I blew my account today! | Forex Factory

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I blew my account today!

  • #1
  • First Post: Apr 6, 2018 4:22pm Apr 6, 2018 4:22pm
Hello everyboday here! i hope you're alle fine.

First of all, excuse me because my english is very poor as i live in Morocco and i speak only freanch and arabic.

i would like to post my little story here with the Forex for 2 reaisons wich are:

1/ I need your advices and ideas.
2/ i don't want that other people make same mistake that i make.

So as i said in the tille, i blow my accout today after my 2 weeks on trading in reel account, i lost then 500 usd, i know it's not so much for most of people here but it's much for me.

Here is same mistake that i make:

1/ i have started with 500 usd and i have used hight size (0,10),(0,50) , (0,25), i know it's very much for tht capital (500 usd), but as i have litte capital and want to make it big then i have use hight size.

2/ juste today before i have make +350 usd of benefice with that 500 usd and i had in my balance 850 usd, but i didn't take profit and let it run until all goes against me again !

3/ today i have taking 4 positions based on same recomondation that i got on telegram from a guys who is good in trading and as i saw him always using 3,5 lot (he has big account of course) so i though that his analysis will just be right as most of time and i have used then 0,20 in 2 positions and sell gold and the trend goes against me again! then the account was blowed! !!

so i would like get you advices please and all ideas will be good for me. i know that same people may told me that forex isn't for me, but belive me i'm very interested and want to learn more and make same money from that because i don't get good salary from my job . i work usually 9-10 hours a day and got only 600 usd per month! and that's not enough for sameone who want to live good and who has a family in charge, and then i thought that the forex is the only solution for me to get same money until i learn good then i can trade full time and get out from my work that i don't even like

that why i want to learn more about forex and make same money in but I don't yet find the right way until now

Thank you so much for all of you and again i'm sorry for my bad english!

Med
  • #2
  • Apr 6, 2018 5:26pm Apr 6, 2018 5:26pm
So before this day when you decided to go balls deep on a hot tip from your mate to sell gold, in two weeks you managed to turn $500 in to $850 (you made 70% return in 2 weeks!).

Mate, if you can make +70% in 2 weeks why are you listening to anyone else recommendations.

Firstly, I think you should stop taking recommendations from anyone, no matter how good you think they are or how big their account may be.

Secondly, always consider your risk first. How much are you willing to lose on a trade? If the answer is 100% of your account then why not just go to the roulette wheel and put it all on black.
  • #3
  • Apr 6, 2018 6:17pm Apr 6, 2018 6:17pm
Quoting afgan84
but as i have litte capital and want to make it big then i have use hight size.
//-----

hey afgan...... a 500$ account should only trade the smallest lot size..... 0.01 sized lot or 10 cents per eurusd pip..... you can double a 500$ account in 4 months at 10 cents a pip.....

you should trade small..... you should trade with the trend...... you must do it yourself......

are you familiar with the book the alchemist...... santiago was from morroco also..... to make it in forex, there is no better role model than him......h
to trade and code, keep both simple... no call to impress....h
  • #4
  • Apr 6, 2018 6:44pm Apr 6, 2018 6:44pm
Quoting hayseed
{quote} //----- hey afgan...... a 500$ account should only trade the smallest lot size..... 0.01 sized lot or 10 cents per eurusd pip..... you can double a 500$ account in 4 months at 10 cents a pip..... you should trade small..... you should trade with the trend...... you must do it yourself...... are you familiar with the book the alchemist...... santiago was from morroco also..... to make it in forex, there is no better role model than him......h
Agreed micro-lots (.01). And the Alchemist. Everyone should read that book.
Edit: I am in a 6% drawdown, which I expect to pull out of soon. The reason I am at 6% is because I only risk 2% capital per trade. Things go against you all the time in this market. You will be lucky to get two or three winning trades in a row. If you are risking so much that a single trade takes you out, you'll never make it big.
  • #5
  • Apr 6, 2018 7:18pm Apr 6, 2018 7:18pm
[quote=BubaYaga;10943195] in two weeks you managed to turn $500 in to $850 (you made 70% return in 2 weeks!).

Thank you for you answer !


yes i make it but i didn't trust myself and most of time i think that others are always right and my analysis is wrong!
  • #6
  • Apr 6, 2018 7:19pm Apr 6, 2018 7:19pm
Quoting hayseed
{quote} //----- hey afgan...... a 500$ account should only trade the smallest lot size..... 0.01 sized lot or 10 cents per eurusd pip..... you can double a 500$ account in 4 months at 10 cents a pip..... you should trade small..... you should trade with the trend...... you must do it yourself...... are you familiar with the book the alchemist...... santiago was from morroco also..... to make it in forex, there is no better role model than him......h
What that book says??
  • #7
  • Apr 6, 2018 9:55pm Apr 6, 2018 9:55pm
Let me point out why you lost your account after only two weeks if it isn't already clear to you, you had no idea what you were doing you were simply gambling ! may sound harsh and you may not admit it immediately but I can assure you'll have to recognize it sooner or later hopefully sooner better than later before you lose everything. And second point you don't follow anyone to make money or depend on indicators but yourself - you have to work hard to develop your own method it's going to take years !!! 5 years minimum before you start making a dime it's hard work and will take a long time if you keep on persisting your dependence on RSI MA or Nial the PA guru of that sort with extra high leverage you'll never make it ever after 5 years.

Clear out the clutter and study the naked chart the PA and the patterns develop your own method from scratch go after the right knowledge. I wish I came here with the right expectations, you clearly are not and your heads in the clouds. You should go back to demo and stay there for years at least before risking any cash on the line - focus on developing a proper method that clearly defines a directional bias you should take on any given pattern entry and exits specified accordingly be systematic but also flexible - it's a tough nut to crack. I'm just wondering if you can push it for 5 years at least with zero monetary gain most likely you'll lose I went through two mini accounts myself in my first 3 years. And once you have developed a proper method not just few lucky streaks you open up a live and start trading with the smallest lot. It's a long road - and you'll not make a huge sum at the beginning, because without proper money management even if you've got a proper method you'll still lose your capital.

Now go sit somewhere with a cup of tea or coffee and ponder what I have just wrote here, if you want to disregard it altogether and think you're going to be a special case (like I did and probably many others) go ahead no ones stopping you - but if you're smart now take a step back and really ponder about it all if you're willing to spend the next 5 years of your life going after something that may not bring much to your life but instead a ton load of headaches if you still think you have to do this then do it the right way !!
...
  • #8
  • Apr 7, 2018 4:15am Apr 7, 2018 4:15am
Quoting afgan84
Hello everyboday here! i hope you're alle fine. First of all, excuse me because my english is very poor as i live in Morocco and i speak only freanch and arabic. i would like to post my little story here with the Forex for 2 reaisons wich are: 1/ I need your advices and ideas. 2/ i don't want that other people make same mistake that i make. So as i said in the tille, i blow my accout today after my 2 weeks on trading in reel account, i lost then 500 usd, i know it's not so much for most of people here but it's much for me. Here is same mistake that...
Tell me about your demo trading experience; how many moths you used the demo? What was about your demo trading result?
  • #9
  • Apr 7, 2018 5:54am Apr 7, 2018 5:54am
Quoting afgan84
{quote} What that book says??
//----

hey afgan...... the alchemist and the old king said, if you truely want some thing..... if you truely want some thing and are willing to walk from tangier to the pyramids...... if you truely see it as your destiny..... the world will come together to help you find your destiny.....

but your still going to have to make that long walk to the pyramids yourself..... and their are thieves all along the way..... and in the end you will find it where you least expected......
//-----


trade small..... trade the trend...... read the book......h
to trade and code, keep both simple... no call to impress....h
  • #10
  • Apr 7, 2018 2:52pm Apr 7, 2018 2:52pm
This is going to be
one of the most hated posts
in the history of F.F.

The Brutal Truth
Most retail traders
will never succeed
in trading.
'For the market to work, it needs people who think that they can beat it.'
  • #11
  • Apr 8, 2018 2:36am Apr 8, 2018 2:36am
And when you are being robbed by one of the thieves, the thief will tell you you are foolish for following you stupid dream. And then he will tell you about his dream, which he never bothered to follow, because he isn't so silly as to believe in foolish dreams. And then you can follow the thief's dream, and make your dreams come true.

yeah, that's right. I read the book..
  • #12
  • Apr 8, 2018 8:36am Apr 8, 2018 8:36am
Your first problem is you are in a hurry. It works in opposite way. When you are hurry to make profit, you will lose quick. If you want to make good profit, you have to be calm and relaxed. When in your mind you think I have to make specific amount of money, you focus on the money you need not in trading. As a result you make more mistakes. Hope you get it.
  • #13
  • Apr 8, 2018 2:27pm Apr 8, 2018 2:27pm
Quoting Piquant
Let me point out why you lost your account after only two weeks if it isn't already clear to you, you had no idea what you were doing you were simply gambling ! may sound harsh and you may not admit it immediately but I can assure you'll have to recognize it sooner or later hopefully sooner better than later before you lose everything. And second point you don't follow anyone to make money or depend on indicators but yourself - you have to work hard to develop your own method it's going to take years !!! 5 years minimum before you start making a...
thank you so much , and yes i'm ready to restart again to take my time to learn.
  • #14
  • Apr 8, 2018 2:29pm Apr 8, 2018 2:29pm
Quoting GeorgeBaile
{quote} Tell me about your demo trading experience; how many moths you used the demo? What was about your demo trading result?
i have used demo account for 1 month and sametime i blowed it after used hight lot size, and same time i got +100 % of the capital in 1 week, but i take big risk and i know that!
  • #15
  • Apr 9, 2018 5:54am Apr 9, 2018 5:54am
Receive my humble greetings, from a trader that has been losing in the Markets for a very long time. A trader who happen to have read the Alchemist Book. Here is the think...

FOREX is very broad, i found myself lost trying to follow every trader that appears successful up until i read the Adventure of a Currency Trader Book. You made $350 for example but did you understand how you made it??? Chances are not, you happened to be at the right place and thats why you lost it all together with your Capital. I learned the MA, RSI, Harmonic Patterns, Bollinger, MACD etc, but never won. I tried to take the Fundamental Route, it was tough since the market will mostly be priced with the news before their release time,,,, meaning i learned Sentimentals as well.

The there was the MMM Methed but it was analysing the Price Actions that finally made sense to me. If you study price over a longer period, you can even ask yourself how did you miss on a Trend thats been there for years. But you were never able to make money from it. I learned to determine the primary direction of a specific pair by doing a lot of Fundamental Research on them, by analysing the Daily, Weekly and Monthly Direction of the Market. Most trading books teaches us to trade the Reversals or Retracements.

But i learned that long term trends hold and thats the only area to make money. I started trading the Primary Trend, and if its on a retracement or reversal, i will watch and only enter again once its pushing towards that. i set stop losses on 100 Pips for example and target over 250 Pips per trade. And at time cause it needs a large account, i use smaller lot size. 0.05 for every $1000 and i trade all markets.

I have been making money now and i learned from Markets. Look deep into it. You'll never trade like me or any person but yourself. Otherwise Go and Win

Regards:
ksekFX
South Africa
  • #16
  • Apr 9, 2018 1:02pm Apr 9, 2018 1:02pm
Hi Afgan84!
I have done the same. Several times. With larger accounts. I have learnt the lessons by myself, studying much of what I could find on internet.
After a long time, I am (almost) convinced to make at least break even in April and then take it from there to profit. No magic. No Holy Grail. Just hard work.
Analysis. Discipline. Mental Control. Psychology. Money Management.
Please feel free to subscribe to me and we can have a more private discussion. I don't want to put all private experience in public but I have been in the same situation as you and would be happy to share with you my ways to take command over my brain.
  • #17
  • Apr 10, 2018 3:28pm Apr 10, 2018 3:28pm
Quoting Milanolok
Hi Afgan84! I have done the same. Several times. With larger accounts. I have learnt the lessons by myself, studying much of what I could find on internet. After a long time, I am (almost) convinced to make at least break even in April and then take it from there to profit. No magic. No Holy Grail. Just hard work. Analysis. Discipline. Mental Control. Psychology. Money Management. Please feel free to subscribe to me and we can have a more private discussion. I don't want to put all private experience in public but I have been in the same situation...
HeyMilanolok!
Thank you for your answer, i went to sent you PM but it's working, is there an other way to write you?thank you.

Med
  • #18
  • Apr 10, 2018 3:51pm Apr 10, 2018 3:51pm
Quoting ksekFX
Receive my humble greetings, from a trader that has been losing in the Markets for a very long time. A trader who happen to have read the Alchemist Book. Here is the think... FOREX is very broad, i found myself lost trying to follow every trader that appears successful up until i read the Adventure of a Currency Trader Book. You made $350 for example but did you understand how you made it??? Chances are not, you happened to be at the right place and thats why you lost it all together with your Capital. I learned the MA, RSI, Harmonic Patterns, Bollinger,...
Hey , thank you for what you have writing here, that's good experience .
  • #19
  • Apr 11, 2018 12:39am Apr 11, 2018 12:39am
Hi afgan84,
Sorry to see you get smashed like that. Unfortunately, all the systems salesmen try to make FX look easy - which you now know, it’s not.
While you are rebuilding your capital, the advice the others have given you is right:
1) It’s hard work - if it was easy, everyone who ever opened an account would be rich
2) None of the stuff in the books will work for you - yes, you need to know it, but then you must develop your own method and test it properly. You need to know you can trust it. You can’t trust somebody else’s plan.
3) Are you clear about what timeframe you will trade (eg. intraday, daily, weekly)? Even if it’s not intraday, I recommend watching the intraday charts forming. Instead of taking weeks to learn some of the price behaviour, you’ll see it in a matter of hours (trading patterns are fractal in nature). Also, because you are watching it happen, you see how the candles form rather than just look at the end result. Make notes about what happens when a major news item happens (eg. FOMC, NFP, Trump Tweet).
4) You need a risk management plan that includes where your stops will be (including profit stops) and how to position size to manage your risk. There are lots of good articles and books that will guide you. You also need to consider how many trades a day you can handle and how many losing trades in a row before you stop to reassess. Risk management is about surviving the inevitable mistake. If you can minimise the size of the losses, the wins will eventually make you wealthy.
5) You’ve just taken a nasty hit - check your psychology is in the right place. If your confidence takes a hit, it can be hard to do the right thing later.
6) Please try to build more than $500 to start. It’s possible to do it with $500, but only if you’re incredibly lucky. With ten times that amount and small positions (while you learn) you can survive a few more mistakes. (The other folk gave you a very useful clue as to how big you should be trading with a small account).

Good luck with your next attempt. Use the demo account while you work on your method. Piquant was spot on telling you it takes a few years.
Cheers,
syntaxfx
SyntaxFX
  • #20
  • Apr 11, 2018 7:49am Apr 11, 2018 7:49am
Sorry, to see another story for blown account. I hope you will recover fast. Maybe, it will be better Idea to stay away from live trading for certain amount of time and practice in demo environment till you find your mojo and master your trading skills.
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