Using a Live Account and not a Demo.
What’s the largest loss have you experienced while trading forex within 1 month’s time?
How did you feel when you lost that huge amount of money?
Are you able to recoup that money you lost?
What did you do to recover from that huge setback?
What makes you return back to the forex horse?
Your questions would only be relevant depemding on the size of your account and whether such a loss affects your lifestyle. For a $100 trader, 50% loss would be substantial, but not life changing.
On the other hand, blowing a $5,000 account in one month would hurt in more ways than one. And unfortunately, that’s what 90% of newbies do, whatever size of their account, because they focus on profit, not process.
As for me, my money management and risk control over my two self-managed live accounts is process focused, so that I don’t come close to an emotional outburst from days of consecutive 1% losses, knowing that it would take 100 trades of consecutive losses to blow my account…
How you recover from a huge setback is answered above: FOCUS ON PROCESS NOT PROFIT.
Very well said, steve369. A lot to take in as you’ve provided the newbies an insight into what really matters, walking through the process of learning to trade in small increments correctly and responsibly, instead of going all out in a blaze of, well, in a blaze, period.
I think this is difficult to understand in the beginning. When you first start, and you see huge swings, all you can think about is big money, and you’re about to hit the jackpot.
You think the profit IS the process. It certainly took me a while to tell the difference. But only continuing after your initial losses will you learn this lesson, I think.
The largest amount I lost in a month was about $400. I was upset. However, I did not try to get it back. I rather took some time off trading. I came back and gradually I was able to cover up the loss.
I’ve lost around $300 in a month and wasn’t able to recover it for a good while, but I did not lose patience and waited for the right time to make all my lost money.
Thank you for sharing, sharabelabd.
Thank you for sharing, vicjon1995.
You’ve concluded a valuable insight into a few words. There’s an old saying, “Feed a man a fish and he will eat for a day , teach him to fish and he will eat for a lifetime” It goes well with trading. When you pay attention to the process, you become a master at it and will automatically start getting results.
I lost £2k overnight on not taking care when trading bitcoin. Was hard to take trust me but you bounce back from it. Now only invest what I’m comfortable to part with should the worse happen
I lost only $20 in first and capital was $100.
i have not yet incurred any loss
Max drawdown was 30% or approximately 2000 USD however I managed to recover slowly it was tough but very useful experience as I learned a lot of lessons from losses especially how to handle emotional response to losses.
January 2021, I pushed my live account from usd 850 to 3000usd.
I had made enough to start my CFA classes. However,I had challenges withdrawing the funds as I had changed my initial credit card.
Lost the whole amount in like 3 days coz I was too confident about the market.
And yes, I did not manage to pay for CFA.
Ouch. This seems to be a thing that happens often, unfortunately. That’s why I firmly believe one should withdraw such profits to avoid that.
Before I got my S***t Together probably about 3K
It’s a gut wrenching experience however I didn’t need that money and I wasn’t stupid enough to gamble money that I needed.
That’s it mate you only learn by losing
twenty thousand dollars
TBH! what you just said is 101% real. I was trading with a $100 and it was my first time trading without any prior learning of forex. In the name of MONEY MANAGMENT I first started with the $25 out of those $100 and I made almost $100 just by trading from those $25 in about a month that made me very overconfident and made me use my own $100 also and I started to big but little that I know that all the profit that I got was from LUCK and there’s a problem with it, LUCK always runs out whenever you go for a big shot. Now here I’m, learning FOREX from the basics and I’ve a goal, to get x10 of my money back that I lost in FOREX but with my knowledge this time so I won’t lose it ever again.
Losing is a lesson, so it’s not all grief. What mistakes did you make and how are you going to eradicate those? Are you able to control emotions? Are you able to keep risk low? Are you able to protect your capital?
As for your goal, release the money monkey on your back - it’s history. Instead, focus full time, and every time, on process. Aim to become a competent trader, and let the profits take care of themselves.
It has taken me 10,000 hours of learning the above to understand how to become a consistent profitable trader.
Best of luck.