{quote} Thats quite a lot of accounts blown lol, but not much in total I guess, What would you say caused you to go through so many accounts?
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Not truly understanding risk management and discipline. Over leveraging, revenge trading, not sticking to my rules/trading plan. Once you fix those you're set. Risk management was the most important factor to me though. Once i corrected that with my position sizes the ball started rolling. I think its impossible for me to blow an account nowawadays though unless some crazy black swan event happens where the slippage is MASSIVE.
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Additional Username
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Joined Mar 2020
|170 Posts
In the beginning of my trading journey I started my trading with 200$ with my broker and face loss and then blow my few other accounts but after this, I have leaned my mistakes and start to make a profit.
Just realised I never even stated what I started with, I have only had one account started with £2000 but I have added more to it, I still have the original £2000+ some more. Hopefully I don't blow it, seems like I have started with more than most people did on their first account
{quote} Not truly understanding risk management and discipline. Over leveraging, revenge trading, not sticking to my rules/trading plan. Once you fix those you're set. Risk management was the most important factor to me though. Once i corrected that with my position sizes the ball started rolling. I think its impossible for me to blow an account nowawadays though unless some crazy black swan event happens where the slippage is MASSIVE.
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I hear these things a lot, but I guess we don't really learn until we make some mistakes and experiences lol. Good luck and I would like to know how you get on in the future
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Joined May 2006
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Status: Millionaire Traders - Chapter 8
|139 Posts
I started out with about 5k back in 1999 and did pretty well for awhile growing it to 12k or so. Of course I was clueless at that time and eventually donated most of that back to the market. Once i found FX in 2003/04 I again did well at first, but eventually blew out a few accounts. I never traded on paper or in a demo because to me losing or winning there meant nothing and I lost interest. Finally after a few yrs of FX I got skilled enough to make consistent profits and limit big losses. I'm going on 15+ yrs now and think those losses in the past shaped me into the trader I am today.
Hi,
First i want to do trading, but one of my friend said, he was losing her money in forex trading. Then i don't invest in forex. I know forex trading is risky, but i think perfect practice and unique techniques can make me successful traders, so now i want to invest on forex trading, but i am not understand that, how much money i need to invest on forex first.
Hi, First i want to do trading, but one of my friend said, he was losing her money in forex trading. Then i don't invest in forex. I know forex trading is risky, but i think perfect practice and unique techniques can make me successful traders, so now i want to invest on forex trading, but i am not understand that, how much money i need to invest on forex first. Could any body tell me?? Thank you..
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Depends on how much money you have, you can start with whatever you want. I would say to start with a demo account first and see if you can make from money doing that for a few months. Then you can decide how much you want to start with
Hey Guys, Just wanted to ask How much did you guys start your first live trading account with? If you blew your account, how many times did you do this and how much was your next account?
Hey Guys, Just wanted to ask How much did you guys start your first live trading account with? If you blew your account, how many times did you do this and how much was your next account?
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I started trading with $200 since I was just learning. But it is alway better to trade with a larger amount in order to earn larger profits. In the beginning you can start with a smaller amount and when you are comfortabel with it then you can trade with a larger amount
I started out with about 5k back in 1999 and did pretty well for awhile growing it to 12k or so. Of course I was clueless at that time and eventually donated most of that back to the market. Once i found FX in 2003/04 I again did well at first, but eventually blew out a few accounts. I never traded on paper or in a demo because to me losing or winning there meant nothing and I lost interest. Finally after a few yrs of FX I got skilled enough to make consistent profits and limit big losses. I'm going on 15+ yrs now and think those losses in the past...
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Hi Rolandlc33
I am those trader who is doing it the 2nd time round... and am hoping to make a consistent profit.
First time I was profitable and then got cocky and lost 5K when Crimea happened. And then, work got busier.
I am now in my first mth and has been good. I am trying my hardest to keep it good consistently for hopefully forever.
I love the analysis and non talking BS aspect of this 'job'.
If you can kindly share.. what did you do to limit big losses?
{quote} Hi Rolandlc33 I am those trader who is doing it the 2nd time round... and am hoping to make a consistent profit. First time I was profitable and then got cocky and lost 5K when Crimea happened. And then, work got busier. I am now in my first mth and has been good. I am trying my hardest to keep it good consistently for hopefully forever. I love the analysis and non talking BS aspect of this 'job'. If you can kindly share.. what did you do to limit big losses? Thank you very much beforehand.
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To limit losses I almost always have a $ figure in mind that I'm willing to lose for a specific trade. Depending on the circumstances i might adjust this amount, but only after close consideration and a drop dead stop. Normally i average in and out of trades so that gives me a bit of flexibility to lighten the load on losses or lock in a bit of profit. I tend to have big positions in place so i want to ensure I'm completely wrong before giving up and exiting a trade. I don't want to be knocked out of good trades on whipsaws and false breaks. Feel free to PM me if you want more details...
I started with £200, got my account to £660 within a few hours. Two hours later, i lost it all :| . Lesson learned, i then went away and started learning.
I did invest £15k with a company who trade other peoples accounts using an EA, but that just seemed to have constant drawdown and massive risk at like 10:1.
I now trade my own account at £5k until i gain more confidence.
hopefully I can get out the other end lol
