Another account blowed | Forex Factory

Options

Permalinks
Print Thread

Similar Threads

Another Day, Another Chair, Another Day in the Office 203 replies

Copying trades from one account to another 70 replies

another day another challenge. indicatorCounted() 6 replies

blew out another account...Just venting... 55 replies

Okay, did a another insurance company buy another couple hundred million EUR?? 23 replies

Another account blowed

  • #1
  • First Post: Aug 28, 2020 5:21am Aug 28, 2020 5:21am
Hey.
So today i have blown another account.
I need a mentor. And not all that paid crap. Im sick of all that bullshit. I believe that people who charge for teaching actually don't make money.
I need to learn scalping, because that's what suits best for my mindset.
  • #2
  • Aug 28, 2020 9:31am Aug 28, 2020 9:31am
Why do you think scalping is the best possible solution?
  • #3
  • Aug 28, 2020 2:00pm Aug 28, 2020 2:00pm
Quoting mlawson71
Why do you think scalping is the best possible solution?
I'm not saying it's best. I'm saying its best for me. I believe that as we are small investors, we need monitor our open trades all the time. In this case I can close my trade at any point. But, for example, if I use h1 or higher time frame, its impossible to monitor it all the time. In this case maybe I open trade with 80 pips take profit, but when price reaches 70 pips profit, suddenly it shows rejection and changes direction and hits stop loss. If I monitor my trades I can avoid that.
At least that's what I think... I like to close everything at the end of the day, but I'm ready to sit in front of may laptop from 8:00 till 18:00.
  • #4
  • Aug 28, 2020 6:23pm Aug 28, 2020 6:23pm
Quoting GrowPro93
Hey. So today i have blown another account. I need a mentor. And not all that paid crap. Im sick of all that bullshit. I believe that people who charge for teaching actually don't make money. I need to learn scalping, because that's what suits best for my mindset.
How did the account become blown?
Slowly, over a period of time, many many times your stop loss got hit until account is decimated (death from a thousand cuts).
Or did it happen quite fast, no stop just letting position go against you until margin call and broker close position for you (self decapitation)?
  • #5
  • Aug 29, 2020 5:34am Aug 29, 2020 5:34am
Quoting GrowPro93
Hey. So today i have blown another account. I need a mentor. And not all that paid crap. Im sick of all that bullshit. I believe that people who charge for teaching actually don't make money. I need to learn scalping, because that's what suits best for my mindset.
Why would one give you time for free? Trading is not just analysis. You need discipline. A mentor can teach you what can be taught. There are more things that you need to be achieved by experience. You need to develop understanding about the market. Figure out your strength and weakness. Open trade based on your strength. Don't open a trade if you do not have enough technical reasons.
  • #6
  • Aug 30, 2020 7:13am Aug 30, 2020 7:13am
did you try scalp trading? small lot size, better risk management...
  • #7
  • Aug 31, 2020 6:15pm Aug 31, 2020 6:15pm
Quoting Horne
{quote} How did the account become blown? Slowly, over a period of time, many many times your stop loss got hit until account is decimated (death from a thousand cuts). Or did it happen quite fast, no stop just letting position go against you until margin call and broker close position for you (self decapitation)?
I ask because both of those problems are not difficult to overcome.
  • #8
  • Sep 1, 2020 9:52am Sep 1, 2020 9:52am
I don't know, a lot of people do have trouble overcoming them in practice.
  • #9
  • Sep 2, 2020 2:34am Sep 2, 2020 2:34am
Quoting GrowPro93
Hey. So today i have blown another account. I need a mentor. And not all that paid crap. Im sick of all that bullshit. I believe that people who charge for teaching actually don't make money. I need to learn scalping, because that's what suits best for my mindset.
Don't worry mate, practice and patience are the keys. Take some break maybe and start afresh and be positive.
  • #10
  • Sep 2, 2020 9:21am Sep 2, 2020 9:21am
That's what I always try to do after a loss, it helps most of the time.
  • #11
  • Sep 2, 2020 11:30am Sep 2, 2020 11:30am
Quoting Horne
{quote} I ask because both of those problems are not difficult to overcome.
The problem was my wrong analysis. I was trading m1, but checked h1 to see direction. If i would stick to m1 only, maybe I wouldnt blow my account. And yes, i left trade without stop loss because I was confident of my analysis.
  • #12
  • Sep 2, 2020 11:31am Sep 2, 2020 11:31am
Quoting ChristinaL
did you try scalp trading? small lot size, better risk management...
yes, i do only scalping.
  • #13
  • Sep 2, 2020 11:58am Sep 2, 2020 11:58am
Quoting MarcoDresner
{quote} Why would one give you time for free? Trading is not just analysis. You need discipline. A mentor can teach you what can be taught. There are more things that you need to be achieved by experience. You need to develop understanding about the market. Figure out your strength and weakness. Open trade based on your strength. Don't open a trade if you do not have enough technical reasons.
If you would make 10k a month, would you be asking 100 usd to teach someone?
I think most of us couldn't afford to pay someone who is a really pro trader, because he would make more when trading not when teaching.
  • #14
  • Sep 2, 2020 12:17pm Sep 2, 2020 12:17pm
The main reason for losing the deposit is considered to be the lack of strategy. More experienced traders may encounter this problem when a strategy is selected incorrectly or simply out of date. Even the most experienced traders, admit that some approaches are no longer relevant.
Therefore, monitoring the profitability of your strategy and constantly improving it is a necessary part of the work at Forex.
For stable earnings it is not enough to have a good strategy, you need to improve it and adjust to the changing market. But to understand what it changes and in what direction, you need knowledge.
When trading is good and profitable, traders often forget about learning, and then it gets a little late, and have to catch up in a short time, losing part of their money.
You have to learn all the time, learn new methods, test new strategies and adjust your own. The market doesn't stand still, so you have to adapt)
It just seems to me that finding a mentor is a last option. You may want to try to work on your mistakes and take a pause to understand in more detail where you have some problems in trading. And I'm sure you'll do well, you don't even have to look for a mentor. It's just that I personally don't believe in the effectiveness of mentoring. Yes, there are times when you understand something better when another trader explains it to you. But in most cases, it is best to understand the problems and trade on your own.
  • #15
  • Sep 2, 2020 7:52pm Sep 2, 2020 7:52pm
Scalping is the best for making good money in short time but not a solution for long term trading. You should learn Forex again and try to overcome your mistakes in your next trade.
  • #16
  • Last Post: Sep 2, 2020 11:09pm Sep 2, 2020 11:09pm
Quoting Awasim
Scalping is the best for making good money in short time but not a solution for long term trading. You should learn Forex again and try to overcome your mistakes in your next trade.
Scalping is good but you have to find cheap platform for that. Not an easy thing, also you have to somehow reduce slippage which happens a lot in scalping. In overall I should say that newbies should definitely stay away from scalping because apart from ability to ignore losses they have to pay attention to market costs.
0 traders viewing now