Very well said. Trade small when starting out and never stop doing a though research on markets. And stay away from revenge trading.
1 Like
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.
1 Like
Man, Iām so sorry to hear that. I know how it really feels (itās heartbreaking), because myself just lost all of my 22k saving last month. I couldāve just stop after the first 5k stop loss. Thatās the part I start to double my lot size and gambling it. What Iāve learnt is that, when you become desperate, thatās 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 āIām going to WIN it all back!ā.
Aināt this the sucky truth. This is also why itās important to set a daily maximum loss. Or just a maximum loss in general. Helps with dealing with times like this.
1 Like
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 wasnāt built in a day. Donāt trade emotionally. Set your daily goal or limit e.g. $20/day or $100/day or 5% of account daily etcā¦If you miss it, take a rest and try again tomorrow. If you get it take it and rest for the day. Donāt try to re-enter trades because you see it continuing after youāve 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. Thatās 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.
1 Like
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!
Sad to hear that but remember that you are not only with same story. There are worst stories out there.
As someone already said, move on because you are alive and your life is moving forward. You have your health and that is all what you need. For everything else you will need to work hard again.
Crucial point is not to give up.
Remember - only way you can go when you hit bottom is UP 
sorry to hear about your losses, were you using good risk manegment
You answered the question by yourself. That was a mistake to skip a demo period; you didnāt have enough time to dig your hands into the trading and faces real issues without even basic preparation. Take a break, just stop for a few weeks or even months to analyze what you have been doing wrong and spend a little bit more time for training, but donāt quite, give it a second chance.
Great advice!!
It all your mistake you allowed trading as end big money to enter your eyes, first thing u have gone with your demo account to know all your mistake. Just at list could trade on demo account for one year just to know how good u are, so u could make a good profit. Just like me i have been trading on demo for one year and 6months just to be packed