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Help - The savings of one year gone in a few days

  • #21
  • Mar 28, 2019 8:29am Mar 28, 2019 8:29am
Quoting mlawson71
For how long have you been trading in general on a live account?
just a couple of months,i want to recover but i dont know how...
  • #22
  • Mar 28, 2019 8:31am Mar 28, 2019 8:31am
Quoting johnnycash
Look at it positively - one year savings of 5K isn't that bad. Many people in western world don't have this kind of luxury At least you know that trading isn't for you and you are just another gambler. Take it as expensive lesson and and don't touch it anymore.
jonnycash if you confuse a people that dont understand markets with gambler yes i am another gambler...
  • #23
  • Mar 28, 2019 4:23pm Mar 28, 2019 4:23pm
Very simply, u need a strategy for trading, do u have one >?
  • #24
  • Mar 29, 2019 12:57pm Mar 29, 2019 12:57pm
My advice is to risk less on single trades, find a strategy that you trust and a broker that you trust. And test your strategy extensively on a demo account before you try it on a live account.
  • #25
  • Mar 30, 2019 3:11am Mar 30, 2019 3:11am
Quoting exito888
Very simply, u need a strategy for trading, do u have one >?
As I see. Everyone has a trading strategy including the low skilled Forex traders! Here; trading skill is the key; with an ordinary trading skill; success is quite impossible.
  • #26
  • Apr 25, 2019 3:23pm Apr 25, 2019 3:23pm
Quoting Adelhard
{quote} As I see. Everyone has a trading strategy including the low skilled Forex traders! Here; trading skill is the key; with an ordinary trading skill; success is quite impossible.
Patience and knowledge WHAT REALLY IS HAPPENING are keys.
Beware of robber banks (RB), bad advisors.
  • #27
  • Apr 26, 2019 9:19am Apr 26, 2019 9:19am
Quoting Not-KPMG
{quote} Patience and knowledge WHAT REALLY IS HAPPENING are keys.
Practice & knowledge is the raw version of trading skill; thanks for your words, mate.
  • #28
  • Aug 25, 2019 7:29pm Aug 25, 2019 7:29pm
I personally believe that the best way to recover a loss is to drastically diminish the average trading lot size, and until the recovery has occurred, only then to resume normal lot size.
  • #29
  • Aug 25, 2019 10:36pm Aug 25, 2019 10:36pm
You are focusing on the wrong thing - Money.

If you are looking for methods to make back that money, you will fail ultimately. Because successful trading comes from
focusing on your trading system, your discipline, your psychology. Money and results is just a by-product.

Start by focusing on the correct things.
  • #30
  • Aug 26, 2019 4:05am Aug 26, 2019 4:05am
There is no such thing in trading like recover lose.
But good news is you can profit more then you lose looks on process don't take un calculated risk.
Cheers...
Trade fearless not careless...
Syed Mohsin Ali Profit This Month: -299
  • #31
  • Aug 26, 2019 9:08am Aug 26, 2019 9:08am
Quoting Jmexpat
{quote} Forex is a scam No one makes money in forex except scammers and brokers
I am sorry to know his loss! But, your approach is wrong; Forex isn’t scam! But scammers are available here and there in this sector!
  • #32
  • Sep 4, 2019 11:52pm Sep 4, 2019 11:52pm
Quoting TradeMinim
You are focusing on the wrong thing - Money. If you are looking for methods to make back that money, you will fail ultimately. Because successful trading comes from focusing on your trading system, your discipline, your psychology. Money and results is just a by-product. Start by focusing on the correct things.
But not focusing on money means not focusing on making profit? Anyone can follow a system with discipline, but that does not ensure profitability/money.
  • #33
  • Sep 9, 2019 3:44am Sep 9, 2019 3:44am
Sorry mate, it seems like you took two of the biggest Forex trading sins and rolled them into one bad act.
You traded something without being familiar with it like the back of your hand and complicated things by chasing your losses.

I don't want to be overly harsh, but those are perhaps the two biggest "no-nos" in trading, and if you managed to pull them off so spectacularly I'm thinking you've got a lot to learn before you should go anywhere near Forex again.

My advice to you would be to take your losses as they are and not make things worse by throwing more money out the window.

Go out and study, improve your skills, hone your system and only then come back to the table and try to SLOWLY and SYSTEMATICALLY climb out of this hole.

If that isn't an option for you - you really shouldn't be doing this anymore, and you may have to find another way of recovering your funds.
  • #34
  • Sep 9, 2019 4:16am Sep 9, 2019 4:16am
Yeah. Revenge trading is one of the worst things a trader can do following a loss.
  • #35
  • Nov 20, 2019 5:02pm Nov 20, 2019 5:02pm
Quoting mlawson71
Yeah. Revenge trading is one of the worst things a trader can do following a loss.
Exactly! I heard of a professional trader that, when he loses, he would dramatically decrease his lot size until he is able to cover the loss, and once he covers that loss, he would go back to normal lot size trading.
  • #36
  • Last Post: Nov 21, 2019 12:29pm Nov 21, 2019 12:29pm
Quoting runtherace
{quote} Exactly! I heard of a professional trader that, when he loses, he would dramatically decrease his lot size until he is able to cover the loss, and once he covers that loss, he would go back to normal lot size trading.
That's a good approach. In contrast, people who revenge trade do the opposite.
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