be patient maybe this is a test of life for you.
Any updates on if the OP is alright? Because a loss of that magnitude is psychologically stressing.
He must be not on Forex anymore because he would come back here if he is still trading Forex. For new traders, I advise you shouldnāt spend your savings for trading.
It is discussed many time and advised to new traders not to inves tmuch as a starter then why peole invest their all saving first time when they had no experience of trading. Actually they are in hurry to make money. They think they will win from their high investment ignoring their less skill and experience they expect a lot from market.
Suppose a business man who specializes in sell of tomatoes bought one more crate of tomatoes bought one more crate of tomatoes, thatās a normal business manās risk. However if he one day follows the advice of one tomato producer who conceived her to buy three hundred crates of a new variety of tomatoes (compared to the one normal crate he buys every week), heād be making an abnormal loss.
Thatās how forex trading is. Itās okay to lose your planned trade size under oneās trade parameters, however, unacceptable loss is one In which a trader loses after taking a trade outside his or her trade guidelines.
Whatās Forex Strategy Trader?
considering forex is a zero sum game, you can think of it as he donated money to you and other traders who are more profitable
Excessive use of leverage and directly trading on a real account, are two major mistakes that beginners make in forex trading. That is why it is always recommended to start with a demo account and get a good hold on the markets first.
Yeah patience is the key and once everything is sorted he should then think about entering into forex marker again with good trading strategy.
True. I also feel that he should have tried demo account first before going live.
ā¦
Some personal opinions:
-
I would not start a meat business without having a clue about meat. Even less risk all my savings in this business
-
One of best things in forex is you can open microaccountsā¦ bottom lineā¦ if you cant make a 500$ profitable, you cant make a 50K one either. Dont Demoā¦ itās a waste if time. Just trade an account size you can afford loosing and think of It as investment in training.
-
Say you need 3k per month to live. With a 50k account, you need to make about 5% per month! 60% per year! Not even the best mutual funds make this kind of profits. Just dont quit your job please. You need a much larger account to live from trading forex.
Good answer to a question a little over 6 years old - from a member who never returned to read what people said -
Even thoā your āadviceā amounts to shutting the stable door after the horse has in fact - long since - bolted !
Old thread. But same pitfalls. 1. The OP had little trading management and risk plan and rules. Such as never averaging down especially for a beginner to attempt to āmake backā losses, just compounding it even worse since he lost so much in a short time. 2. wrong or misinformed expectations probably from fake stories or scams and scam vendors. such as doubling the account every week type of nonsense. So he also put insane leverage ratio to entire account. The reality is most , 95% lose at trading, and the rest 4.9999+% just may make it to break-even over the journey. Very few make it to consistency similar to top few hundred of professional individual sports, then having to maintain the level in subsequent years. 3. As a beginner, started with too large an account especially on forex, where he could have traded smaller on 5k accounts at a time since most everyone busts their first few accounts. Get some time to live trade at small amounts. But OP did pretty much every easy mistake on overleveraging and misinformed expectations. Sad thing, while he lost too big starting out with forex, heās not alone with his losses in the overall markets by retail traders who make the same mistakes and donāt get informed well enough and shore up trade management discipline and practice i.e. practice honoring stops and ālearning to loseā small.
Yeah, OP hasnāt been back in like almost 7 years now. But everyone seems to be posting their reaction and thoughts as they pass through this thread. Kind of like when commuters all start honking as they pass through a popular tunnel lol. So yeah, added my 2c also.
1 Like
its a smart reply really from all, thanks for your nice post.
1 Like
this is just base on my experienced my friend, stop trading for now, focus on your self , get a job , ( you need a job to move on) , accept all your ā ā ā ā ups,( your wife has nothing to do with your trades / fuck ups) stop thinking as a reatil trader ( if you know what i mean) , the best strategy is your inner you. give your self grounded from forex platform for at least a month , do something else , then gradually go back , open a demo account , now focus on your strategy for now , now this is the torture part dont go live yet until , you build your own strat if your strat say at least 76% accuracy , go live start with at least 5k , now what , ? hereās tha thing practice a good sound money managment , its not easy it took me 3 years to make a come back , good luck:)
1 Like
Did you test out your trading before going live?
p.s: no, donāt give up, just next time be more mindfull
You should work out your own risk management and try to manage your funds wisely.
This isnāt constructive advice so I wonāt beat about the bush.
I myself am just starting out and have been using demo accounts for a few months still trying out strategies, technical analysis, back testing and then some more of the same.
Even though I have been trying to educate myself for a little over a year now (Slowly slowly catchy monkey), I donāt want to be the next pollock posting something like this in a forum for people to rip me a new one about how Iāve conducted myself in the market!
If my wife said just go live, Iād tell her where to go as itās not that simple unless youāve put yourself in a position where your only income is now trading and unless your a consistent trader winning more than you lose youāll never make it anyways! WTF???
You have health, you have a wife (and she pushed you into thisā¦), you have 2 functional arms and legs. I donāt want to sound that angelic whatever stuff. I understand your pain (lost almost 2.5k+ 1300$ investment - I know you lost more but I still have some experience - almost 2 years).
People criticise you and this is of no help. It is already painful. I canāt recover your money, I donāt have this possibility and there is not much I can do. I know seems useless, but just tell your wife how much you regret this. If you love her you can even cry on her arms. You need to take off that pain. Take the best of it. Trading is callous. I still suspect the markets are completely rigged even to this day. This trash only creates pain.
Yes, you lost. Is painful. Is cold and intimidating, it hurts. Just start to value your wife, your health, your money, your body, start exercising, meditating, do yoga, stretching. Spend time with your loved ones. Perhaps you have pets, spend time with them aswell. What you have is a blessing.
I know it feels different from forex and off-topic aswell, but youāre not alone. And youāre ok. Life and what you have is much more valuable than -60k. For real. What you have is a blessing, and if you start to treat everything you have as something preciously that it is, regardless of whatever others would write here, not only this -60k$ loss is forgiven, you can lose millions of dollars and still be in profit.
Because letās be fair, if you neglect yourself in a daily basis and donāt fully enjoy your life, doesnāt really matter anything. But most people are miserable and donāt enjoy stuff. If you are serene and contented (do sport, jogging, eat fruits and vegetables, be careful with sugar, walk, ride bicycle, go with your wife, take care of your pets, watch movies and online series, YouTube content, draw, whatever), that -60k according to me is erased. Youāre even in profit.
Reinvent yourself. Made a real opportunity out of this cruel loss. If you ever wanted to do something but procastinated, was lazy or delaying endlessly, start today.
Treat with respect your energy, money, loved ones, possesions (even your phone as an example), start your day in the morning not afternoon, drink more water. Small stuff matters.
Thatās how Iām planning to do. Iām still hurt about my losses aswell. But if you learn something from them is ok. Thatās how Iāll get over it. And no matter what you say, life is more important than money. If this loss determines you to change your life, and not even in that profoundly wayā¦ just to live clean.
You can start again with trading. Thatās what Iāll do. But if I recover my money or not, as long as they changed me for the better, I guess people paid a lot of money on personal development c.rap. Take trading as this. You paid already the price. Consider this will change you for the better.
Not only that, make this loss a blessing. If you turn around today (because letās face it, most of us donāt do what we can). Hope I helped you, you can overcome this. Life is more important than money.
Edit: Letās make forex āthe cataclysmā of finally changing ourselves for the bestā¦ weāre āgamblersā of the same breed. And perhaps we have both aspects that we simply delayed. Now is time
I am sure he has learnt the mistake, it is been 7 years.