I blew up my account.

Hi guys as you know I was submitted my post regularly about my orders and misses and today I blew my account.

I understand from some of the seniors here that they saw my chart too many scribble to blur but it is the only way I know how. I knew about my system I knew my entry and importantly I know when to exit. But sometimes I just can't sit on my fingers. I chase price action I don't let price comes to me. I knew price is overbought but I still went in. I knew the overall trend is down but I went counter trade because price was waving higher and higher. I knew the signal to go in but I didn't cause I was scare that price might retrace. I know FX has alot of volatility but I bag whatever the markets gives me than I went in again only for market to retrace back and eat me alive.

I know I had to wait but market was rising higher and higher. I knew price action might break down but I went up and when it did price tanked. I bag profits when I am not looking I give everything back 2 days later because I was stubborn cause I tot might price come back but it never did...I know I had to place stops but I let my losses run. I know I should let my profit run but I bail out early fearing that I might lose it all.

I am firm about my system and would not change my system but open to price action and trendline break qualifiers. I welcome other signals that aided my entry so that it won't be a fake one but I will not change my system. I welcome other indicators to assure me to exit later so that I can let my profit run.

I read about psychology book but they are always in conflicting mode. Like preservation of capital and averse to risk this 2 made me bag my profit early and my losses run.

I blog my orders I post my orders but all to no avail. I am scare now I do not know what to do. I have my business but not sure how long it will last, I am 30 years old my diploma has faded to nothing my scrap paper. I not sure if I can be of use in the working world now.

What am I to do? I am so lonely, so many courses out there just wanna eat my money, I have no friends no idea where to go no path to seek? My passion is with kids and coaching them but I really wanna do forex, play forex but am I cut out to be in this business? Fear, greed and dismay all boils into my blood choking my profits draining my losses.

I am center-brain all decision are base on left and right brain conflicting with one another. Whenever I make an order I just jump right in without thinking as price is moving fast. Then I was made the last one stupid one. Then my analysis kicks in to why I loss.

Help...
Mislead one

Hey Man You seems to me a much dishearted Person right now. I still remember your this thread
http://www.forexfactory.com/showthread.php?t=73641
Well i dont know what i have to say but i think you have to forget about forex and you have to do something else. Your story resembles with lot of other trader's story here but you know what, this is all about forex. Sad to hear all

Hi,

I just wanted to say keep your head up things will work themselves out. I too was in your shoes as far as getting ready to give up on forex. I tried every system out there blew through $500k in demo accounts (minis). I never put real money into until I felt I had a system that worked for me. After all those failures I was ready to give up. Even though I have the same passion for forex trading you do.

Now I don't know your system or whatever system you picked up on to use. One thing I can tell you is is that some systems no matter how well it works for some people may not work for others. Also if you developed a system of your own and don't follow the rules of it it's doomed from the beginning. Or it may just boil down to you don't have a system that works for you. Even if it is one that you developed.

Also keep in mind drawdowns happen and whatever system you use that worked last month may not work the next. You do have to exercise some control and not chase those fast moving spikes. Because as soon as you enter it is almost a guarantee that it will retrace on you as soon as you do.

I too have a kids in baseball and softball that I want to be there for. Watch the games and help coach. If you know anything about baseball (especially little league). The always tell you don't chase the runners get the ball back to the pitcher. That way the ball is considered 'dead' and the kids can't steal anymore because 'time' has been called. Look at your trades that way. Dont chase the price action. Let it come to you exercise control (you have to). Always demo first and try to develop that control.

I too have my own system and I know you don't want to change your methods, but forex is a dynamic market. Having more than one trading strategy in your arsenal just helps you to be a better trader. If your interested check out my "just some food for thought" thread under the forex forex rookie Q&A here on FF. I think you might find it interesting and if not its ok. I am just trying to help out.

One other thing I want you to keep in mind. Before Thomas Edison invented the light bulb it took him someone asked him why he keeps trying after 500 failures of trying to invent the light bulb. His reply was he didn't have 500 failures he just found 500 ways not to make a light bulb. All he needs is to find the one way to create the light bulb. So when you are passionate about something stick with it because that is the only thing that will truely make you happy and just because you fail doesn't mean you need to give up on your dreams. Check out my thread and maybe it will give you some support.

david:

Here is a book for you. if the title offends you or anyone else then you and they really need it:
http://www.amazon.com/Shut-Stop-Whin.../dp/0471654655

Going to go a slightly different course and suggest that you ignore systems all together for now. Heck, just use a coin toss system.

Learn to just capture as much of each movement as you can, sit down and write out your mental hurdles and figure out how to manage trades rather than just how to enter them. Even the best entry in the world can't overcome bad in-trade management and a good exit.

If you're taking profits too early because of fear, then learn to manage that... move your stop loss to break-even, take partial profits if you have to, or just remind yourself of how it feels to miss the best moves because of fear. Whatever emotional tool you need to overcome it, find it and use it.

Instead of getting in when price is moving fast, get in when price is sitting still. I find that if I make trading decisions under pressure they're usually the wrong one, but if I do it while everything is quiet the stress level goes away and all is zen. But that's just me, you need to find the "frown factors" in your trading and eliminate them.

I've blown out two accounts, i'm still here. Keep chipping away at it.

here is some steps:

1. read the two attached articles
2. sit down and collect your past trades and where the entry and exit on the charts and try to see what was wrong, please don't say I wasn't wrong, try to think the market always right
3. write your notes about those trades and study them
4. refine you method and follllllllllllow the immortal rules without any refinement: Trend, Money Management
5. go fund your account and begin again
6. when you make money send 10% of your profit to Sean Connery to participate in the WFP

also please don't listen to anyone that tells you that you must blow accounts to be successful, no you don't

also don't read or follow my signature, it's for fun only LOL

great PDF's benssol, thanks.
Such much good on this site.

Right on, Mr. Green.

And, David, I don't mean to undermine your situation or anything. But here's my situation: 4 years ago I blew up my account at the same time I lost my regular source of living. My first child was a month away from schooling. My wife didn't work since we got married. In short: I couldn't feed my own family properly. I got separated from forex for over a year, for a simple reason that I couldn't afford any Internet access.

Almost a year afterward, I got a job in a store as the oldest novice clerk in the whole city where I live (so old that most customer mistook me as the owner, lol). Six months later I started to collect cent after cent (mind you, average wage in my country is about US$100.00/month, cost of living is almost five times over---less than that you just a bump with a house). I had to do triple jobs to be able to do that.

Two years after I blew up my account, I came back with just US$150.00. I didn't know why, but my previous system didn't work at the second time. I have to hunt another. Backtesting them as far as I could, manually. I have tried several, papertrade, demo, then with my meaningless account. And succeeded to cut it to under $40.00.

Last month I just lost my regular job (again). The store where I work gone bankrupt because the owner dipped his toe into the sea of forex. My youngest child (I got two children by the way) will start her elementary in a couple of months. My wife still didn't work regularly. My rent for the house will end by the end of July this year (less than a couple of months away).

But I found a system that conform me nicely. I had manually backtest it and so far it gives me pips regularly months after months. I had demo it last month, the result was just as my backtest. This month, i started using my account, and...voila... In a week trades, from $40.00, my account now is under $30.00.

So, what's wrong? Is the system at fault?

No, it is me all through and through. Like Mr. Douglas said in his book, Trading in the Zone, "You've got to be rigid in following the trade plan, but flexible in your expectation. Most traders do exactly the opposite." And that's exactly what I did for the last week trades. I'm still most traders.

I thank God for the small tuition fee (just $10) in this final forex study. I figure in a year or two, I'll be able to follow Mr. Douglas's advice completely. And then it's just a matter of time before my dream come true, living of forex trading.

By the way, I'm 10 years older than you, and my two children plus my wife still need food day in and out, and all other needs as well.

I'm not gonna tell you what to do. It's your life, afterall, not mine. But I'd like to believe that you too, sometime in the future, reach your dream as well. After all, we both in the same boat today. I think it'll be fun if we both are in another boat together, though we both don't realize it, sometime in the future.

Good luck, buddy.

This is very inspiring Zen.

The statistics on success in forex would be far better if people had flexible expectations and a rigid plan. But it's money and many can't be rational when it comes to money. Emotions take control and that's what kills many people's accounts.

Instead of being seen as money, it has to be seen as pips. Not only that but one has to be able to get rid of the notion that pips equals dollars. We're human, it's not easy to do.

David, the tools are there for you to use them. Whatever you choose to do, I wish you all the best.

i have also blown my account some time, but i have come back, not giving up. hang in there !

http://www.forexfactory.com/showthre...32#post2048732