You make a great point, here, and you make it well.
When you sit down every morning to begin trading for the day, your top priority shouldn’t be “to make money on the day” but “to be able to sit down again and do the same thing tomorrow morning”.
Which is, of course, why it’s so essential to understand position-sizing and the rest of money-management pretty clearly [U]before[/U] trading with real money.
I love the concept of this thread, whether fictional or nay, if I were to bet 2 grand and come up empty…red flag period. Money management is the reoccurring theme I continue to read about… not how much can I win, but how much can I lose.
Thank you babypips for being and onwards towards profitability. Amen.
My advice to newbies, for what it’s worth: Trade demo until you get 3 months profitable in a row with no cheating. Then trade for real at 0.01 lots per trade until you get 3 months in a row profitable with no cheating. Plan on that taking 5 to 10 years (it took me 9). By then, you’ll know what to do. Best success.
You cannot blame anyone but only you for the loss. Because even if wife convinced you to go live you knew where you stand in trading forex.
Now don’t think much about the loss and move on and never come back to forex will be the best choice you make
I want to tell you that, do not dishearten. I know you are going through from tough situation. But my advice is before going again for live trading you should acquire good amount of knowledge of forex market, learn and research, and invest small amount to start, and then try to target small trades with small profits. I can see you invest more than you can afford to lose. And please find a good broker for you.
The original post was made a few years ago and I wonder how the poster is doing. I hope he is okay. Did he quit trading?
But can gain be had w/o any risk? Probably not.
That picture is an excellent illustration of how trading goes for a lot of people, unfortunately. I too have been there.
In general such cases aren’t so rare on forex. Practically all traders lose not just 1/3 but sometimes their entire depo. If you have strong will and a brain, then people learn from their lessons and move on.
You are not the first or last person who loose all life saving in forex. Most of the people do this mistake . They do not understand the risk involved in forex. A beginner need not to invest all his amount , he should get idea of trading and his skill with low investment. Never put all your amount at once in any business until you are not expert.
Yes a trader specially a beginner should be careful . Why people put all saving in trading they think they will surely get their amount back with profit . I think where high risk is present one should plan for lowest investment.
Before turn to live account you must feel safe with your trades and spent lot of time in a demo account. The psychology in a demo account is different and this may cost you when you went live.
I know this trade is about 4 years old, but the topic is quite an interesting one. If I have about 60K capital to trade Forex, I am sure I’ll be very rich by now. First, All new traders must start small. Start with something you can play with. If you have 10k for instance, deposit 500 usd and play with it. See if you will lose it quickly. If you do lose it, deposit another 500usd and work hard to grow that money. If you can keep 500usd in one month and not lose it, then you can keep 10k and not blow it all away.
ALL NEW TRADERS SHOULD START SMALL no matter how rich you are. GREED KILLS
First of all you need the support of your loved ones, if you’re starting to trade. Also, you should never get into debt or credit debt, that’s a dead end from the start.
I agree. Unless one is a professional trader, trading with someone else’s money, especially loaned money, is a very poor idea.
People study and practice for many years to become Doctors, others Nuclear scientists but financial markets, one day.
This is the problem. Market makers are very successful because they know that the attitude to FX and other markets is one of childishness and boyish enthusiasm. Unfortunately I can’t be sympathetic to the post because you won’t tell someone you are a surgeon because you have scalpel. I think it is good this happens, it makes people respect the business and realise that it requires the mentality that say’s how best can I screw the broker rather than how hard can I work because that is part of the game. The broker still stands between you and success.
This is how grown-ups and professionals think that is why there will always be rate manipulations, bankers being murdered by the mob , flash crashes, etc. It is how to play and win.
I always feel sympathetic to those who lose money to trading, even if they did it out of lack of experience. I used to be that inexperienced newbie too.
Yhat said, I think it is important to always stress to newbies that learning to trade Forex is like going through getting another university degree - it takes years of effort.
Very bad, you should move to another work. I think Forex is not for you. You should move on.
I can only feel sorry for those who lost everything or almost everything in forex. Well, I can also ask you have you gotten a loan yet???))) Who does such things? It’s, to say the least, stupid to trade you last money.
I would go as far as to say that one should never, ever trade with money they cannot afford to lose, regardless of whether it’s their last money, someone else’s money because they took a loan, or the money one needs to pay for their essential expenses.