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What I learned after losing $300,000 trading forex

  • #41
  • Jul 28, 2020 8:23pm Jul 28, 2020 8:23pm
Blah,blah,blah,blah........same old cliches and crap,different day.
  • #42
  • Jul 28, 2020 8:48pm Jul 28, 2020 8:48pm
Quoting CeeSo
3. The Markets are Random 85% of the time.

This is going to be a big pill for most of you to swallow.....
If market is not random we will all be millionaires.

Trading random market explains for the drawdowns, losses and losers. Banks and hedge funds lose in the billions.
Know what you trade
  • #43
  • Jul 28, 2020 8:58pm Jul 28, 2020 8:58pm
Quoting medici
Learning to trade profitably is about learning to lose. Most people are afraid of losing money, and taking a loss they find painful. One needs to get to the point where taking a loss causes no bother at all, because....
Losing causes no bother simply means you're well endowed. Learning to lose is not a magic pill to winning.

Able to take punches means you got a strong jaw, doesn't mean you won't get knocked out.
Know what you trade
  • #44
  • Jul 28, 2020 11:11pm Jul 28, 2020 11:11pm
Quoting BWilliam
{quote} Losing causes no bother simply means you're well endowed. Learning to lose is not a magic pill to winning. Able to take punches means you got a strong jaw, doesn't mean you won't get knocked out.
You need an edge before all, but there are some people that have edge and still have problems relating to losing from early trading experience. If you have been consistently losing for the last 5 years and you finally have a method with edge. It might take you some time to rub off all those losing experiences. In your subconscious mind, trading = losing. A total beginner might be better than an experienced losing trader in executing a clear defined plan because they have not being bitten yet.
When you see it, BET big.
  • #45
  • Jul 28, 2020 11:31pm Jul 28, 2020 11:31pm
Quoting CeeSo
This is my first forum post but I am not a newbie. I have lost about 300,000$ trading forex over the course of 5 years and it has been a huge struggle, to say the least but I kept persevering and educating myself and this year I am finally profitable to the tune of $130,000. After all this time and stress (and finally a very good mentor) I figured out some basic truths about forex trading. 1. You have to Master Money Management first and foremost. Forget EVERYTHING else and learn to lose like a professional. I spent tens of thousands of dollars...

hey bro same thinking market 85% random
https://www.forexfactory.com/thread/...trading-system
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  • #46
  • Jul 28, 2020 11:52pm Jul 28, 2020 11:52pm
Quoting Rennaissance
{quote} You need an edge before all, but there are some people that have edge.....
Really? Do you know with certainty you have an edge?

The extra zero pocket and unfair payout gives the casino a 2.7% edge on the roulette tables. They commit billions of money loaned from banks to bet against gamblers.

So, what's the edge % and how much of net worth have so called "some people that have edge" committed to retail fx gambling?
Know what you trade
  • #47
  • Jul 29, 2020 12:00am Jul 29, 2020 12:00am
Quoting CeeSo
This is my first forum post but I am not a newbie. I have lost about 300,000$ trading forex over the course of 5 years and it has been a huge struggle, to say the least but I kept persevering and educating myself and this year I am finally profitable to the tune of $130,000. After all this time and stress (and finally a very good mentor) I figured out some basic truths about forex trading. 1. You have to Master Money Management first and foremost. Forget EVERYTHING else and learn to lose like a professional. I spent tens of thousands of dollars...
Congratulations on having the guts to accept and post your failures, it takes a lot for a trader to admit he was wrong and he lost, I know from experience .

I lost $5.000 about 7 years ago of my money and also the $15.000 profits i built up in 6 months, because one night on a gold move, when Bernanke "took my money" in one of his speeches .

Since then I traded very little on live accounts and tested and tried to perfect my strategy and just 1 month ago started again with a considerable amount.

However I still have a problem in my day to day trading, I'm trading the majors mainly, I do my analysis on weekly and monthly and when I see a trend developing this is where I execute my entries, my problem is:
1. When I reach my monthly target , do I continue to trade? I fully understand how a 5% monthly ROI can compound YoY to amazing returns, BUT how do I manage this part of my trading behavior and calm down when my systems still shows me potential profitable setups?

Best Regards and lets see that $130.000 up to $300.000 so you can cover your previous losses <3
  • #48
  • Jul 29, 2020 12:15am Jul 29, 2020 12:15am
Quoting BWilliam
{quote} Really? Do you know with certainty you have an edge? The extra zero pocket and unfair payout gives the casino a 2.7% edge on the roulette tables. They commit billions of money loaned from banks to bet against gamblers. So, what's the edge % and how much of net worth have so called "some people that have edge" committed to retail fx gambling?
My edge is 60/40 in my favor. I have found a pattern in all the random data. Which have been tested on different timeframes, different currency pairs, both In and out of sample. I tested it for 3 years (out of sample) after doing the back testing. At this point I m really 100% sure I have an edge and I m committing serious money to this. I have to work on my psychology thou cause I still hate losing, drives me sick all the time. I want to get to a point were I am dispassionate about my trading. cheers
When you see it, BET big.
  • #49
  • Jul 29, 2020 12:24am Jul 29, 2020 12:24am
Quoting Rennaissance
At this point I m really 100% sure I have an edge and I m committing serious money to this.
All the best
Know what you trade
  • #50
  • Jul 29, 2020 1:28am Jul 29, 2020 1:28am
Quoting CeeSo
This is my first forum post but I am not a newbie. I have lost about 300,000$ trading forex over the course of 5 years and it has been a huge struggle, to say the least but I kept persevering and educating myself and this year I am finally profitable to the tune of $130,000. After all this time and stress (and finally a very good mentor) I figured out some basic truths about forex trading. 1. You have to Master Money Management first and foremost. Forget EVERYTHING else and learn to lose like a professional. I spent tens of thousands of dollars...

well by my maths you’re still 140,000 in the red

i really appreciate your post though and honesty I feel like i know who you are...

im just a little uneasy when you start preaching the truth and the good news when still you are 140,000 in the red...

you must have some good capital to risk and win those numbers

but cut a zero or two of those $ figures and you’re no different to 95% of the punters here

I really actually admire your post though i just feel this sense of counting eggs before they hatch kinda nostalgic thing lol

maybe when you hit a mil ... then start talking ... but seriously... dont


https://m.youtube.com/watch?v=YfZ4yWOsy1I
Time hides Nothing
  • #51
  • Jul 29, 2020 2:00am Jul 29, 2020 2:00am
Quoting CeeSo
I did not understand the simple math of randomness. I was expecting to win a lot more trades then I was actually winning. Even if you have a process that is a winner 75% of the time it is "possible" that you could have 25 losing trades in a row and then have 75 winning trades right after. In reality, I am closer to 64% winning trades so I now have a process that will be fine even if I had 36 losing trades in a row.
So you still have no idea about randomness and seem to lack even basic math skills in regards to probability? Hhhhm....

All I see here is most likely a marketing trick of a so called trading mentor trying to sell his trading course and here is why:

 

  1. First you admit that you lose (like 99% of all participants after 5 years). So traders see themselves in your example.
  2. Then you mention that you finally turned it around (the core hope of every trader that doesn't understand why he loses).
  3. Then you place the bait that it all is a question of skill and you have a great mentor that made the difference. Tadaaahhhh..... here we are.
  4. Allthough you didn't turn it around and you are still deep in the red after 5 years. You don't even realize that you never ever can win back the time spent in this negative sum game and if you are a victim you will most likely lose more in 10 years.
  5. So finally you wait for people to ask you who your mentor was and wether he has still some capacity or wether you can teach them how to trade successfully...... and the endless search for new victims is continouing once more.....

https://www.forexfactory.com/thread/...ame-for-losers?

There is a small chance that you are a victim and still believe you can make it. If so, I am sorry and hope you understand what i try to explain here.
Disagree? No problem, you will learn it the hard way.

  • #52
  • Jul 29, 2020 2:30am Jul 29, 2020 2:30am
If this topic interests you then I recommend you read "What I learned losing a million dollars" by Jim Paul. The basis of the book is to learn not to lose big trades that completely knock you out of the game. The formula for winning can be a combination of many things, but losing happens the same for almost everyone.

Most of us that trade full time for a living know what works for us and use that criteria to make trades. I'm completely against many "rules" traders live by such as demo accounts, 1% risk, indicators, etc... but wouldn't tell others those concepts are not worthwhile if it works for them.

I've lost 100k in a month and have made over a million in 6 months. It really comes down to your risk tolerance, bank roll, and trading plan.
  • #53
  • Jul 29, 2020 3:24am Jul 29, 2020 3:24am
so many bad energy and critics on this 1 post. One is even more or less saying shut the fuck up. You guys should take a chill pill and allow those who can gain actually gain from this thread. CeeSo, I applaud your courage to post and readiness to take all the slings anyone might be willing to trow. Nice job

I totally agree with your n01 point, Money Management is very important. Learn to accept defeat when the market is moving against you and get the hell out while you still can.
  • #54
  • Jul 29, 2020 4:09am Jul 29, 2020 4:09am
Quoting CeeSo
This is my first forum post but I am not a newbie. I have lost about 300,000$ trading forex over the course of 5 years and it has been a huge struggle, to say the least but I kept persevering and educating myself and this year I am finally profitable to the tune of $130,000. After all this time and stress (and finally a very good mentor) I figured out some basic truths about forex trading. 1. You have to Master Money Management first and foremost. Forget EVERYTHING else and learn to lose like a professional. I spent tens of thousands of dollars...

THAT is a good start;-)

i am curious of the following.
trading is like dancing, don't think and just listen to the music!
  • #55
  • Jul 29, 2020 4:52am Jul 29, 2020 4:52am
Could you please post more material about money management? I would like to study it more and more
  • #56
  • Jul 29, 2020 5:11am Jul 29, 2020 5:11am
Great post on the whole but I completely disagree that 85% of the time the market is wrong, I actually think it couldn't be further from the truth if anything 85% of the time the market does exactly what it is supposed to do.
  • #57
  • Jul 29, 2020 5:17am Jul 29, 2020 5:17am
Quoting HudithePfupf
{quote} So you still have no idea about randomness
I don't think I've ever agreed you Hud about anything, and yet I agreed with every word you wrote. A new dawn
  • #58
  • Jul 29, 2020 6:50am Jul 29, 2020 6:50am
Quoting HudithePfupf
{quote} So you still have no idea about randomness and seem to lack even basic math skills in regards to probability? Hhhhm.... All I see here is most likely a marketing trick of a so called trading mentor trying to sell his trading course and here is why: First you admit that you lose (like 99% of all participants after 5 years). So traders see themselves in your example. Then you mention that you finally turned it around (the core hope of every trader that doesn't understand why he loses). Then you place the bait that it all is...
That is deep.

In reality, there is no point to this thread.

What will change in your mind after you read this thread. Nothing.
  • #59
  • Jul 29, 2020 7:36am Jul 29, 2020 7:36am
be specific, you lose $300.000 with which broker?

pls name your broker?
  • #60
  • Jul 29, 2020 7:47am Jul 29, 2020 7:47am
FF is at it again.....fake posts to attract clicks......
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