Just received an annual bill from my broker and found that it was a blood loss for this year again (in the past year, the net loss was more than 10K USD). What to do, I don’t know if we still have to stick to this path.
What do you mean, “annual bill”?
Are you trading forex or are they trading forex for you?
Deposit and risk smaller amount of money, stick to higher time frames, read more about price action, use TradingView to check other people’s ideas (for education), stick to only one major pair, trade with the same lot size every time, make sure the TP is farther than your SL, don’t spend way too much time in front of the charts.
I hope I could help 
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If you have registered with any broker, they should send you your trading history daily, monthly and yearly. I was talking about the trading history statement from my broker.
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Thanks for the reply. I think it helps me a bit.
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Trade on a much smaller account. Analyze each losing trade, figure out what you did wrong, remember it. Write it down if necessary, so you can consult your notes later.
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If someone is trading for you, its time to move on.
If your trading for yourself, keep at it.
Are you saying you didn’t know how much you were losing until your broker told you??
It is sad to hear that you are loosing your hard earn money in forex trading since last two years.
I don’t know how many years are you trading forex. But I assume that you hold a minimum two years of experience in forex traading as evident from your above post.
I am surprised that you still couldn’t analyze the reasons of your failure after two years of loosing trades. It looks to me that you never recorded your trades in a Journal else you would have known the reasons of your failure much earlier.
However, if you have maintained your Trade Journal, then you should analyze it and try to find the reasons of your failure.
1- What to do?
In the meantime, I would suggest you to immediately discontinue trading to safeguard yourself from further losses.
Take your time to restart learning forex from the beginning to intermediary or advance levels. Then try to experiement your knowledge on Demo account to streamline your strategy and skills.
2- I don’t know if we still have to stick to this path.
*IN MY OPINION THERE IS A BIG "NO".
The above statment of yours show that how much confused you are now about your trading, despite loosing last two years you are still thinking stick to this path.
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It’s My Life
Bon Jovi
This ain’t a song for the broken-hearted
No silent prayer for the faith-departed
I ain’t gonna be just a face in the crowd
You’re gonna hear my voice
When I shout it out loud
It’s my life
It’s now or never
I ain’t gonna live forever
I just want to live while I’m alive
(It’s my life)
My heart is like an open highway
Like Frankie said
I did it my way
I just want to live while I’m alive
It’s my life
This is for the ones who stood their ground
It’s for Tommy and Gina who never backed down
Tomorrow’s getting harder, make no mistake
Luck ain’t enough
You’ve got to make your own breaks
It’s my life
And it’s now or never
I ain’t gonna live forever
I just want to live while I’m alive
(It’s my life)
My heart is like an open highway
Like Frankie said
I did it my way
I just want to live while I’m alive
It’s my life
You better stand tall when they’re calling you out
Don’t bend, don’t break, baby, don’t back down
It’s my life
And it’s now or never
I ain’t gonna live forever
I just want to live while I’m alive
(It’s my life)
My heart is like an open highway
Like Frankie said
I did it my way
I just want to live while I’m alive
(It’s my life)
Songwriters: Richard Sambora / Jon Bon Jovi / Max Martin
You’ve got to be agile, as the saying goes you can’t repeat the same actions and expect different results every time. So, if it doesn’t work then change it. There’s absolutely nothing wrong with making mistakes, as long as you adapt and realize what it is that isn’t working – quantify everything; one reason why keeping a detailed journal is important. Even when you’re doing this full time a Journal is your most valuable asset.
The problem with the markets, or rather the problem with the people who try to ‘trade’ the markets, is that they don’t really understand that they are dynamic. Markets have phases where one analytical approach may favor a different analytical approach, and the same logic applies in various other market cycles.
So, take a step back, rather than trying to find a level of analysis that works now you should be trying to break the market down into it’s core building blocks – find a way of analysis that fits each of these different market cycles. This way when you identify what phase the market is in you can apply the level of analysis that you know fits the market….rather than trying to fit a standard approach to the market every time?
If the markets are dynamic, which they are, then you can’t afford to remain static?
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@tradingbull666 You may also check the following Article or Video. Perhaps you are the victum of “The Forex Cycle of Doom”.
Don’t go for live trading so seriously, if you are not sure about your trading skill. You have to learn first, and then go for earning, until learn & learn.
Live trading can be useful instead of demo trading sometimes , because traders don’t trade in demo seriously , on the other hand live trading can make beginners greedy and emotional.
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Agree with you! I see, a number of new traders join here with a huge money making mentality from the beginning. Even, they are not interested to learn Forex, really frustrating.
without learning that’s not possible at all to earn something from this market place , this is an open secret but we still cant avoid this attitude.
All know this secret but only some try to find this really in their trading. Learning and practice both are important they will lead a trader to right way where he can manage trades , avoids loss on extent he can . Other wise just trading will be a continuous loss a trader can not control it except by getting real experience with real cause.
Without an experienced trader sitting down with you and analyzing your trades there really is no way to know if your problem is over risking, over trading, poor strategy, poor trade management, other types of avoidable mistakes (i.e. taking trades in a thin market when spreads are large), and on and on.
In a general sense its up to you if you want to keep working at becoming a successful trader, but you will need to identify those things that are hurting your ability to make money. Either continue to educate and find them yourself or as I mentioned, get with an experienced trader to help you identify them. In either case I wouldnt keep dumping real money into this until you believe you found areas to improve.
exactly , appreciate .