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Road to Recovery.....

  • #1
  • First Post: Oct 26, 2008 1:26pm Oct 26, 2008 1:26pm
Hi All
I have been reading this forum for almost a year. I have tried to learn many different systems but without any success so far. Trying too many different systems have left me confused and now down almost $43,000 in 5 month. Ouch!! I am not much of a demo guy (which is dumb) and I started live shortly after I learned about Forex.

I have recently been focus on trading with a system that I have made up in combination of several different systems or ideas from this forum.
My goal is to try and recovery my loss. I don't know if I can do it, but I just want to keep a journal of my trades so I do not deviate from my trading strategies and my plan.

5 month ago, I started with a $50,000 account.... now it only has $7,632.
There is a good chance that I might completely wipe out this account.
I will post my trades here just to be able to track them and keep myself disciplined.
Please do not follow my trades.... .................................

If by chance a miracle would happen, I would not mind sharing my strategy.
I will start posting my trades here along with the balance of my account.

Wish me luck!!!
  • #2
  • Oct 26, 2008 1:40pm Oct 26, 2008 1:40pm
I almost cry when i read your post..Honestly, it seems is was reading my Forex trading story. Only you are 10 times larger than what i lost. But for some miracle i was able to come back and profitted more than 10 times than what i originally lost. I think it will happend to you too just have faith in your system. I wish i could help you but Forex is a tough business. I wish you luck!!!
T101
  • #3
  • Oct 26, 2008 2:44pm Oct 26, 2008 2:44pm
Quoting FX pipmaster
Hi All
I have been reading this forum for almost a year. I have tried to learn many different systems but without any success so far. Trying too many different systems have left me confused and now down almost $43,000 in 5 month. Ouch!! I am not much of a demo guy (which is dumb) and I started live shortly after I learned about Forex.

I have recently been focus on trading with a system that I have made up in combination of several different systems or ideas from this forum.
My goal is to try and recovery my loss. I don't know if I can do it, but I just want to keep a journal of my trades so I do not deviate from my trading strategies and my plan.

5 month ago, I started with a $50,000 account.... now it only has $7,632.
There is a good chance that I might completely wipe out this account.
I will post my trades here just to be able to track them and keep myself disciplined.
Please do not follow my trades.... .................................

If by chance a miracle would happen, I would not mind sharing my strategy.
I will start posting my trades here along with the balance of my account.

Wish me luck!!!


Like my story too....
maybe u should try to read jacko's article or a lot of great trader around here who has a lot of experienced n hand in hand to help each other like at auslanco GBPJPY thread...or simple system which is very easy to understandable like "bringing back sexy stochastic" thread, etc...n if u find the system n comfortable with it, don't change or search again... I believe u will take ur losses back if u do ur hardwork...
in forex: easy come easy go / easy go easy come...Good Luck
  • #4
  • Oct 27, 2008 9:14am Oct 27, 2008 9:14am
Thanks for the encouragement!!

enter 2 trade last night
1) Short GBP/USD at 1.5673 - 1 lot SL:1.5801
2) Short GBP/JPY at 146.36 - 1 lot SL:147.36

Closed out both positions
GBP/USD closed out at 1.5473 for + 200 pips for $2,000
GBP/JPY closed out at 141.36 for + 500 pips for $5,419.70

Balance has increased to $15,051.70

Really lucky night for me..... hope this continue.
This account is a standard account since I started out at $50,000.
Even though I only have $7,632 when I started this thread, I am still trading with 1 standard lot. That's the only chance to recover my loss.

I am focusing my trading with a trend following system along with some indicators to confirm my entry. So far, a great beginnng. Will continue to update as trades are made.
  • #5
  • Oct 27, 2008 9:53am Oct 27, 2008 9:53am
Quoting FX pipmaster
Thanks for the encouragement!!

enter 2 trade last night
1) Short GBP/USD at 1.5673 - 1 lot SL:1.5801
2) Short GBP/JPY at 146.36 - 1 lot SL:147.36

Closed out both positions
GBP/USD closed out at 1.5473 for + 200 pips for $2,000
GBP/JPY closed out at 141.36 for + 500 pips for $5,419.70

Balance has increased to $15,051.70

Really lucky night for me..... hope this continue.
This account is a standard account since I started out at $50,000.
Even though I only have $7,632 when I started this thread, I am still trading with 1 standard lot. That's the only chance to recover my loss.

I am focusing my trading with a trend following system along with some indicators to confirm my entry. So far, a great beginnng. Will continue to update as trades are made.

Hi,

Just wanted to give you a little advice - you can take it or not .

You are right - you did have a very lucky night. You are seriously overtrading your account. That is a big part of the reason you are in the hole as much as you are now. I know you think the only way you will get your money back is by trading standard lots. The only way you are going to get the money back is by finding a profitable system and risking a very small amount (1%-3%). Sure it will take a lot longer to get your money back but at least you will have a chance.

Right now you are about 3-4 losing trades from blowing your account.

Hope this helps....
  • #6
  • Oct 27, 2008 10:16am Oct 27, 2008 10:16am
I agree with Nofx, If your stops had been hit you would be down over 30% of your account.

A couple of losing days and the rest of your money is history.

Risking 2 - 3% per trade it is still possible to make a significant account increase per day, with the right system and discipline.

You doubled your account in two trades, just a suggestion but maybe withdraw half your balance that way if things go pear shaped you still have your profit.

Or if you really feel you cannot trade with lower risk how about you putting half in a separate account and trade that risking only say 2% per trade and see which makes you the most money.

Hope this helps and good luck with your trading.
  • #7
  • Oct 27, 2008 12:08pm Oct 27, 2008 12:08pm
I appreciate all the advices. I know that my money management right now is kinda wack and my account can be wiped out if I lose 6 or 7 trades. I have lost nearly $43,000 in 5 months and I have already consider the rest as lost money. I guess what I am trying to say is that I will take a lot of risk with the remainder of the money. If it go bust I will start with a new account with the proper money management. Let's hope the luck continue!!
  • #8
  • Oct 27, 2008 3:33pm Oct 27, 2008 3:33pm
Took a trade at 4:30 pm
Long GBP/JPY at 145.25 SL: 144.75
SL was hit for a loss of $536.98

Balance is now at $14,515.05
  • #9
  • Oct 27, 2008 4:02pm Oct 27, 2008 4:02pm
Took another trade at 5:30
Long GBP/JPY at 144.97 SL: 144.47
SL was hit for a loss of $538.13

Balance now is $13,977.

Not Good.... have to clear my head and regroup.
  • #10
  • Oct 27, 2008 5:29pm Oct 27, 2008 5:29pm
You can send me that money and I'll trade it for you!

Seriously, I wish I had the mentality to just call 13k "already loss money".

Anyway, good luck to ya and hope to hear from you in the next few days.

Adam
"Your big opportunity may be right where you are now." Napoleon Hill
  • #11
  • Oct 28, 2008 12:02pm Oct 28, 2008 12:02pm
Took a trade at 11:20 am
Short GBP/JPY at 148.41 with TSL of 150
SL was hit at 149.84 for a loss of 143 pips, -$1,489.44
Balance is now at $12,487.56

That's 3 losses in a row. I really need to get back on the winning side.
  • #12
  • Oct 28, 2008 12:22pm Oct 28, 2008 12:22pm
Hey, i hope u will have your winning trades soon! I like your thinking about "a lot of money was lost, now the resting will be traded taking high risks, the target is to get back to 50k!"
  • #13
  • Oct 28, 2008 11:03pm Oct 28, 2008 11:03pm
Quoting FX pipmaster
Took a trade at 11:20 am
Short GBP/JPY at 148.41 with TSL of 150
SL was hit at 149.84 for a loss of 143 pips, -$1,489.44
Balance is now at $12,487.56

That's 3 losses in a row. I really need to get back on the winning side.
my God, this is creepy. have u ever tried sexy stoch thread? it was initiated by boxinglife. it is very easy system, sooo sexy (the stoch, not you box. hehehe). i think you should try it if you haven't. worth! btw, losing 1,5K from 12K is the same that you were risking 12,5% on your trade. aauch. reduce the risk, come on. that money is still worth. dont waste it.
  • #14
  • Oct 29, 2008 9:58am Oct 29, 2008 9:58am
Thanks for all the advice, but i have determine to trade this way until I recover my loss or bust out. I know it's a stupid strategy but I will stick to it .

I took a trade yesterday evening
Short EUR/USD at 1.27535 SL: 1.29035
My TP was 150 pips, but it fell short of 25 pips.
SL was hit for a loss of 150 pips - $1,500 loss
Balance is now only at $10,987.

I should have move the SL to breakeven once I was +125 pips. Another lesson learn, never let a winning trade turn into a losing trade. Oh well. I must get back on the winning track.
  • #15
  • Oct 31, 2008 3:20pm Oct 31, 2008 3:20pm
I have been gun shy lately after the 4 straight lost. I will pick back up next next. I am determine to succeed. Thanks for all the encouragements and advices.
  • #16
  • Nov 1, 2008 12:39pm Nov 1, 2008 12:39pm
Quoting FX pipmaster
Hi All
I have been reading this forum for almost a year....
Some people have more money than sense, what you need is an edge, not luck. Until you figure out what this means I would keep your money in the bank, at least you will get the interest.
The breaking of a wave cannot explain the whole sea.
  • #17
  • Nov 1, 2008 7:54pm Nov 1, 2008 7:54pm
Quoting FX pipmaster
I appreciate all the advices.
(1) I know that my money management right now is kinda wack and my account can be wiped out if I lose 6 or 7 trades.
That is an understatement............

(2) I have lost nearly $43,000 in 5 months and I have already consider the rest as lost money.
Very poor state of mind.... you have already surrendered to defeat.


(3) I guess what I am trying to say is that I will take a lot of risk with the remainder of the money. If it go bust I will start with a new account with the proper money management. Let's hope the luck continue!!
It is very unlikely you will change your trading and money management styles
you need to step aside and completely reevaluate why and how you are trading. At this point I don't give your trading career a snow balls chance in hell of being successful.
Same Whore .... Different Dress
  • #18
  • Nov 2, 2008 9:54pm Nov 2, 2008 9:54pm
Thanks for all the advices and also all the criticisms. I know that this trading method is extremely high risk. However, this is money that I set aside for my trading and will not adversely affect me if it is lost. Well, back to trading.

I just took a trade at 9:00 PM
Long GBP/USD at 1.621
Close out for a 58 pips gain = +$580
Finally a win to put me back on track. Even though it was a small win, but none the less a win.

Balance is at $11,567
  • #19
  • Nov 4, 2008 1:24pm Nov 4, 2008 1:24pm
Took a trade yesterday
short EUR/USD at 1.2719
closed position at 1.2570 for 149 pips = +$1,481

Balance now at $13,048
  • #20
  • Nov 5, 2008 4:05pm Nov 5, 2008 4:05pm
I have been thinking about some of the criticisms. I needed to take a step back and see what I was doing. Now I can see that I am heading toward a wipe out of my account if I continue to trade reckless like I have been doing. I have decided to take the advices of some of the poster above and starting my FOREX trading over. I have decided to take the $13,000 I have left and turn that into a mini account so I can trade on a small scale. I now understand that trading is a art and you must have a definite plan to follow or else you are just gambling. I will now try and trade with a strategy that I have develop through all the mistakes I have learned from losing nearly $37,000 so far. I will transfer the money I have left over to a MT4 broker....right now I am using Forex.com..... the spread is wider than those MT4 broker. I will start of with a $10,000 account and will stick to my plan and not deviate from that. I will continue to update this journal because I think this journal kinda make me responsible. Keep the advices and criticisms coming.... cause I think that will make me a better trader and more determine.
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