Lost $4.2k in 1 week

I know remember why I stopped reading online forums about trading forex. I never understood why everyone thinks trading consistently and profitable is so difficult. It takes years of trading to get consistent but it is very doable. At least its doable if you bust your ass and actually learn how to read the markets without a hundred different indicators. If you rely on indicators to trade you'll never become consistent because you don't know how to read the market. Of course, there are going to be traders who trade consistently with indicators but chances are if they were to delete all the indicators on their charts, they would still be able to trade just fine. That all being said, your comment is extremely unnecessary and very inaccurate.

Sorry about your loss, I know how it feels when you lose like this.
take a break from your trading and dont trade for some days as your mentality will be aggressive and you might trade in the attitude to gain all your lost money.
But yes even though only a small percentage of people recover all the money it is still possible but it requires lot of practice,patience and a little bit of luck on your side.
i have personally made a gain of almost 3500% in two weeks so it is possible. But dont keep investing money again and you might lose it .Have a clear plan and trade.
Also you dont need to stay in the markets focused for 20hrs a day. that is not even required and it just increases your stress.

What do you recommend to learn to read the markets ? To earn a edge?

Any advise would be great my friend.

How many years did it take you to learn ?

Kind regards,

Goose4

First things first I recommended going online and making an account with www.tradingview.com. Personally, I think this is the best free charting platform out there. Then depending on how much knowledge you have already, I would suggest going onto www.babypips.com and going through there free education course. I can not stress enough on how important it is to have a SOLID base of basic price action and technical analysis. I don't care what anyone says, you need to know how to read charts in order to successfully trade the FX market. Then once you get a base knowledge of support/resistance, trend lines, consolidation patterns and just how the market moves in general, Id recommend going onto every currency pair and just marking it up with your analysis. I don't use any indicators at all except the 50EMA. Personally, I believe this is all you need in order to trade successfully. This takes time and practice. I'll attach an example of charts.

Of course, my actual strategy goes more in depth, I use a top-down approach to find particular intraday setups on the 1hr chart the line up with that day's pivot point but this is very advanced. And quite frankly, it seems like a lot of people need to learn how to read charts before I get into that system. So I'll attach some screenshots of my charts so you can get an idea of how I trade.

The first two pictures attached are actually present-day charts but the rest are from last year. TBH the markets right now are pretty ugly. I have hundreds of screenshots of how I trade because, at University, I was the head of an FX trading club and was in charge of teaching people how to read charts. Take a look at these charts and see if any of this makes sense to you.

Fx is very addicting. The more you loose, the more you want to recover your loss and the more you loose further. Better stop trading and focus on building winning strategy with less dd and less leverage. With time, you will recover . My the way, what's the percentage of the money you loose compare to your equity? How many trades gave you that loss? We need your statistics?

Simple rule I learned that has dramatically changed the way I trade: If you're losing money, you're trading too much. Use this logic to consistently find ways to filter out the bad trades you are making. And keep repeating the process. A lot of people will reach the realization they have to filter out ALL their trades to stop losing money (most of us are just bad traders). But this doesn't mean they will. If you find yourself trying to trade more to recover losses, then you are gambling, pure and simple. No 'investing' happening.

And remember, it's YOUR money! You own it! Don't toss it around. Make the markets convince you that there is a good trade setup. You need more than a broker account to invest your money in a trade. You need a damn good reason to put your hard earned cash at risk! The rich don't get rich by being loose with their cash. Quite the opposite, they get rich by being stingy bastards.

I agree totally with this post. Over the years I have learned what Imtav says the hard way! You know what? If your trading history is showing more then 3 trades a week you're more then likely overtrading! Of course I'm not talking about scalping - that is an art that many thousands have tried but only a handful have ever mastered.
Absolutely right about rather learning to filter out bad trades.

If you wanna get anywhere in fx you need secure life situation. Full time job, healthy life and an attitude of I" dont give a fuck" about profits, if you rely only on fx you will lose. You cannot be greedy and cannot hope for much. It needs years to learn to be good trader and even more years to see profits. If you will want to get your money back, you will lose rest. Fact you earned 900 in a week means it was beginners luck not skill.
You need to play demo or low money account and learn. Read etc. What I can recommend you is van Tharps books to understand money management, then what works for me are: learn to trade the market by Nial Fuller and basics of James 16 from forex factory and what you find on googles, but only the free stuff, dont pay them for courses etc, but the free stuff is good. Also I recommend choros trading method from this forum. I know goose won't agree with me but it works for me If I really want to. And remember, dont hope for much as maybe you will never (most probably) succeed as only few do succeed. And your lost money - treat it as cost of education, and don't live with fx, get a hobby, enjoy your life, keep fx somewhere in the background. Success comes with time, with years in this business.
And never ever set targets, just get what market gives you. One day you can earn more then in whole next month, so targets are pointless

success is a journey. my advice to you is to cool off, admit your loses and learn the learnable from your mistake. stop whining and get back to study. market can give you much more than your loses if you know how it moves,but you're not gonna win all the time. stop wasting time looking for holygrail cos they'll takes you nowhere and all you need to be making money is already built in your platform: take your time to build your own system and develop your strategy. remember we all looking at same chart and quote but how we interpret it individually determine who the winner is. every heroe and legend has scars and story to tell!