Probably lost his shirt already.
Its a sad story, but all too familiar. People that think Forex trading is a get rich quick scheme, will learn the hard way that it is not. Forex trading is a business, and before you can make money at that business you have to fully understand how the business works. Any business that you enter into with very little knowledge of that business will lose you money. Forex is no different.
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Good point. I wonder why he disappeared?
About trading psychology⌠Does anyone know what others see around the world when a trade takes place? The reason I ask is that when I trade 1 to 2 lots on a DEMO account with $3000 in my account, I keep seeming to accrue money - just last night, I let a trade ride with a stop loss and a take profit limit and I generated $600 easily. It was a nice return. That being said, I tried trading âLiveâ several weeks ago (trading the USD/YEN) and I lost $200 of $500. So I am back to DEMO trading. Can one personâs trade in a âLiveâ environment affect the market such that the market would go in the opposite direction? I am a little paranoid, but it was very strange after doubling $5000 to $10,000 on my DEMO account. Any insight from others is welcome!
Did you blind side her with hopes of fortune? That is a quick way to draw a spouse into forcing the other into such a situation. vsc2, I refused to open a live account with that much money as a noob. When I opened a demo account with 50K in it, I was lost. I didnât know how to properly leverage that kind of money, simply insane. So I went down to 3K, a little better, tripled my balance in a month.
Get more experience under your belt with demo accounts. Next time, donât open with that huge amount. In my own words, patience is the way of the warrior, believe it. I donât know if you lost it all at once or through the year, but this last month has been rough. The market I was in, the one that tripled my balance, slowed down like a snail, so I had to change.
In closing⌠stop live trading. Stop draining your savings to oblivion. Open a demo account with 3K or less. Start low, no need to jump in with 60K.
Who is your broker? Mind you if you are speaking of two different months between the demo and live, that would explain your situation. July was the month of gold, I swear. Gold as in huge pip gains.
FXCM posted something that concerned me about other brokers. The ability to read T/P and anon orders. :eek:
Very interesting question and I have wondered about this also, look I can see how your trades can turn around in a overbought or oversold market and sometimes on a live account you think you doing the right thing and then all of a sardine it goes the opposite direction, but in saying that I highly doubt that when you and only you open a trade the trend will turn agaisnt you.
But also I would like to know about this, it is like with my demo account, I double the account within a few weeks, but somehow you struggle to do the same on live accountâŚ
I wont lie I lost a bit of money too when going live, Did well my first ever week of trading demo then went live without knowing the way the markets work, lost some money luckily not loads, about 300$ but I am South African and believe me 300$ is quite a bit for me, so I did some more demo and eventually figured I was ready⌠Put another 300$ in and did very well, until I got greedy and went in big, lost the whole thing after 3 weeks, and I thought to myself screw this I cant go in again if I dont knwo th eins and outs of markets, I am still going strong on my demo account but have a live account on the side and if i see a good trade I will take it, if i dont see good signals i will use demo accountâŚand just see where I can better myself, since being here on babypips alot of new things have opened up for me, blogs, chats, threads, understanding the markets better, etc, every bit helps, have been doing it for a while now and even coming up with my own trading strategies now⌠And am quite impressed with it, but all I can say is one person might know alot about forex but you can always learn more, I personally do not like the set it forget it methods as i like to get a feel for how the markets runâŚEach to their own I guess
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Never take your spouses advice, or anyone else. Whether this guy is telling the truth or just ranting it is probably more truth than not for most newbies. Especially when most traders lose in this market, but some do well. Why do some new traders never study at all and make a fortune while others study and study and never make a dime. It must be a 64 thousand dollar question. Or a 64 million dollar question, I have as of yet to find out!
I may be a good idea to take a break from forex trading. Trading in itself is hard enough. I canât even imagine how much harder it would be if you knew that whether or not you get to eat for another day depends on a single trade. I really hope everything goes well!
You lost big because you didnât respect the destructive power of the markets.
Risk management is EVERYTHING.
Itâs so easy to push buttons on a screen and feel like itâs nothing. A chart doesnât give real world feedback like a newbie skier peeking down a triple diamond glade, or a beginning surfer looking at a huge wave.
But it has the same power to crush and destroyâŚ
IF
You are on the wrong side.
Think about that for a minuteâŚYou lost $60,000âŚSomebody took the other side of that those trades and took your money. If they did it to you, you can learn to take it back from them.
But your head is fried. Take some time off and donât look at markets for a while until the hurt subsides. Then open NO MORE THAN A $500 account (Never trade demo unless you are learning a new order entry system, itâs just lying to yourself.)
You are going to hate this next rule, but if you follow it you will have a shot at surviving your learning curve.
NEVER ADD MONEY TO YOUR $500 ACCOUNT UNTIL YOU ARE PROFITABLE FOR 90 DAYS. (100 trades minimum).
When you make money consistently month after month after month, then you know it was skill and edge rather than luck that paid you.
Read "fooled by randomness"
Amazon.com: Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets (9780812975215): Nassim Nicholas Taleb: Books
Find something simple that works and do it over and over and over. Simple works, after that its repetition. Good trading trading is a blue collar endeavor. Grind and grind and let the compounding do the restâŚ
Good luck
sorry to hear that. maybe you just need more time trading with a smaller account. or perhaps set a limit for yourself, say if you lose 20% of your initial balance, itâs time to stop trading and reevaluate. i think you should seriously reconsider your risk management practices, my friend. best of luck to you
I canât say I know what youâre going through, but it will pass like all things. It will be tough, Iâm sure⌠but weâre all here ready to listen.
For now perhaps just focus on demo trading and go back to your day job. Then once you get a hang of it and save a little, you can open another account. This time, make sure the amount you put in is something you can afford to lose. Not a loan, but an actual investment that youâll take care of.
Good luck.
Since this story is made up, Iâll just say: Kidâs do not do what that guy did. Otherwise youâll stay without ice-cream fŃr the rest of your life. Because you wonât have money to buy some
you did not get any profit? only 10K loss or anything else bro?
I am so sad for this situation of yours
This is really bad what has happened for you because you have lost really very huge amount of money. Now there is no use of regretting over the lost money. If you still want to continue in the forex trading business then try to gather the good knowledge and list down your mistakes which led to losses so that you will not repeat it. Also participate in the broker contests so that if you are good enough you may win some prizes. Try to recover the lost money first.
Losing that huge amount of money,people usually want it back in short period of time.Donât hope too much on that,whats gone is gone now⌠next time use good money management,getting 10% profit per month is good enough.Use lower leverage. The important thing is that you can maintain your profits.
Maybe he went shopping to find and buy a new shirt⌠See⌠its BS lolâŚ
oh, pure guy. Hey, everybody! Letâs collect some money for him! 10$ is not a huge amount for each one. So he could start another account, blow it up, create one more poll. Thaâs how we get another funny topic.
Good one! You must admit that this guy is a great story teller:5: