Lost most of my life savings in forex

It’s unfortunate that you lost so much. But I believe that the trading journey of most of us looks like that only. I don’t think that there will be any trader who has not lost at all. That’s why we must focus on learning money management and risk management skills to save our money from losing.

Losses are an important part of your trading career. If you think that you will be able to make your trades without making any losses, I don’t think you will be able to go far. But remember that you will lose along your way. So, you must learn from your losses as well.

Its important that we must never use forex as casino’s. Its upto you that you are going to be a professional trader or using forex as gamblers den…Its all upto you…Mind control is the key.

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The answer to your problem lies in the first line. Overtrading. That’s what you should cater to.

This is such a sad story. I am curious to know how it turned out for this guy tho. We must be careful with Forex trading. It is very risky, but one can avoid this kind of loss if all the rules are followed.

Same here, I am curious to know how is he holding up. I have always said it, if you cannot take a good look at your disciplined trading, you will never grow

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sad is when a child dies at a tender age

I love the statement, that is what most traders fail to understand, whether you start a business with $1m or $1k if you don’t know the business you’ll fail, but if you know it you’ll make profit and progress.

Happy trading folks

How are you doing now? Years later…

Was just wondering the same thing. Hope he is making some progress in his life.

So many people are curious to know how it’s going for him. I think his situation is the biggest lesson for us, we know these are some most obvious things but we still ignore them. And see how he lost everything by using high leverage and not practicing on a demo account for sufficient time. Only we know how well prepared we are, no one can tell us when to go live or when to continue practice.
Don’t compare yourself with others. If someone goes live after 4 months, that doesn’t mean you are also ready for this. One should never be in a hurry to start trading with real money unless you are really confident. If you do this, it is gonna cost you dearly.

That’s a scary proposition.
I can’t imagine how bad they feel :confused:
After years of hard work and saving.
Chasing trading success can have huge pitfalls

Of course, every trader needs to develop skills using the demo platform. It will be able to reduce the loss.

The initial post was made in 2013, I wonder what happened with that person since then.

You can return to trading only if you learned the lesson out of your losses. If you choose to close your eyes on your past experience and continue trading without any alterations to your trading strategy, then you are going to lose even more. So, your objective number one is just to analyse your trading experience in detailed way and correct your mistakes, only after it can you return to trading.

Yes, demo trading is very important before you start trading with your real money.

I’m so sorry to hear that you lost so much money. I’ve lost some but never to that degree, so I can only imagine how it feels.
As for blaming your wife, it sounds like maybe she was just trying to motivate you to go live because she believed you were ready. I don’t think you should blame her for that as she didn’t force you and may not have realized how easy it is to lose that money.
I understand why you’d want to give up, but maybe you could go back to demo for a while? Work to figure out what went wrong and why you lost so much. On the other hand, if you feel totally disinterested and fed up with trading, you probably won’t be in it 100% and that wouldn’t be good.
Whatever you decide, I’m wishing you luck and hope things turn around for you!

I feel for you, was in a similar situation but with a lot less money. Your time will come again and just treat this as an expensive college course.

Demo trading is really important. From where proper education can be gained.

That is why I always say that the beginners shouldn’t trade with the leverage. Due to all respect, I don’t think that anyone should listen to their wives if they know nothing about trading and finance. So, if you ever happen to return to trading, you’d better follow the advice given by professionals and avoid taking huge risks.