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Scars Of Truth - Share Your Trading Story

  • #1
  • First Post: May 6, 2014 10:56am May 6, 2014 10:56am
We trades endure the task of time endurance, simply we keep going while being subdued, bedazzled and engrained on a countless repetitive cycle. External factors controlling the trading environment continue to evolve. We however continue to devolve with ever seeking simplicity cloaked within complex approach efforts.

Let this thread be a place for the "Time Tested" traders to express their (How Why & What For's)

Now what I mean by this is not how you trade , what you trade we veterans are not looking for another road to the Grail, rather complacency is well rooted with us.

Let's share the expression of truth blended with pain. After all we have made a long journey up this winding mountain so why not share some stories of the ride to here and now.

When i first thought of this threading creation I was eager to focus on the inner workings of the trading mechanism at the exchange and inside server levels, that's not important. For those of us traders that are humans outside the tight wound electronic screen world a much richer and vivid expression is vibrant and alive.
"Look Left Think Right"
  • #2
  • Edited 2:40pm May 6, 2014 11:21am | Edited 2:40pm
My journey began back around the time of the 2004 hurricane's that hit Florida, Mississippi and Louisiana.

I was working as a sound engineer for old school celebrity acts on revolving tours. I spent little time at my actual house, simply because of the type of work. I had gained many fractions of wisdom from various artists. Being surrounded by people with deep pockets I was motivated and hungry and looking for something new.

Heavy T.V. ads for trading seminars pushed by software pimps and brokers were prevalent on the Bloomberg channel that I would watch at night randomly. I had some basic functional knowledge of trading stocks but was completely unaware of the Forex Thing.

This is is where it all began for me. I went to a Refco seminar in Orlando hosted by Kathy lien. I think many of you will remember that name. This was not a software seminar, rather a FX broker pushing for business.

Now ow being limited on splash money and more so rather unwilling to purchase information, the internet became my hunting ground day and night looking high low and deep into the crevasse for any bit of pieces broken or whole regarding trading currency. That is how I found this website, forexfactory. Just like many of you did. Back then the big brokers were weaves with many IB's so it was so tiring comparing this deal with that deal and all the eye candy we all wanted dearly.

Trading systems, well I collected hundreds of them eyeballing each one for the holy grail. Tweaks and re tweaks ruining amuck. Gann, Murrey, Fibinacci, etc. etc among the big examples. The word retracement was ingrained into my thoughts. Fundamental Eco'z, News Release Trading, Knee Jerks on and on it goes.

I just could not get this information fast enough. And as a new trader your so connected that you are afraid to leave the computer incase you miss something important or worse yet you "lose your place in the analysis sequence. Reverse engineering of news bits trying to figure out all those magical number points they seem to rattle off easily.

This is was the beginning of what has led to now. When I look back it's hard to see the whole picture because of all the fragmentation and distortion by the fog of over seeking. Sure I could say more and more here but this should suffice for now.
"Look Left Think Right"
  • #3
  • Edited 2:34pm May 6, 2014 11:43am | Edited 2:34pm
I have driven by the skyscraper in downtown Tampa where the ForexFactory offices are, considered stopping by but showing up uninvited is a bit rude.

Face To A Name.

This is "CurrencyAnalyst" aka Anthony and wife Amanda.
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"Look Left Think Right"
  • #4
  • Edited 3:02pm May 6, 2014 3:00pm | Edited 3:02pm
I traded with most of the well known spot brokers over the years, then finally landed with the futures market. I endured most of the common problems that traders constantly complain about here at the factory. After convincing myself that all spot trading was nothing more than a retail video game and went to trade on the exchanges CME GLOBEX CBOT The efforts finally began to consistently pay off. To this day I am denied an account with FXCM. I know exactly why and so do they. I was amused by the company troll here at the factory, aka Jason Rogers to his response of the matter. It angered me at the time but now I look back in humor. It's a matter of time before the hammer drops and the hideous scams are squashed completely by regulation effects.

My best or lets say biggest trade moment was several years ago when I had an account with Fx-Solutions it was late night and I was crazy over leveraged, back then 400:1 was a easy offering carrying a double edged sword. I cranked 14 full lots USD/JPY with a $5500 account balance. Non Eco News hit and it took off. I was going the right way. It was stunned like a deer in the headlights, finger on the mouse. I hit the close button. With the 14 lots yielding a staggered exit it still took the account to about 11+K in under 10 minutes. I was euphoric and ignorant. By that I mean continuing to hyper trade into the next morning I had manged to damage the account back down to about $2500 a 50% draw down from original balance. The feeling of loss in this business is un explainable to non traders. You that trade know exactly what I am saying here. Needless to say I have countless dumb trade stunts and moves I have managed to survive over the past decade of trading but this one is the Big Fish story told as a reminder and example of what Did, Does, and will happen with psychotic trading.
"Look Left Think Right"
  • #5
  • Edited 12:49am May 8, 2014 12:22am | Edited 12:49am
Probably the best thread on FF.
Thank you for sharing.
There is so much pretense, so many lies, posturing and "tall tales" on these forums that it's so refreshing to read a real and true account of a pursuit of forex profits.
I believe no one else will come forward as the target audience of this web site is either enthralling the gullible or in perpetual pie-in-the-sky mode.
Sincerely all the best to you and yours.
  • #6
  • May 8, 2014 4:34pm May 8, 2014 4:34pm
Quoting CurrencyAnalyst
it was late night and I was crazy over leveraged, back then 400:1 was a easy offering carrying a double edged sword. I cranked 14 full lots USD/JPY with a $5500 account balance. Non Eco News hit and it took off. I was going the right way. It was stunned like a deer in the headlights, finger on the mouse. I hit the close button. With the 14 lots yielding a staggered exit it still took the account to about 11+K in under 10 minutes.
Wow, 14 Lot's on a $5,500 Account Balance and you wonder why you went bust. I am trading greater than a $300,000 Account and my typical trade is 3 Lots. But then again I do this full time for a living and do it very well. You can make money in Forex but you need solid money management, not a "Bet it on Red mentality"
  • #7
  • Edited 11:44pm May 8, 2014 11:33pm | Edited 11:44pm
This thread should be interesting if it stays on course.

I hope only those that do this for a living share their stories.

I can see it veering off course because most people will not read this thread from the beginning and just chime in from the middle and add to an already off topic post. We shall see. I hope it stays good and pure. I hope the USUAL NON-PROFESSIONAL SUSPECTS KEEP AWAY!!!!

A Trader is:

"Trader" = Person doing this for a living day in and day out to put food on the table.

All others including myself are just "Market Players"
SPC * Swollen PocketZ Crew!
  • #8
  • May 9, 2014 3:21am May 9, 2014 3:21am
Anthony,

Thank you for the Honesty!

Sincerely,

Dos Kuanov.
  • #9
  • May 9, 2014 4:48am May 9, 2014 4:48am
With all due respect Joey, the title of the thread is "share your trading story" and I see no mention of trading being your only source of income being a prerequisite... in order to contribute.

Anyone with anything real to say will add value.

Quoting JoeNY
This thread should be interesting if it stays on course. I hope only those that do this for a living share their stories. I can see it veering off course because most people will not read this thread from the beginning and just chime in from the middle and add to an already off topic post. We shall see. I hope it stays good and pure. I hope the USUAL NON-PROFESSIONAL SUSPECTS KEEP AWAY!!!! A Trader is: "Trader" = Person doing this for a living day in and day out to put food on the table. All others including myself are just "Market Players"
  • #10
  • May 9, 2014 5:08am May 9, 2014 5:08am
I went from circa $30000 to $160000 then back down to $30000. That was over 10 years ago. I decided I was sh!t at trading so went back to work.....
Nowadays I'm sh!t at work AND sh!t at trading.....
PS my wife puts food on the table so I only need money to get drunk
  • #11
  • May 9, 2014 5:16am May 9, 2014 5:16am
I've been trading for over three years. I think my most scarring experience was in my first year when I took a $2500 account to $45,000 over three days. I was so euphoric, I remember sitting at he pub with my missus saying we don't have to worry about money anymore. Over the next week I lost it all through crazy leveraging. I proceeded to lose over $80,000 over the coming months trying to recreate that winning situation. Nowadays I have a proper trading system but it still burns me how I squandered such a great situation through my greed. The main point I learnt was focus on what you will lose rather than what you will win.


Also, because of this experience I can't let trading go - I have seen it's possibilities if only you don't succumb to greed.
  • #12
  • May 9, 2014 5:59am May 9, 2014 5:59am
Excellent thread, what a great idea!

I began my trading "career" just as the GFC hit. A blessing and a curse, to my mind; I learnt about the power of volatility but also didn't know what "normal" market conditions looked like until 2 or 3 years ago!

Anyway, a war story to start with from those times… Traded WTI Crude from $100 to $140 going long a large position. Also shorted from ~$140 but bailed at $110. So there I was, a novice trader having just owned (in my mind) the crude oil trade. Imagine my euphoria, but even more, imagine the arrogance and ignorance! Proceeded to place a couple of HUGE short positions, one on GBP/USD which was below 1.8, and the other on the Dow. Long story short, got caught by a vicious bear market rally in both markets and ended up losing all my profits, initial capital, and then some, chasing the market. All up it was a something like a $40,000 loss NETT, after being up 6 figures… The despair that followed was unimaginable but I think everyone here understands what that's like.
  • #13
  • Edited 10:34am May 9, 2014 6:30am | Edited 10:34am
Very true Trance in the real world but way too many characters around here with "bizarre-o" opinions who were never profitable in any market. Even some playing demo and thinking it's trading. I know it's just going to get out of hand. So I think it would be of more value and stay more mature if only the real deals who grind it out under pressure of putting food on the table talk the talk and tell their pain and triumps. It would be rare to hear from those types. I hope you feel what I'm sayin'. Market Wizards & The New Market Wizards are two really good books. You just want to hear more from these guys with experience. It's of more value I believe. The interviews in those book made me realize that "less is best." Also quite a few interviewed buy stocks at new highs but yet we have been told this is wrong. They explain why and it makes sense if you know what you are doing and what to look for.

It was more of a pace starter to try and keep the fools away, that's all. So far so good but it's still early.
Can anyone ever get enough of FTI's thread?

Quoting TranceTrader
With all due respect Joey, the title of the thread is "share your trading story" and I see no mention of trading being your only source of income being a prerequisite... in order to contribute. Anyone with anything real to say will add value. {quote}
SPC * Swollen PocketZ Crew!
  • #14
  • May 9, 2014 3:06pm May 9, 2014 3:06pm
I got into equities with my brother years ago. We did well - trading penny stocks, no less - for a bit before everything went to hell. A few years later, I got into currencies. To be honest, looking back at it, I actually don't remember how I came to it. I toyed with demo accounts over at Gain Capital (Forex.com I think back then). I remember - knowing absolutely nothing about anything - telling my wife; "Look, when the red line crosses the blue line I can make $5,000!" I was drawn to the plethora of indicators like a moth to a flame; I've had some seriously ugly charts and some stupidly unrealistic dreams. I worked retail at Publix - Anthony knows this place - for 15 years and for the last five of them, squirreled away every tax refund, inventory, and holiday bonus to the tune of $20,000 into a trading account. During those five years, I spent just about every moment of my waking free time going over charts, testing indicators, learning to make indicators, and later realizing indicators didn't help for shit.

Over the course of those five years, I rarely placed a live trade from my account, just built up the balance. In fact, I really never commit to demo trading either. When I finally left my job, some potential legal issues involving my wife's business and her thieving witch of a mother kept me from trading for a good 8 months - I was afraid I'd need the money and afraid everything was about to explode. After that problem dissipated, I got to work. Surprisingly, given how little I had traded (live or demo) during those 5 years, I don't do too bad today. My wife's business is our primary source of income so while I'm not pressured into making boat loads of money it doesn't stop me from beating myself up whenever I have a bad day. I won't lie to y'all; sometimes, I skim through these forums and think "look at all these failures, blaming their brokers for their crap trading" and other times I think "this game is so insanely rigged, I should pack up and move my capital to real market". It's a hell of a roller coaster and I sometimes question my decision to do it but do it anyway - isn't that the definition of insanity or something?

I don't have a "major scar" story to be honest. At the same time, I don't have a "home run" story either. So, sorry for that.
  • #15
  • May 9, 2014 3:31pm May 9, 2014 3:31pm
oh, damn, give him a solute and break

you trade 3 million or trillion so what???

his point is not enouraging or validating his 14 lots in 5.5k account, geez......

Quoting yazzie
{quote} Wow, 14 Lot's on a $5,500 Account Balance and you wonder why you went bust. I am trading greater than a $300,000 Account and my typical trade is 3 Lots. But then again I do this full time for a living and do it very well. You can make money in Forex but you need solid money management, not a "Bet it on Red mentality"
  • #16
  • May 9, 2014 4:03pm May 9, 2014 4:03pm
Anybody remember Virtual Trader through CMS? Notorious for disconnects. NFP, finger on the exit button, decent profit, then bamm... no connection. When I got back on I was heavy in the red. Price had done a major reversal and my stop didn't get triggered. Tried exiting manually only to get either requoted or disconnected. I don't recall the percentage lost but it was enough to leave my pretty shell shocked.

I've also typo'd and fat fingered a few times. Kinda scary to see a trade on that's 10 times what you thought it was supposed to be.

As far as holy grails, I've been all over the universe. In the end I can make money with any technical system or lack thereof. The only thing that matters is positive r:r. It's really that simple. It's not sexy, but I don't care.
  • #17
  • May 9, 2014 10:21pm May 9, 2014 10:21pm
I was visiting some of my folks in caribbean back in 09, and I was going through my email when I saw ad saying "make 1000 dollars a day" Lol looking back at it now it was crazy, I checked out the site it looked legit, but little did I know It was the bucket shop of bucket shops, I'm so ashamed I don't even want to say the name again, mhhhhhh ok it was Etoro, I was so intrigued by this and thought man if I can make a few extra bucks that might go a long way to add to my vacation money. So i loaded up my account with $2000, and I figured it can only go in two directions up or down,so I set it and forgot about it for a few days. I didn't know anything at all about trading, money management or none of that, It was a a EURUSD long that went to the moon, i checked it back in a few days because I had forgotten about it and sure enough it was green showing a profit of $650, etoro was like a videogame, so colorful. I was so exited I must have danced for 4 hours straight to some kind of music that was playing in my head Lol.

I closed it and I was trying to recreate the same events that lead to the trade, so sure enough at about 2 AM the next morning, I set another long and went to sleep. This time when I got up i wasn't so lucky, lost back about half my profits, it was like there was a rain cloud over my head just pouring i felt sick just thinking about it, even to this day. I closed it and the next morning I convinced myself that I can't be unlucky two nights in a row, so I set another EURUSD long, and boom when I got up I had another Hit Almost back to my initial investment. So I tried another pair after that and lost again, 3 losing trades in a row, I was left with just a little under my deposit and decided that my luck had ran out and i called etoro and requested my money back, the guy wanted to give me some bonus or some crap I wasn't even trying to hear that. that might be the single biggest reason why I try to learn so much because I don't want to ever trade in ignorance again. Those we the gold old days.
Being a trader is lonely, but being a great trader is lonelier still
  • #18
  • May 10, 2014 5:03am May 10, 2014 5:03am
Quoting saneblane
I was visiting some of my folks in caribbean back in 09, and I was going through my email when I saw ad saying "make 1000 dollars a day" Lol looking back at it now it was crazy, I checked out the site it looked legit, but little did I know It was the bucket shop of bucket shops, I'm so ashamed I don't even want to say the name again, mhhhhhh ok it was Etoro, I was so intrigued by this and thought man...
I was also in etoro during my rookie period of trading. Ruin me as i deposit for the bonus and lose it. Since then i been revenge trading and lose for entire 3 years.The market was never there to help anyone make easy money.
i now use fxpro and cmcmarket and i am happily pipping since my 3rd year of trading
Learn to Trade is Important. Keep your bias & ego aside.
  • #19
  • Edited 1:44pm May 10, 2014 12:07pm | Edited 1:44pm
Quoting chaosbun
{quote} I was also in etoro during my rookie period of trading. Ruin me as i deposit for the bonus and lose it. Since then i been revenge trading and lose for entire 3 years.The market was never there to help anyone make easy money. i now use fxpro and cmcmarket and i am happily pipping since my 3rd year of trading
Yea man we all had to start somewhere, After I left Etoro I studied a bit then joined FXopen, my longest brojer,then Facta came and they gave me and all US clients the boot, I've tried a few brokers over the years and Now that Ctrader has made it's grand entrance in the USA i'm going to change brokers again. But I thank etoro for that ad, I probably wouldn't be trading today if it weren't for it.
Being a trader is lonely, but being a great trader is lonelier still
  • #20
  • May 14, 2014 6:24pm May 14, 2014 6:24pm
Glad to see this thread begin to flow. I just sincerely hope that the stories presented are honest. I know it's exciting to brag. The big question I would and still do get asked is how much can you make. All always counter ask with how much will you be putting on the line. Then kindly say well that's exactly his much your going to lose. Trading is the art of managing behavior not money. Money management is an over used phrase never yielding to the human attributes of the perpetual action.
"Look Left Think Right"
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