Yes you have lost alot. and i sympathize, losing that much would do my head in as well. But the only true Failure is Quitting. i am thinking that if you have consistant losses there is generally a few reasons. inconsistent Risk management; position sizing; little or no trading system; low risk reward ratios; difficulty with fear and greed.
To continue live would be a poor idea, at least til you can see some improvement in your demo system. have you read any books or attended any seminars. this might help I recommend Books by Van Tharp and Mark douglas to help you with psychology.
I am sorry that you had lost most of your money. The best thing at this point is to come up with a system, demo trade for a whileā¦ This might take a couple or more years of practice till you get the hang of things. Or find a legit signal provider, either way one of these solution will make you successful. Good luck.
Iām sorry to hear that. I sounds like the ultimate nightmare scenario. Walk away and accept it as a business expense. Fortunately it wasnāt more! Trading isnāt for everyone. Remember, what doesnāt kill you makes you stronger.
Intrestingly enough some of the market masters blew up accounts bigger than this in their beginings. Should you stop trading? For now yes until your emotions are in check. But in the long run losses sometimes are just expensive lessons or as some traders call it tuition the price of learning.
It is a very hard lesson to learn but the best thing is to take it as a very expensive way to learn about financial trading with leverage. Lets put it this wayā¦ you may have lost a lot now but imagine if in 5 or 10 years you have a vast amount of cash at your disposal and you hadnāt learned this lesson alreadyā¦ and were introduced to forex then. It may be hard but you will certainly not make the same mistake a second time so in that sense something positive comes out of your experience.
I am in the same position like you. Unemployed and lost 6 months salary on binary options in forex. I do have a simple and easy strategy though, but I am sort of afraid to enter anymore. I have an 8 period simple moving average on the 5 minute price graph, applied to median price - this is average of high and low. Whenever green candle breaks from below, it is a local uptrend -like 30 minutes or so. When red candle breaks from below is a local downtrend. Try it for yourself. I want to trade this again. I was just not patient enough when I lost. Hope this is of help.
I do trading with my saving .Not all my saving in trading just half of money was used for real account . I got better idea either I am fit for successful trading or not. Then I again do practice for skill and best performance. So I did not loose my all in forex trading.
I am using macd with different properties then default with good results.
Basically an easy way to enter trade is go on Daily chart and add macd with properties 40, 80, 10, then on the daily chart you will find good entry points etc.
Although this method works better if you are a long term trader though.( looking at about 2-5 months)
I like to concentrate only on Gold, to be honest I found this thread and there was a gentleman there who suggested it, have only been back testing manually so far, and also just using it on demo for now.
It sounds really unhappy for me to hear that, but you should have known that FX trading involve winning and losing like very other business. I suggest you should learn from your mistakes and move on with your life.
I know it must have been hard to open up and share this, but I appreciate your candor. I just hope others heed your words of warning, and exercise proper risk management techniques when trading Forex.
I like to use a tangible item to represent what Iām trading because I think a lot of people who arenāt good with money management at first see it as digital currency which is easier to let go than a tangible asset. I take my poker chips and use those and have a win and loss pile so I can visually see what my account is doing. Iāve been guilty in the past buying things online and saying to myself, meh it was only XXX.XX dollars in paypal. Whatever. Since everything is so digitized these days I think there is a separation in the psychology of what you are actually spending/losing/winning in these situations and having some kind of physical presence will help you understand what you are doing with your money. I also like poker because of this, you get the idea of winning a game. Because in the end this is a game and you will win or lose based on skill and management.
Your situation sounds oddly familiar. I recommend buying this book called Mindful Trading. No one has a bad strategy, itās just bad control over your strategy that causes you to lose so much. Thatās my personal bit of advice on top of everyoneās advice here.
[QUOTE=āvsc2;516626ā]I am just posting this to vent about forex 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 didnāt 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 didnāt 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 donāt know if I will trade again. I canāt afford to lose any more. Should I just give up on trading and move on with my life.[/QUOTE]
Donāt give up some people can be harsh on these fourms but then again money has no emotion , just take a break get a job make some money back and donāt start with nothing more the 5k I would reccord starting with 3k tops
But donāt some heavy research befor you re invest and make sure you under stand what your are doing and not gambling , it sounds like you where gambling quite abit to lose that much may I ask what lot sizes you where trading
I am just posting this to vent about forex 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 didnāt want to.
Wow! Thatās a lot of money. I havenāt started trading yet, myself. Iāll tell you, I have been studying and reading so much on Forex for the last few years it isnāt even funny anymore! And Iāll tell you what! There is still questions I am asking myself. I havenāt risked any money. Why? Because I am not ready, even after all this study. I may never be ready. If this is your dream donāt give up. I see a couple of things you should change. Demo account first, before actually using any money. Practice, Practice, Practice. Make sure you understand the market. Try some plans out. I know I havenāt lost any money or traded so maybe I am not the best person to give advice. I do know, for myself that I am not ready. Am I willing to fork out 60,000 dollars. No way! I will risk 5000 or 10,000 dollars. If I lose that what will I decide to still trade. Probably. But if I do I will dam sure make sure I know what mistakes I made. A journal might be good to keep, that way you can keep track of your trades and maybe figure out or know where mistakes were made so you donāt repeat them. Life isnāt over at 60,000!
There was a point of time in my life I studied Pseudo science. It is important to listen to oneās gut feelings.
There is a categorization that the brain is split into 3 categories: The Conscious, The Subconscious, The Superconscious.
Your gut feeling is derived the from the Superconscious. In general, the Subconscious and Superconscious are like idle processes of a computer. It runs in the background doing itās job processing without you noticing it. Even without you knowing or understanding, you have this feeling of āi just know itā.
If something doesnāt feel right, you get a gut feeling. It is natureās early warning system that it is beyond your abilities or in conflict with your interests.
The greatest trading advice I ever got was āIf you canāt sleep at night, youāre risking too much.ā This is an example of you donāt realise it, but your gut knows it is in conflict with your interests.
am so sorry for your loss; am not trying to apportion blames on you but we are always told to trade forex with just an amount you can afford to loose. Its not the end of the world though, all you have to do is sit down and go through everything trading plan; trading goals, strategy and know where you got it all wrong, then you make a choice f you want to continue or not.
