Reminiscences of a Forex Trader (Re-loaded)

Burned again. Right now, I can feel my life force slowly fading away. Over the last five years, my account got wipe out over and over again. Some months, my result was superb. Most months my account just got wipe out. I have tried very hard over the last five years, but I have to admit that I have failed. Should I continue to trade? I ask myself. I don’t know. I really don’t want to give up. Perhaps, I shouldn’t have started in the first place.

Heck, I can’t give up now. Not after all the sleepless nights and effort that I have put in over the last five years. Then what must I do? I ponder… I need to find out what’s wrong. I need to get to the geist of what’s causing me to fail. I need to list down what I think is wrong or what went wrong.

  1. Utilising 100% margin, and got margin close out.
  2. Questionable countertrend strategy
  3. Inappropriate scaling in and out of position lot size.
  4. Inability to follow thru on initial planning.

After much contemplation, as of now, the above is what I can think of.

What should I do now then? I ask myself. The obvious answer is to go back to trading demo. Thus, I went on to create a demo account.

alphahavoc myfxbook link

What next then? I will have to tabulate some statistic base on my current technical analysis skill level to date, correlate them to the economic calendar, read some fundamental news and plan my demo trade. I shall not go live trading until I have regain my confidence.

Someone kill me please! Just only a mere 3hours after I created my demo account. From $1000, i’m down to $834!!

CPI data is worse than expected and GBP crash!

I need to cool down… Perhaps, scalping shouldn’t be executed during high impact news release.

Scalping shouldn’t be executed by any struggling retail trader, at any time.

And no kind of trading should be executed by any struggling retail trader during high impact news releases.

You need to learn about position sizing.

With a $1,000 account, your maximum risk on any trade shouldn’t be more than $10.

I don’t mean to sound uncharitable and unsympathetic just for the sake of it, but honestly there’s no point even trading on a demo account, without knowing the very basics FIRST, because the “experience” won’t help you anyway.

Alpha, are you still around???

The Ever Inquisitive VIPER

Ok, Alph, oh by the way, I like your screen moniker. Anywho, since you are having some trouble controlling yourself, we, as a community have decided for an intervention. First we are going to take a poll, and you abide by it, and things will get better, maybe or well, anyway.

So here we go, on to the poll.

Should alph be allowed to continue live trading, or should they go back to Demo.

  • LIVE
  • DEMO

0 voters

The Ever Cruel And Harsh VIPER

Its ok viper.
Either i will excel or fail and give up totally.
I prefer to overcome my shortcoming by myself.
Thanks for offering to help.