feel for my partner who isn’t allowed shoes today.
Seriously though, it all boils down to if you think you can make it or not.
If I were you I’d go through every big (or many small) loss trade from history and figure out what you did wrong, where you went off track from your trading method, find answers, get clarity for what actually went wrong.
No use sticking your finger in the air saying do I trade more or not. With the information we have and your track record the answer would be no, do not trade live, yet.
Thats very sad… I have lost my savings thrice. … Then worked hard…practised on demo… Traded conservatively and traded only high probability trades. Finally I have gained twice the amount of money tht I lost. U can still recover money with 5k dollar. But if you are afraid to trade yourself then I know few traders who trades for their client and takes 35 % of profit. Some of my friends are using them and they are very consistent. They hedge correlated pairs and monthly return is good consistently. If you want to know then mail me. And be sure that i do not have sny personal interest in promoting any organization as I trade independtly. Thought this would help…
I don’t know how it is possible to loose so much!? Even without any education, without spotloss just looking at the chart and you see that your trade losing like 100 pips, what would you expect to see? The recovery? I feel like this is fake story. Sorry if it isn’t. Probably Forex is not something that fits you. If had a job that allowed you to save 60k - just come back doing the same thing!
I’m not sure I even know where to begin here. I don’t really believe this is real I think one of the mods made it to show how sad someone’s life can become when they have an addiction to gambling via forex. I am a professional trader and I own 2 successful businesses which no one helped me out a drop with. I run a signal service and I would never take you on as a client because I guarentee you would still blow yourself out. Forex is not for you give up immediately. You will not recover your losses likely because of your personality. If you walk away right now, get a job, and move on with your life… You may still have a life. Avoid the investing and trading world completely. Obviously the money is gone and nothing anyone can say will help the matter. The only thing I will say in regards to your first of many mistakes that lead you to hear is this: Never trade money you cannot afford to lose. People like you are the reason I live in a country that no longer offers fair leverage but does offer a great variety of regularities that SUCK. So no more novice forum crying head out and fix your life before you lose your family too. Good luck I truly hope you wake up and get back on track.
Hey sorry to hear that. My first year I lost money. It’s probably safe to say most new traders lose their first year and by that time that’s when most give up. It’s not as easy as many think and can be emotionally stressful. I don’t think i became profitable until maybe late into my 2nd year early 3rd. That was many many hours and days of training and study.
The first 10k I lost I made all back my 3rd year, this was like 8 or 9 years ago, when interest rates were still high for the USD, I was doing carry trades and just banking money from interest daily. It was a messily daily profit from carry trading, but it helped me recoup the 10k of losses. Of course today with the crap rates, that strategy won’t work. I can tell you though I became profitable when i focused on my money management system/leverage first, then entry and signals . In that order. Even with a 5k account. I would trade microlots no bigger than 3000 units, which is less than 1 mini lot at 50:1 leverage In some months I could gain near 1k that’s +20% with a drawdown of less than 7% Now some may punt for more, but for me I’d be happy with 5-10%/month thrilled with 20% Remember you could always scale the size up, that’s easy, you can’t scale anything up if you can’t be profitable with a small account or blow an account completely. So scale down and stay in the game. If you have huge drawdowns. Learn about “expectancy” You should know what your expectancy is before you trade. Your trading system should have a positive expectancy, or else long term it probably won’t be profitable. If your system has a positive expectancy and you’re still losing, your money and trade management is off, somethings off and you have check under the hood and fix that.
So my message is, don’t give up totally, this is an awesome market. I’ve traded options and it can suck with all the commission cost. At least Forex the costs are low. Scale down your positions. Safety and risk management first and foremost. In my other posts somewhere I think from last year I posted my live statement from my micro account, It’s not to show I know everything or my system makes money all of the time. What I wanted to show was you could make money trading small, and when trades went against you, you didn’t have to sweat bullets with huge drawdowns. Check my posts or website and you’ll prob find it.
Doesn’t matter how long you been trading, you’ll take losses At that point it’s a mind game. Babypips is a superb name for a site. Babypips and betting small does not mean small profits, but betting BIG and losing can mean BIG losses, that I can assure you. Sorry again to hear what happened. Keep the faith.
Don’t worry! It’s not how many times you fall that counts…it’s how many times you pick yourself up that counts. Keep your $5000. to the side for now, go back to the beginning of BabyPips forex school and learn for yourself where your mistakes were made. After a month of full time study, you’ll be ready to trade. Start out with a hundred dollars and see if you can double that in one month using tried trading systems from BabyPips. A million dollars or a hundred dollars…the concept of trading is the same. In the process you’ll find yourself the joy of FOREX trading. Happy Trading!!
I would say depends on you and what you want, trading can provide you everything if you have the determination to see it through although from my limited understanding I think that most people quit before they are successful
The first thing to do is to review and analyse your trading behaviours, trades you are taking, the justification for those trades. is there any quality process you use, how do decide to enter. trade management?
once you have a clear idea of your method in identifying and qualifying high probability trades then your whole trading experience will most likely change for the better
trial it on demo whilst you get yourself back on track in other aspects of your life…
give yourself a strict timetable to follow ie an hour or two a day for trading related research and analysis
over time you will understand more and as you analyse your behaviour (journal) you will correct mistakes and become a better trader,
its important to realise you may never get to the perfection level however the continued improvement will give you good profits assuming money management is good and your methodology sound.
This is BS guys… If he really experience this, he do not need to take a “poll” of what he should do. Really? a poll or survey? He should have been making an appointment with financial councelor to provide him or to come up with a " plan".Besides, he hadn’t post since he created this thread… IMO.
