Warning for Newbies!

I think he is just asking what lot size you used. The leverage doesn’t change per trade (unless your broker allows you to change leverage on a whim which would be kinda pointless).

I’m interested in hearing this as well .

Best Regards,
Matt Jones

Whenever you encounter such a big failure, you bounce back to higher level.

Hopefully we will soon see your posting regarding the huge profits you started to gain after this painful lesson…

Ok, my lot size is based on my balance. A $20k balance would make my trades 4 lots each ($20k is 5% of $400k). My “5% rule” for determining trade sizes. That would be $5k per 1 lot, I have actually changed that to $7500 per 1 lot increase and will go back to the “5% rule” when I am more comfortable with my trading.

Thanks for your lesson. I’m will read this carefully before I make any trade. I’m a newbie then :slight_smile:

Well, to be honest I don’t expect to see that ever again. Consistency is key here and that is my goal. I will be totally happy with 10 pips per day everyday (the everyday is the hardest part). I do like making huge gains but I prefer to make the same every day forever. Maybe I will have times where I am making large gains off of another movement like when the EUR was falling like a rock but that will be the exception and only done with “fun money” and not the money that I will be living off of. I want to be back on this post in a year saying that I made my goals consistently for a whole year, that would be great.

Thank you for the encouragement though, it helps a great deal to receive support from my fellow traders. I am definitely on a comeback tour now and hopefully its for good.

it’s must be so hard when you lost that big amount of money.
I can’t imagine if I’m losing that amount.
Last month I blew up all my account just in one day,…thousand dollar in one day
and I felt like a donkey, doing the wrong and undisciplined things again and again…
and nearly did a suicide,…(Thanks God, I’m still had a little clear mind)
now I’m crawling to start over…
its very hard to be 5% succesful traders

Regards,

Harachel

So long as you learn from your mistakes and make amends. You should look to put in emergency money management rules so that after a certain draw down just stop and go away, for a week if nescessarry. Even the DOW Jones has an emergency blow of valve that if it loses a 1000 point in 1 day they cease trading. Having said this i understand how you feel, but take comfort as i have never seen a pro who has not blown out an account, no matter how big or small.

Kinda makes me think I should blow my account sooner than later, I’ve done some dumb (expensive) things, but never taken it all the way to zero. It’d be a lot cheaper on my current account than when I’ve actually proven to myself I can trade and put real $ on the line.:smiley:

haha, i wasnt really suggesting that one should blow out deliberately:D

i just wonder how many people have not blown out an account? ive done three (very small) accouts. its just aswell i did not have alot of money when i was learning, i think it would all be gone…

I’ve not blown one.

I have withdrawn funds for non trading reasons, but never allowed actual trading to get it to zero.

I have to respect you for that. I have blown multiple accounts, but feel this has made me stronger.