I lost 7k dollars and I am in a massive pain

Thanks for the laugh mate, haha

Answer yourself openly.
You lost 7k or $ 200? It is quite another thing, right?
I agree it is a pity wasted time and effort. In this case, it is necessary to reconsider the attitude to life, to limit the time spent looking at the charts and more to communicate with friends and family.
Perhaps the perception of the same events will be different.

timing is everything.

make sure you are emotionally neutral / pscyhologically stable before trading.

always look for R:R and set at least non-physical SL/TP...

Jesus, well firstly and I'm sure this has been said but you cannot achieve:

"And yes, after multiple 1k losses of accounts (luckily made), I was making outstanding results, thinking I was the market guru. No joke, I turned from 200 dollars to almost 7,000 dollars in 1 month. And lost it all in 1 day."

Without MASSIVELY overtrading. You turned 200 into 7000 because you got lucky and were probably trading with at least 20% of your bankroll every single trade. You should be trading 0.01 lots until you're consistently making money.

You're not special, this will not be easy. If you want this you will have to work hard. Study. Throw away all your indicators and study price. Find traders on forums who are profitable, who are giving away information - never buy information, people who sell it, sell it because they don't know how to trade it (90% of the time anyway).

Study orderflow to find out how the market works on a very basic, mechanical level, then study price action and supply and demand, volume, money management, liquidity gaps, manipulation, psychology, find people to learn from who you believe are credible and who aren't selling anything. When you find some truth, you will find other truths connected to them and you will be on the right path.

HI Guys
I know someone who has started with nothing, managed to save up 1500 for an account and is now trading millions, He spent 5 years just trying every single thing. Wasted a ton of money, much more than 7 grand, but even he said every dollar he lost, almost made him cry, because he did not have much money to start with.
Eventually he came up with a trading plan and sticks to it religiously every day. Lives a very good life.
So yes, you can start with $200 and turn in into $7000 and then loose it. Under capitalizing is never a good idea, but easily works. I started with $2000 US dollars, two weeks later had $6120 and now trade only $20000 account, but can easily make, $200,000 or more per year. No system is involved, i have my own way of looking at the markets, and believe all information is open to different analysis. The biggest lesson I have learnt is this: Do not adjust your stop/profit targets, but with a good disciplined trailing stop and proper size management, we all can make a few dollars for our families.

Not a big deal,
I turned $800 to $32k in 3 weeks when JPY rally started.

Timing + money management is everything...

Let's debunk the "it's possible to make money with forex" myth
A real job will make you money... forex will make you lose it.

so whats the point in all this..testimonies of forex misfortunes... 22k debt what did you do wrong..whats was your style of trading or trading system like.. thats where the mess can begin to be fixed...

Well said, Mingary!

Forex is a losing proposition. I know the 7K hurts, but at least you only lost 7 grand - it could have been worse. A lot worse.

Take this as a lesson that forex is rigged for small traders to lose.

I normally do not feel inclined to reply to posts in forums like these. However, there were red flags in what you were saying.

Lets examine your psychological aspect of your trading activity.

"I thought about killing myself. I don't know what happened yesterday. I tried to follow a management system, but sometimes in my head was, if I made 200 dollars to 7k, why can't I just double my account in a very good opportunity."

"Suddenly, I thought I had that "chance" of making it and double it, and just couldn't. I knew all about the management, about the maximum of 1% risking. About diversifying and trying to not get too emotional. Even after having that knowledge, I don't know why I still tried to double my account. It was just a moment of pure "rush feeling" and "Just do it" to try and hit the lucky double. However subconciously my mind was telling me: "manage your money". Pretty much a battle of logic vs emotion. And at the end I lost "

First off, you mentioned suicide because of losing money. In the later passage of your posts, you mentioned you knew logically what to do( which was to diversify, embark on prudent trade management, etc) but emotionally you could not execute the game plan.

These characteristics suggests that you are a very emotional person, and that is a very flawed quality to have in trading. Understandably all people have emotions, however, if you let your emotions affect your judgement and your decisions to execute your plan in trading, you should not engage in trading again. The results will still be the same. As evident in you losing so many accounts.

Obviously to all of us reading, you knew what you had to do, however your greed got the better of you. In short, you had hubris from gaining so much in such a short amount of time and felt invincible, spurring you to double down and gamble again.

In short,

 

1. you felt you were special and developed over confidence.
2. You could not control your emotions.
3. You were cognizant in your decisions, but your emotions overpowered your logical decision making skills.

I would next touch on your views on trading systems on the market:

"you find new methods and try to be that "special market guru" that after reading the forums, you will finally develop that "holy grail" that you are waiting for, and be the new hidden Warren Buffet."

In my own humble opinion, there is no holy grail in trading. There are no special sets and rules in trading. There are no super systems able to double your money everyday.

The Forex market is huge and so efficient that information is priced into the market almost instantly - Find the recent NFP figure release, and observe the price action.

What i am trying to say is, it is very hard to game the forex market.

That being said, can we make money in the FOREX market??

I say yes indeed, but like anything else, it is not easy. The markets are highly efficient in pricing in information, but the markets are also swayed by sentiments like greed and fear. Markets do price currencies away from their fundamentals at times and we can take advantage of this. Although it is certainly true it can stay that way for a long period of time.

Lastly, i think that you want concrete answers and solutions to your problem of dealing with your emotions currently.

 

1. Go exercise, hit a ball, run, hike.

It is proven exercising releases dopamine into your brain, a feel good drug which makes you feel happy. It can clear your emotions and your confusions. Wipe the canvas clean again. Sweat it out and do not think of trading.

 

1. Re-evaluate your abilities and skills.

Embark on a serious introspection of yourself. Are you really suited for trading?

Different people have different talents and abilities. Some people are more gifted in certain aspects than others. Just like some people are better at Math than others, some people are better at art and playing musical instruments. What i am trying to say is, do not do things which you are not born to do. I love music, i love singing, but i do not have the talent to turn it into a career.

Similarly, trading requires composure, being extremely prudent with your money and subordination of emotions in times of market turmoil, where one needs to digest information logically and quickly and come out with a decision - hold current position or liquidate position due to a change in fundamentals?

I believe one needs to be adaptable in the market and not be beholden to a rigid set of rules and systems. Monetary policies and economies change over time.

That explains my abhorring of terms like holy grail.

One's proclivity and inclination, habits and characteristics are molded from young and to change that requires time if changing it were possible.


Does your character fit into the world of trading?

Do not think of this as a 1 month, part time venture. Think of this as a full time career and commitment. Why? This will

I think there is a point made by someone in this thread mentioning that treat trading as a business. And that is a very good advice.

I remembered attending a trading seminar held by my domicile foreign exchange, the speaker was a pit trader and he pulled out a statistics from the newspaper that people who were successful were Polytechnic (Technical) students and not Junior Colleges(More academic) students. The take away was you needed entrepreneurial skills and instinct.

"For me making money is hard, that's pretty much the problem for me. Making again 7k, means 2 years of hard saving for me. It's not like I lost 7k, oh I learned, let me try again in 1 month."

 

1. Making money is indeed difficult. There is no free lunch in this world. And honestly, trading is rather difficult to profit in the long run. Hence, my emphasis on your character and your mental state and capabilities. You may get lucky once, twice or thrice. But i doubt you would be lucky every day for 10-15 years. That is where your character comes in.

1. I hope you remember this pain you are feeling now, and if you want to trade again, bring this feeling up again. The feeling of recovering 7k over 2 years. I believe this will remind you not to take such a big risk again.

" I thought about suiciding, seriously, what's the point of suffering? For me Forex was the alternative way of succeeding, since I love it, I love this business, I like looking at charts, and all this ambient of markets. But trying to recover all will take me years and it is very painful."

Trading is not the only way to succeed in life. Success is subjective, what are your measurements of success? A big mansion with a yacht, 4 exotic super cars and tons of women around you? Or a modest lifestyle with no qualms about paying your mortgage or rent and having a decent stream of income? Why is this important? Because it will affect your appetite for taking risks and your perspective of your risk and reward.

Lastly my advice to you in trading is:

Capital:

I think like all businesses, save a good amount of capital first. DO not trade forex with small accounts as the market is very volatile. Big swings can and will wipe out small accounts. Having a large sum of capital will also encourage you to be more prudent because you took a long time to save it - At least that is what a normal person would do.

Skills and experience

Find a sustainable style of trading and practice in demo FIRST.

It is true that demo is nowhere near trading live, i experienced it first hand, however one has to have a feel of the market and establish a set of good habits. Trading demo is a good way to ingrain those good qualities without losing your own capital.

Remember, at the end of the day, you have to develop your own skills and the holistic aspect of trading which can be profitable in the long run.


Lastly,

Perspective

People are being killed in terrorist attacks, displaced because of conflicts, facing weather crisis etc and you are thinking of killing yourself over losing 7000 dollars? That is just plain silly. Come on man. You can be better than that.

You who have already lost everything and are looking for a way to get your money back, stay away from all the EA’s, indicators, softwares as Metatrader, Jigsaw, Sierra, Bookmap and all other. Understanding the options on the futures is the only thing that will help you efficiently. You ‘ll never find anything to help you on forex website.

Finally, think about that: universal access to financial markets is a huge opportunity to get rip off millions of naive people! YOU JUST GIVE LIQUIDITY TO THE MARKET MAKERS VIA YOUR BOKER !

Hi oliwand
Why only options on the futures? And what futures do you mean? And do you mean writting options?

hi dear friend, i liked your thread so i want to make a reply i know really how you are feeling because i am the same thing i trade with little account but the sum capital of them till now from 2008 maybe more than you before i talk about anything yo have to accept apply adapt to pain losses are part of game. beleive me you have to fail to succeed maybe you reach 100 k then you lose while that you feel killed and big shock than that. collect yourself and be stroner write down your plan and be stick to it and money management and try again but with more patience puncuality do not gamble money management is key of success. listen if your health is good and okay then you can compensate in loss and rise again. and remeber failure is the path of success. you said you turned 200 to 7 k you seem you are intelligent trader even you are young 21 years you are in the beginning of your life and you can make anything you dream you just need some bucks of money plan and strict money management and good psychology i wish you success and to make millions thanks

hope you are alive

I don't think many people will be able to return to the Forex market after such losses.

Yeah, this can be said about 90% of traders. It's not a surprise that many brokers state that 70% of traders lose money with them, I think if we consider one year performance the number will increase further.

Don't trust 100% on anyone, even our own system

Sorry man,take heart.Don't give up.