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Lost $4.2k in 1 week

  • #21
  • Feb 16, 2018 6:10pm Feb 16, 2018 6:10pm
Quoting brianmcm
Hi, It is true this is the world of trading....it is dangerous ......but so is crossing the road that has cars on it. You take precautions to insure no cars hit you...so what can you do It looks to me that you either have your SL set too high, or you have too many trading running at the same time or both I also run strategies on demo, work out the best time frame etc etc. Then I have an EA built for that strategy and have it run on a demo account. ..... now when the demo account over say a 4 week period on average wins more than it loses...then...

if you dont trade those days mate how do you make money , also you use a ea so where do you make money
people leave, but this thread will go on for ever
  • #22
  • Feb 16, 2018 6:17pm Feb 16, 2018 6:17pm
Quoting samekhanok
{quote} from last 3 years i tried every thing amazon ranking products , google adsence , youtube , social media advertising etc etc now from last 9 months doing trading full time i won 900$ on 1 week but lost 4.2k$ on next week want to learn
So, what strategy did you use? Simple folks here. Put a short description. We will get it.
Maadik Hugiis. IQ 69.
  • #23
  • Edited Feb 17, 2018 1:12am Feb 16, 2018 6:21pm | Edited Feb 17, 2018 1:12am
Quoting samekhanok
Hello i lost some 4.2k$ in 1 week from last 9 months i am working daily 20 hours a day on please i need some help i need to recover my money please slowly but surely can some one please help me and give me some system from which i can earn consistent earning just few pips per day and then closed trading and then read and practice on demo please some one help me i am so much worry Thanks
Very sorry for your big loss. Most traders had experienced similar losses. Some might have had even bigger losses. It's a big lesson learned.

We have to accept the loss and take responsibility for it. In order to move forward, we must forgive ourself for the loss, and fight our natural urge to take "revenge" to get the money back. This is part of trading and we make mistakes (big and small), and we have losses. Experienced traders still make mistakes, but they tend to make smaller mistakes. They shed their gambling mentality and tend to be more risk averse. Protecting their capital is their number one job. Capital is the life blood of a trader or a business!

The lesson here is to always protect your capital as the number one rule... no compromise... even if we will miss big opportunities. There will always be opportunities in the market. Without capital, we cannot trade to make money. When we enter a trade we must protected our capital with a stop loss. The stop loss is last line of defense or maximum risk you're willing to risk for the trade. When we enter a trade we think we're right. When the trade go against us, we are stubbornly think we're still correct, and that price will eventually come back and validate our initial trade decision. This is human nature... the mechanical stop loss is there to protect our capital from our own human nature within.

Now, since the big loss had already happened. We must be realistic about winning the money back. It's a tough road ahead, assuming a big hit on the total capital. The saying goes, it's easier to make small money with big money (well capitalized). It's very hard to make big money with small money (under capitalized).

7% - 8% is the line in the sand... most good traders will draw the line at 2% - 3%. This way, you can be wrong 3 out of every 4 times and still live to trade another day.
Attached Image (click to enlarge)
Click to Enlarge Name: Keep Losses Small.png Size: 359 KB
The market is designed to fool most of the people, most of the time.
  • #24
  • Feb 16, 2018 7:00pm Feb 16, 2018 7:00pm
Hi
I agree with all who advices to stop trading. when you are depressed because you lost a lot of money your mind is not clear. a mind that is not clear will make wrong choices which will lead to even more loss. you dont want that. i dont know how you can trade with no sleep and working 20 hours per day.

i would like to give you a simple strategy that seems to work for me but i have used it only for a few months so i can't know for sure if it's good in long term. but the problem is you will most probably lose money if i tell you this strategy now. if you have recovered emotionally one day, send me a PM and i will respond in this thread. right now, do NOT trade.

dont know where you live but if you can change your life situation into a better one by finding a better job or educating yourself etc that would be better.

hope you will be alright.
  • #25
  • Feb 16, 2018 7:02pm Feb 16, 2018 7:02pm
Quoting Aussi
{quote} if you dont trade those days mate how do you make money , also you use a ea so where do you make money
Well most weeks I trade for 3 days and I also use several EAs running different strategies at the same time.
I have been making a consistent 15-20% ROI so this works for me
  • #26
  • Feb 16, 2018 7:05pm Feb 16, 2018 7:05pm
Quoting samekhanok
Hello i lost some 4.2k$ in 1 week from last 9 months i am working daily 20 hours a day on please i need some help i need to recover my money please slowly but surely can some one please help me and give me some system from which i can earn consistent earning just few pips per day and then closed trading and then read and practice on demo please some one help me i am so much worry Thanks
Hi, you need to stop trading with real money, and try demo account. Try to Create the best system that is work best for you.

don' t trade with big lot at first, try to target small profit first, as long as you comfortable with your system.

Try to get consistent profit at first, for example: Just try to get profit that is enough for your daily breakfast / lunch. if you can do this, you can increase your lot step by step.
  • #27
  • Feb 16, 2018 7:06pm Feb 16, 2018 7:06pm
Quoting waverhythm
Hi I agree with all who advices to stop trading. when you are depressed because you lost a lot of money your mind is not clear. a mind that is not clear will make wrong choices which will lead to even more loss. you dont want that. i dont know how you can trade with no sleep and working 20 hours per day. i would like to give you a simple strategy that seems to work for me but i have used it only for a few months so i can't know for sure if it's good in long term. but the problem is you will most probably lose money if i tell you this strategy now....
HI, I think we need more trader like you sir, well said
  • #28
  • Feb 16, 2018 7:48pm Feb 16, 2018 7:48pm
Quoting brianmcm
{quote} Well most weeks I trade for 3 days and I also use several EAs running different strategies at the same time. I have been making a consistent 15-20% ROI so this works for me
well done and thank you
people leave, but this thread will go on for ever
  • #29
  • Feb 17, 2018 2:25am Feb 17, 2018 2:25am
Reading this thread one might think that losing is the exception rather than the norm because one made a mistake and now the money is gone...
Especially when advice is then given by apparently "winning traders"

In reality ALL retail forex traders end up losing
So don't just walk away from from retail trading, RUN !

The 4.2 K is nothing compared to the amounts that you will lose in the future if you continue.

I can assure you your broker and vendors do not need your money to put their kids through college.
  • #30
  • Feb 17, 2018 2:31am Feb 17, 2018 2:31am
Just chiming in with my experience.

I went through a period of wins and losses over 3 years which ended up me losing about $15k.

My trading got better during that period and towards the end I made an effort to learn from my mistakes.

Since then I have been very profitable. The main reason being my mental attitude to trading.

I had the system and strategy in place but I would find myself changing my rules, stop loss etc. thinking there was no way I could be wrong.

If you want any chance to getting your money back, step back for 6 months and fine tune your strategy on a demo account.

Re enter the market, stick to your rules, don't listen to anyone online and if you set a stop loss stick to it.
  • #31
  • Feb 17, 2018 3:07am Feb 17, 2018 3:07am
Quoting glitch86
Just chiming in with my experience. I went through a period of wins and losses over 3 years which ended up me losing about $15k. My trading got better during that period and towards the end I made an effort to learn from my mistakes. Since then I have been very profitable. The main reason being my mental attitude to trading. I had the system and strategy in place but I would find myself changing my rules, stop loss etc. thinking there was no way I could be wrong. If you want any chance to getting your money back, step back for 6 months and fine...
Little controversial to advise to others not to listen anyone online, LOL, maybe that wasn't really though out...
But that said I wholeheartedly agree with the rest, that more often than not it isnt the system that lacks potential, by the mental side where things fail.
there is always, always another trade!!
  • #32
  • Feb 17, 2018 3:25am Feb 17, 2018 3:25am
Letting your losses get too big for you was your first mistake.
Now you are making another big mistake - asking a group of people who you do not know to help you out.
Your mindset is not suitable for trading.
You must rely on yourself and only yourself to succeed.
You need to change something about yourself (probably something pretty big by the sound of things) if you are going to succeed in this business.
BTW - it is not about technical systems, it is about having a fundamental understanding of why foreign currency trading even exists.
Go back to the removal of the gold standard and the increase in international trade across the world and see who are the major players in this business.
Do not ask me for assistance here as you do not even know if I know what I am saying is true!!

Hope this helps someone.
  • #33
  • Feb 17, 2018 3:42am Feb 17, 2018 3:42am
20 years ago, during the internet bubble, invested all my savings, about 40000 Deutsche Marks, it topped to 110000 DM.
3 years later I sold my last stock for exactly: 13 DM!!!!!!!!!!!!!!!!!!! Lost everything.

AFTER that I started studying, opened a Forex account with 1500 EUROS, and kept loosing consitently every year, but little.
Studied (and still do), literally tens of thousands of hours.I just really like trading.

Finally, about a year and a half ago I broke even, last year had a solid, but small profit.
  • #34
  • Feb 17, 2018 3:57am Feb 17, 2018 3:57am
Quoting cuchuflito
20 years ago, during the internet bubble, invested all my savings, about 40000 Deutsche Marks, it topped to 110000 DM. 3 years later I sold my last stock for exactly: 13 DM!!!!!!!!!!!!!!!!!!! Lost everything. AFTER that I started studying, opened a Forex account with 1500 EUROS, and kept loosing consitently every year, but little. Studied (and still do), literally tens of thousands of hours.I just really like trading. Finally, about a year and a half ago I broke even, last year had a solid, but small profit.

Hi cuchuflito,
Impressed with your perseverance and fortitude; few people would have managed to have carried on. I think most people will have to endure a few tough years before they finally really 'get' what trading/speculating is all about, simply because the required skills and mindset conflict with basic human nature in so many ways. There are always some people who pick something up easily and naturally but it is not the norm. Certainly took me a good few years to become profitable in a reasonable way.
Best wishes that your equity curve will build much more smoothly from here.
  • #35
  • Feb 17, 2018 4:04am Feb 17, 2018 4:04am
Quoting profitfarmer
{quote} Little controversial to advise to others not to listen anyone online, LOL, maybe that wasn't really though out... But that said I wholeheartedly agree with the rest, that more often than not it isnt the system that lacks potential, by the mental side where things fail.
Yeah sorry for the contradiction. Im just giving my own experience, not giving out potential trades etc.

I've never made any money listening to someone else, following their trades.

Thats the thing about trading, the good ones will all end up at the same place even with different signals. Doesnt matter how you get there what matters is that it works so stick with it kid.
  • #36
  • Feb 17, 2018 4:20am Feb 17, 2018 4:20am
Quoting fxprimate
{quote} If this really happened to you, I do not feel any pity for you.
Looooool no emotions whatsoever.
  • #37
  • Feb 17, 2018 6:44am Feb 17, 2018 6:44am
just leave forex its a losing game in the long run!
coz of the hight leverage you cant achieve the right entry .. consistently
  • #38
  • Feb 17, 2018 7:02am Feb 17, 2018 7:02am
Quoting fx75
just leave forex its a losing game in the long run! coz of the hight leverage you cant achieve the right entry .. consistently
Interesting.
But one doesn't have to use high leverage. It is available, but by all means it isn't a must!
there is always, always another trade!!
  • #39
  • Feb 17, 2018 7:33am Feb 17, 2018 7:33am
Quoting profitfarmer
{quote} Interesting. But one doesn't have to use high leverage. It is available, but by all means it isn't a must!
thats right if you have a million dollar account.
  • #40
  • Feb 17, 2018 8:50am Feb 17, 2018 8:50am
Quoting samekhanok
Hello i lost some 4.2k$ in 1 week from last 9 months i am working daily 20 hours a day on please i need some help i need to recover my money please slowly but surely can some one please help me and give me some system from which i can earn consistent earning just few pips per day and then closed trading and then read and practice on demo please some one help me i am so much worry Thanks
Daily 20 hours?? How it’s possible?
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