Down to my last buck...

Quoting Ronyn76

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Well actually its $1.69....

It took me a little more than a year of live trading to turn my starting $1200 to the present amount. At some point in time I was actually convinced I had become a real trader....Turned out i was wrrrronnngg...

I must have tried every system/method in the book. Looking back I actually think my most successfull period was when I was trading a simple MA crossover strategy.....The starting 1200 was 1600 at one point...And then the losses came...and I tried to win back those losses by increasing the lot size...which i KNEW was a no-no but i did it anyway!

Went through Vegas, Mouteki, Fibs, S/R, well the list would be too long to continue. I never stuck to a strategy long, when the first losses came the strategy at that time was discarded and then on to the next and the next and the next...And here I am, still searching for that Edge, where the market does not seem as much guesswork as it is now.....

Well, thats the end of my self-pity....Any words of encouragement?
Or perhaps a holy grail EA that will turn my $1.69 to millions?

No?

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Quoting Rosscub

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Ronyn76,

Some of the best traders in history have blown their account, some more than once; don't let that discourage you.

Learn from your mistakes and the mistakes of others, and resign yourself to not making those same mistakes again. $1200 will be a small price to pay if you really take this lesson to heart.

Making pips in Forex is easy, but unfortunately, losing them is even easier. That is why, like hilmy83 stated, you need to implement proper money management. Before you trade again, define your risk, and know that you can take a long series of losses and still be able to continue trading. Yes, that will mean you don't turn $1000 into $100,000 in a week or even a year, but this time next September you will still be in the game and your capital intact.

The dream of getting rich through trading in a short period of time actually keeps most traders from seeing that dream come true. It will cause you to overtrade and over leverage your account, and when losses come (and they always come) you watch your dream vanish along with your margin account.

Find a strategy that works and that works for you. Never trade a strategy that you haven't thoroughly tested and proven to yourself works over time and under various market conditions. If you don't have confidence based on solid evidence that your system will produce positive results over time, you will surely abandon it at the first sign of drawdown. Remember, consistent results only come from consistent trading. Also, make certain the system works for YOU. I have developed winning systems that I had to put in the recycle bin because they didn't fit my personality or lifestyle. Part of my success has been in knowing what works for me.

Go back to the drawing board and start developing your trading business plan today. Build your stake while you learn the trading and money management skills necessary to win. When you do return, realize that you need to trade with an eye toward the horizon. Don't look at your feet, but instead look straight ahead. Building wealth takes time, perhaps years and decades, and you won't do it with only $1,000. Start looking for ways outside of trading to build up more capital that you can add to your margin account, either through added income or by cutting expenditures. Those millions you want are out there, but they won't come easy. Trading is a hard way to make an easy living.

Good luck.

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