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I blew my account today!

  • #41
  • Apr 15, 2018 3:33am Apr 15, 2018 3:33am
It's the usual newbie thinking. Nothing wrong with that thinking. But the problem is how to know that it is really going down or up. Here comes the importance of knowledge and skills. Trading is all about probabilities. With available data you have to guess the probability. It's not that simple.
  • #42
  • Apr 15, 2018 3:30pm Apr 15, 2018 3:30pm
Quoting afgan84
{quote} 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
Skype
  • #43
  • Apr 16, 2018 12:50am Apr 16, 2018 12:50am
no one wants you to succeed in trading, except yourself .... therefore the key to success is to accept defeat, learn, learn, learn, make trading plan, patience, discipline ... maximize the use of demo accounts, and do not trade live before you feel able to understand market behavior and understand market bias ......
The Average Discount Everything
  • #44
  • Apr 17, 2018 3:43pm Apr 17, 2018 3:43pm
Quoting syntaxfx
Hi afgan84, The other folk have given you a lot of good advice. 1. No more trading with real money until you have a validated methodology - I agree with them. Right now you are helping me pay for my new car (thank you). 2. There is no magic to this - it’s simply a lot of hours of hard work. In the end, it’s about a few things: i) Really understanding supply and demand and what drives it in FX. ii) Understanding how the FX markets are actually structured iii) Recognising on the chart in real time where other traders are making a mistake. iv) Having...
Hey Syntaxf!
Thank you for your answers. and i really appreciate it. Yes i won't go anymore to the real until i make good result on demo it doesn't matter how much it will take for me, because i will just lose again while other get paied by my money and got new car

the problem for me is that i want to learn a lot of thing at the same time, for example i see same people using Fibonachi and they say that it's good thing to use and i went to spend a lot of time but i don't practice it, after i see again sameone who talk about Price action and they use only it and i say myself that's what i'm going to do....
But what is bad thing ,is that when i talk to someone on facebook about this they propose me to take course and i don't like it because that kind of person look only to get money !!
I think i have to study Supply and demand as you told me and try to apply what you told me here.
Thank you so much brother and good luch for you in your trading!
Med
  • #45
  • Apr 17, 2018 4:32pm Apr 17, 2018 4:32pm
Quoting afgan84
{quote} Hey Syntaxf! Thank you for your answers. and i really appreciate it. Yes i won't go anymore to the real until i make good result on demo it doesn't matter how much it will take for me, because i will just lose again while other get paied by my money and got new car the problem for me is that i want to learn a lot of thing at the same time, for example i see same people using Fibonachi and they say that it's good thing to use and i went to spend a lot of time but i don't practice it, after i see again sameone who talk about Price action...
dude ı dont like give any advice to someone several retails has same story with u , just one advise never give up reading something ( books ,artcile, threads .. ect especially in this forum , follow to high quality people , if u looking for a system or strategy wht u want to say this , want to share with u some usefull pages not jonly about trading systems also giving ideas people shares their knowledge

https://www.forexfactory.com/showthread.php?t=566056
https://www.forexfactory.com/showthread.php?t=713593
https://www.forexfactory.com/showthread.php?t=588764
https://www.forexfactory.com/hanover
https://www.forexfactory.com/showthread.php?t=644501

........ ect a lot greet people shares their knowledge in FF
  • #46
  • Apr 21, 2018 8:32am Apr 21, 2018 8:32am
Hey everybody here!
I hope you're all fine, and i really want to thank all of you for taking time to write here and i really appreciate that.
People are great in FX!
i have posted my story in same groupe on facebook and most of people say that Forex is just scam and that can't never get succes on it but when i ask them what are really doind in that groupe, they don't answer!
Thank you again for you and i'm going to study more again before i trad in real account again.
Med
  • #47
  • Apr 28, 2018 7:16am Apr 28, 2018 7:16am
Quoting afgan84
Hey everybody here! I hope you're all fine, and i really want to thank all of you for taking time to write here and i really appreciate that. People are great in FX! i have posted my story in same groupe on facebook and most of people say that Forex is just scam and that can't never get succes on it but when i ask them what are really doind in that groupe, they don't answer! Thank you again for you and i'm going to study more again before i trad in real account again. Med
Forex, in its nature, is not a scam, but it does take a long time to learn, so many people just get burned at the beginning and leave and then call it a scam.
  • #48
  • Apr 28, 2018 8:18am Apr 28, 2018 8:18am
Pretty normal with the capital size.

Start again and learn price action.
  • #49
  • Apr 30, 2018 9:42pm Apr 30, 2018 9:42pm
I know a lot of people shy away from things when they hear they have a 80% or 95% fail rate. But if you really think about, everything worth doing probably has a high fail rate like this.
  • #50
  • May 1, 2018 6:48am May 1, 2018 6:48am
Quoting Butterscotch
I know a lot of people shy away from things when they hear they have a 80% or 95% fail rate. But if you really think about, everything worth doing probably has a high fail rate like this.
Perhaps. But what is worth doing is a very subjective thing to different people, in my opinion.
  • #51
  • May 3, 2018 9:27pm May 3, 2018 9:27pm
If you read books such as the market wizards, most of them blew up an account. That's how you learn. I would suggest looking into money management and position sizing in the future. Have a good understanding of probabilities and why humans doesn't seem to be good at this, get's you a firm understanding on the subject.

If I were you, I've might pick any sort of entry you like, and add a high Risk to reward. Such as shooting for 1:2 so your winners are double your losers. You will soon discover that perhaps the entry is not as important as being described in forums and how you manage your trades are the crucial one.
It's not about being right, it's about making money. Letting your profits run and cut your losers. Everyone knows this, but a few does it. Because the edge doesn't lie in the strategy, it's in the mindset.

Well at least that's my opinion :-)

Thank you for sharing Afgan84 and welcome to the "I blew my account club" we've all been there...
  • #52
  • Jun 15, 2018 3:30am Jun 15, 2018 3:30am
you need practice in demo first, and your balance too low for that lotsize, i suggest 0.01 lot for every $2000
  • #53
  • Mar 31, 2019 6:32am Mar 31, 2019 6:32am
Quoting lordadry
you need practice in demo first, and your balance too low for that lotsize, i suggest 0.01 lot for every $2000
Low risk reward ratio is always helpful; traders shouldn’t take more than 2% risk in every trade! On the other hand, they shouldn’t invest their own money until they have consistent result in demo.
  • #54
  • Mar 31, 2019 10:25am Mar 31, 2019 10:25am
If only most traders actually followed that advice.
Sadly, most don't and then proceed to lose money.
  • #55
  • Aug 19, 2020 11:56am Aug 19, 2020 11:56am
Quoting GeorgeBaile
{quote} Tell me about your demo trading experience; how many moths you used the demo? What was about your demo trading result?
Actually, I also blew my demo account couple of time at first 2 month. However, it helps me to realize how risky this Forex market could be.
  • #56
  • Aug 25, 2020 5:12am Aug 25, 2020 5:12am
If you don't have proper knowledge about the market, it is obvious to face great lose. but if your luck doesn't help you,it is exceptional.So, learn properly to make money from this market.
  • #57
  • Aug 25, 2020 9:15am Aug 25, 2020 9:15am
Learning that takes a lot of time and effort though, so one should be prepared for that.
  • #58
  • Aug 25, 2020 10:57pm Aug 25, 2020 10:57pm
Quoting ViktorDanie
{quote} Actually, I also blew my demo account couple of time at first 2 month. However, it helps me to realize how risky this Forex market could be.
Demo accounts doesn't give you a feeling of loss or emotional pressure which is why demo is still insufficient tool to understand risk in trading. Traders underestimate importance of money management, but learning the lesson has costs - wiping out account completely.
  • #59
  • Aug 26, 2020 1:28am Aug 26, 2020 1:28am
the rule is to use 0.01 lot for $1000
doesn't matter if you account is small and you want to make big bucks in a few minutes you're gonna blow up your account, it's inevitable
  • #60
  • Aug 26, 2020 2:43am Aug 26, 2020 2:43am
Quoting ionone
the rule is to use 0.01 lot for $1000 doesn't matter if you account is small and you want to make big bucks in a few minutes you're gonna blow up your account, it's inevitable
Agree.
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