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I lost everything! 😭

  • #61
  • Jun 20, 2024 3:23am Jun 20, 2024 3:23am
OK, this time I woke up at 4:30am local time to trade the USD/CHF. And finally it was a big (and unexpected) reaction. And this time it was a success. I profited 81.58 USD on a 118 USD demo account (including 18 USD profit from previous trades).
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This was the kind of reaction I was talking about. And it happened this time. The reaction was so aggressive the automated take profit couldn't handle, and I had to close it by hand, literally.
I will have to investigate why the take profit did not close the running order, only the pending one. It may be because of server internal issues because of the sudden spike movement. But I am glad it did not work, because it was set very low compared to the reaction. I was aiming 2 pips profit, but I managed to get 35 (or 350 pips in five digits, if you prefer).

I had two accounts running, one in the 5 digits broker and other in the 4 digits broker. I profited in the two accounts, but I am posting this one because the results were impressive. But the results were more realistic in the 5 digits account, as a significant slippage happened. But I still profited 39.13 USD on that account (it is 1000 USD demo). And it managed to stop at 20 pips profit (with a positive slippage), that is why the profit was so low compared to the 100 USD account.
  • #62
  • Jun 20, 2024 6:27am Jun 20, 2024 6:27am
One more trade, this time on the GBP/USD. And it was a success. Market reaction was moderate this time. I profited 152 USD on a 1140 USD demo account.
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  • #63
  • Jun 21, 2024 9:52am Jun 21, 2024 9:52am
One more trade, this time on the EUR/USD. And it was a success. I profited 54.60 USD on a 1000 USD demo account.
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What you need to know to be profitable this way:

1.You need to know if the news are relevant enough to cause a decent impact on the market. If you enter in a trade that won't produce enough impact you may end up in a loss if your order is executed and the market reaction isn't strong enough to produce a profit short term.

2.You must set a stop loss, but not a take profit. It is better to take profit by hand, but you should know when it is time to exit. If you are too greedy the trade may reverse against you; and if your expectations are too low you can lose huge profits.

3.By using current settings, the maximum amount you can lose is 30% of your account, but your profits can easily exceed that if the market reaction is strong enough. You can profit 5-15% on average and 50%+ in the best of conditions. And you need to cut losses as soon as possible. If you see the trade will end up in loss, try to close it even before it touches the stop loss. But by making good decisions you can easily win 10 trades (or more) in a row before a loss. But when you lose, expect 10-30% in loss. But your successful trades can easily outweigh losses.

4.Trade with a broker that will offer the best spreads and comission. When you enter a trade, you have to pay the broker first, and the less they charge the more you can profit, and the less you can risk.
  • #64
  • Jun 21, 2024 10:21am Jun 21, 2024 10:21am
Quoting BlueKnight
3.By using current settings, the maximum amount you can lose is 30% of your account, but your profits can easily exceed that if the market reaction is strong enough. You can profit 5-15% on average and 50%+ in the best of conditions. And you need to cut losses as soon as possible. If you see the trade will end up in loss, try to close it even before it touches the stop loss. But by making good decisions you can easily win 10 trades (or more) in a row before a loss. But when you lose, expect 10-30% in loss. But your successful trades can easily outweigh...
In real the spread would be a lot much more then you expect due to lack of liquidity and your stop loss can be fill much more worse, to me don't seams a sustainable strategy. Like the other member say at least playing roulette you have free drinks..
  • #65
  • Jun 21, 2024 11:38am Jun 21, 2024 11:38am
Quoting Piter87
{quote} In real the spread would be a lot much more then you expect due to lack of liquidity and your stop loss can be fill much more worse, to me don't seams a sustainable strategy. Like the other member say at least playing roulette you have free drinks..
The only way to check this is by going live. And yes, it can be a lot different from demo, especially in such market conditions. And that is what I expect to do next week. Then we will see how the real problem is.
  • #66
  • Jun 22, 2024 8:50am Jun 22, 2024 8:50am
Quoting BlueKnight
One more trade, this time on the EUR/USD. And it was a success. I profited 54.60 USD on a 1000 USD demo account. {image}What you need to know to be profitable this way: 1.You need to know if the news are relevant enough to cause a decent impact on the market. If you enter in a trade that won't produce enough impact you may end up in a loss if your order is executed and the market reaction isn't strong enough to produce a profit short term. 2.You must set a stop loss, but not a take profit. It is better to take profit by hand, but you should know...
Obviously, making 5, 10%+ in a single trade is only possible with small capital. It is easy to say that you should risk only 0.001% per trade when you have millions or billions in your trading account. Because 0.001% of one billion is 10000.

Obviously, it is ridiculous for large capital people to profit 10, 20, 50% a month. Because they do not need to risk much to make a decent amount for living or multiplying their money. But when you have 100 USD, 1000 USD in your trading account, if you make 1% a month, it is nothing (relatively speaking). But if you make 0.50% a month with one billion in your account, you are making a lot of money already.

But with small capital you have to use high leverage and take high risks if you want to make a decent profit, especially in the short term. That is why it is always easier to make more money when you already have a lot of money.

Rich people do not need to risk their money trading Forex, they have many more options available, such as running a broker and making money off retail traders through spreads, commissions and leverage.
  • #67
  • Jun 25, 2024 7:54am Jun 25, 2024 7:54am
Quoting BlueKnight
The only way to check this is by going live. And yes, it can be a lot different from demo, especially in such market conditions. And that is what I expect to do next week. Then we will see how the real problem is.
And this was the spread in live during the recent news for the USD/CAD:
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Minimum: 17.00; Maximum: 143.00; Average: 48.23
I did not trade this time because I decided to check how the spread would behave. And this was the result.

I do not know exactly what would happen if I decided to trade. Internally, server-side, the spread may get even wider. But that was what the script could capture.

Beware of the risks involved. But if you have the money to burn, you can try.
  • #68
  • Jun 26, 2024 6:14am Jun 26, 2024 6:14am
Anyone got a crystal ball?
A few pips a day keeps the debt collector away
100k All Time Profit: £38,188
  • #69
  • Jun 26, 2024 8:45pm Jun 26, 2024 8:45pm
Quoting BlueKnight
{quote} Rich people do not need to risk their money trading Forex, they have many more options available, such as running a broker and making money off retail traders through spreads, commissions and leverage.
I can tell you for a fact that this is not true. This is my living, and its works well. But this strategy of trying to catch the news may drive you crazy. If you wanna make this work and become wealthy and consistent, and you enjoy news trading, I would totally scrap this and work on something that works on the AFTER affect of the news, say one hour later or a day later, not trying to catch its random data release affect. Do not get sucked into these big impulse moves. Better, try to learn why they happen, and where they will go next. THIS will make you rich
Emotional Control. Process, not outcome.
  • #70
  • Jun 27, 2024 8:03am Jun 27, 2024 8:03am
Quoting Konichiwhaat
{quote} I can tell you for a fact that this is not true. This is my living, and its works well. But this strategy of trying to catch the news may drive you crazy. If you wanna make this work and become wealthy and consistent, and you enjoy news trading, I would totally scrap this and work on something that works on the AFTER affect of the news, say one hour later or a day later, not trying to catch its random data release affect. Do not get sucked into these big impulse moves. Better, try to learn why they happen, and where they will go next. THIS...
First, thanks for answering. And yes, I agree this is risky. But as I said, it is an experiment I am doing.

I have another strategy that is way less risky and is focused on the long term. And that is what I am using to trade daily. I am patiently making a few percent a month, in few minutes a day. And it is working so far. But as I said, it requires a decent amount of money invested to make a living.

And I agree it is important to understand what is happening in the market and to act accordingly.

And I do not plan to get rich trading Forex, making a living is enough. But if I can apply this method successfully and consistently, why not use it?
But it has a long way to go, and it may even be aborted for the reasons you said (or not, time will tell).
  • #71
  • Jun 27, 2024 6:54pm Jun 27, 2024 6:54pm
Quoting BlueKnight
{quote} First, thanks for answering. And yes, I agree this is risky. But as I said, it is an experiment I am doing. I have another strategy that is way less risky and is focused on the long term. And that is what I am using to trade daily. I am patiently making a few percent a month, in few minutes a day. And it is working so far. But as I said, it requires a decent amount of money invested to make a living. And I agree it is important to understand what is happening in the market and to act accordingly. And I do not plan to get rich trading Forex,...
The good thing about what you are trying to do it that it is easily backtest-able. But only on 5 min charts, 1 min charts are not always so great when back testing. All the dates and times of every single data release are all here on FF, so they are very easy to find in the past on the charts. With just one or two days of boring hard work, you will be able to find out if it is worth pursuing or not, then inject the capital of move on to the next project
Emotional Control. Process, not outcome.
  • #72
  • Jun 28, 2024 8:39am Jun 28, 2024 8:39am
Quoting BlueKnight
{quote} And this was the spread in live during the recent news for the USD/CAD: Minimum: 17.00; Maximum: 143.00; Average: 48.23 I did not trade this time because I decided to check how the spread would behave. And this was the result. I do not know exactly what would happen if I decided to trade. Internally, server-side, the spread may get even wider. But that was what the script could capture. Beware of the risks involved. But if you have the money to burn, you can try.
For those who were worried about huge spread fluctuations, I can attest it is not much different from demo, at least on the broker I am testing (XM). This was the spread for the EUR/USD during the recent news event:
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Minimum: 10.00; Maximum: 136.00; Average: 27.19
But price activity is unusually high. It is more than 2000 ticks per second in a five digits broker. That is much more than your eyes can see.

And to confirm this fact even more, in the first post of this topic I had two pending buy stop orders, one at the level of ~50 pips above the ask price and other about 75 pips above the ask price. And only one buy order was executed, and the spike was much more aggressive than it was today. Then I can safely assume that 75+ pips above/below ask/bid price is a safe range to set the orders before a news event, at least for the EUR/USD pair. Obviously, this cannot be true for other pairs as each pair has their own characteristics. But this does not mean it is 100% safe, as rare and unexpected things can happen. But it should be safe for 99% of the cases.

And now I can see that 50 was below the safe level, that is why my pending buy order was executed in that case, because the spread certainly widened in the 140+ range while a distance of 50 pips could only cover a spread range of about 100.
  • #73
  • Jul 11, 2024 8:11am Jul 11, 2024 8:11am
Let me preface with "I'm new". I've read and heard many or at least several who do not use a SL. I couldn't imagine not using one. Just my own opinion but the argument of being stopped out by just a few pips and then price reversed and you would have been profitable without a SL... Isn't this just perpetuating the FOMO mentality?
  • #74
  • Jul 11, 2024 10:02am Jul 11, 2024 10:02am
Quoting BlueKnight
OK, this time I had the great idea to trade news after a successful experience on a demo account yesterday. But it went bad, very bad. I did not expect the market to react so aggressively. The volatility was so high that it (unexpectedly) activated one buy position before the big drop. Unfortunately, I did not have enough capital to sustain it. If it was not because of this I would end up in profit (or not). It all happened in one second. Experience for next time. Fortunately, I lost what I could afford to lose. ...
Never trade the news, that's my strategy! Good that you only lost what you can afford
  • #75
  • Mar 5, 2025 3:25pm Mar 5, 2025 3:25pm
What did we learn since July 2024?

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It takes a lot for me to IGNORE you, but you can try.
  • #76
  • Mar 5, 2025 3:55pm Mar 5, 2025 3:55pm
Quoting Erebus
What did we learn since July 2024? {image}
It will recover. If not, it is experience for another try.

I am not doing over leveraged trades anymore. That is too risky and foolish, I have to agree.
  • #77
  • Mar 5, 2025 4:48pm Mar 5, 2025 4:48pm
Yesterday, I lost 400$ on BTC -
I'm new to this new platform called Exness and I took very successful trades before doing analysis and all. Something clicked me and I thought, let's try this trade with "1 Lot" (I never traded in 1 Lot with my portfolio before). BTC moved a bit in downward direction and BOOOM, my account was washed away !!
I'm here today as I firmly believe that I can recover that loss, pray for me that I do it pls. That's a handsome amount for a job person in Pakistan !!
  • #78
  • Mar 5, 2025 5:30pm Mar 5, 2025 5:30pm
Quoting imziaulhassa
Yesterday, I lost 400$ on BTC - I'm new to this new platform called Exness and I took very successful trades before doing analysis and all. Something clicked me and I thought, let's try this trade with "1 Lot" (I never traded in 1 Lot with my portfolio before). BTC moved a bit in downward direction and BOOOM, my account was washed away !! I'm here today as I firmly believe that I can recover that loss, pray for me that I do it pls. That's a handsome amount for a job person in Pakistan !!
What time did that happen? Were the candles red? Oh look, there it goes...
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It takes a lot for me to IGNORE you, but you can try.
  • #79
  • Edited 7:53pm Mar 5, 2025 5:56pm | Edited 7:53pm
Quoting imziaulhassa
Yesterday, I lost 400$ on BTC - I'm new to this new platform called Exness and I took very successful trades before doing analysis and all. Something clicked me and I thought, let's try this trade with "1 Lot" (I never traded in 1 Lot with my portfolio before). BTC moved a bit in downward direction and BOOOM, my account was washed away !! I'm here today as I firmly believe that I can recover that loss, pray for me that I do it pls. That's a handsome amount for a job person in Pakistan !!
Unfortunately, this is because people do not have idea of how big one lot really is.

For Bitcoin, for example, one standard lot is one whole Bitcoin, for a contract size of 1. Then buying one lot of Bitcoin would be equal of holding 1 whole BTC, which is a considerable amount of money. Plus, the Bitcoin moves a lot, has insane volatility, which for the BTC/USD pair is equal $0.01 per pip for one lot; and as Bitcoin easily moves 50000+ pips in one hour, that is already $500 being wiped from your balance.

That is possible because of leverage. Holding 1 Bitcoin without leverage can make you lose (or gain) a considerable amount of money fast; but with leverage it is just more destructive, as you can hold 1 BTC with just US$ 90 instead of US$ 90000, for example.

Then, people do that because of not understanding what they are doing. As the brokers warn: CFDs are complex instruments.

As a personal note, cryptocurrencies are so volatile that they do not need leverage. It is extremely risk as they can drop 10, 20, and even 50% in a short amount of time. As a comparison, currency pairs just as the EUR/USD rarely moves above 1% in a single day.
  • #80
  • Mar 5, 2025 6:01pm Mar 5, 2025 6:01pm
Now I understand it. Thanks for the insight boss !! Appreciate that
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