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  • Post #1
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  • First Post: Mar 2, 2007 11:30am Mar 2, 2007 11:30am
For those of you who have blown out your account out a few times and didn't give up, please share with us how you ultimately became a successful trader.
I know this might not help you southern, but it may help somebody else.

I just never put myself in a position to blow out my account.

DEMO DEMO DEMO first, then real money later.
Stopped chasing systems, learned to trade properly.
The breaking of a wave cannot explain the whole sea.
well i havent blow it yet but i almost blow it the past 2-3 days i been trading live for 2months i ve trade demo for six i used a system that fits me.
my advise is disiplen i am sorry for the mispeling but english is not my first languege. so i have been trading Gold for 2 months now my live account start with $5000 i did great i double it in almost a month i was using my system but never put stop loses BIG BIG BIG MISTAKE . my system is great and it works very well 90% of the time but my mistake was no disiplen , greed and NO STOPS the past 2 days my account sinked from 11000 to 3202 and thats becase i didnt follow all my rules 1 .didnt fully exacute my plan i was planing to get in get 200-250 pips (gold) about 150-200 dollars and get out and wait for another singnal to go short or long never did it always making my 200pips and hold my position for couple of more hundre pips.2.i never put stops my account start sinking and i was holding positions wishing it will turn around i cant mation how importan disiplene is.

as a result to lose all my profit and 2000 from my own money i guess i paid my price to learn and from now on i have to work on this 3 things i metioned before. i will go back to demo and practice again untill i am sure i am ready to double my 3k left from the disaster. practice practice practice demo. DISIPLEN DISIPLEN DISIPNE
Quoting JK$$$
well i havent blow it yet but i almost blow it the past 2-3 days i been trading live for 2months i ve trade demo for six i used a system that fits me.
my advise is disiplen i am sorry for the mispeling but english is not my first languege. so i have been trading Gold for 2 months now my live account start with $5000 i did great i double it in almost a month i was using my system but never put stop loses BIG BIG BIG MISTAKE . my system is great and it works very well 90% of the time but my mistake was no disiplen , greed and NO STOPS the past 2 days my account sinked from 11000 to 3202 and thats becase i didnt follow all my rules 1 .didnt fully exacute my plan i was planing to get in get 200-250 pips (gold) about 150-200 dollars and get out and wait for another singnal to go short or long never did it always making my 200pips and hold my position for couple of more hundre pips.2.i never put stops my account start sinking and i was holding positions wishing it will turn around i cant mation how importan disiplene is.

as a result to lose all my profit and 2000 from my own money i guess i paid my price to learn and from now on i have to work on this 3 things i metioned before. i will go back to demo and practice again untill i am sure i am ready to double my 3k left from the disaster. practice practice practice demo. DISIPLEN DISIPLEN DISIPNE
good story!i think is important to put SL and TP.exit the trade when the price hit our SL or TP.don't be greedy but have be patient to wait any new entry signal.
I've blown multiple accounts, or rather, multiple deposits (I've never had a an account hit zero, but I've spent A LOT of reload money)...

The turn around for me was when I just had enough of the pain. I had to lose multiple five figure deposits to finally make it...
Mr. Trend
OK, I think I can give a little more help here. First off, read up on money management. If you are blowing your accounts there is a dicipline problem somewhere.

Decide what amount of your balance you are going to risk with each trade. Something like 1% or 2%. THEN STICK TO IT.

You can do this two ways, first you can calculate your risk every trade, or you can use the same risk per trade and adjust when your account reaches a certain level. Example, risking 2% of $100. This is $2 per trade, you could adjust when you double of half your account, using $2 until you reach $200 (now you start to risk $4) or until you reach $50 (now you risk $1).

That covers the math of money management, the second part of money management is to stick to it once you open your trade. You shouldn't be increasing your origional stoploss. If you take a hit take it like a man (or lady) and move on to the next trade. It is difficult at first to lose, but losing is a part of winning. The goal is to make sure your total loses are smaller than your total wins.

Also once you have your trading plan, stick to it. I have found that doing fewer trades, but making sure the trades are quality trades, is very helpful to me.

Good luck.
I appreciate the replies. My biggest problem has been when I would double or triple down after a losing trade only to lose more. I also tend to overtrade. I'm ashamed to say how many trades I've made in the past two months. Let's just say it fills up three sheets with each sheet consisting of four pages.

It has been painful having experienced losses I didn't think I would incur but I am determined to become succesful at forex. I'm going to have to change my whole approach to this market. I'm going to learn from my mistakes and not look at what I have lost and let that anchor my emotions to a losing mindset. I'm going to start fresh as if I've never traded before but armed with greater knowledge.

Time will tell if I have graduated to a higher level or not.
Quoting southernmind
I appreciate the replies. My biggest problem has been when I would double or triple down after a losing trade only to lose more. I also tend to overtrade. I'm ashamed to say how many trades I've made in the past two months. Let's just say it fills up three sheets with each sheet consisting of four pages.

It has been painful having experienced losses I didn't think I would incur but I am determined to become succesful at forex. I'm going to have to change my whole approach to this market. I'm going to learn from my mistakes and not look at what I have lost and let that anchor my emotions to a losing mindset. I'm going to start fresh as if I've never traded before but armed with greater knowledge.

Time will tell if I have graduated to a higher level or not.
Now you are getting somewhere. Understanding the problem is >60% of the solution. That leaves you <40% to figure out.

A couple of pointers.
There is a difference between "Scaling In" and "Adding to a Losing Position" Until you get back on track, Do Niether!

A Saltwater Croc can survive for months on just one meal and I'm sure you've seen the footage of how much energy it uses to get that meal. Remember too that this Method has allowed them to "Stay in the Game for Eons"

You must improve your "Energy Efficiency". {Energy Out vs Potential Energy In. Risk vs Reward} Think of yourself as a "Sniper" and not some "Shotgun Toting Bank Robber". Sniping requires diligent planning to reduce the risk of exposure. The other merly requires Brass Ba!!s and enough luck that the cops aren't next door in the coffee shop.

Although it is not incumbent, Trade Less and Pick Your Targets with the forethought of how to avoid capture.

hth
Good Luck. It's now up to you.
For me when I started forex I was doing scalping by spending more time on screen, worse mistake was no plan, not stop loss ( if I put alway triggered my stop loss), no market study, no knowledge about different time zone, I was simply doing scalping and making small amt of money when I lossing money I open trade longer and thats how I blew up my account 3 times in 2018 2019.
then had a break for 8 months back in mid 2020. I secure other sources of income and started analysis my past mistakes. and still learning daily from market. still struggling put stop loss. its all abt 50 % psychology human mind 40% market environments 10% back up money to hold trade for long. I m still making major mistake while trading as my mind still not following principles it just change decision more often, but i never give up and now started making money in small proportion recover all my previous lost money and earning 5000 aud every three months. I m a casual part time trader. still not having guts to become full time trader but may be one I will. its needs lot of study study and study

listen to your subconscious mind and follow price movement
ie aud was below 0.70 few weeks ago and it bounce back and again as of now its below 0.70 last week and trying to bounce back. remember market never be same always.whats goes up alway come down and vice versa.
buy in red or sell in blue hold it and will give u reward. in long run have a second source of income to stay in market for longer.
Reading thematic books each time lifted me to my feet.
its really a different topic , i never blame this trading place after having much losses , when making a huge amount of losses got frustrated and try to find out all the mistake i have done already. then again move on this market.
In my trading, I don’t take such a long break, because I always follow the process instead on my individual trading result! So, when I face any SL, it doesn’t break my trading concentration! Besides, I follow money management properly, so a SL can’t break my trading equity that much!
  • Post #14
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  • Last Post: Mar 2, 2022 4:56am Mar 2, 2022 4:56am
I try to stop looking for various trading systems, and focus more on understanding price movements, why prices move up and down, and improve trading mentality.
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