Lol. I should really pay attention to that.
It happens more often in this market when people enter into the market with zero practice or a little practice on a demo account and end up losing all they have. You people are strictly advised not to enter the market without home work.
Yeah right without adequate preparation and research it is not only risky but also foolish to start trading. The volatile forex market is not kind to the unprepared trader.
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Very sorry to hear that you have lost most of my life savings in the forex market. It is a very true fact that forex is a highly competitive market place and a trader will require proper risk management and fund management to ensure safe trading. You should also try to work with various pending orders to achieve your goals.
I agree there can be nothing more heartbreaking than losing your entire life savings in forex. But most traders trade rather sloppily on demo accounts and use too much leverage when they go live. So the end result is that they suffer badly and end up blowing away their investment. And when it comes to risk management they through caution to the wind. The thing is that almost always it our faults or shortcomings that lead to our doom in trading rather than some external factor.
Very well said. Trade small when starting out and never stop doing a though research on markets. And stay away from revenge trading.
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I am sorry for yor loss but you knew the risks when you entered the market. There are no excuses for this. This should be a lesson for all the new traders that you need to think thoroughly before investing in the forex world. Otherwise, you will be posting about your losses on the internet.
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Man, I’m so sorry to hear that. I know how it really feels (it’s heartbreaking), because myself just lost all of my 22k saving last month. I could’ve just stop after the first 5k stop loss. That’s the part I start to double my lot size and gambling it. What I’ve learnt is that, when you become desperate, that’s the part when you start to lose. So friendly advice for both of us or all of us who cannot afford to lose, close your account immediately when you start to think “I’m going to WIN it all back!”.
Ain’t this the sucky truth. This is also why it’s important to set a daily maximum loss. Or just a maximum loss in general. Helps with dealing with times like this.
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Hi, if possible can you send me a copy of the Van Tharp PDF. I cannot seem to find it.
Just google the title followed by free pdf and you should be able to find it.
I think this kinda sums it up!
I am sorry about what you have gone through with forex so far but i think you should take the necessary steps in order to find out what went wrong. i recommend you g through the following steps and surely you will come back stronger:
- Go through the education offered by the school of pipsology
- trade on a demo account until you have developed a strategy
- start trading on the live account with a maximum of 30% of your remaining savings
i am sure this will help you a lot.
Number one rule - Do not over leverage. Only risk about 2 - 3% of your account and be consistent. A little per day goes a long way. Rome wasn’t built in a day. Don’t trade emotionally. Set your daily goal or limit e.g. $20/day or $100/day or 5% of account daily etc…If you miss it, take a rest and try again tomorrow. If you get it take it and rest for the day. Don’t try to re-enter trades because you see it continuing after you’ve achieved your target. That is where major loses occur as the market makers turn the market around right after you re-enter thus taking all your money.
I am not a full fledged trader but I am learning from the mistakes of others
It takes a large degree of experience to learn the patience required to trade the Forex well enough with capacity. That’s years of practice. Metatrader has the technology to diversify your account between active managers with proven performance records. Maybe you should have looked into that before you went manual.
care to share what has happened since this post?
I would also be interested to know, I hope you are doing ok.
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I think it is not only about forex market but whenever you trade in any market without having the knowledge about that market, there are surely more chances to loose rather than gaining profits. Make sure before you start trading on a live account you must trade on a demo account to understand the market conditions in a better way. Demo accounts are just made to avoid losses, first learn then spend. However, if you want to continue with trading, I recommend you to open up a demo account and start trading on it. Once you understand the market completely then switch to live account. You should test your strategy on historical market data, do some online research and I advise you to start trading with small lots or link your account with a pure ECN broker to get raw spreads directly from markets with more leverage and low commissions. Take care of margin calls and stop loss as well to avoid much loss.
That will be the true real story; if we practice with the virtual money or we use cent account to practice!