I know every one is saying it but it can not be helped. Risk management is super important.
I struggled the days i had a big loss i caught my self increasing risk and betting more than trading.
I have wiped out my account several times and think this time i´m gonna learn. But i always go back to my bad habits. I gave up and taught trading was not for me. For several months i was not think about trading and just going on with my life. But something was missing.
After some time i figured I would give it an other go. But this time forsure this time would be different! I did a lot of reading on self-control and mental training.
I sat down wrote my strategy on a paper with my risk/reward and risk management, I also sett a max loss for the day and figured if I hit i would call it quits for the day.
I started in January again and so far its going good. I have a 40% win rate and 60% loss but with my strict rules and risk management i´m finally able to stay in the +.
Am i the only one who wiped put several times but finally learned risk management and able to trade with out think about wiping out again (at least i hope )
I wonder if the reason why many Forex traders blow accounts is because they aren’t well funded. I started my account initially with $1000. Since my brokers minimum trade is 1000 units, I added another $500 to my account because I wasn’t comfortable with the percent of my account risked per trade. I started off trading very small and didn’t do very well but the sheer thought of blowing my $1500 made me stop trading forex and go back to paper trading.
I’ve been wiped out a total of 5 times (not including demo accounts) since I started trading and I appreciate the experience. I don’t want to get wiped out again
Sometimes accounts wiped helps you get a serious attention or get into more understanding with newer perspective just like how the windscreen wiper on a car wiped the glass so that you can drive long with minimal chances of accident
IF you have started again in January and already have results like that you really have some big persistant skills for all that matters and I really congratulate you for that matter anyway. Thanks and good luck for that motivational post.
I can feel you . When i started trading , i went through the same. I lost a good number of consecutive trades and was reluctant to trade for the next few days. However , i learnt with time that losses are a part and parcel of trading. So having an optimistic approach and learning from such mistakes is the best thing one can do.
I don’t want to be rude, but you are not the first and unfortunately you are not the last. Everyone has their ups and downs. Cheer up - everything will be okay.
I agree. That’s what trading is all about. Losses are a part of everyone’s game. One should just learn from their mistakes and make sure they don’t happen again.
Its so good to see, how people stick to trading and don’t run away from it even if they incur losses. This is nothing but an inspiration to work hard until you succeed.
Being a slow learner it took me decades (literally) to become more or less consistently profitable. Never actually blew up a real money account but paid a hefty sum for what I prefer to think of as the learning opportunity rather than money down the drain. In any case I had to spend years trading on paper, wrote a lot of bots, analysed a lot of data,.
For what it’s worth in my case the “slow learner” explanation likely has more to due with my personality (excitable Type A control freak with something of a gambling fetish) than lack of intelligence: it’s one thing to know what works (a system with a proven edge, money management, strict adherence to the rules, order analysis in hindsight, etc.) and another to finally accept it.
Wow i wiped out my account several times reason being impatient closed good trades when at negative .IM still learning but ive learned my lesson THANKS FOR THIS POST
I traded demo 6 months, learned how to profit there, went real, lost half my £500 account in the first 2 weeks then spent the next 2 months reading books by expert traders and surrounding myself with forums and websites like this and have finally broke even clawing my way back and learning a lot along the way. I feel i will never wipe out now since i overcome my crossroads on how i handle my trades from very early on when all my demo training went out of the window.
The thought of wiping out is very disheartening, i hope that after 2.5 months i’m clear of this newbie wipe-out zone, but i guess many of you think there’s still plenty of time left for that? haha.
Hi every one. Good to know I’m not the only one Just a smal update.
I have now managed to grow my account with over 260% profit. Using money management, studding charts, reading book and discipline I now have a 58% win rate on the books.
I also changed broker as I found Darwinex is super and if you do good they will pay you (I’m not there yet but only time will show)
I learned the worst thing to do is think money. Just find a strategy that works and don’t think about profit as this will change your behaviour in the trade.
You are not the only one …currently now I’m in deep loss believing it will come back to my entry point… ( that’s how all my accounts got blown) this month and last month. I just need a mentor and Risk Management to make a living in this business.
That’s a great point. Most people trading under $500 always blow their account about three to four times which they can’t dare if the amount was higher
It’s probably possible to never wipe an account but that is a rare individual. In any case, the mistake is not the blown account, it’s not learning something from the experience. For some the best lesson is to stop trading and find another way to make a living.
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