What I learned after losing $300,000 trading forex | Page 64 | Forex Factory

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What I learned after losing $300,000 trading forex

  • #1,261
  • Edited 2:42am May 28, 2021 1:00am | Edited 2:42am
Quoting DPallatina
It took me 4 years to ‘crack the code’ I was in a 3 year drawdown. £8000 loss in the first year, spent over £8000 in courses. What did I learn? I learned that most forex courses are the same regurgitated sh!t, just polished and wrapped up in different packaging. It taught nothing new... in-fact, the only thing it taught me was that there are many ‘gurus’ who claim to be a professional trader, instead they prey on your vulnerable emotions and desperation for the desire to be wealthy. They feed their own pockets with your hard earned money. Selling...

Hi don't get me wrong,I just want to ask you,are yours paid membership any different from those you've mentioned?
Whether you think you can, or you think you can't,you're right. H.F.
  • #1,262
  • May 28, 2021 1:20am May 28, 2021 1:20am
He loss me when he said he became a FTMO trader. If you win back all your large losses, you wouldn’t need to go near them.

You either trade or you teach, can’t do both.
Trading thin liquidity at the boundary of the charts
  • #1,263
  • May 31, 2021 2:53pm May 31, 2021 2:53pm
Quoting DPallatina
It took me 4 years to ‘crack the code’ I was in a 3 year drawdown. £8000 loss in the first year, spent over £8000 in courses. What did I learn? I learned that most forex courses are the same regurgitated sh!t, just polished and wrapped up in different packaging. It taught nothing new... in-fact, the only thing it taught me was that there are many ‘gurus’ who claim to be a professional trader, instead they prey on your vulnerable emotions and desperation for the desire to be wealthy. They feed their own pockets with your hard earned money. Selling...
One thing and most important thing is trading experience, that is something no course can give you, sorry for your $$$ loss but a good education costs money.
DM
You NEVER will be the person you could be, without pressure & discipline
  • #1,264
  • May 31, 2021 3:48pm May 31, 2021 3:48pm
Quoting DiamondMiner
{quote} One thing and most important thing is trading experience, that is something no course can give you, sorry for your $$$ loss but a good education costs money. DM
My father showed me everything I needed to know about trading stock, stock options and warrants. Although this was before online trading was available it was by far the best trading education that I could have received and it was free. I still trade stocks but it's much more expensive and less rewarding than trading forex.
  • #1,265
  • Jun 1, 2021 6:40pm Jun 1, 2021 6:40pm
This is the real story in the forex business, maybe if poor man losing this amount of money hence will crazy or suicide,
$300.000 is not small money, it can use to build the house, but this experience giving valuable lesson for all traders, very inspiring
  • #1,266
  • Jun 2, 2021 9:32am Jun 2, 2021 9:32am
very wise words Cee
smart thinking talking about if the market is random 85% of the time then wait and trade just 15% of the time, really put things into perspective for me. especially the winning 51% of the time. very out there.
look forward to your next threads.
You miss 100% of the shots you don't take
  • #1,267
  • Jun 2, 2021 2:41pm Jun 2, 2021 2:41pm
Quoting roccor
very wise words Cee smart thinking talking about if the market is random 85% of the time then wait and trade just 15% of the time, really put things into perspective for me. especially the winning 51% of the time. very out there. look forward to your next threads.
This hit home for me to, really good points made in this post
  • #1,268
  • Jun 2, 2021 10:00pm Jun 2, 2021 10:00pm
Quoting roccor
very wise words Cee smart thinking talking about if the market is random 85% of the time then wait and trade just 15% of the time, really put things into perspective for me. especially the winning 51% of the time. very out there. look forward to your next threads.
It really depends on your strategy, but overall I disagree that you can't trade in a "random" markets. Some strategies work great in this type of environment and lose money during break outs. I'd rather trade the 85% than wait around hoping for an ideal setup.
  • #1,269
  • Jun 3, 2021 3:42am Jun 3, 2021 3:42am
Quoting Rolandlc33
{quote} It really depends on your strategy, but overall I disagree that you can't trade in a "random" markets. Some strategies work great in this type of environment and lose money during break outs. I'd rather trade the 85% than wait around hoping for an ideal setup.
good point, I'm really in two minds about your view
on one hand: you miss 100% of the shots you don't take.
on the the other hand: I need more profits then loss
at the end of the day, I think I'm gonna play it safe until I can afford to lose
You miss 100% of the shots you don't take
  • #1,270
  • Edited Aug 5, 2021 4:23am Aug 4, 2021 10:23pm | Edited Aug 5, 2021 4:23am
Quoting CeeSo
{quote} I can tell you that 10 of the major pairs will close plus or minus .5% 85% of the time. So in the case of the GBPUSD I know if I bought below that level it had an 85% chance of coming back inside that level by 5 pm est In this case, it worked perfectly at the NYSE open but does that mean it will work every day at the NYSE open? Hell no lol If trading was that easy I would own Fiji by now lol
No, you're incorrect in this case. A mathematician/ statistician wouldn't agree. Yes, on an average day price will close back inside plus or minus .5% 85% of time. However, that day when price already reached below -0.5% was not an average day. That general 85% probability does not apply. To get a correct probability in this case, you need collect data on: on days when daily low/high is beyond +-.5%, how many times price will return back inside +-.5% by day close. That probability is much lower than 85%.
  • #1,271
  • Aug 7, 2021 12:01am Aug 7, 2021 12:01am
Quoting DPallatina
It took me 4 years to ‘crack the code’ I was in a 3 year drawdown. £8000 loss in the first year, spent over £8000 in courses. What did I learn? I learned that most forex courses are the same regurgitated sh!t, just polished and wrapped up in different packaging. It taught nothing new... in-fact, the only thing it taught me was that there are many ‘gurus’ who claim to be a professional trader, instead they prey on your vulnerable emotions and desperation for the desire to be wealthy. They feed their own pockets with your hard earned money. Selling...
lol.. the idiot comes up with a 'loser to winner story' and trying to promote his stupid website. He talks against the paid courses... and then comes up with a 120$ monthly membership program. Lol.. the guy is quite funny. My dear scammer.... it's simple logic, if you were really able to make money from trading... you wouldn't need to scam people to sell 120$ monthly memberships. Forexfactory has seen hundreds of scammers like you, from time to time. Same old stuff.. in different glittering packages. Now... please stay away!!! Thanks
  • #1,272
  • Aug 7, 2021 4:15am Aug 7, 2021 4:15am
Quoting CeeSo
It means that 15% of the time there is a good directional edge in the markets and all it takes is PATIENCE to wait for the market to stop being random and exploit that none randomness. Cee
Knowing the place and the time of the coming battle, we may concentrate from the greatest distances in order to fight. He will win who knows when to fight and when not to fight.
Sun Tzu.
  • #1,273
  • Aug 7, 2021 10:24pm Aug 7, 2021 10:24pm
Quoting vinforex7
{quote} lol.. the idiot comes up with a 'loser to winner story' and trying to promote his stupid website. He talks against the paid courses... and then comes up with a 120$ monthly membership program. Lol.. the guy is quite funny. My dear scammer.... it's simple logic, if you were really able to make money from trading... you wouldn't need to scam people to sell 120$ monthly memberships. Forexfactory has seen hundreds of scammers like you, from time to time. Same old stuff.. in different glittering packages. Now... please stay away!!! Thanks
There's always someone trying to sell something haha
  • #1,274
  • Aug 13, 2021 7:46am Aug 13, 2021 7:46am
Quoting KeenPips
Very interesting. It is important to learn from one's trading mistakes, particularly where live trading accounts were blown. I have lost some money in the course of my trading career. Having blown about three of my live accounts in the first two years, I learnt three key things: 1. Capital protection should be my #1 goal; including risking only what I can afford to lose and using a stop loss; 2. Never over trade, including trading less often but looking for high quality trade setups based on specific trading criteria/rules; 3. Stick with one or...
agreed always good to learn from where others went wrong and take on board as much as you can. The value is irrelevant to a degree as we will all have different amounts that mean so much to us. I lost a lot less but at the time was money I couldn’t afford to lose. This taught me the most valuable lesson.
  • #1,275
  • Aug 13, 2021 8:24am Aug 13, 2021 8:24am
Quoting dutchy1986
{quote} agreed always good to learn from where others went wrong and take on board as much as you can. The value is irrelevant to a degree as we will all have different amounts that mean so much to us. I lost a lot less but at the time was money I couldn’t afford to lose. This taught me the most valuable lesson.
Just a tip, sound like to total clueless newbie and your account will change to member status very quickly. They love clueless people since they get more clicking around on their site with broker ads, etc.
  • #1,276
  • Aug 22, 2021 11:15pm Aug 22, 2021 11:15pm
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...
Yeah, I do agree that 95% of the market is random. When I started trading in Forex, I learnt Dow's theory and believed that technical analysis showed everything of trading. After each failure of trading, it encouraged me to improve my analysis since technical was everything, I failed only because I was not good enough.
But after years of trading, of course over 2 millions USD loss, I lost my faith in technical analysis and started thinking that the market was really random coz the behavior of human beings were random. The example of big win through CFD trading history actually told you the importance of controlling unbeatable amount of fund but not a perfect analysis.
Since that, I always think about the worst situation of a trade action but not how would this price go up or down. I am now figuring out the worst situation I can handle firstly and then open a position which let luck decides it will win or lose.
Have not stopped thinking of a 90% trading mechanic, but it is not a must for me anymore and I will always put no more than 1/10 of my fund to try on a new idea.
  • #1,277
  • Last Post: Sep 17, 2021 3:18pm Sep 17, 2021 3:18pm
Quoting emonts
{quote} Hi, I will see if i understand, and what i can do about it. BR {image}

Hi I can't send you PM as I am a new member. I want to take the data from the indicator you shared on currency strength (i have attached it here), to csv every 5 minutes. Can you do it or can you share mq4 file for the indicator that I can get changed?

Many thanks
Attached File(s)
File Type: ex4 iAA_DB_Currency_Strength_V2.01.ex4   56 KB | 445 downloads
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